A non-commutative Julia Inequality

We prove a Julia inequality for bounded non-commutative functions on polynomial polyhedra. We use this to deduce a Julia inequality for holomorphic functions on classical domains in $\mathbb{C}^d$. We look at differentiability at a boundary point for functions that have a certain regularity there

International Transmission under Floating Exchange Rates

International Transmission under Floating Exchange Rates

Real Exchange Rate Behavior Under Floating and Fixed Regimes

In this paper we examine the stability of the real exchange rate and the macroeconomic effects of alternative exchange-rate regimes, including currency union, on real exchange-rate behaviour. We focus on the Irish punt in order to exploit its diversity of experience over different nominal exchange rate regimes. We make both temporal and cross-country comparisons of real-exchange-rate stability for the Irish punt with sterling, the US dollar and the German mark. We reach two conclusions on the basis of our results. The first is that for Ireland, as for most other countries, purchasing power parity provides a reasonably good description of actual exchange rate behaviour over the long run. Our second principal conclusion concerns regime effects. Currency union appears to matter. The real exchange rates we analyse are unambiguously less variable under currency union than under alternative exchange-rate systems. Otherwise, however, we find no clear-cut differences in behaviour across regimes.Exchange Rates, purchasing power parity, exchange-rate regimes, currency union

Equity Returns and Inflation: The Puzzlingly Long Lags

This paper examines data for stock prices and price levels of 14 developed countries during the post-WWII era and compares their behavior in that sample with behavior over the past two centuries in the UK and the US. Contrary to much of the literature of the past several decades, we find that nominal equity prices do, in fact, keep pace with movements in the overall price level. Our results suggest, however, that this is only the case over long periods. The puzzle therefore is not that equities fail the test as inflation hedges, as had been quite widely believed, but that they take so long to pass.Stock prices, inflation, Fisher effect, neutrality, cointegration,Equity Returns,Inflation ,Long Lags

Currency Union and Real Exchange Rate Behavior

In this paper we study the behavior of the real exchange rate of three North American currencies vis-a-vis the U.S. dollar: the Canadian dollar the Mexican peso, and the Panamanian Balboa. Our principal object is to design an experiment in which meaningful comparisons of behavior across regimes would be possible. In the main we were unable to find any. The allegation of problems created due to aggregating data across regimes therefore receives no support at all in these data. A second criterion for choosing the countries in our sample was differences in level of economic development. The object here was to provide ample leeway for real variables to operate. For Mexico such factors do not appear to matter. For Panama they might be of some importance, but a modified form of PPP nevertheless continues to perform well.Real exchange rates, purchasing power parity, exchange rate regimes, currency unions.

CLARITY at the TREC 2011 microblog track

For the first year of the TREC Microblog Track the CLARITY group concentrated on a number of areas, investigating the underlying term weighting scheme for ranking tweets, incorporating query expansion to introduce new terms into the query, as well as introducing an element of temporal re-weighting based on the temporal distribution of assumed relevant microblogs

An investigation of term weighting approaches for microblog retrieval

The use of effective term frequency weighting and document length normalisation strategies have been shown over a number of decades to have a significant positive effect for document retrieval. When dealing with much shorter documents, such as those obtained from microblogs, it would seem intuitive that these would have less benefit. In this paper we investigate their effect on microblog retrieval performance using the Tweets2011 collection from the TREC 2011 Microblog Track