When Do Central Bank Interventions Influence Intra-Daily and Longer-Term Exchange Rate Movements?

This paper examines dollar interventions by the G3 since 1989, and the reasons that trader reactions to these interventions might differ over time and across central banks. Market microstructure theory provides a framework for understanding the process by which sterilized central bank interventions are observed and interpreted by traders, and how this process in turn, might influence exchange rates. Using intra-daily and daily exchange-rate and intervention data, the paper analyzes the influence of interventions on exchange-rate volatility, finding evidence of both within day and daily impact effects, but little evidence that interventions influence longer term volatility.central bank intervention, exchange rate volatility, market-microstructure

Intentionally disordered superlattices with high dc conductance

We study disordered quantum-well-based semiconductor superlattices where the disorder is intentional and short-range correlated. Such systems consist of quantum-wells of two different thicknesses randomly distributed along the growth direction, with the additional constraint that wells of one kind always appears in pairs. Imperfections due to interface roughness are considered by allowing the quantum-well thicknesses to fluctuate around their {\em ideal} values. As particular examples, we consider wide-gap (GaAs-Ga$_{1-x}$Al$_{x}$As) and narrow-gap (InAs-GaSb) superlattices. We show the existence of a band of extended states in perfect correlated disordered superlattices, giving rise to a strong enhancement of their finite-temperature dc conductance as compared to usual random ones whenever the Fermi level matches this band. This feature is seen to survive even if interface roughness is taken into account. Our predictions can be used to demonstrate experimentally that structural correlations inhibit the localization effects of disorder, even in the presence of imperfections. This effect might be the basis of new, filter-like or other specific-purpose electronic devices.Comment: REVTeX 3.0, 20 pages, 7 uuencoded compressed PostScript figures as a separate file. Submitted to IEEE J Quantum Elec

The Influence of Actual and Unrequited Interventions

Intervention operations are used by governments to manage their exchange rates but officials rarely confirm their presence in the market, leading inevitably to erroneous reports in the financial press. There are also reports of what we term, unrequited interventions, interventions that the market expects but do not materialize. In this paper we examine the effects of various types of intervention news on intra-day exchange rate behavior. We find that unrequited interventions have a statistically significant influence on returns, volatility and order flow, suggesting that the expectation of intervention, even when governments do not intervene, can affect currency values.

Superselection Sectors in Asymptotic Quantization of Gravity

Using the continuity of the scalar $\Psi_2$ (the mass aspect) at null infinity through $i_o$ we show that the space of radiative solutions of general relativity can be thought of a fibered space where the value of $\Psi_2$ at $i_o$ plays the role of the base space. We also show that the restriction of the available symplectic form to each ``fiber'' is degenerate. By finding the orbit manifold of this degenerate direction we obtain the reduced phase space for the radiation data. This reduced phase space posses a global structure, i.e., it does not distinguishes between future or past null infinity. Thus, it can be used as the space of quantum gravitons. Moreover, a Hilbert space can be constructed on each ``fiber'' if an appropriate definition of scalar product is provided. Since there is no natural correspondence between the Hilbert spaces of different foliations they define superselection sectors on the space of asymptotic quantum states.Comment: 22 pages, revtex fil