Has the Euro Affected the Choice of Invoicing Currency?

We present a new approach to study empirically the effect of the introduction of the euro on currency invoicing. Our approach uses a compositional multinomial logit model, in which currency choice depends on the characteristics of both the currency and the country. We use unique quarterly panel data of Norwegian imports from OECD countries for the 1996{2006 period. One of the key findings is that the eurozone countries in trade with Norway have substantially increased their share of home currency invoicing after the introduction of the euro. In addition, the euro as a vehicle currency has overtaken the role of the US dollar in Norwegian imports. The econometric analysis shows a significant effect of euro introduction above and beyond the determinants of currency invoicing (i.e., ination rate, ination volatility, foreign exchange market size, and product composition). However, the rise in producer currency invoicing by eurozone countries is primarily caused by a drop in ination volatility.euro;invoicing currency;exchange rate risk;ination;ination risk;vehicle currencies;compositional multinomial logit

Superconductivity in the Two-Band Hubbard Model in Infinite Dimensions

We study a two-band Hubbard model in the limit of infinite dimensions, using a combination of analytical methods and Monte-Carlo techniques. The normal state is found to display various metal to insulators transitions as a function of doping and interaction strength. We derive self-consistent equations for the local Green's functions in the presence of superconducting long-range order, and extend previous algorithms to this case. We present direct numerical evidence that in a specific range of parameter space, the normal state is unstable against a superconducting state characterized by a strongly frequency dependent order-parameter.Comment: 12 pages (14 figures not included, available upon request), Latex, LPTENS Preprint 93/1

New Magnetic Excitations in the Spin-Density-Wave of Chromium

Low-energy magnetic excitations of chromium have been reinvestigated with a single-Q crystal using neutron scattering technique. In the transverse spin-density-wave phase a new type of well-defined magnetic excitation is found around (0,0,1) with a weak dispersion perpendicular to the wavevector of the incommensurate structure. The magnetic excitation has an energy gap of E ~ 4 meV and at (0,0,1) exactly corresponds to the Fincher mode previously studied only along the incommensurate wavevector.Comment: 4 pages, 4 figure

Quantum lattice fluctuations in a frustrated Heisenberg spin-Peierls chain

As a simple model for spin-Peierls systems we study a frustrated Heisenberg chain coupled to optical phonons. In view of the anorganic spin-Peierls compound CuGeO3 we consider two different mechanisms of spin-phonon coupling. Combining variational concepts in the adiabatic regime and perturbation theory in the anti-adiabatic regime we derive effective spin Hamiltonians which cover the dynamical effect of phonons in an approximate way. Ground-state phase diagrams of these models are determined, and the effect of frustration is discussed. Comparing the properties of the ground state and of low-lying excitations with exact diagonalization data for the full quantum spin phonon models, good agreement is found especially in the anti-adiabatic regime.Comment: 9 pages, 7 figures included, submitted to Phys. Rev.

Polarization Dependence of the Spin-Density-Wave Excitations in Single-Domain Chromium

A polarised neutron scattering experiment has been performed on a single-Q, single domain sample of Cr in a magnetic field of 4 T in the transverse spin-density-wave phase. It is confirmed that the longitudinal fluctuations are enhanced for energy transfers E {lt} 8 meV similarly as in the longitudinal spin-density-wave phase. The spin wave modes with deltaS parallel and perpendicular to Q are isotropic within the E-range investigated

The direct cooling tail method for X-ray burst analysis to constrain neutron star masses and radii.

Determining neutron star (NS) radii and masses can help to understand the properties of matter at supra-nuclear densities. Thermal emission during thermonuclear X-ray bursts from NSs in low-mass X-ray binaries provides a unique opportunity to study NS parameters, because of the high fluxes, large luminosity variations and the related changes in the spectral properties. The standard cooling tail method uses hot NS atmosphere models to convert the observed spectral evolution during cooling stages of X-ray bursts to the Eddington flux F_Edd and the stellar angular size Omega. These are then translated to the constraints on the NS mass M and radius R. Here we present the improved, direct cooling tail method that generalises the standard approach. First, we adjust the cooling tail method to account for the bolometric correction to the flux. Then, we fit the observed dependence of the blackbody normalization on flux with a theoretical model directly on the M-R plane by interpolating theoretical dependences to a given gravity, hence ensuring only weakly informative priors for M and R instead of F_Edd and Omega. The direct cooling method is demonstrated using a photospheric radius expansion burst from SAX J1810.8--2609, which has happened when the system was in the hard state. Comparing to the standard cooling tail method, the confidence regions are shifted by 1 sigma towards larger radii, giving R=11.5-13.0 km at M=1.3-1.8 M_sun for this NS.</p

