Can Currency Demand Be Stable Under a Financial Crisis? The Case of Mexico

The paper finds strong evidence that real currency demand in Mexico remained stable throughout and after the financial crisis in Mexico. Cointegration analysis using the Johansen-Juselius technique indicates a strong cointegration relationship between real currency balances, real private consumption expenditures, and the interest rate. The dynamic model for real currency demand exhibits significant parameter constancy even after the financial crisis as indi-cated by a number of statistical tests. The paper concludes that the significant reduction in real currency demand under the financial crisis in Mexico could be appropriately explained by the change in the variables that historically explained the demand for real cash balances in Mexico. This result supports the Bank of Mexicoís use of a reserve money program to implement monetary policy under the financial crisis. Copyright 2001, International Monetary Fund

Techno-economic evaluation of reducing shielding gas consumption in GMAW whilst maintaining weld quality

A new method of supplying shielding gases in an alternating manner has been developed to enhance the efficiency of conventional gas metal arc welding (GMAW). However, the available literature on this advanced joining process is very sparse and no cost evaluation has been reported to date. In simple terms, the new method involves discretely supplying two different shielding gases to the weld pool at predetermined frequencies which creates a dynamic action within the liquid pool. In order to assess the potential benefits of this new method from a technical and cost perspective, a comparison has been drawn between the standard shielding gas composition of Ar/20%CO2, which is commonly used in UK and European shipbuilding industries for carbon steels, and a range of four different frequencies alternating between Ar/20%CO2 and helium. The beneficial effects of supplying the weld shielding gases in an alternating manner were found to provide attractive benefits for the manufacturing community. For example, the present study showed that compared with conventional GMAW, a 17 per cent reduction in total welding cost was achieved in the case of the alternating gas method and savings associated with a reduction in the extent of post-weld straightening following plate distortion were also identified. Also, the mechanical properties of the alternating case highlighted some marginal improvements in strength and Charpy impact toughness which were attributed to a more refined weld microstructure

Absolute calibration of Analog Detectors using Stimulated Parametric Down Conversion

Spontaneous parametric down conversion has been largely exploited as a tool for absolute calibration of photon counting detectors, photomultiplier tubes or avalanche photodiodes working in Geiger regime. In this work we investigate the extension of this technique from very low photon flux of photon counting regime to the absolute calibration of analog photodetectors at higher photon flux. Moving toward higher photon rate, i.e. at high gain regime, with the spontaneous parametric down conversion shows intrinsic limitations of the method, while the stimulated parametric down conversion process, where a seed beam properly injected into the crystal in order to increase the photon generation rate in the conjugate arm, allows us to work around this problem. A preliminary uncertainty budget is discussed

Time and Time Functions in Parametrized Non-Relativistic Quantum Mechanics

The ``evolving constants'' method of defining the quantum dynamics of time-reparametrization-invariant theories is investigated for a particular implementation of parametrized non-relativistic quantum mechanics (PNRQM). The wide range of time functions that are available to define evolving constants raises issues of interpretation, consistency, and the degree to which the resulting quantum theory coincides with, or generalizes, the usual non-relativistic theory. The allowed time functions must be restricted for the predictions of PNRQM to coincide with those of usual quantum theory. They must be restricted to have a notion of quantum evolution in a time-parameter connected to spacetime geometry. They must be restricted to prevent the theory from making inconsistent predictions for the probabilities of histories. Suitable restrictions can be introduced in PNRQM but these seem unlikely to apply to a reparametrization invariant theory like general relativity.Comment: 18pages, 1postscript figure in separate file, uses REVTEX 3.

On the extrapolation to ITER of discharges in present tokamaks

An expression for the extrapolated fusion gain G = Pfusion /5 Pheat (Pfusion being the total fusion power and Pheat the total heating power) of ITER in terms of the confinement improvement factor (H) and the normalised beta (betaN) is derived in this paper. It is shown that an increase in normalised beta can be expected to have a negative or neutral influence on G depending on the chosen confinement scaling law. Figures of merit like H betaN / q95^2 should be used with care, since large values of this quantity do not guarantee high values of G, and might not be attainable with the heating power installed on ITER.Comment: 6 Pages, 3 figures, Submitted to Nuclear Fusion on the 29th of November 200

Quantum States of Topologically Massive Electrodynamics and Gravity

The free quantum states of topologically massive electrodynamics and gravity in 2+1 dimensions, are explicitly found. It is shown that in both theories the states are described by infrared-regular polarization tensors containing a regularization phase which depends on the spin. This is done by explicitly realizing the quantum algebra on a functional Hilbert space and by finding the Wightman function to define the scalar product on such a Hilbert space. The physical properties of the states are analyzed defining creation and annihilation operators. For both theories, a canonical and covariant quantization procedure is developed. The higher order derivatives in the gravitational lagrangian are treated by means of a preliminary Dirac procedure. The closure of the Poincar\'e algebra is guaranteed by the infrared-finiteness of the states which is related to the spin of the excitations through the regularization phase. Such a phase may have interesting physical consequences.Comment: 21 page, latex, no figure