Irving Fisher and the UIP Puzzle: Meeting the Expectations a Century Later

We review Irving Fisher’s seminal work on UIP and on the closely related equation linking interest rates and inflation. Like Fisher, we find that the failures of UIP are connected to individual episodes in which errors surrounding exchange rate expectations are persistent, but eventually transitory. We find considerable commonality in deviations from UIP and PPP, suggesting that both of these deviations are driven by a common factor. Using a dynamic latent factor model, we find that deviations from UIP are almost entirely due to expectational errors in exchange rates, rather than attributable to the risk premium; a result consistent with those reported by Fisher a century ago.exchange rates;PPP;interest rates;UIP;inflation;Irving Fisher

Irving Fisher and the UIP Puzzle: Meeting the Expectations a Century Later

We review Irving Fisher’s seminal work on UIP and on the closely related equation linking interest rates and inflation. Like Fisher, we find that the failures of UIP are connected to individual episodes in which errors surrounding exchange rate expectations are persistent, but eventually transitory. We find considerable commonality in deviations from UIP and PPP, suggesting that both of these deviations are driven by a common factor. Using a dynamic latent factor model, we find that deviations from UIP are almost entirely due to expectational errors in exchange rates, rather than attributable to the risk premium; a result consistent with those reported by Fisher a century ago

GaN Metal Oxide Semiconductor Field Effect Transistors

A GaN based depletion mode metal oxide semiconductor field effect transistor (MOSFET) was demonstrated using Ga{sub 2}O{sub 3}(Gd{sub 2}O{sub 3}) as the gate dielectric. The MOS gate reverse breakdown voltage was > 35V which was significantly improved from 17V of Pt Schottky gate on the same material. A maximum extrinsic transconductance of 15 mS/mm was obtained at V{sub ds} = 30 V and device performance was limited by the contact resistance. A unity current gain cut-off frequency, f{sub {tau}}, and maximum frequency of oscillation, f{sub max} of 3.1 and 10.3 GHz, respectively, were measured at V{sub ds} = 25 V and V{sub gs} = {minus}20 V

Real exchange rate behaviour The recent float from the perspective of the past two centuries

SIGLEAvailable from British Library Document Supply Centre-DSC:5281.1848(no 9503) / BLDSC - British Library Document Supply CentreGBUnited Kingdo

Acoustic telemetry informs capture susceptibility of an anadromous fish

Information on movement ecology and susceptibility to fishing gears is becoming increasingly employed in the management of commercial fisheries. This study combined acoustic telemetry (n = 51 and 52) and a simple passive integrated transponder (PIT) tag (n = 1499 and 1113) mark-recapture study, across two successive years on a commercial river lamprey (Lampetra fluviatilis) fishery, to inform exploitation rates and the influence of conditional capture probability on expected catch-per-unit-effort (CPUE). The movements of acoustic-tagged lamprey were used to refine estimates of the number of PIT-marked individuals vulnerable to the fishery. In 2018, this increased the recapture rate estimation by 0.99% and reduced the estimated run size by 152,101 (21.6%; 95% CL, 148,683, 155,688) individuals, with corresponding values of 0.12% and 114,639 (25.0%; 95% CL, 112,900, 116,448) in 2019. Lamprey movements were similar between years, with the number of trap line encounters by individuals between trap lifts used to inform expected CPUE for each lift. Conditional capture probability was mainly dependent on environmental conditions (e.g., river flow) with most trap lifts in the expected CPUE range, although the impacts of behaviour on vulnerability to capture were difficult to disentangle. This study highlights how the incorporation of acoustic telemetry increased the accuracy of, validated, and complemented mark-recapture data, without which management decisions (e.g., quota size) would have been based upon over 100,000 more individuals (27.5% higher than the adjusted run size in 2018 and 33.3% higher in 2019), with potentially severe consequences for the population. These findings demonstrate the importance of understanding fish movement to improve and inform fishery management. The study also presents a framework to quantify conditional capture probability and its influence on CPUE; knowledge that is widely applicable across aquatic systems for management and sustainability of fisheries

Understanding the impact of barriers to onward migration; a novel approach using translocated fish

River catchments worldwide are heavily fragmented by anthropogenic barriers, reducing their longitudinal connectivity and contributing to the decline of migratory fish populations. Direct impacts of individual barriers on migratory fish are well-established, but barrier impacts on onward migration are poorly understood, despite their relevance to evidence-based, catchment-scale, management of threatened species. This study investigated the upstream spawning migration of 352 acoustic tagged river lamprey (Lampetra fluviatilis), translocated upstream of two key barriers (R2: n = 60 & 59; R3: n = 59 & 52) compared to a control group (R1: n = 61 & 59), across two contrasting (dry and wet, n = 180 and 172) years in the River Yorkshire Ouse, England, to reveal the impact of barriers on the onward migration of upstream migrating fish. Release further upstream increased the degree of catchment penetration, with median distance upstream of R1 56.1% and 68.6% greater for lamprey released at R2 and R3 respectively. Median delays at the two downstream-most main river barriers by the control group were 23.8 and 5.4 days (2018/19) and 9.3 and 11.4 days (2019/20). However, impacts of delay were only observed on the time to reach spawning habitat, time to reach final assumed spawning location and speed of movement in one upper catchment tributary during 2019/20 whilst they were only observed on time to reach spawning habitat during 2018/19 and on assumed spawning location distance during 2019/20 in the other. Ultimately, limited impacts of delay at barriers on onward fish migration post-passage were observed but median catchment penetration was increased with consecutive release upstream. This study demonstrated the importance of a true understanding of barrier impacts to inform catchment-wide planning, evidence vital for management worldwide. Although the findings of this study do support the use of trap and transport as a measure to remediate barrier impacts on migration, fish passage engineering improvements or barrier removal, at structures shown to be the most inhibiting to fish migration should be considered the best and most sustainable option to improve barrier passage

W and WSi(x) Ohmic Contacts on p- And n-Type GaN

W and WSi ohmic contacts on both p- and n-type GaN have been annealed at temperatures from 300-1000 *C. There is minimal reaction (< 100 ~ broadening of the metal/GaN interface) even at 1000 *C. Specific contact resistances in the 10-5 f2-cm2 range are obtained for WSiX on Si-implanted GaN with a peak doping concentration of- 5 x 1020 cm-3, after annealing at 950 `C. On p-GaN, leaky Schottky diode behavior is observed for W, WSiX and Ni/Au contacts at room temperature, but true ohmic characteristics are obtained at 250 - 300 *C, where the specific contact resistances are typically in the 10-2 K2-cm2 range. The best contacts for W and WSiX are obtained after 700 *C annealing for periods of 30- 120 sees. The formation of &WzN interracial phases appear to be important in determining the contact quality