Yuan Real Exchange Rate Undervaluation, 1997-2006. How Much, How Often? Not Much, Not Often

Yuan real effective exchange rate misalignment is esitimated in a behavioral equilibrium exchange rate (BEER) model for the period 1997 to third quarter 2007. Using the Beveridge-Nelson decomposition a vector error correction model (VECM) of the exchange rate as a function of macroeconomic fundamentals, including government expenditures, economic openness, the balance of trade surplus, and net foreign assets, is estimated. We find that the Chinese Yuan has been fluctuating moderately around its long run equilibrium value with undervaluation up to 4% and overvaluation up to 6% at various points in time since 1997. This result is consistent with findings of many of the most recent studies employing alternative econometric methodologies to determine the equilibrium exchange rate. While the Yuan real effective exchange rate has deviated from equilibrium, and it is sticky, taking over five years to correct 50% of the short run misalignment, it does not appear to have been consistently undervalued as has been widely argued.http://deepblue.lib.umich.edu/bitstream/2027.42/64348/1/wp934.pd

Yuan Real Exchange Rate Undervaluation, 1997-2006. How Much, How Often? Not Much, Not Often

Yuan real effective exchange rate misalignment is esitimated in a behavioral equilibrium exchange rate (BEER) model for the period 1997 to third quarter 2007. Using the Beveridge-Nelson decomposition a vector error correction model (VECM) of the exchange rate as a function of macroeconomic fundamentals, including government expenditures, economic openness, the balance of trade surplus, and net foreign assets, is estimated. We find that the Chinese Yuan has been fluctuating moderately around its long run equilibrium value with undervaluation up to 4% and overvaluation up to 6% at various points in time since 1997. This result is consistent with findings of many of the most recent studies employing alternative econometric methodologies to determine the equilibrium exchange rate. While the Yuan real effective exchange rate has deviated from equilibrium, and it is sticky, taking over five years to correct 50% of the short run misalignment, it does not appear to have been consistently undervalued as has been widely argued.Chinese Yuan, Exchange Rate, Misalignment, BEER, Behavioral, Cointegration, ARIMA, VECM, FGLS.

Disjoint sets of distinct sum sets

AbstractAn (h, J)-distinct sum set is a set of J integers such that all sums of h elements (repetitions allowed) are distinct. An (h, I, J)-set of disjoint distinct sum sets is a set of I disjoint (h, J)-distinct sum sets with positive elements. A number of constructions of such sets are given

Disjoint sets of distinct sum sets

AbstractAn (h, J)-distinct sum set is a set of J integers such that all sums of h elements (repetitions allowed) are distinct. An (h, I, J)-set of disjoint distinct sum sets is a set of I disjoint (h, J)-distinct sum sets with positive elements. A number of constructions of such sets are given

Association between diabetes, diabetes treatment and risk of developing endometrial cancer.

BackgroundA growing body of evidence suggests that diabetes is a risk factor for endometrial cancer incidence. However, most of these studies used case-control study designs and did not adjust for obesity, an established risk factor for endometrial cancer. In addition, few epidemiological studies have examined the association between diabetes treatment and endometrial cancer risk. The objective of this study was to assess the relationships among diabetes, diabetes treatment and endometrial cancer risk in postmenopausal women participating in the Women's Health Initiative (WHI).MethodsA total of 88 107 postmenopausal women aged 50-79 years who were free of cancer and had no hysterectomy at baseline were followed until date of endometrial cancer diagnosis, death, hysterectomy or loss to follow-up, whichever came first. Endometrial cancers were confirmed by central medical record and pathology report review. Multivariate Cox proportional hazards regression models were used to estimate hazard ratios (HRs) (95% confidence interval (CI)) for diagnosis of diabetes and metformin treatment as risk factors for endometrial cancer.ResultsOver a mean of 11 years of follow-up, 1241 endometrial cancers developed. In the primary analysis that focused on prevalent diabetes at enrolment, compared with women without diabetes, women with self-reported diabetes, and the subset of women with treated diabetes, had significantly higher risk of endometrial cancer without adjusting for BMI (HR=1.44, 95% CI: 1.13-1.85 for diabetes, HR=1.57, 95% CI: 1.19-2.07 for treated diabetes). However after adjusting for BMI, the associations between diabetes, diabetes treatment, diabetes duration and the risk of endometrial cancer became non-significant. Elevated risk was noted when considering combining diabetes diagnosed at baseline and during follow-up as time-dependent exposure (HR=1.31, 95% CI: 1.08-1.59) even after adjusting for BMI. No significant association was observed between metformin use and endometrial cancer risk.ConclusionsOur results suggest that the relationship observed in previous research between diabetes and endometrial cancer incidence may be largely confounded by body weight, although some modest independent elevated risk remains

