Study of the Effect of Hot Rolling Processing Parameters on the Variability of HSLA Steels

The effect of different hot mill processing parameters and their influence on the variability of mechanical properties of HSLA steels has been studied. This work presents an analysis of the relative contribution of the different hot mill processing parameters to the variability of HSLA steels. The experimental design includes variation of Reheating, Roughing, Finishing, and Coiling temperatures, as well as Cooling Rate through the austenite to ferrite transformation, and from coiling to room temperature. The variation in finishing and coiling temperature results in an average variation of 12% in mechanical properties. The variation of the cooling rate, through the austenite to ferrite transformation, and from coiling to room temperature, has the largest impact on the variability of microstructure and properties. A correlation between the various microstructural features, dislocation densities and precipitation behavior, with mechanical properties is presented

Globalization and monetary policy: an introduction

Greater openness has become an almost universal feature of modern, developed economies. This paper develops a workhorse international model, and explores the role of standard monetary policy rules applied to an open economy. For this purpose, I build a two-country DSGE model with monopolistic competition, sticky prices, and pricing-to-market. I also derive the steady state and a log-linear approximation of the equilibrium conditions. The paper provides a lengthy explanation of the steps required to derive this benchmark model, and a discussion of: (a) how to account for certain well-known anomalies in the international literature, and (b) how to start "thinking" about monetary policy in this environment.Monetary policy ; Equilibrium (Economics) ; Globalization ; Macroeconomics ; International finance ; Mathematical models

The real exchange rate in sticky price models: does investment matter?

This paper re-examines the ability of sticky-price models to generate volatile and persistent real exchange rates. We use a DSGE framework with pricing-to-market akin to those in Chari, et al. (2002) and Steinsson (2008) to illustrate the link between real exchange rate dynamics and what the model assumes about physical capital. We show that adding capital accumulation to the model facilitates consumption smoothing and significantly impedes the model's ability to generate volatile real exchange rates. Our analysis, therefore, caveats the results in Steinsson (2008) who shows how real shocks in a sticky-price model without capital can replicate the observed real exchange rate dynamics. Finally, we find that the CKM (2002) persistence anomaly remains robust to several alternative capital specifications including set-ups with variable capital utilization and investment adjustment costs (see, e.g., Christiano, et al., 2005). In summary, the PPP puzzle is still very much alive and well.Globalization ; Foreign exchange ; International finance ; Forecasting ; Mathematical models

The euro and the dollar in the crisis and beyond

The euro has survived its first decade, overcoming questions about its viability and political and economic raison d'être. “The Euro and the Dollar in the Crisis and Beyond,” a conference sponsored by Bruegel, the Peterson Institute for International Economics and the Federal Reserve Bank of Dallas, marked the milestone on March 17, 2010, with discussions of Europe's monetary integration, the euro's global role relative to the dollar and the currency's prospects in the aftermath of the 2008–09 global recession.>Euro-dollar market ; Global financial crisis ; Economic stabilization ; Monetary policy

Neural Network identification of halo white dwarfs

The white dwarf luminosity function has proven to be an excellent tool to study some properties of the galactic disk such as its age and the past history of the local star formation rate. The existence of an observational luminosity function for halo white dwarfs could provide valuable information about its age, the time that the star formation rate lasted, and could also constrain the shape of the allowed Initial Mass Functions (IMF). However, the main problem is the scarce number of white dwarfs already identified as halo stars. In this Letter we show how an artificial intelligence algorithm can be succesfully used to classify the population of spectroscopically identified white dwarfs allowing us to identify several potential halo white dwarfs and to improve the significance of its luminosity function.Comment: 15 pages, 3 postscript figures. Accepted for publication in ApJ Letters, uses aasms4.st

Technical note on "The real exchange rate in sticky price models: does investment matter?"

This technical note is developed as a mathematical companion to the paper "The Real Exchange Rate in Sticky Price Models: Does Investment Matter?" (Institute working paper no. 17). It contains three basic calculations. First, we derive the equilibrium conditions of the model. Second, we compute the zero-inflation, zero-trade balance (deterministic) steady state. Third, we describe the log-linearization of the equilibrium conditions around the deterministic steady state. Simultaneously, we explain the system of equations that constitutes the basis for the paper to broaden its scope. Commentary is provided whenever necessary to complement the model description and to place into context the assumptions embedded in our DSGE framework.Globalization ; Foreign exchange ; International finance ; Forecasting ; Mathematical models

Does the Prisoner's Dilemma Refute the Coase Theorem?

Two of the most important ideas in the philosophy of law are the “Coase Theorem” and the “Prisoner’s Dilemma.” In this paper, the authors explore the relation between these two influential models through a creative thought-experiment. Specifically, the paper presents a pure Coasean version of the Prisoner’s Dilemma, one in which property rights are well-defined and transactions costs are zero (i.e. the prisoners are allowed to openly communicate and bargain with each other), in order to test the truth value of the Coase Theorem. In addition, the paper explores what effect (a) uncertainty, (b) exponential discounting, (c) and elasticity have on the behavior of the prisoners in the Coasean version of the dilemma. Lastly, the paper considers the role of the prosecutor (and third-parties generally) in the Prisoner’s Dilemma and closes with some parting thoughts about the complexity of the dilemma. The authors then conclude by identifying the conditions under which the Prisoner’s Dilemma refutes the Coase Theorem

Investment and trade patterns in a sticky-price, open-economy model

This paper develops a tractable two-country DSGE model with sticky prices à la Calvo (1983) and local-currency pricing. We analyze the capital investment decision in the presence of adjustment costs of two types, the capital adjustment cost (CAC) specification and the investment adjustment cost (IAC) specification. We compare the investment and trade patterns with adjustment costs against those of a model without adjustment costs and with (quasi-) flexible prices. We show that having adjustment costs results into more volatile consumption and net exports, and less volatile investment. We document three important facts on U.S. trade: a) the S-shaped cross-correlation function between real GDP and the real net exports share, b) the J-curve between terms of trade and net exports, and c) the weak and S-shaped cross-correlation between real GDP and terms of trade. We find that adding adjustment costs tends to reduce the model's ability to match these stylized facts. Nominal rigidities cannot account for these features either.Macroeconomics - Econometric models ; Capital investments ; International trade ; Foreign exchange