Real Exchange Rate Behavior Under Floating and Fixed Regimes

In this paper we examine the stability of the real exchange rate and the macroeconomic effects of alternative exchange-rate regimes, including currency union, on real exchange-rate behaviour. We focus on the Irish punt in order to exploit its diversity of experience over different nominal exchange rate regimes. We make both temporal and cross-country comparisons of real-exchange-rate stability for the Irish punt with sterling, the US dollar and the German mark. We reach two conclusions on the basis of our results. The first is that for Ireland, as for most other countries, purchasing power parity provides a reasonably good description of actual exchange rate behaviour over the long run. Our second principal conclusion concerns regime effects. Currency union appears to matter. The real exchange rates we analyse are unambiguously less variable under currency union than under alternative exchange-rate systems. Otherwise, however, we find no clear-cut differences in behaviour across regimes.Exchange Rates, purchasing power parity, exchange-rate regimes, currency union

Equity Returns and Inflation: The Puzzlingly Long Lags

This paper examines data for stock prices and price levels of 14 developed countries during the post-WWII era and compares their behavior in that sample with behavior over the past two centuries in the UK and the US. Contrary to much of the literature of the past several decades, we find that nominal equity prices do, in fact, keep pace with movements in the overall price level. Our results suggest, however, that this is only the case over long periods. The puzzle therefore is not that equities fail the test as inflation hedges, as had been quite widely believed, but that they take so long to pass.Stock prices, inflation, Fisher effect, neutrality, cointegration,Equity Returns,Inflation ,Long Lags

Currency Union and Real Exchange Rate Behavior

In this paper we study the behavior of the real exchange rate of three North American currencies vis-a-vis the U.S. dollar: the Canadian dollar the Mexican peso, and the Panamanian Balboa. Our principal object is to design an experiment in which meaningful comparisons of behavior across regimes would be possible. In the main we were unable to find any. The allegation of problems created due to aggregating data across regimes therefore receives no support at all in these data. A second criterion for choosing the countries in our sample was differences in level of economic development. The object here was to provide ample leeway for real variables to operate. For Mexico such factors do not appear to matter. For Panama they might be of some importance, but a modified form of PPP nevertheless continues to perform well.Real exchange rates, purchasing power parity, exchange rate regimes, currency unions.

Investigating Heating and Cooling in the BCS & B55 Cluster Samples

We study clusters in the BCS cluster sample which are observed by Chandra and are more distant than redshift, z>0.1. We select from this subsample the clusters which have both a short central cooling time and a central temperature drop, and also those with a central radio source. Six of the clusters have clear bubbles near the centre. We calculate the heating by these bubbles and express it as the ratio r_heat/r_cool=1.34+/-0.20. This result is used to calculate the average size of bubbles expected in all clusters with central radio sources. In three cases the predicted bubble sizes approximately match the observed radio lobe dimensions. We combine this cluster sample with the B55 sample studied in earlier work to increase the total sample size and redshift range. This extended sample contains 71 clusters in the redshift range 0<z<0.4. The average distance out to which the bubbles offset the X-ray cooling in the combined sample is at least r_heat/r_cool=0.92+/-0.11. The distribution of central cooling times for the combined sample shows no clusters with clear bubbles and t_cool>1.2Gyr. An investigation of the evolution of cluster parameters within the redshift range of the combined samples does not show any clear variation with redshift.Comment: 12 pages, 9 figures, accepted for publication in MNRA

Barrier and internal wave contributions to the quantum probability density and flux in light heavy-ion elastic scattering

We investigate the properties of the optical model wave function for light heavy-ion systems where absorption is incomplete, such as $\alpha + ^{40}$Ca and $\alpha + ^{16}$O around 30 MeV incident energy. Strong focusing effects are predicted to occur well inside the nucleus, where the probability density can reach values much higher than that of the incident wave. This focusing is shown to be correlated with the presence at back angles of a strong enhancement in the elastic cross section, the so-called ALAS (anomalous large angle scattering) phenomenon; this is substantiated by calculations of the quantum probability flux and of classical trajectories. To clarify this mechanism, we decompose the scattering wave function and the associated probability flux into their barrier and internal wave contributions within a fully quantal calculation. Finally, a calculation of the divergence of the quantum flux shows that when absorption is incomplete, the focal region gives a sizeable contribution to nonelastic processes.Comment: 16 pages, 15 figures. RevTeX file. To appear in Phys. Rev. C. The figures are only available via anonynous FTP on ftp://umhsp02.umh.ac.be/pub/ftp_pnt/figscat

Deep VLT spectroscopy of the z=2.49 Radio Galaxy MRC 2104-242: Evidence for a metallicity gradient in its extended emission line region

We present spectroscopic observations of the rest-frame UV line emission around radio galaxy MRC 2104-242 at z=2.49, obtained with FORS1 on VLT Antu. The morphology of the halo is dominated by two spatially resolved regions. Lya is extended by >12 arcsec along the radio axis, CIV and HeII are extended by ~8 arcsec. The overall spectrum is typical for that of high redshift radio galaxies. The most striking spatial variation is that NV is present in the spectrum of the region associated with the center of the galaxy hosting the radio source, the northern region, while absent in the southern region. Assuming that the gas is photoionized by a hidden quasar, the difference in NV emission can be explained by a metallicity gradient within the halo. This is consistent with a scenario in which the gas is associated with a massive cooling flow or originates from the debris of the merging of two or more galaxies.Comment: Accepted for publication in A&A Letter

Voltage-dependent Block of the Cystic Fibrosis Transmembrane Conductance Regulator Cl- Channel by Two Closely Related Arylaminobenzoates

The gene defective in cystic fibrosis encodes a Cl- channel, the cystic fibrosis transmembrane conductance regulator (CFTR). CFTR is blocked by diphenylamine-2-carboxylate (DPC) when applied extracellularly at millimolar concentrations. We studied the block of CFTR expressed in Xenopus oocytes by DPC or by a closely related molecule, flufenamic acid (FFA). Block of whole-cell CFTR currents by bath-applied DPC or by FFA, both at 200 µM, requires several minutes to reach full effect. Blockade is voltage dependent, suggesting open-channel block: currents at positive potentials are not affected but currents at negative potentials are reduced. The binding site for both drugs senses ~40% of the electric field across the membrane, measured from the inside. In single-channel recordings from excised patches without blockers, the conductance was 8.0 ± 0.4 pS in symmetric 150 mM Cl^-. A subconductance state, measuring ~60% of the main conductance, was often observed. Bursts to the full open state lasting up to tens of seconds were uninterrupted at depolarizing membrane voltages. At hyperpolarizing voltages, bursts were interrupted by brief closures. Either DPC or FFA (50 µM) applied to the cytoplasmic or extracellular face of the channel led to an increase in flicker at V_m =-100 mV and not at V_m = +100 mV, in agreement with whole-cell experiments. DPC induced a higher frequency of flickers from the cytoplasmic side than the extracellular side. FFA produced longer closures than DPC; the FFA closed time was roughly equal (~ 1.2 ms) at -100 mV with application from either side. In cell-attached patch recordings with DPC or FFA applied to the bath, there was flickery block at V_m = -100 mV, confirming that the drugs permeate through the membrane to reach the binding site. The data are consistent with the presence of a single binding site for both drugs, reached from either end of the channel. Open-channel block by DPC or FFA may offer tools for use with site-directed mutagenesis to describe the permeation pathway