Review of Point of Interest Recommendation Systems in Location-Based Social Networks

Point of interest recommendation is recently one of the hotspots in the field of location-based social networks and recommendation systems. Understanding the research status of the point of interest recommendation in location-based social networks can provide a direction for the next step of work. The recent literatures of the point of interest recommendation systems are analyzed. Firstly, the definition is introduced, and the difference from traditional recommendation is discussed from three aspects: influencing factors, recommendation approaches and existing problems. Secondly, the general framework of the point of interest recommendation is proposed, which includes data sources, recommendation approaches and evaluation. Based on this framework, the various influencing factors are introduced, the current recommendation algorithms are generalized, and the evaluation metrics are summarized. Meanwhile, the representative works are analyzed, the research contents and characteristics of each type of methods are summarized in detail, and their advantages and limitations are evaluated. Finally, the challenges and potential directions for possible extensions in this filed are summarized and prospected, and the future research trends and development directions are concluded

Ammonia coordination introducing a magnetic moment in an on-surface low-spin porphyrin

Amazing ammonia: The molecular spin state of Ni(II) porphyrin, supported on a ferromagnetic Co surface, can be reversibly switched between spin-off (S = 0) and spin-on (S = 1) states upon coordination and decoordination of the gaseous ligand NH3, respectively (see picture). This finding clearly indicates the possible use of the system as a single-molecule-based magnetochemical sensor and in spintronics

Unraveling the Influence of Land-Use Change on δ 13C, δ 15N, and Soil Nutritional Status in Coniferous, Broadleaved, and Mixed Forests in Southern China: A Field Investigation

Natural isotopic abundance in soil and foliar can provide integrated information related to the long-term alterations of carbon (C) and nitrogen (N) cycles in forest ecosystems. We evaluated total carbon (TC), total nitrogen (TN), and isotopic natural abundance of C (δ 13C) and N (δ 15N) in soil and foliar of coniferous plantation (CPF), natural broadleaved forest (NBF), and mixed forest stands at three different soil depths (i.e., 0–10, 10–20, and 20–40 cm). This study also explored how soil available nutrients are affected by different forest types. Lutou forest research station, located in Hunan Province, central China, was used as the study area. Results demonstrated that the topsoil layer had higher TC and TN content in the mixed forest stand, resulting in a better quality of organic materials in the topsoil layer in the mixed forest than NBF and CPF. In general, soil TC, TN, and δ 15N varied significantly in different soil depths and forest types. However, the forest type did not exhibit any significant effect on δ 13C. Overall, soil δ 13C was significantly enriched in CPF, and δ 15N values were enriched in mixed forest. Foliar C content varied significantly among forest types, whereas foliar N content was not significantly different. No big differences were observed for foliar δ 15N and δ 13C across forest types. However, foliar δ 13C and δ 15N were positively related to soil δ 13C and δ 15N, respectively. Foliar N, soil and foliar C:N ratio, soil moisture content (SMC), and forest type were observed as the major influential factors affecting isotopic natural abundance, whereas soil pH was not significantly correlated. In addition, forest type change and soil depth increment had a significant effect on soil nutrient availability. In general, soil nutrient availability was higher in mixed forest. Our findings implied that forest type and soil depth alter TC, TN, and soil δ 15N, whereas δ 13C was only driven by soil depth. Moreover, plantations led to a decline in soil available nutrient content compared with NBF and mixed forest stand