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.

Striking Photospheric Abundance Anomalies in Blue Horizontal-Branch Stars in Globular Cluster M13

High-resolution optical spectra of thirteen blue horizontal-branch (BHB) stars in the globular cluster M13 show enormous deviations in element abundances from the expected cluster metallicity. In the hotter stars (T_eff > 12000 K), helium is depleted by factors of 10 to 100 below solar, while iron is enhanced to three times the solar abundance, two orders of magnitude above the canonical metallicity [Fe/H] ~= -1.5 dex for this globular cluster. Nitrogen, phosphorus, and chromium exhibit even more pronounced enhancements, and other metals are also mildly overabundant, with the exception of magnesium, which stays very near the expected cluster metallicity. These photospheric anomalies are most likely due to diffusion --- gravitational settling of helium, and radiative levitation of the other elements --- in the stable radiative atmospheres of these hot stars. The effects of these mechanisms may have some impact on the photometric morphology of the cluster's horizontal branch and on estimates of its age and distance.Comment: 11 pages, 1 Postscript figure, uses aaspp4.sty, accepted for publication in ApJ Letter

Rotations and Abundances of Blue Horizontal-Branch Stars in Globular Cluster M15

High-resolution optical spectra of eighteen blue horizontal-branch (BHB) stars in the globular cluster M15 indicate that their stellar rotation rates and photospheric compositions vary strongly as a function of effective temperature. Among the cooler stars in the sample, at Teff ~ 8500 K, metal abundances are in rough agreement with the canonical cluster metallicity, and the v sin i rotations appear to have a bimodal distribution, with eight stars at v sin i < 15 km/s and two stars at v sin i ~ 35 km/s. Most of the stars at Teff > 10000 K, however, are slowly rotating, v sin i < 7 km/s, and their iron and titanium are enhanced by a factor of 300 to solar abundance levels. Magnesium maintains a nearly constant abundance over the entire range of Teff, and helium is depleted by factors of 10 to 30 in three of the hotter stars. Diffusion effects in the stellar atmospheres are the most likely explanation for these large differences in composition. Our results are qualitatively very similar to those previously reported for M13 and NGC 6752, but with even larger enhancement amplitudes, presumably due to the increased efficiency of radiative levitation at lower intrinsic [Fe/H]. We also see evidence for faster stellar rotation explicitly preventing the onset of the diffusion mechanisms among a subset of the hotter stars.Comment: 11 pages, 1 figure, 1 table, accepted to ApJ

Experimental human hookworm infection: a narrative historical review

In 1896, a serendipitous laboratory accident led to the understanding that hookworms propagate infection by penetrating skin, a theory that was then confirmed with the first experimental human infection, reported in 1901. Experimental human infections undertaken in the 20th century enabled understanding of the natural history of infection and the immune response. More recently, experimental hookworm infection has been performed to investigate the immunomodulatory potential of hookworm infection and for the evaluation of hookworm vaccines and chemotherapeutic interventions. Experimental human hookworm infection has been proven to be safe, with no deaths observed in over 500 participants (although early reports predate systematic adverse event reporting) and no serious adverse events described in over 200 participants enrolled in contemporary clinical trials. While experimental human hookworm infection holds significant promise, as both a challenge model for testing anti-hookworm therapies and for treating various diseases of modernity, there are many challenges that present. These challenges include preparation and storage of larvae, which has not significantly changed since Harada and Mori first described their coproculture method in 1955. In vitro methods of hookworm larval culture, storage, and the development of meaningful potency or release assays are required. Surrogate markers of intestinal infection intensity are required because faecal egg counts or hookworm faecal DNA intensity lack the fidelity required for exploration of hookworm infection as a vaccine/drug testing platform or as a regulated therapy

Photometric Response Functions of the SDSS Imager

The monochromatic illumination system is constructed to carry out in situ measurements of the response function of the mosaicked CCD imager used in the Sloan Digital Sky Survey (SDSS). The system is outlined and the results of the measurements, mostly during the first 6 years of the SDSS, are described. We present the reference response functions for the five colour passbands derived from these measurements, and discuss column to column variations and variations in time, and also their effects on photometry. We also discuss the effect arising from various, slightly different response functions of the associated detector systems that were used to give SDSS photometry. We show that the calibration procedures of SDSS remove these variations reasonably well with the resulting final errors from variant response functions being unlikely to be larger than 0.01 mag for g, r, i, and z bands over the entire duration of the survey. The considerable aging effect is uncovered in the u band, the response function showing a 30% decrease in the throughput in the short wavelength side during the survey years, which potentially causes a systematic error in photometry. The aging effect is consistent with variation of the instrumental sensitivity in u-band, which is calibrated out. The expected colour variation is consistent with measured colour variation in the catalog of repeated photometry. The colour variation is delta (u-g) ~ 0.01 for most stars, and at most delta (u-g) ~ 0.02 mag for those with extreme colours. We verified in the final catalogue that no systematic variations in excess of 0.01 mag are detected in the photometry which can be ascribed to aging and/or seasonal effects except for the secular u-g colour variation for stars with extreme colours.Comment: 54 pages, 18 figures, 7 tables, accepted for publication in A

Mechanical Characterisation of Pneumatically-Spliced Carbon Fibre Yarns as Reinforcements for Polymer Composites

An investigation into the mechanical response of pneumatically-spliced carbon fibre yarns as a potential reinforcing material for polymer composites is presented. High strength mechanical connections between carbon fibre yarns are produced by joining short discontinuous tows into longer lengths via fibre entanglement. The effect of altering the number of high-pressure air pulses fired by a commercially available (Airbond 701H) splicing machine, to form the tow-tow connection, on load bearing capacity and linear stiffness is first evaluated on splices between virgin T700SC-24K-50C carbon fibre tows. The best performing spliced configuration is subsequently utilised in reinforcing unidirectional epoxy laminates, which are mechanically characterised, and their properties compared to those of various continuous fibre and chopped strand mat panels. Results presented in this study demonstrate that pneumatic splicing provides a high strength and sustainable solution for reinforcing polymers with discontinuous (approx. >50 mm in length) virgin, off-cut or waste carbon fibre yarns. It is speculated that with further research, quasi-continuous yarns remanufactured by splicing waste fibres could provide a novel material for weaving, braiding, non-crimp fabrics, or use in 3D printing applications

Pulsed electromagnetic energy treatment offers no clinical benefit in reducing the pain of knee osteoarthritis: a systematic review

Background The rehabilitation of knee osteoarthritis often includes electrotherapeutic modalities as well as advice and exercise. One commonly used modality is pulsed electromagnetic field therapy (PEMF). PEMF uses electro magnetically generated fields to promote tissue repair and healing rates. Its equivocal benefit over placebo treatment has been previously suggested however recently a number of randomised controlled trials have been published that have allowed a systematic review to be conducted. Methods A systematic review of the literature from 1966 to 2005 was undertaken. Relevant computerised bibliographic databases were searched and papers reviewed independently by two reviewers for quality using validated criteria for assessment. The key outcomes of pain and functional disability were analysed with weighted and standardised mean differences being calculated. Results Five randomised controlled trials comparing PEMF with placebo were identified. The weighted mean differences of the five papers for improvement in pain and function, were small and their 95% confidence intervals included the null. Conclusion This systematic review provides further evidence that PEMF has little value in the management of knee osteoarthritis. There appears to be clear evidence for the recommendation that PEMF does not significantly reduce the pain of knee osteoarthritis