5,345 research outputs found
Equity Price Dynamics Before and After the Introduction of the Euro
Daily data from the German and U.S. equity markets before and after the introduction of the Euro are used to study the effect of exchange rate regime choices on equity markets. It is found that, since the introduction of the Euro, the volatility and the persistence of the German stock index have fallen significantly relative to those of the U.S. index. However, the switch in exchange rate arrangement appears to have no significant implication for the causal relationships - both the mean and varianc causalities - between the two equity markets
Output Dynamics of the G7 Countries - Stochastic Trends and Cyclical Movements
Using a time series framework, the paper studies the interac tions of the annual real per capita GDP data of the G7 countries. We find evidence of six common nonstationary processes behind the international output dynamics. In addition, there is evidence for the existence of a common business cycle among these coun t ries. The trend and cycle components of each output series are obtained with a procedure that accounts for the presence of both the common nonstationary and cyclical factors. It is found that the relative variability and the correlation of the trend and cycle components are not similar across the G7 countries.
Equity Price Dynamics Before and After the Introduction of the Euro: A Note
Daily data from the German and U.S. equity markets before and after the introduction of the Euro are used to study the effect of exchange rate regime choices on equity markets. It is found that, since the introduction of the Euro, the volatility and the persistence of the German stock index have fallen significantly relative to those of the U.S. index. However, the switch in exchange rate arrangement appears to have no significant implication for the causal relationships – both the mean and variance causalities – between the two equity markets.
Stability of the spin- kagome ground state with breathing anisotropy
We numerically study the spin- breathing kagome lattice. In this
variation of the kagome Heisenberg antiferromagnet, the spins belonging to
upward and downward facing triangles have different coupling strengths. Using
the density matrix renormalization group (DMRG) method and exact
diagonalization, we show that the kagome antiferromagnet spin liquid is
extremely robust to this anisotropy. Materials featuring this anisotropy -- and
especially the recently studied vanadium compound
(DQVOF) -- may thus be very good candidates to realize the much studied kagome
spin liquid. Further, we closely examine the limit of strong breathing
anisotropy and find indications of a transition to a nematic phase.Comment: 12 pages, 15 figure
Equity Price Dynamics Before and After the Introduction of the Euro
Daily data from the German and U.S. equity markets before and after the introduction of the Euro are used to study the effect of exchange rate regime choices on equity markets. It is found that, since the introduction of the Euro, the volatility and the persistence of the German stock index have fallen significantly relative to those of the U.S. index. However, the switch in exchange rate arrangement appears to have no significant implication for the causal relationships - both the mean and varianc causalities - between the two equity markets.
Sectoral Trends and Cycles in Germany
We examine the comovements between the output indexes of three German sectors (manufacturing, mining, and agriculture) and the three corresponding sectoral stock market indexes. It is found that data with and without seasonal adjustment give mixed results on the long-run interaction between the sectoral indexes. Compared with data that are non-seasonally adjusted, the adjusted data offer a weaker evidence on the cointegration relationship between a) the sectoral output indexes, b) sectoral stock indexes, and c) individual pairs of real and financial indexes. On short-run comovement, seasonally adjusted data offer stronger evidence on the presence of common synchronized and non-synchronized cyclical components.
Bosonic Integer Quantum Hall effect in an interacting lattice model
We study a bosonic model with correlated hopping on a honeycomb lattice, and
show that its ground state is a bosonic integer quantum Hall (BIQH) phase, a
prominent example of a symmetry protected topological (SPT) phase. By using the
infinite density matrix renormalization group method, we establish the
existence of the BIQH phase by providing clear numerical evidence: (i) a
quantized Hall conductance with (ii) two counter propagating
gapless edge modes. Our simple model is an example of a novel class of systems
that can stabilize SPT phases protected by a continuous symmetry on lattices
and opens up new possibilities for the experimental realization of these exotic
phases.Comment: 7 pages, 6 figure
Kagome chiral spin liquid as a gauged U(1) symmetry protected topological phase
While the existence of a chiral spin liquid (CSL) on a class of spin-1/2
kagome antiferromagnets is by now well-established numerically, a controlled
theoretical path from the lattice model leading to a low energy topological
field theory is still lacking. This we provide via an explicit construction,
starting from reformulating a microscopic model for a CSL as a lattice gauge
theory, and deriving the low-energy form of its continuum limit. A crucial
ingredient is the realisation that the bosonic spinons of the gauge theory
exhibit a symmetry-protected topological (SPT) phase, which upon
promoting its global symmetry to a local gauge structure ("gauging")
yields the CSL. We suggest that such an explicit lattice-based construction
involving gauging of an SPT phase can be applied more generally to understand
topological spin liquids.Comment: 5+3 pages, 3+4 figure
Signatures of Dirac cones in a DMRG study of the Kagome Heisenberg model
The antiferromagnetic spin- Heisenberg model on a kagome lattice is one
of the most paradigmatic models in the context of spin liquids, yet the precise
nature of its ground state is not understood. We use large scale density matrix
normalization group simulations (DMRG) on infinitely long cylinders and find
indications for the formation of a gapless Dirac spin liquid. First, we use
adiabatic flux insertion to demonstrate that the spin gap is much smaller than
estimated from previous DMRG simulation. Second, we find that the momentum
dependent excitation spectrum, as extracted from the DMRG transfer matrix,
exhibits Dirac cones that match those of a -flux free fermion model (the
parton mean-field ansatz of a Dirac spin liquid)Comment: 15 pages, 16 figure
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