The microscopic spin-phonon coupling constants in CuGeO_3

Using RPA results, mean field theory, and refined data for the polarization vectors we determine the coupling constants of the four Peierls-active phonon modes to the spin chains of CuGeO_3. We then derive the values of the coupling of the spin system to the linear ionic displacements, the bond lengths and the angles between bonds. Our values are consistent with microscopic theories and various experimental results. We discuss the applicability of static approaches to the spin-phonon coupling. The c-axis anomaly of the thermal expansion is explained. We give the values of the coupling constants in an effective one-dimensional Hamiltonian.Comment: 11 pages, two figures, 13 tables, PRB 59 (in press

The Pt isotopes: comparing the Interacting Boson Model with Configuration Mixing and the Extended Consistent-Q formalism

The role of intruder configurations in the description of energy spectra and B(E2) values in the Pt region is analyzed. In particular, we study the differences between Interacting Boson Model calculations with or without the inclusion of intruder states in the even Pt nuclei $^{172-194}$Pt. As a result, it shows that for the description of a subset of the existing experimental data, i.e., energy spectra and absolute B(E2) values up to an excitation energy of about 1.5 MeV, both approaches seem to be equally valid. We explain these similarities between both model spaces through an appropriate mapping. We point out the need for a more extensive comparison, encompassing a data set as broad (and complete) as possible to confront with both theoretical approaches in order to test the detailed structure of the nuclear wave functions.Comment: To be published in NP

Low temperature electronic properties of Sr_2RuO_4 II: Superconductivity

The body centered tetragonal structure of Sr_2RuO_4 gives rise to umklapp scattering enhanced inter-plane pair correlations in the d_{yz} and d_{zx} orbitals. Based on symmetry arguments, Hund's rule coupling, and a bosonized description of the in-plane electron correlations the superconducting order parameter is found to be a orbital-singlet spin-triplet with two spatial components. The spatial anisotropy is 7%. The different components of the order parameter give rise to two-dimensional gapless fluctuations. The phase transition is of third order. The temperature dependence of the pair density, specific heat, NQR, Knight shift, and susceptibility are in agreement with experimental results.Comment: 20 pages REVTEX, 3 figure

Dynamic Evolution Model of Isothermal Voids and Shocks

We explore self-similar hydrodynamic evolution of central voids embedded in an isothermal gas of spherical symmetry under the self-gravity. More specifically, we study voids expanding at constant radial speeds in an isothermal gas and construct all types of possible void solutions without or with shocks in surrounding envelopes. We examine properties of void boundaries and outer envelopes. Voids without shocks are all bounded by overdense shells and either inflows or outflows in the outer envelope may occur. These solutions, referred to as type $\mathcal{X}$ void solutions, are further divided into subtypes $\mathcal{X}_{\rm I}$ and $\mathcal{X}_{\rm II}$ according to their characteristic behaviours across the sonic critical line (SCL). Void solutions with shocks in envelopes are referred to as type $\mathcal{Z}$ voids and can have both dense and quasi-smooth edges. Asymptotically, outflows, breezes, inflows, accretions and static outer envelopes may all surround such type $\mathcal{Z}$ voids. Both cases of constant and varying temperatures across isothermal shock fronts are analyzed; they are referred to as types $\mathcal{Z}_{\rm I}$ and $\mathcal{Z}_{\rm II}$ void shock solutions. We apply the `phase net matching procedure' to construct various self-similar void solutions. We also present analysis on void generation mechanisms and describe several astrophysical applications. By including self-gravity, gas pressure and shocks, our isothermal self-similar void (ISSV) model is adaptable to various astrophysical systems such as planetary nebulae, hot bubbles and superbubbles in the interstellar medium as well as supernova remnants.Comment: 24 pages, 13 figuers, accepted by ApS