Monetary Transmission Mechanism In An Open Economy Framework: The Case Of Turkey

Monetary transmission mechanism (MTM) is an illuminating policy tool in appreciating the monetary policy implementations by policy makers upon various nominal and real factors of interest in the eyes of economic agents. Especially in an open economy such as Turkish economy highly exposed to the effects of capital flows on domestic business cycles with a liberalised capital account, control over policy aggregates may be difficult since many other economic policy implementations would be of great consequence on some other policy targets on macroeconomic income generation process and in providing price stability and external balance. In this respect, in our paper we aim to estimate the MTM for the Turkish economy. Our ex-post estimates for the period 1992-2004 using contemporaneous vector autoregression models such as impulse response analysis indicate that weakly exogeneous capital inflows appreciate the real effective exchange rate, and in turn lower the real interest rates and domestic inflation while increasing both the real output growth and also the stock exchange index considering an asset-price channel for the latter and vice versa. We find some significant effects of the courses of capital flows and real effective exchange rate on monetary policy variable in the transmission mechanism, and such a case may impose an endogeneous characteristic on the policy variable given also that both domestic real interest structure is highly sensible to the monetary policy and that monetary policy is subject to the structural breaks in the sense of so-called Lucas’ critique of contemporaneous economics.Monetary Transmission Mechanism, Turkish Economy, Capital Flows, Real Exchange Rate, Real Interest Rate, Inflation, Income Growth, Stock Exchange, Price Puzzle

Noncontact lateral-force gradient measurement on Si(111)-7×7 surface with small-amplitude off-resonance atomic force microscopy

In this work, the authors report on a quantitative investigation of lateral-force gradient and lateral force between a tungsten tip and Si(111)-(7×7) surface using combined noncontact lateral-force microscopy and scanning tunneling microscopy. Simultaneous lateral-force gradient and scanning tunneling microscopy images of single and multiatomic step are obtained. In our measurement, tunnel current is used as feedback. The lateral-stiffness contrast has been observed to be 2.5 N/m at a single atomic step, in contrast to 13 N/m at a multiatomic step on Si (111) surface. They also carried out a series of lateral stiffness-distance spectroscopy, which show a sharp increase in tip-surface interaction stiffness as the sample is approached toward the surface

The Absolute Parameters of The Detached Eclipsing Binary V482 Per

We present the results of the spectroscopic, photometric and orbital period variation analyses of the detached eclipsing binary \astrobj{V482~Per}. We derived the absolute parameters of the system (M$_{1}$ = 1.51 M$_{\odot}$, M$_{2}$ = 1.29 M$_{\odot}$, R$_{1}$ = 2.39 R$_{\odot}$, R$_{2}$ = 1.45 R$_{\odot}$, L$_{1}$ = 10.15 L$_{\odot}$, L$_{2}$ = 3.01 L$_{\odot}$) for the first time in literature, based on an analysis of our own photometric and spectroscopic observations. We confirm the nature of the variations observed in the system's orbital period, suggested to be periodic by earlier works. A light time effect due to a physically bound, star-sized companion (M$_{3}$ = 2.14 M$_{\odot}$) on a highly eccentric (e = 0.83) orbit, seems to be the most likely cause. We argue that the companion can not be a single star but another binary instead. We calculated the evolutionary states of the system's components, and we found that the primary is slightly evolving after the Main Sequence, while the less massive secondary lies well inside it.Comment: Published in New Astronomy, Vol. 41, p. 42-4

Epitaxial lateral overgrowth of a-plane GaN by metalorganic chemical vapor deposition

We report on epitaxial lateral overgrowth (ELO) of (112¯0) a-plane GaN by metalorganic chemical vapor deposition. Different growth rates of Ga- and N-polar wings together with wing tilt create a major obstacle for achieving a smooth, fully coalesced surface in ELOa-plane GaN. To address this issue a two-step growth method was employed to provide a large aspect ratio of height to width in the first growth step followed by enhanced lateral growth in the second by controlling the growth temperature. By this method, the average ratio of Ga- to N-polar wing growth rate has been reduced from 4–6 to 1.5–2, which consequently reduced the wing-tilt induced height difference between the two approaching wings at the coalescence front, thereby making their coalescence much easier. Transmission electron microscopy showed that the threading dislocation density in the wing regions was 1.0×108 cm−2, more than two orders of magnitude lower than that in the window regions (4.2×1010 cm−2). However, a relatively high density of basal stacking faults of 1.2×104 cm−1 was still present in the wing regions as compared to c -plane GaN, where they are rarely observed away from the substrate. Atomic force microscopy(AFM) measurements showed two orders of magnitude higher density of surface pits in the window than in the wing regions, which were considered to be terminated by dislocations (partial ones related to stacking faults and full ones) on the surface. The existence of basal stacking faults was also revealed by AFM measurements on the a-plane ELO sample after wet chemical etching in hot H3PO4∕H2SO4 (1:1). The extensions of Ga-polar wings near the meeting fronts were almost free of stacking faults. The improvement of crystalline quality in the overgrown layer by ELO was also verified by near field scanning optical microscopy and time-resolved photoluminescence measurements; the former showing strongly enhanced luminescence from the wing regions, and the latter indicating longer decay times (0.25 ns) compared to a standard a-plane GaN template (40 ps)

