The Effects of Japanese Interventions on FX-Forecast Heterogeneity

This paper investigates the determinants of forecast heterogeneity in the Yen-US dollar market using a panel data set from Consensus Economics. Regardless of the particular model specification and consideration of control variables we find that exchange rate misalignments increase forecast dispersion, while foreign exchange intervention of the Japanese Ministry of Finance dampens expectation heterogeneity.Exchange rates, forecast heterogeneity, survey data

Financial Intermediation and the Role of Price Discrimination in a Two-Tier Market

Though unambiguously outperforming all other financial markets in terms of liquidity, foreign exchange trading is still performed in opaque and decentralized markets. In particular, the two-tier market structure consisting of a customer segment and an interdealer segment to which only market makers have access gives rise to the possibility of price discrimination. We provide a theoretical foreign exchange pricing model that accounts for market power considerations and analyze a database of the trades of a German market maker and his cross section of end-user customers. We find that the market maker generally exerts low bargaining power vis-á-vis his customers. The dealer earns lower average spreads on trades with financial customers than commercial customers, even though the former are perceived to convey exchange-rate-relevant information. From this perspective, it appears that market makers provide interdealer market liquidity to end-user customers with cross-sectionally differing spreads.foreign exchange; market microstructure; pricing behavior

Financial intermediation and the role of price discrimination in a two-tier market

Though unambiguously outperforming all other financial markets in terms of liquidity, foreign exchange trading is still performed in opaque and decentralized markets. In particular, the two-tier market structure consisting of a customer segment and an interdealer segment to which only market makers have access gives rise to the possibility of price discrimination. We provide a theoretical foreign exchange pricing model that accounts for market power considerations and analyze a database of the trades of a German market maker and his cross section of end-user customers. We find that the market maker generally exerts low bargaining power vis-á-vis his customers. The dealer earns lower average spreads on trades with financial customers than commercial customers, even though the former are perceived to convey exchange-rate-relevant information. From this perspective, it appears that market makers provide interdealer market liquidity to end-user customers with cross-sectionally differing spreads. --foreign exchange,market microstructure,pricing behavior

On the nonlinear influence of Reserve Bank of Australia interventions on exchange rates

This paper applies nonlinear econometric models to empirically investigate the effectiveness of the Reserve Bank of Australia (RBA) exchange rate policy. First, results from a STARTZ model are provided revealing nonlinear mean reversion of the Australian dollar exchange rate in the sense that mean reversion increases with the degree of exchange rate misalignment. Second, a STR-GARCH model suggests that RBA interventions account for this result by strengthening foreign exchange traders' confidence in fundamental analysis. This in line with the so-called coordination channel of intervention effectiveness. --Foreign exchange intervention,market microstructure,smooth transition,nonlinear mean reversion

Thermoluminescence fading studies: Implications for long-duration space measurements in Low Earth Orbit

Within a 1.5 year comprehensive fading experiment several batches of LiF:Mg,Ti and LiF:Mg,Cu,P thermoluminescence detectors (TLDs) were studied. The TLDs originated from two manufacturers and were processed by three laboratories using different annealing and readout conditions. The TLDs were irradiated with two radiation modalities (gamma-rays and thermal neutrons) and were stored at two temperatures (-17.4C and +18.5C). The goal of the experiment was to verify the stability of TLDs in the context of their application in long-term measurements in space. The results revealed that the response of all TLDs is stable within 10% for the studied temperature range. No influence of the radiation type was found. These results indicate that for the properly oven-annealed LiF TLDs, fading is not a significant problem, even for measuring periods longer than a year

Effectiveness of habitat management for improving grey partridge populations: a BACI experimental assessment

We assessed the impact of field division (4 m bare ground strips within wheat fields) and food supplementation (supplied through grain feeders) on grey partridge Perdix perdix L. populations using six–year ‘before–after’/'control–impact’ (BACI) experiments. We did not detect any convincing positive effects of either of these two schemes on partridge pair density and reproductive success. Increases in pair densities were similar on managed and control areas, and contrasting results were found between some sites. No consistent pattern was observed between reproductive success and feeding intensity. Our studies highlight the need for field experiments at farm–scale to test the effectiveness of management measures. We conclude that, in the context in which they are applied, management techniques directed towards increasing partridge density do not systematically provide the desired outcome. We develop our point of view about management in the Discussion

Towards a Methodology for Analysis of Interconnect Structures for 3D-Integration of Micro Systems

Functional aspects as well as the influence of integration technology on the system behavior have to be considered in the 3D integration design process of micro systems. Therefore, information from different physical domains has to be provided to designers. Due to the variety of structures and effects of different physical domains, efficient modeling approaches and simulation algorithms have to be combined. The paper describes a modular approach which covers detailed analysis with PDE solvers and model generation for system level simulation.Comment: Submitted on behalf of EDA Publishing Association (http://irevues.inist.fr/EDA-Publishing

The ALTCRISS project on board the International Space Station

The Altcriss project aims to perform a long term survey of the radiation environment on board the International Space Station. Measurements are being performed with active and passive devices in different locations and orientations of the Russian segment of the station. The goal is to perform a detailed evaluation of the differences in particle fluence and nuclear composition due to different shielding material and attitude of the station. The Sileye-3/Alteino detector is used to identify nuclei up to Iron in the energy range above 60 MeV/n. Several passive dosimeters (TLDs, CR39) are also placed in the same location of Sileye-3 detector. Polyethylene shielding is periodically interposed in front of the detectors to evaluate the effectiveness of shielding on the nuclear component of the cosmic radiation. The project was submitted to ESA in reply to the AO in the Life and Physical Science of 2004 and data taking began in December 2005. Dosimeters and data cards are rotated every six months: up to now three launches of dosimeters and data cards have been performed and have been returned with the end of expedition 12 and 13.Comment: Accepted for publication on Advances in Space Research http://dx.doi.org/10.1016/j.asr.2007.04.03