How have global shocks impacted the real effective exchange rates of individual euro area countries since the euro's creation?

This paper uncovers the response pattern to global shocks of euro area countries' real effective exchange rates before and after the start of Economic and Monetary Union (EMU), a largely open ended question when the euro was created. We apply to that end a newly developed methodology based on high dimensional VAR theory. This approach features a dominant unit to a large set of over 60 countries' real effective exchange rates and is based on the comparison of two estimated systems: one before and one after EMU. We find strong evidence that the pattern of responses depends crucially on the nature of global shocks. In particular, post-EMU responses to global US dollar shocks have become similar to Germany's response before EMU, i.e. to that of the economy that used to issue Europe's most credible legacy currency. By contrast, post-EMU responses of euro area countries to global risk aversion shocks have become similar to those of Italy, Portugal or Spain before EMU, i.e. of economies of the euro area's periphery. Our findings also suggest that the divergence in external competitiveness among euro area countries over the last decade, which is at the core of today's debate on the future of the euro area, is more likely due to country-specific shocks than to global shocks.Euro, Real Effective Exchange Rates, Weak and Strong Cross Sectional Dependence, High-Dimensional VAR, Identification of Shocks.

NICKEL SUPERALLOY COMPOSITION AND PROCESS OPTIMIZATION FOR WELDABILITY, COST, AND STRENGTH

To advance sustainability efforts, electric power plants have reduced specific carbon dioxide emissions by increasing operating temperatures and pressures to improve power generation efficiency. The latest improvements are utilized in advanced ultra-supercritical power generation. To meet these operating conditions, nickel superalloys are used in the highest temperature components; however, they are expensive and present weldability challenges. This project aims to experimentally optimize a nickel superalloy to improve material weldability and decrease cost without compromising strength. Three optimized compositions were developed, and their microstructures and mechanical properties were compared to Nimonic 263, a common nickel superalloy in electric power plants. The Optimized Composition 1 alloy was scaled up to assess weld solidification cracking resistance compared to baseline nickel superalloys. It was found that the Optimized Composition 1 alloy has decreased cost, increased weldability, and comparable strength to Nimonic 263. With further testing, this alloy may be a viable replacement for some commercial nickel superalloys in advanced ultra-supercritical power generation

A Tight-Binding Investigation of the NaxCoO2 Fermi Surface

We perform an orthogonal basis tight binding fit to an LAPW calculation of paramagnetic Na$_x$CoO$_2$ for several dopings. The optimal position of the apical oxygen at each doping is resolved, revealing a non-trivial dependence of the band structure and Fermi surface on oxygen height. We find that the small e$_{g'}$ hole pockets are preserved throughout all investigated dopings and discuss some possible reasons for the lack of experimental evidence for these Fermi sheets

Precise Tight-binding Description of the Band Structure of MgB2

We present a careful recasting of first-principles band structure calculations for MgB2 in a non-orthogonal sp-tight-binding (TB) basis. Our TB results almost exactly reproduce our full potential linearized augmented plane wave results for the energy bands, the densities of states and the total energies. Our procedure generates transferable Slater-Koster parameters which should be useful for other studies of this important material.Comment: REVTEX, 2 Encapsulated PostScript Figure