Structural analysis of the yeast Dhh1-Pat1 complex reveals how Dhh1 engages Pat1, Edc3 and RNA in mutually exclusive interactions

Translational repression and deadenylation of eukaryotic mRNAs result either in the sequestration of the transcripts in a nontranslatable pool or in their degradation. Removal of the 5' cap structure is a crucial step that commits deadenylated mRNAs to 5'-to-3' degradation. Pat1, Edc3 and the DEAD-box protein Dhh1 are evolutionary conserved factors known to participate in both translational repression and decapping, but their interplay is currently unclear. We report the 2.8 A resolution structure of yeast Dhh1 bound to the N-terminal domain of Pat1. The structure shows how Pat1 wraps around the C-terminal RecA domain of Dhh1, docking onto the Phe-Asp-Phe (FDF) binding site. The FDF-binding site of Dhh1 also recognizes Edc3, revealing why the binding of Pat1 and Edc3 on Dhh1 are mutually exclusive events. Using co-immunoprecipitation assays and structure-based mutants, we demonstrate that the mode of Dhh1-Pat1 recognition is conserved in humans. Pat1 and Edc3 also interfere and compete with the RNA-binding properties of Dhh1. Mapping the RNA-binding sites on Dhh1 with a crosslinking-mass spectrometry approach shows a large RNA-binding surface around the C-terminal RecA domain, including the FDF-binding pocket. The results suggest a model for how Dhh1-containing messenger ribonucleoprotein particles might be remodeled upon Pat1 and Edc3 binding

Hybrid non-dominated sorting genetic algorithm with adaptive operators selection

Multiobjective optimization entails minimizing or maximizing multiple objective functions subject to a set of constraints. Many real world applications can be formulated as multi-objective optimization problems (MOPs), which often involve multiple conflicting objectives to be optimized simultaneously. Recently, a number of multi-objective evolutionary algorithms (MOEAs) were developed suggested for these MOPs as they do not require problem specific information. They find a set of non-dominated solutions in a single run. The evolutionary process on which they are based, typically relies on a single genetic operator. Here, we suggest an algorithm which uses a basket of search operators. This is because it is never easy to choose the most suitable operator for a given problem. The novel hybrid non-dominated sorting genetic algorithm (HNSGA) introduced here in this paper and tested on the ZDT (Zitzler-Deb-Thiele) and CEC’09 (2009 IEEE Conference on Evolutionary Computations) benchmark problems specifically formulated for MOEAs. Numerical results prove that the proposed algorithm is competitive with state-of-the-art MOEAs

Experimental Study of the Dynamic Interaction Between the Foundation of the NEES/UCSD Shake Table and the Surrounding Soil

The results of an extensive experimental study of the dynamic interaction between the foundation block for the NEES/UCSD Large High Performance Outdoor Shake Table and the surrounding soil are presented. The vibrations induced by the two large NEES/UCLA eccentric mass shakers were recorded at multiple stations within the reinforced concrete foundation block and on the soil up to distances of 270 m from the block. The results obtained for the deformation pattern of the reaction block, the frequency response at selected stations on the block, and the average rigid-body motion of the foundation and its dependence on frequency for longitudinal (EW) excitation are presented in detail. Comparison of the response during shaker-induced vibrations with that resulting from the much stronger actuator forces shows that linearity holds for the range of forces involved. The attenuation of the ground motion away from the reaction block is also described

Probability densities for the sums of iterates of the sine-circle map in the vicinity of the quasi-periodic edge of chaos

We investigate the probability density of rescaled sum of iterates of sine-circle map within quasi-periodic route to chaos. When the dynamical system is strongly mixing (i.e., ergodic), standard Central Limit Theorem (CLT) is expected to be valid, but at the edge of chaos where iterates have strong correlations, the standard CLT is not necessarily to be valid anymore. We discuss here the main characteristics of the central limit behavior of deterministic dynamical systems which exhibit quasi-periodic route to chaos. At the golden-mean onset of chaos for the sine-circle map, we numerically verify that the probability density appears to converge to a q-Gaussian with q<1 as the golden mean value is approached.Comment: 7 pages, 7 figures, 1 tabl

One Juliet and four Romeos: VeA and its methyltransferases

Fungal secondary metabolism has become an important research topic with great biomedical and biotechnological value. In the postgenomic era, understanding the diversity and the molecular control of secondary metabolites (SMs) are two challenging tasks addressed by the research community. Discovery of the LaeA methyltransferase 10 years ago opened up a new horizon on the control of SM research when it was found that expression of many SM gene clusters is controlled by LaeA. While the molecular function of LaeA remains an enigma, discovery of the velvet family proteins as interaction partners further extended the role of the LaeA beyond secondary metabolism. The heterotrimeric VelB–VeA–LaeA complex plays important roles in development, sporulation, secondary metabolism, and pathogenicity. Recently, three other methyltransferases have been found to associate with the velvet complex, the LaeA-like methyltransferase F and the methyltransferase heterodimers VipC–VapB. Interaction of VeA with at least four methyltransferase proteins indicates a molecular hub function for VeA that questions: Is there a VeA supercomplex or is VeA part of a highly dynamic cellular control network with many different partners