15,216 research outputs found
International investment positions and exchange rate dynamics : a dynamic panel analysis
In this paper we revisit medium- to long-run exchange rate determination, focusing on the role of international investment positions. To do so, we develop a new econometric framework accounting for conditional long-run homogeneity in heterogeneous dynamic panel data models. In particular, in our model the long-run relationship between effective exchange rates and domestic as well as weighted foreign prices is a homogeneous function of a country’s international investment position. We find rather strong support for purchasing power parity in environments of limited negative net foreign asset to GDP positions, but not outside such environments. We thus argue that the purchasing power parity hypothesis holds conditionally, but not unconditionally, and that international investment positions are an essential component to characterizing this conditionality. Finally, we adduce evidence that whether deterioration of a country’s net foreign asset to GDP position leads to a depreciation of that country’s effective exchange rate depends on its rate of inflation relative to the rate of inflation abroad as well as its exposure to global shocks. JEL Classification: F31, F37, C2
Deligne Categories in Lattice Models and Quantum Field Theory, or Making Sense of Symmetry with Non-integer
When studying quantum field theories and lattice models, it is often useful
to analytically continue the number of field or spin components from an integer
to a real number. In spite of this, the precise meaning of such analytic
continuations has never been fully clarified, and in particular the symmetry of
these theories is obscure. We clarify these issues using Deligne categories and
their associated Brauer algebras, and show that these provide logically
satisfactory answers to these questions. Simple objects of the Deligne category
generalize the notion of an irreducible representations, avoiding the need for
such mathematically nonsensical notions as vector spaces of non-integer
dimension. We develop a systematic theory of categorical symmetries, applying
it in both perturbative and non-perturbative contexts. A partial list of our
results is: categorical symmetries are preserved under RG flows; continuous
categorical symmetries come equipped with conserved currents; CFTs with
categorical symmetries are necessarily non-unitary.Comment: 59 pages, many figures; v3 typos fixed, version submitted to journa
A model for a non-minimally coupled scalar field interacting with dark matter
In this work we investigate the evolution of a Universe consisted of a scalar
field, a dark matter field and non-interacting baryonic matter and radiation.
The scalar field, which plays the role of dark energy, is non-minimally coupled
to space-time curvature, and drives the Universe to a present accelerated
expansion. The non-relativistic dark matter field interacts directly with the
dark energy and has a pressure which follows from a thermodynamic theory. We
show that this model can reproduce the expected behavior of the density
parameters, deceleration parameter and luminosity distance.Comment: 3 pages, 4 figures. To appear in Brazilian Journal of Physic
International Investment Positions and Exchange Rate Dynamics: A Dynamic Panel Analysis
In this paper we revisit medium- to long-run exchange rate determination, focusing on the role of international investment positions. To do so, we develop a new econometric framework accounting for conditional long-run homogeneity in heterogeneous dynamic panel data models. In particular, in our model the long-run relationship between effective exchange rates and domestic as well as weighted foreign prices is a homogeneous function of a country’s international investment position. We find rather strong support for purchasing power parity in environments of limited negative net foreign asset to GDP positions, but not outside such environments. We thus argue that the purchasing power parity hypothesis holds conditionally, but not unconditionally, and that international investment positions are an essential component to characterizing this conditionality. Finally, we adduce evidence that whether deterioration of a country’s net foreign asset to GDP position leads to a depreciation of that country’s effective exchange rate depends on its rate of inflation relative to the rate of inflation abroad as well as its exposure to global shocks.exchange rate determination, international financial integration, dynamic panel data models
International investment positions and exchange rate dynamics: a dynamic panel analysis
In this paper we revisit medium- to long-run exchange rate determination, focusing on the role of international investment positions. To do so, we develop a new econometric framework accounting for conditional long-run homogeneity in heterogeneous dynamic panel data models. In particular, in our model the long-run relationship between effective exchange rates and domestic as well as weighted foreign prices is a homogeneous function of a country's international investment position. We find rather strong support for purchasing power parity in environments of limited negative net foreign asset to GDP positions, but not outside such environments. We thus argue that the purchasing power parity hypothesis holds conditionally, but not unconditionally, and that international investment positions are an essential component to characterizing this conditionality. Finally, we adduce evidence that whether deterioration of a country's net foreign asset to GDP position leads to a depreciation of that country's effective exchange rate depends on its rate of inflation relative to the rate of inflation abroad as well as its exposure to global shocks. --Exchange Rate Determination,International Financial Integration,Dynamic Panel Data Models
Polymer Brushes in Cylindrical Pores: Simulation versus Scaling Theory
The structure of flexible polymers endgrafted in cylindrical pores of
diameter D is studied as a function of chain length N and grafting density
\sigma, assuming good solvent conditions. A phenomenological scaling theory,
describing the variation of the linear dimensions of the chains with \sigma, is
developed and tested by Molecular Dynamics simulations of a bead-spring model.Comment: 35 pages, 38 figure
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