Persistent Appreciations and Overshooting: A Normative Analysis

Most economies experience episodes of persistent real exchange rate appreciations, when the question arises whether there is a need for intervention to protect the export sector. In this paper we present a model of irreversible destruction where exchange rate intervention may be justified if the export sector is financially constrained. However the criterion for intervention is not whether there are bankruptcies or not, but whether these can cause a large exchange rate overshooting once the factors behind the appreciation subside. The optimal policy includes ex-ante and ex-post interventions. Ex-ante (i.e., during the appreciation phase) interventions have limited effects if the financial resources in the export sector are relatively abundant. In this case the bulk of the intervention takes place ex-post, and is concentrated in the first period of the depreciation phase. In contrast, if the financial constraint in the export sector is tight, the policy is shifted toward ex-ante intervention and it is optimal to lean against the appreciation. On the methodological front, we develop a framework to study optimal dynamic interventions in economies with financially constrained agents.

New Star Forming Galaxies at z\approx 7 from WFC3 Imaging

The addition of Wide Field Camera 3 (WFC3) on the Hubble Space Telescope (HST) has led to a dramatic increase in our ability to study the z>6 Universe. The increase in the near-infrared (NIR) sensitivity of WFC3 over previous instruments has enabled us to reach apparent magnitudes approaching 29 (AB). This allows us to probe the rest-frame ultraviolet (UV) continuum, redshifted into the NIR at $z>6$. Taking advantage of the large optical depths at this redshift, resulting in the Lyman-alpha break, we use a combination of WFC3 imaging and pre-existing Advanced Camera for Surveys (ACS) imaging to search for z approx 7 over 4 fields. Our analysis reveals 29 new z approx 7 star forming galaxy candidates in addition to 16 pre-existing candidates already discovered in these fields. The improved statistics from our doubling of the robust sample of z-drop candidates confirms the previously observed evolution of the bright end of the luminosity function.Comment: 15 pages, accepted in MNRA

Persistent Appreciations and Overshooting: A Normative Analysis

Most economies experience episodes of persistent real exchange rate appreciations, when the question arises whether there is a need for intervention to protect the export sector. This paper presents a model of irreversible destruction where exchange rate intervention may be justified if the export sector is financially constrained. However, the criterion for intervention is not whether there are bankruptcies or not, but whether these can cause a large exchange rate overshooting once the factors behind the appreciation subside. The optimal policy includes ex-ante and ex-post interventions. Ex-ante (that is, during the appreciation phase) interventions have limited effects if the financial resources in the export sector are relatively abundant. In this case the bulk of the intervention takes place ex-post, and is concentrated in the first period of the depreciation phase. In contrast, if the financial constraint in the export sector is tight, the policy is shifted toward ex-ante intervention and it is optimal to lean against the appreciation.National Science Foundation (U.S.

Spectroscopy of z ~ 7 candidate galaxies: using Lyman α to constrain the neutral fraction of hydrogen in the high-redshift universe

Following our previous spectroscopic observations of z > 7 galaxies with Gemini/Gemini Near Infra-Red Spectrograph (GNIRS) and Very Large Telescope (VLT)/XSHOOTER, which targeted a total of eight objects, we present here our results from a deeper and larger VLT/FOcal Reducer and Spectrograph (FORS2) spectroscopic sample of Wide Field Camera 3 selected z > 7 candidate galaxies. With our FORS2 setup we cover the 737–1070 nm wavelength range, enabling a search for Lyman α in the redshift range spanning 5.06–7.80. We target 22 z-band dropouts and find no evidence of Lyman α emission, with the exception of a tentative detection (<5σ, which is our adopted criterion for a secure detection) for one object. The upper limits on Lyman α flux and the broad-band magnitudes are used to constrain the rest-frame equivalent widths for this line emission. We analyse our FORS2 observations in combination with our previous GNIRS and XSHOOTER observations, and suggest that a simple model where the fraction of high rest-frame equivalent width emitters follows the trend seen at z = 3-6.5 is inconsistent with our non-detections at z ∼ 7.8 at the 96 per cent confidence level. This may indicate that a significant neutral H I fraction in the intergalactic medium suppresses Lyman α, with an estimated neutral fraction χHI∼0.5, in agreement with other estimates

The ultraviolet properties of star-forming galaxies - I. HST WFC3 observations of very high redshift galaxies

