Real exchange rate movements and the relative price of non-traded goods

We study the quarterly bilateral real exchange rate and the relative price of non-traded to traded goods for 1225 country pairs over 1980?2005. We show that the two variables are positively correlated, but that movements in the relative price measure are smaller than those in the real exchange rate. The relation between the two variables is stronger when there is an intense trade relationship between two countries and when the variance of the real exchange rate between them is small. The relation does not change for rich/poor country bilateral pairs or for high inflation/low inflation country pairs. We identify an anomaly: The relation between the real exchange rate and relative price of non-traded goods for US/EU bilateral trade partners is unusually weak.Trade

U.S. real exchange rate fluctuations and relative price fluctuations

This paper studies the relation between the United States? bilateral real exchange rate and the associated bilateral relative price of nontraded goods for five of its most important trade relationships. Traditional theory attributes fluctuations in real exchange rates to changes in the relative price of nontraded goods. We find that this relation depends crucially on the choice of price series used to measure relative prices and on the choice of trade partner. The relation is stronger when we measure relative prices using producer prices rather than consumer prices. The relation is stronger the more important is the trade relationship between the United States and a trade partner. Even in cases where there is a strong relation between the real exchange rate and the relative price of nontraded goods, however, a large fraction of real exchange rate fluctuations is due to deviations from the law of one price for traded goods.Foreign exchange rates ; Prices ; International trade ; International finance ; Monetary policy

Using the new products margin to predict the industry-level impact of trade reform

This paper develops a methodology for predicting the impact of trade liberalization on exports by industry (3-digit ISIC) based on the pre-liberalization distribution of exports by product (5-digit SITC). Using the results of Kehoe and Ruhl (2013) that much of the growth in trade after trade liberalization is in products that are traded very little or not at all, we predict that industries with a higher share of exports generated by least traded products will experience more growth. Using our methodology, we develop predictions for industry-level changes in trade for the United States and Korea following the U.S.-Korea Free Trade Agreement (KORUS). As a test for our methodology, we show that it performs significantly better than the applied general equilibrium models originally used for the policy evaluation of the North American Free Trade Agreement (NAFTA)

Real Exchange Rate Movements and the Relative Price of Non-traded Goods

We study the quarterly bilateral real exchange rate and the relative price of non-traded to traded goods for 1225 country pairs over 1980-2005. We show that the two variables are positively correlated, but that movements in the relative price measure are smaller than those in the real exchange rate. The relation between the two variables is stronger when there is an intense trade relationship between two countries and when the variance of the real exchange rate between them is small. The relation does not change for rich/poor country bilateral pairs or for high inflation/low inflation country pairs. We identify an anomaly: The relation between the real exchange rate and relative price of non-traded goods for US/EU bilateral trade partners is unusually weak.

Flutter clearance of the Schweizer 1-36 deep-stall sailplane

A Schweizer 1-36 sailplane was modified for a controlled, deep-stall flight program. This modification allowed the horizontal stabilizer to pivot as much as 70 deg leading edge down. Ground vibration and flutter testing were accomplished on the sailplane with the horizontal stabilizer in the normal flight and deep-stall flight positions. Test results indicated satisfactory damping levels and trends for the structural modes of the sailplane. The modified sailplane was demonstrated to be free of aeroelastic instabilities to 83 KEAS with the horizontal stabilizer in the normal flight position and to 39 KEAS with the horizontal stabilizer in the deep-stall flight position. This flight envelope was adequate for the controlled, deep-stall flight experiments

Estimación de rendimientos de soja y maíz a partir de variables edafoclimáticas

Estimación de rendimientos de soja y maíz a partir de variables edafoclimáticasFil: Coronel, Alejandra. Universidad Nacional de Rosario. Facultad de Ciencias Agrarias; Argentin

ROTSE All Sky Surveys for Variable Stars I: Test Fields

The ROTSE-I experiment has generated CCD photometry for the entire Northern sky in two epochs nightly since March 1998. These sky patrol data are a powerful resource for studies of astrophysical transients. As a demonstration project, we present first results of a search for periodic variable stars derived from ROTSE-I observations. Variable identification, period determination, and type classification are conducted via automatic algorithms. In a set of nine ROTSE-I sky patrol fields covering about 2000 square degrees we identify 1781 periodic variable stars with mean magnitudes between m_v=10.0 and m_v=15.5. About 90% of these objects are newly identified as variable. Examples of many familiar types are presented. All classifications for this study have been manually confirmed. The selection criteria for this analysis have been conservatively defined, and are known to be biased against some variable classes. This preliminary study includes only 5.6% of the total ROTSE-I sky coverage, suggesting that the full ROTSE-I variable catalog will include more than 32,000 periodic variable stars.Comment: Accepted for publication in AJ 4/00. LaTeX manuscript. (28 pages, 11 postscript figures and 1 gif

Ground vibration test of the laminar flow control JStar airplane

A ground vibration test was conducted on a Lockheed JetStar airplane that had been modified for the purpose of conducting laminar flow control experiments. The test was performed prior to initial flight flutter tests. Both sine-dwell and single-point-random excitation methods were used. The data presented include frequency response functions and a comparison of mode frequencies and mode shapes from both methods

Regional increase in the expression of the BCAT proteins in Alzheimer's disease brain: Implications in glutamate toxicity

BACKGROUNDThe human branched chain aminotransferases (hBCATm, mitochondrial and hBCATc, cytosolic) are major contributors to brain glutamate production. This excitatory neurotransmitter is thought to contribute to neurotoxicity in neurodegenerative conditions such as Alzheimer's disease (AD) but the expression of hBCAT in this disease has not previously been investigated.OBJECTIVEThe objective of investigating hBCAT expression is to gain insight into potential metabolic pathways that may be dysregulated in AD brain, which would contribute to glutamate toxicity.METHODSWestern blot analysis and immunohistochemistry were used to determine the expression and localization of hBCAT in postmortem frontal and temporal cortex from AD and matched control brains.RESULTSWestern blot analysis demonstrated a significant regional increase in hBCATc expression in the hippocampus (↑ 36%; p-values of 0.012), with an increase of ↑ 160% reported for hBCATm in the frontal and temporal cortex (p-values = 4.22 × 10-4 and 2.79 × 10-5, respectively) in AD relative to matched controls, with evidence of post-translational modifications to hBCATm, more prominent in AD samples. Using immunohistochemistry, a significant increase in immunopositive labelling of hBCATc was observed in the CA1 and CA4 region of the hippocampus (p-values = 0.011 and 0.026, respectively) correlating with western blot analysis. Moreover, the level of hBCATm in the frontal and temporal cortex correlated significantly with disease severity, as indicated by Braak staging (p-values = 5.63 × 10-6 and 9.29 × 10-5, respectively).CONCLUSIONThe expression of the hBCAT proteins is significantly elevated in AD brain. This may modulate glutamate production and toxicity, and thereby play a role in the pathogenesis of the disease