A currency union or an exchange rate union: evidence from Northeast Asia

This paper examines whether or not Northeast Asia economies, namely, China, Japan, Korea, and Taiwan, can form a currency union, where a single currency and a uniform monetary policy are adopted, or an exchange rate union where all the currencies are pegged to an internal or external currency or an optimum currency basket. The analysis of correlations of supply shocks, exchange rate shocks, monetary shocks, and demand shocks, which are estimated applying the structural VAR model with identification restrictions imposed, to the data for the period from 1970 through 2004, shows that shocks of these economies are not symmetric, in general, implying that the Northeast Asian economies are not ready yet to form a common currency union. However, it is found that the Northeast Asian countries can form an exchange rate union with a major currency basket, which consists of the U.S. dollar, the euro and the Japanese yen, as an anchor currency. The paper also examines the option of pegging to a basket of regional currencies, similar to the Asian Currency Unit (ACU), and discusses policy implications.currency union; exchange rate union; optimum currency areas; Northeast Asia

Two component spin-fermion model for high-TcT_c cuprates: Applications to neutron scattering and ARPES experiments

Motivated by neutron scattering experiments in the high-$T_c$ cuprates, we propose the two-component spin-fermion model as a minimal phenomenological model which has both local spins and itinerant fermions as independent degrees of freedom. Our calculations of the dynamic spin correlation function provide a successful description of the puzzling neutron experiment data and show that: (1) the upward dispersion branch of magnetic excitations is mostly due to the local spin excitations; (2) the downward dispersion branch is from collective particle-hole excitations of fermions; and (3) the resonance mode is a mixture of both degrees of freedom. Using the same model with the same set of parameters we calculated the renormalized quasiparticle dispersion and successfully reproduced one of the key features of the angle resolved photoemission spectroscopy (ARPES) experiments, i.e., the high energy kink structure in the fermion quasiparticle dispersion, hence further support the two component spin-fermion phenomenology.Comment: 7 figures, 12 pages. arXiv admin note: substantial text overlap with arXiv:0706.138

Prompt Learning for News Recommendation

Some recent \textit{news recommendation} (NR) methods introduce a Pre-trained Language Model (PLM) to encode news representation by following the vanilla pre-train and fine-tune paradigm with carefully-designed recommendation-specific neural networks and objective functions. Due to the inconsistent task objective with that of PLM, we argue that their modeling paradigm has not well exploited the abundant semantic information and linguistic knowledge embedded in the pre-training process. Recently, the pre-train, prompt, and predict paradigm, called \textit{prompt learning}, has achieved many successes in natural language processing domain. In this paper, we make the first trial of this new paradigm to develop a \textit{Prompt Learning for News Recommendation} (Prompt4NR) framework, which transforms the task of predicting whether a user would click a candidate news as a cloze-style mask-prediction task. Specifically, we design a series of prompt templates, including discrete, continuous, and hybrid templates, and construct their corresponding answer spaces to examine the proposed Prompt4NR framework. Furthermore, we use the prompt ensembling to integrate predictions from multiple prompt templates. Extensive experiments on the MIND dataset validate the effectiveness of our Prompt4NR with a set of new benchmark results.Comment: 11 pages, 7 figures, 3 tables, SIGIR2023 conferenc