Search results for "Coin"
showing 10 items of 612 documents
Nonlinear dynamics of interest rate and inflation
2004
According to several empirical studies, US inflation and nominal interest rates, as well as the real interest rate, can be described as unit root processes. These results imply that nominal interest rates and expected inflation do not move one-for-one in the long run, which is not consistent with the theoretical models. In this paper we introduce a nonlinear bivariate mixture autoregressive model that seems to fit quarterly US data (1952 Q1 – 2000 Q2) reasonably well. It is found that the three-month treasury bill rate and inflation share a common nonlinear component that explains a large part of their persistence. The real interest rate is devoid of this component, indicating one-for-one m…
On the stability of stablecoins
2021
This paper investigates the volatility processes of stablecoins and their potential stochastic interdependencies with Bitcoin volatility. We employ a novel approach to choose the optimal combination for the power law exponent and the minimum value for the volatilities bending the power law. Our results indicate that Bitcoin volatility is well-behaved in a statistical sense with a finite theoretical variance. Surprisingly, the volatilities of stablecoins are statistically unstable and contemporaneously respond to Bitcoin volatility. Also, whereas the volatilities of stablecoins are not Granger-causal for Bitcoin volatility, lagged Bitcoin volatility exhibits Granger-causal effects on the vol…
Stock market information and the relationship between real exchange rate and real interest rates
2013
In this paper we propose to augment the traditional relationship between real exchange rates and real interest rates (RERI) by adding the stock market equilibrium condition to it. We introduce the relative dividend yield as the new information variable. In the empirical analysis we use recent monthly observations from the U.K., Japan, Canada and Eurozone, all relative to the U.S. We show that the introduction of stock market information is highly relevant for the functioning of the RERI hypothesis. Based on the results from the cointegration analysis the role of relative stock market performance is especially important in the short- term (3 month) horizon, where the augmented RERI represent…
Electron elastic scattering off a Tensor-polarized Deuterium Internal Target
2019
The tensor analyzing power Γ20 in elastic electron-deuteron scattering has been measured in the four momentum transfer region between 1.4 and 3.2 fm~l using the Internal Target Facility at NIKHEF. Tensor-polarized deuterium is produced in an Atomic Beam Source and injected into a storage cell. Scattered electrons and recoil deuterons were detected in coincidence with two large acceptance nonmagnetic detectors.
Ecological Indicator Values of Europe (EIVE) 1.0: A Powerful Open-Access Tool for Vegetation Scientists
2016
International audience; Background: Ecological indicator values (EIVs) have a long tradition in vegetation ecological research in Europe. EIVs characterise the ecological optimum of species along major environmental gradients using ordinal scales. Calculating mean indicator values per plot is an effective way of bioindication. Following first systems in Russia and Central Europe, about two dozen EIV systems have been published for various parts of Europe.Aims: As there was no EIV system available at European scale that could be used for broad- scale analyses, e.g. in the context of the European Vegetation Archive (EVA), we develop such a system for the first time for the vascular plants of …
Energy use–GDP deterministic cointegration: progress towards EU-15 Kyoto targets
2015
This article examines whether the energy consumption–GDP relationship is in long-term equilibrium for EU-15 countries. Unlike many previous works, we apply a nonlinear unit root test introduced by Kapetanios et al. (2003a) and extended by Chong et al. (2008) that identifies not only deterministic cointegration, but also the stronger concept of stochastic cointegration. The results yield a clear pattern: Austria, Denmark, Italy, the Netherlands, Portugal and Spain must achieve greater emissions reductions between 2009 and 2012 to reach their respective Kyoto targets.
The evaluation of springback in 3D stamping and coining processes
1998
Abstract An effective predictive technique of the elastic springback in a fully 3D 90° V-punch V-die bending process is presented. This is based on a combined approach in which an explicit finite element code was used to simulate the loading phase of the process whilst an implicit procedure was used to analyse the springback phase. Two different punches with a nose radius of 4 and 8 mm were used. An increase in the springback ratio with the coining load was observed with the lower nose radius. Conversely, an increase in the springback ratio with the coining load up to a peak value (>1), corresponding to a force of about 20 kN, followed by a decrease in the springback ratio with increasing t…
Existence and uniqueness of solution to several kinds of differential equations using the coincidence theory
2015
The purpose of this article is to study the existence of a coincidence point for two mappings defined on a nonempty set and taking values on a Banach space using the fixed point theory for nonexpansive mappings. Moreover, this type of results will be applied to obtain the existence of solutions for some classes of ordinary differential equations. Ministerio de Economía y Competitividad Junta de Andalucía
The Euro-Dollar Exchange Rate: Is it Fundamental?
2002
In this paper we have applied two approaches to the study of the dollar real exchange rate in relation with the Euro-area currencies. First, using dynamic panel techniques, we estimate an error correction model for the dollar real exchange rate versus seven developed countries, four of them Euro-area members. Second, we aggregate the European variables and estimate a model for the Euro-dollar real exchange rate using time series techniques. After identification and model selection, the same specification can be adopted in the two cases, in an eclectic model including real interest rate and productivity differentials, together with relative fiscal policy and net foreign asset positions. This…
Demography and Economic Growth in Spain: A Time Series Analysis
2003
In this paper, advanced time series econometric tools are employed to test the existence of relationships among demographic and macroeconomic variables in Spain along the 1960-2000 period. Annual data for the total fertility rate, infant mortality rate, per capita gross domestic product and wages are used in the empirical analysis. We first examine the bivariate Granger causality to look for short run relations. Then, a multivariate cointegration analysis is carry out, showing that two long run relationships among the variables exist with statistically significant coefficients. From these cointegration vectors, the vector error correction model is estimated to test the endogenous or exogeno…