Random walks and half-lives in Chilean and Mexican peso real exchange rates: 1980-2003

Several papers have shown that high-inflation contributes to mean reversion in real exchange rates. This paper studies the Chilean peso (CLP) and Mexican peso (MXN) real exchange rates over 1980-2003. Three datasets are used: two with quarterly and monthly bilateral data (against the U.S. dollar) with consumer and producer price indices and another with monthly real effective rate exchange rates (REER). Unit root tests do not reject the root in levels for both currencies. Half-lives, however, contrast markedly: at 5 years or infinity for the Chilean peso and between 1 and 3 years for the Mexican peso. These findings suggest that the sharp depreciations in MXN and Mexico’s relatively higher inflation record may have amplified monetary forces in the dynamics of the real exchange rates.ARMA models, half-lives, random walks, real exchange rates, unit roots

THE MEXICAN PESO AND THE KOREAN WON REAL EXCHANGE RATES: EVIDENCE FROM PRODUCTIVITY MODELS

Using the U.S. as benchmark country, Korean data from 1970:1 to 2000:4 and Mexican data from 1983:1 to 2000:4 are decomposed into traded and non-traded sectors. We find that the traditional purchasing power parity (PPP) model performs remarkably well for the Peso and that the productivity model appears adequate for the Peso but not for the Won. As Mexican relative traded goods productivity rises, the nominal Peso appreciates (coefficients between -2.03 and -2.16). Conversely, as U.S. relative traded goods productivity rises, the Peso depreciates (coefficients between 2.06 and 2.48). Although predicting correctly the direction of change, such large magnitudes suggest only partial support for the theoretical mechanism in Mexico. Coefficients with contrary signs obtained in Korea may indicate competing models (neoclassical or Ricardian) are more appropriate to capture the relationship between productivity and exchange rates.Cointegration, Non-traded Goods, Traded Goods, Traditional PPP, Productivity Models

RL10A-3-3B high mixture ratio qualification program

The results of the high mixture ratio qualification testing of the RL10 engine for the Shuttle/Centaur program are presented. The objective of the engine qualification test was to demonstrate the suitability of the RL10A-3-3B engine for space vehicle flight by subjecting it to the testing specified in RL10A-3-3B Model Specification Number 2295 dated February 1986. The applicable section of the specification is presented. Due to payload volume advantages which can be achieved by increasing the operating mixture ratio of the RL10, a decision was made to qualify the engine to run at a higher mixture ratio. A program was created to qualify the RL10 engine for operation at 15,000 pounds thrust and a nominal 6.0 to 1 mixture ratio. This model of the engine was designated the RL10A-3-3B. The qualification program included three test series as follows: (1) hardware durability and limits test in which the engine completed 23 firings and 4605.7 seconds with 1588.7 seconds at less than 6.6 mixture ratio; (2) preliminary qualification test in which the engine completed 26 firings and 5750 seconds; and (3) qualification test in which the engine completed 26 hot firings and 5693.4 seconds with 905.9 seconds at 6.7 mixture ratio. Several changes in engine hardware were required for operation of the RL10A-3-3B engine in the Space Shuttle which include a duel pressure switch ignition, an oxidizer flow control, and helium plumbing changes

Negros libres en la periferia de la esclavitud

Racial bias alone does not explain nineteen-century Cuban society’s need to simplify examine laws about its members’ skin color. In this essay I examine the topic of rigid hierarchical racial discrimination. What was the social and legal reality for free people of colour on the island? What were the gaps in the social barriers they could take in advantage to achieve mobility? I will try to answer these questions and I will make comparisons with Brazil and the United States in order to make the answers clear.El prejuicio racial por sí mismo no explica la necesidad de la sociedad cubana del siglo XIX de simplificar la legalidad del color de la piel de sus miembros. En este artículo nos introducimos en el tema de la rígida y jerárquica discriminación racial. ¿Cuál fue en la isla la realidad social y legal de la comunidad de los libres de color? ¿Qué resquicios de las barreras sociales pudieron aprovechar estos en favor de su movilidad? Trataremos de responder a estas preguntas y estableceremos comparaciones (principalmente con respecto a Brasil y Estados Unidos) con el fin de que nos ayuden a hacer más claras nuestras respuestas