The acquisition of deep near-IR imaging with Wide Field Camera 3 on the Hubble Space Telescope has provided the opportunity to study the very high redshift Universe. For galaxies up to z≈ 7.7 sufficient wavelength coverage exists to probe the rest-frame ultraviolet (UV) continuum without contamination from either Lyman α emission or the Lyman α break. In this work we use near-infrared (near-IR) imaging to measure the rest-frame UV continuum colours of galaxies at 4.7 < z < 7.7. We have carefully defined a colour–colour selection to minimize any inherent bias in the measured UV continuum slope for the drop-out samples. For the highest redshift sample (6.7 < z < 7.7), selected as zf850lp-band drop-outs, we find mean UV continuum colours approximately equal to zero (AB), consistent with a dust-free, solar metallicity, star-forming population (or a moderately dusty population of low metallicity). At lower redshift we find that the mean UV continuum colours of galaxies (over the same luminosity range) are redder, and that galaxies with higher luminosities are also slightly redder on average. One interpretation of this is that lower redshift and more luminous galaxies are dustier; however, this interpretation is complicated by the effects of the star formation history and metallicity and potentially the initial mass function on the UV continuum colours

News, Noise, and Fluctuations: An Empirical Exploration

We explore empirically models of aggregate fluctuations with two basic ingredients: agents form anticipations about the future based on noisy sources of information; these anticipations affect spending and output in the short run. Our objective is to separate fluctuations due to actual changes in fundamentals (news) from those due to temporary errors in the private sector's estimates of these fundamentals (noise). Using a simple model where the consumption random walk hypothesis holds exactly, we address some basic methodological issues and take a first pass at the data. First, we show that if the econometrician has no informational advantage over the agents in the model, structural VARs cannot be used to identify news and noise shocks. Next, we develop a structural Maximum Likelihood approach which allows us to identify the model's parameters and to evaluate the role of news and noise shocks. Applied to postwar U.S. data, this approach suggests that noise shocks play an important role in short-run fluctuations.

Constraining the bright-end of the UV luminosity function for z 7-9 galaxies: results from CANDELS/GOODS-South

The recent Hubble Space Telescope near-infrared imaging with the Wide-Field Camera #3 (WFC 3) of the Great Observatories Origins Deep Survey South (GOODS-S) field in the Cosmic Assembly Near-infrared Deep Extragalactic Legacy Survey (CANDELS) programme covering nearly 100 arcmin2, along with already existing Advanced Camera for Surveys optical data, makes possible the search for bright galaxy candidates at redshift z ≈ 7–9 using the Lyman break technique. We present the first analysis of z′-drop z ≈ 7 candidate galaxies in this area, finding 19 objects. We also analyse Y-drops at z ≈ 8, trebling the number of bright (HAB < 27 mag) Y-drops from our previous work, and compare our results with those of other groups based on the same data. The bright high-redshift galaxy candidates we find serve to better constrain the bright end of the luminosity function at those redshift, and may also be more amenable to spectroscopic confirmation than the fainter ones presented in various previous work on the smaller fields (the Hubble Ultra Deep Field and the WFC 3 Early Release Science observations). We also look at the agreement with previous luminosity functions derived from WFC 3 drop-out counts, finding a generally good agreement, except for the luminosity function of Yan et al. at z ≈ 8, which is strongly ruled out

Differential Calculi on Associative Algebras and Integrable Systems

After an introduction to some aspects of bidifferential calculus on associative algebras, we focus on the notion of a "symmetry" of a generalized zero curvature equation and derive Backlund and (forward, backward and binary) Darboux transformations from it. We also recall a matrix version of the binary Darboux transformation and, inspired by the so-called Cauchy matrix approach, present an infinite system of equations solved by it. Finally, we sketch recent work on a deformation of the matrix binary Darboux transformation in bidifferential calculus, leading to a treatment of integrable equations with sources.Comment: 19 pages, to appear in "Algebraic Structures and Applications", S. Silvestrov et al (eds.), Springer Proceedings in Mathematics & Statistics, 202

Identifying the first generation of radio powerful AGN in the Universe with the SKA

One of the most challenging and exciting subjects in modern astrophysics is that of galaxy formation at the epoch of reionisation. The SKA, with its revolutionary capabilities in terms of frequency range, resolution and sensitivity, will allow to explore the first Gyr of structure formation in the Universe, in particular, with the detection and study of the earliest manifestations of the AGN phenomenon. The tens of QSOs that are currently known out to the highest redshifts (z 7), many of them exhibiting powerful radio emission, imply that super-massive black holes can be grown on a very short timescale and support the existence of very high redshift (z &gt; 7) radio loud sources - sources that have so far escaped detection. Not only would such detections be paramount to the understanding of the earliest stages of galaxy evolution, they are necessary for the direct study of neutral hydrogen in the Epoch of Reionisation, through observations of the HI 21cm forest against such background sources. In order to understand how SKA and SKA1 observations can be optimised to reveal these earliest AGN, we have examined the effect of a hot CMB on the emission of powerful and young radio galaxies. By looking at the SKA1 capabilities, in particular in terms of wavelength coverage and resolution, we determine how the effects of "CMB-muting" of a radio loud source can be observationally minimised and how to identify the best highest-redshift radio candidates. Considering different predictions for the space density of radio loud AGN at such redshifts, we identify the survey characteristics necessary to optimize the detection and identification of the very first generation of radio loud AGN in the Universe