8,228 research outputs found

    The Linkage Between Speculative Attack and Target Zone Models of Exchange Rates

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    In this paper we generalize the target zone exchange rate as model formalized by Krugman (1988b) to include finite-sized interventions in defense of the zone. The main contributions of these pages consist of linking the recent developments in the theory of target zones to the mirror-image theory of speculative attacks on asset price fixing regimes and in using aspects of that linkage to give an intuitive interpretation to the smooth pasting" condition usually invoked as a terminal condition.

    Process Consistency and Monetary Reform: Further Evidence and Implications

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    In this paper we provide additional evidence that process consistency may have materialized as a restrictive constraint on the money generation process. In addition to recomputing the time series of process consistency probabilities using new data from the German case, we also supply our empirical technique to the data from the other hyperinflations studied by Cagan. We interpret our results as evidence hearing on the type of transversality condition studied by Brock or by Brock and Scheinkman as a sufficient condition to insure a unique equilibrium in optimizing models with perfect foresight and money.

    A Systematic Banking Collapse in a Perfect Foresight World

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    In this paper we present a model in which a systematic banking collapse is possible in a perfect foresight, general equilibrium context. Our aim is to determine con3itions under which a collapse will eventually occur and the timing of such a collapse. The collapse can occur endogenously, driven by market fundamentals. Alternatively, it can be caused by a mass hysteria which generates itself in reality. Vie also compare the assumptions and implications of our model to the observable phenomena of the 1930's.

    Photovoltaic options for solar electric propulsion

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    During the past decade, a number of advances have occurred in solar cell and array technology. These advances have lead to performance improvement for both conventional space arrays and for advanced technology arrays. Performance enhancements have occurred in power density, specific power, and environmental capability. Both state-of-the-art and advanced development cells and array technology are discussed. Present technology will include rigid, rollout, and foldout flexible substrate designs, with silicon and GaAs solar cells. The use of concentrator array systems is also discussed based on both DOD and NASA efforts. The benefits of advanced lightweight array technology, for both near term and far term utilization, and of advanced high efficiency, thin, radiation resistant cells is examined. This includes gallium arsenide on germaniun substrates, indium phosphide, and thin film devices such as copper indium diselenide

    Gold Monetization and Gold Discipline

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    The paper is a study of the price level and relative price effects of a policy to monetize gold and fix its price at a given future time and at the then prevailing nominal price. Price movements are analyzed both during the transition to the gold standard and during the post-monetization period. The paper also explores the adjustments to fiat money which are necessary to ensure that this type of gold monetization is non-inflationary. Finally, some conditions which produce a run on the government's gold stock leading to the collapse of the gold standard and the timing of such a run are examined.

    A review of the mallet impact test for small scale explosive formulations

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    Presented at 19th Seminar on New Trends of Energetic Materials (NTREM 2016); 20-22/04/2016, Pardubice Czech RepublicDevelopment of new explosive formulations begins with the generation of only a few milligrams of material which is investigated using a number of small scale tests such as DSC, TGA, response to flame, mallet impact (mallet friction either glancing or direct blow) to determine whether the formulation is safe to scale up to 10 g. The latter of these tests, mallet impact, can be particularly subjective as the result is directly influenced by the operator carrying out the assessment. Not only can there be a change from one operator to another but there can also be a change in the force applied during each strike potentially leading to inconsistent results. This study highlights this encountered variation and assesses the load applied by a variety of operators with varying levels of explosive experience. This paper also proposes the use of a small scale laboratory based impact test which would provide improved confidence in the assessment of impact sensitiveness of explosive formulations and assist in justifying whether a formulation can be taken to the next scale. A small scale version of the BAM impact test (EMTAP Test 43) has been devised that allows the comparison of the sensitiveness of small scale formulations relative to RDX (8.7 J, EMTAP Test 43B) whilst also ensuring a reproducible result

    Terrorism and visibility in Algeria’s ‘black decade’: Des hommes et des dieux (2010)

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    This article addresses the audio-visual representation of the victims of Islamic fundamentalist terrorism in Algeria in the 1990s, drawing on both historical and testimonial sources before examining Xavier Beauvois’s Des hommes et des dieux (2010). Based on a true story – the abduction and murder of a group of ex-colonial French monks– it offers a useful platform on which to interrogate the interactions of the representational and the political in relation to terrorism. Critical accounts of contemporary terrorism suggest that there has been a shift in focus from governments and terrorist organisations to an apprehension of the individual victim. However, examinations of the audio-visual can inform terrorism studies, pointing towards representational and socio-political occlusions by illuminating an implicit hierarchy of visibility. Certain lives, generally Western and Christian, are visible and mourned publicly when lost, while others, in this case Algerian, remain without an image
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