Currency Crises and Monetary Policy in an Economy with Credit Constraints: The No Interest Parity Case

This paper revisits the currency crises model of Aghion, Bacchetta and Banerjee (2000, 2001, 2004), who show that if there exist nominal price rigidities and private sector credit constraints, and the credit multiplier depends on real interest rates, then the optimal monetary policy response to the threat of a currency crisis is restrictive. We demonstrate that this result is primarily due to the uncovered interest parity assumption. Assuming that the exchange rate is a martingale restores the case for expansionary reaction - even with foreign-currency debt in firms' balance sheets. The effect of lower interest rates on output can help restore the value of the currency due to increased money demand.currency crises; foreign–currency debt; balance sheets; interest parity; monetary policy

Wireless Health Monitoring using Passive WiFi Sensing

This paper presents a two-dimensional phase extraction system using passive WiFi sensing to monitor three basic elderly care activities including breathing rate, essential tremor and falls. Specifically, a WiFi signal is acquired through two channels where the first channel is the reference one, whereas the other signal is acquired by a passive receiver after reflection from the human target. Using signal processing of cross-ambiguity function, various features in the signal are extracted. The entire implementations are performed using software defined radios having directional antennas. We report the accuracy of our system in different conditions and environments and show that breathing rate can be measured with an accuracy of 87% when there are no obstacles. We also show a 98% accuracy in detecting falls and 93% accuracy in classifying tremor. The results indicate that passive WiFi systems show great promise in replacing typical invasive health devices as standard tools for health care.Comment: 6 pages, 8 figures, conference pape

Statistical PT-symmetric lasing in an optical fiber network

PT-symmetry in optics is a condition whereby the real and imaginary parts of the refractive index across a photonic structure are deliberately balanced. This balance can lead to a host of novel optical phenomena, such as unidirectional invisibility, loss-induced lasing, single-mode lasing from multimode resonators, and non-reciprocal effects in conjunction with nonlinearities. Because PT-symmetry has been thought of as fragile, experimental realizations to date have been usually restricted to on-chip micro-devices. Here, we demonstrate that certain features of PT-symmetry are sufficiently robust to survive the statistical fluctuations associated with a macroscopic optical cavity. We construct optical-fiber-based coupled-cavities in excess of a kilometer in length (the free spectral range is less than 0.8 fm) with balanced gain and loss in two sub-cavities and examine the lasing dynamics. In such a macroscopic system, fluctuations can lead to a cavity-detuning exceeding the free spectral range. Nevertheless, by varying the gain-loss contrast, we observe that both the lasing threshold and the growth of the laser power follow the predicted behavior of a stable PT-symmetric structure. Furthermore, a statistical symmetry-breaking point is observed upon varying the cavity loss. These findings indicate that PT-symmetry is a more robust optical phenomenon than previously expected, and points to potential applications in optical fiber networks and fiber lasers.Comment: Submitted to Nature Communications, Pages 1-19: Main manuscript; Pages 20-38: Supplementary material

Proposed business plan for pilot farmer organizations: Extended project on Farmer Managed Irrigated Agriculture in LBOD Project Area of Sindh Province

Farmers' associations / Farmer managed irrigation systems / Irrigation programs / Irrigation management / Drainage / Economic aspects / Income / Operating costs / Maintenance costs / Conflict

Nonlinear reversal of PT symmetric phase transition in a system of coupled semiconductor micro-ring resonators

A system of two coupled semiconductor-based resonators is studied when lasing around an exceptional point. We show that the presence of nonlinear saturation effects can have important ramifications on the transition behavior of this system. In sharp contrast with linear PT-symmetric configurations, nonlinear processes are capable of reversing the order in which the symmetry breaking occurs. Yet, even in the nonlinear regime, the resulting non-Hermitian states still retain the structural form of the corresponding linear eigenvectors expected above and below the phase transition point. The conclusions of our analysis are in agreement with experimental data.Comment: 9 pages, 8 figure

Integrable nonlinear parity-time symmetric optical oscillator

The nonlinear dynamics of a balanced parity-time symmetric optical microring arrangement are analytically investigated. By considering gain and loss saturation effects, the pertinent conservation laws are explicitly obtained in the Stokes domain-thus establishing integrability. Our analysis indicates the existence of two regimes of oscillatory dynamics and frequency locking, both of which are analogous to those expected in linear parity-time symmetric systems. Unlike other saturable parity time symmetric systems considered before, the model studied in this work first operates in the symmetric regime and then enters the broken parity-time phase.Comment: 6 pages, 5 figures, accepted for publicatio

Congenital neck masses: embryological and anatomical perspectives

Neck masses are a common problem in paediatric age group. They tend to occur frequently and pose a diagnostic dilemma to the ENT surgeons. Although the midline and lateral neck masses differ considerably in their texture and presentation but the embryological perspective of these masses is not mostly understood along with the fundamental anatomical knowledge. The article tries to correlate the embryological, anatomical and clinical perspectives for the same

A histological study of prostate

The work of anatomists and pathologists in the role of study of prostate has been significant. Starting from earlier times till modern time, the study of prostate has been a dynamic one and the basic anatomical knowledge of the prostate has undergone much change apart from the new techniques, micro invasive procedures and the chemotherapeutic approach for various disorders of the gland. The present study was based on the microscopic examination of Prostatic tissue of individuals with individual tissues of different age groups. The present study involved 40 cases which were further subdivided into various age groups and characteristic histological changes were noted. The study presents an assessment of age changes in prostate in elderly in Kashmiri population with pathological significance. Besides the histological study is of great importance in staging of diseases of prostate and especially in modern era where the incidence and prevalence of prostatic diseases is on rise

The Semi-Chiral Quotient, Hyperkahler Manifolds and T-duality

We study the construction of generalized Kahler manifolds, described purely in terms of N=(2,2) semichiral superfields, by a quotient using the semichiral vector multiplet. Despite the presence of a b-field in these models, we show that the quotient of a hyperkahler manifold is hyperkahler, as in the usual hyperkahler quotient. Thus, quotient manifolds with torsion cannot be constructed by this method. Nonetheless, this method does give a new description of hyperkahler manifolds in terms of two-dimensional N=(2,2) gauged non-linear sigma models involving semichiral superfields and the semichiral vector multiplet. We give two examples: Eguchi-Hanson and Taub-NUT. By T-duality, this gives new gauged linear sigma models describing the T-dual of Eguchi-Hanson and NS5-branes. We also clarify some aspects of T-duality relating these models to N=(4,4) models for chiral/twisted-chiral fields and comment briefly on more general quotients that can give rise to torsion and give an example.Comment: 31 page