The asymmetric impact of exchange rate changes on bilateral trade balance: evidence from China and its trade partners

The purpose of this paper is to re-examine the impact of exchange rate changes on the trade balance of China and its major trading partners. In the past, many studies have been focussed on the linear effect of exchange rate change, but in this paper, a non-linear Autoregressive Distribution Lag (NARDL) model is proposed. Empirical results show that there are nonlinear and asymmetric effects on the trade balance of exchange rate. In particular, the effect of exchange rate appreciation on Sino-US trade balance is more significant than that of depreciation. A genuine devaluation of the domestic currency would improve the balance of the domestic trade. However, the opposite effect is found in the case of Sino- Japan and the Euro, and the depreciation of the currency will make the trade balance worse. These results provide a solid basis for understanding the relation of exchange rate variation and trade balance. In terms of economic reality, it is also a useful reference for adjusting exchange rate and commercial policy

Differential Privacy for Industrial Internet of Things: Opportunities, Applications and Challenges

The development of Internet of Things (IoT) brings new changes to various fields. Particularly, industrial Internet of Things (IIoT) is promoting a new round of industrial revolution. With more applications of IIoT, privacy protection issues are emerging. Specially, some common algorithms in IIoT technology such as deep models strongly rely on data collection, which leads to the risk of privacy disclosure. Recently, differential privacy has been used to protect user-terminal privacy in IIoT, so it is necessary to make in-depth research on this topic. In this paper, we conduct a comprehensive survey on the opportunities, applications and challenges of differential privacy in IIoT. We firstly review related papers on IIoT and privacy protection, respectively. Then we focus on the metrics of industrial data privacy, and analyze the contradiction between data utilization for deep models and individual privacy protection. Several valuable problems are summarized and new research ideas are put forward. In conclusion, this survey is dedicated to complete comprehensive summary and lay foundation for the follow-up researches on industrial differential privacy

Microstructure investigations of Pt-modified γ′-Ni3Al + γ-Ni coatings on Ni-based superalloys

The microstructure of Pt-modified γ′-Ni3Al + γ-Ni coating on CMSX-4 single-crystal superalloy has been investigated by transmission electron microscopy (TEM). Cross-sectional TEM analyses showed the presence of precipitates in the coating. This precipitate was identified as the hexagonal topologically close-packed (TCP) μ phase with lattice parameters a = 0.473 nm and c = 2.565 nm. The energy-dispersive x-ray (EDX) spectrum of the μ phase suggested a refractory element rich compound comprising the elements Re, W, and Co. Twin domains parallel to (001) were found in the μ phase. The mechanisms of the μ phase and twinning formation were discussed

Energy landscape and phase competition of CsV3Sb5-, CsV6Sb6-, and TbMn6Sn6-type Kagome materials

Finding viable Kagome lattices is vital for materializing novel phenomena in quantum materials. In this work, we performed element substitutions on CsV3Sb5 with space group P6/mmm, TbMn6Sn6 with space group P6/mmm, and CsV6Sb6 with space group R-3 m, respectively, as the parent compounds. A total of 4158 materials were obtained through element substitutions, and these materials were then calculated via density function theory in high-throughput mode. Afterward, 48 materials were identified with high thermodynamic stability (E_hull<5meV/atom). Furthermore, we compared the thermodynamic stability of three different phases with the same elemental composition and predicted some competing phases that may arise during material synthesis. Finally, by calculating the electronic structures of these materials, we attempted to identify patterns in the electronic structure variations as the elements change. This work provides guidance for discovering promising AM3X5/AM6X6 Kagome materials from a vast phase space