Impact of exchange rate changes on domestic inflation: a study of a small Pacific Island economy

This paper investigates the effect of changes in exchange rate on consumer price level, in Fiji, known as exchange rate pass-through during a thirty year period (1982-2009). Specifically, three time periods are focused on: the pre-coup years (1982-1986); post coup years (1987-2009); and full time period (1982-2009). Monthly data on consumer price index, nominal exchange rate, monetary aggregate and interest rate are utilized. The study results show that the degree of exchange rate pass-through to domestic price was relatively low during the entire sample period at 0.183. It was 0.453 and 0.373 for the pre and post coups periods. Regardless of the sample periods under study, the monetary aggregate, as a variable plays a pivotal in stabilizing the price level.Exchange rate pass-through, price, monetary measure, cointegration, Granger causality

Impact of global growth fluctuations on India: an empirical study

The article examines how growth fluctuations in major trading partner countries of the world have affected the Indian economy since its liberalization from the mid 1990s. This empirical study confirms that domestic output of India was strongly influenced by global shocks. The findings are not surprising as India’s trade and financial integration with the rest of the world has been on the rise.Economic integration, global shock, regional shock, India

Role of Remittances in Economic Development: An Empirical Study of World’s Two Most Remittances Dependent Pacific Island Economies

In the context of the ongoing world-wide recession and the consequent dim prospects for exports from small Pacific island countries, mobilization of foreign exchange earnings assumes considerable importance. The dependency of Samoa and Tonga on inward remittances is well known, as the two Polynesian island countries in recent years have been amongst the first top ten remittance recipient countries of the world. This paper examines the long-run nexus between economic growth and inward remittances during a three-decade period (1981-2008). The paper also discusses some important policy implications arising out of the study findings.Remittances, financial sector development, economic growth, bounds test, Samoa, Tonga

Discriminative Tandem Features for HMM-based EEG Classification

Abstract—We investigate the use of discriminative feature extractors in tandem configuration with generative EEG classification system. Existing studies on dynamic EEG classification typically use hidden Markov models (HMMs) which lack discriminative capability. In this paper, a linear and a non-linear classifier are discriminatively trained to produce complementary input features to the conventional HMM system. Two sets of tandem features are derived from linear discriminant analysis (LDA) projection output and multilayer perceptron (MLP) class-posterior probability, before appended to the standard autoregressive (AR) features. Evaluation on a two-class motor-imagery classification task shows that both the proposed tandem features yield consistent gains over the AR baseline, resulting in significant relative improvement of 6.2% and 11.2 % for the LDA and MLP features respectively. We also explore portability of these features across different subjects. Index Terms- Artificial neural network-hidden Markov models, EEG classification, brain-computer-interface (BCI)

Self-Dual Conformal Supergravity and the Hamiltonian Formulation

In terms of Dirac matrices the self-dual and anti-self-dual decomposition of a conformal supergravity is given and a self-dual conformal supergravity theory is developed as a connection dynamic theory in which the basic dynamic variabes include the self-dual spin connection i.e. the Ashtekar connection rather than the triad. The Hamiltonian formulation and the constraints are obtained by using the Dirac-Bergmann algorithm. PACS numbers: 04.20.Cv, 04.20.Fy,04.65.+

Panoramic-reconstruction temporal imaging for seamless measurements of slowly-evolved femtosecond pulse dynamics

Single-shot real-time characterization of optical waveforms with sub-picosecond resolution is essential for investigating various ultrafast optical dynamics. However, the finite temporal recording length of current techniques hinders comprehensive understanding of many intriguing ultrafast optical phenomena that evolve over a time scale much longer than their fine temporal details. Inspired by the space-time duality and by stitching of multiple microscopic images to achieve a larger field of view in the spatial domain, here a panoramic-reconstruction temporal imaging (PARTI) system is devised to scale up the temporal recording length without sacrificing the resolution. As a proof-of-concept demonstration, the PARTI system is applied to study the dynamic waveforms of slowly-evolved dissipative Kerr solitons in an ultrahigh-Q microresonator. Two 1.5-ns-long comprehensive evolution portraits are reconstructed with 740-fs resolution and dissipative Kerr soliton transition dynamics, in which a multiplet soliton state evolves into stable singlet soliton state, are depicted

Final Step to Green En Masse Financially

We make seven direct intra-brand comparisons between legacy carmakers’ electric vehicle (EV) and gas-powered vehicle who achieved top ten most-efficient electric vehicles in America. We find six out of the seven EVs will be able to breakeven the higher price relative to their gas counterparts within reasonable gas price range, electricity charge range, and federal government tax credit for buying EVs. We further find that federal government tax credit is the most effective policy tool that will induce new car buyers to choose EVs over comparable same-brand gas vehicle though other green initiatives such as solar panels on owner’s roof tops and below-market-interest-rate (BMIR) loans are effective as well