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The Pd ion substituted TiO2, synthesized by solution combustion method crystallizes in anatase structure with stable composition Ti1-xPdxO2-x (x = 0.01–0.03) creating an oxide ion vacancy per Pd2+ ion substitution. Over 1.35 mol of H2 per mole of bulk Pd ions, in ~ 5 nm nanocrystalline catalyst Ti1-xPdxO2-x (x = 0.03) is adsorbed at 300 K. On exposure of only hydrogen to Ti0.98Pd0.02O1.98 at 300 K, water is formed making the catalyst wet. On heating in a vacuum, mass loss due to water is 0.026 mol /mole of catalyst meaning 1.3 mol of hydrogen per mole of Pd ion in the catalyst. Pd ion substitution in TiO2 anatase activates lattice oxygen leading to the formation of H2O on exposure to H2 gas at 300 K utilizing lattice oxygen. On heating in air at 650 K the reduced catalyst is regenerated. The catalyst produces a high rate of H2 + O2 recombination up to 9 µmoles−1 g−1 at 300 K, and over 230 µmoles−1 g−1 at 330 K with a TOF of 2000 h−1. The catalyst is coated on cordierite honeycomb avoiding handling of powder catalyst. The rates are highest compared to any catalyst for H2 + O2 recombination known so far. Extensive DFT calculation on (101) surface in Ti31Pd1O63 slab confirmed (a) one oxygen out of 4 bonded to Pd ion in nearly square geometry is fully activated to form water molecule creating an oxide ion vacancy; (b) dissociative adsorption of H2 on one of the Pd as well as oxide ion and not both on Pd ion; (c) exchange of feed oxygen with lattice oxygen during 2H2 + O2 recombination; (d) 2H2 + O2 → 2H2O molecules form per Pd ion in one cycle regenerating the catalyst, Ti0.97Pd0.03O1.97 surface explaining high rates of recombination and (e) Pd ion undergoes redox cycle with Ti and oxide ions acting as charge reservoirs. [ABSTRACT FROM AUTHOR]

We provide a systematic empirical analysis of short-term covered interest parity (CIP) deviations for a large set of emerging market (EM) currencies. EM CIP deviations tend to be wider and more volatile compared to most G10 currencies, and may move in an opposite direction compared to G10 currencies during global risk-off episodes. Motivated by theories of financial determinants of exchange rate, we show that while offshore EM CIP deviations are sensitive to changes in FX dealers' risk-bearing capacities and global risk aversion, onshore CIP deviations are largely unresponsive in segmented FX markets. Meanwhile, the sensitivity of offshore CIP deviations to global factors for currencies with segmented FX markets is stronger compared to their counterparts with integrated FX markets. After accounting for global factors, we find weak evidence of country default risk and FX intervention affecting EM CIP deviations. [ABSTRACT FROM AUTHOR]

There is clear scientific evidence of the shift in the probability distribution of climate-related disasters in recent decades. Is this shift reflected in the behavior of forward-looking measures of economic activity such as real exchange rates? I evaluate the role of different belief formation assumptions on the ability of the model to predict the response of real exchange rates to climate-related disasters. I consider Bayesian and backward-looking belief updates as well as static beliefs with no update or a one-time update. To do so, I construct a version of the Farhi-Gabaix (2015) framework augmented with explicit belief formation. I use two approaches to model calibration and simulate the model for 47 countries for 1964–2019 using actual data for climate-related disasters. I find that in general differences in belief formation do not have much effect on the model fit because the productivity loss component dominates the predicted response. Specifically, I find that even in recent years there is no evidence of Bayesian beliefs being a better fit for the data. [ABSTRACT FROM AUTHOR]

In his papers during the lead up to the birth of the European Monetary Union, Obstfeld considered whether the countries forming the EMU were sufficiently similar to survive a single monetary policy—and more importantly, whether they had the capacity to adjust to asymmetric shocks given a single monetary and exchange rate policy. The convention at the time was to take the United States as the baseline for a smoothly functioning currency union. We expand on stylized facts in the literature to illustrate how stratification in local labor market outcomes appears far more persistent in later years than 3 decades ago in the context of what (Obstfeld and Peri in Econ Policy 13(26):205–259, 1998) call non-adjustment in unemployment rates. We then extend the currency union literature by adding an additional consideration: differences in regional cyclical sensitivity. Using measures of cyclicality and Obstfeld–Peri-type non-adjustment, we explore the characteristics of places that can get left behind when local labor markets respond differently to national shocks and discuss implications for policy. [ABSTRACT FROM AUTHOR]

This paper uses cross-country firm-level data to explore the impact of U.S. monetary policy shocks on firms' sales, investment, and employment. We estimate a significant impact of U.S. monetary policy on the average foreign firm, while controlling for other macroeconomic and financial variables like the VIX and exchange rate fluctuations that accompany U.S. monetary policy changes. We then estimate the role of international trade exposure and financial constraints in transmitting monetary policy shocks to firms, allowing for a better identification of the importance of external demand effects and the financial channel. We first exploit cross-country-sector-level data on intermediate and final goods to show that greater global production linkages amplify the impact of U.S. monetary policy at the firm level. We then show that the impact varies along the firm-level distribution of proxies for firms' financial constraints (e.g., size and net worth), with the impact being significantly attenuated for less constrained firms. [ABSTRACT FROM AUTHOR]

Archival boxes are used as a preventive measure to control the microenvironment in museums and archives storages. However, their efficiency in protecting valuable artefacts from fluctuations in relative humidity (RH) is not yet fully understood. In this study, the environmental performance of different archival boxes with different configurations (size, design, presence of holes/paper material, cardboard types, surface modification) was included in the evaluation of internal environment (RH). The effectiveness of archival boxes on reducing relative humidity fluctuations was investigated by testing various properties of boxes and boards, such as air exchange rates (AER), moisture sorption and water vapour transmission rates (WVTR). While most cardboard boxes showed only a limited buffering against the humidity ingress, strategies such as surface modification limited the interaction of a box with the external environment, resulting in a more stable internal environment. Material and box properties, such as moisture sorption, AER and WVTR proved to be useful quantitative tools for assessing the environmental performance of the selected archival boxes. [ABSTRACT FROM AUTHOR]

In the present study, a novel liquid desiccant dehumidifier is developed by incorporating an indirect contact M-cooler based on the Maisotsenko cycle. The proposed novel dehumidifier is compared with a conventional dehumidifier by developing a thermal model. The analytical model is chosen in the present study for the performance analysis of novel and conventional dehumidifiers. The developed analytical model is used to analyze the performance of both the novel and conventional dehumidifiers. Further, for the first time, the impact of Eckert and Prandtl numbers on the performance parameters of a novel dehumidifier is analyzed, and obtained results are presented in detail. Initially, the validation of the proposed model is carried out with the experimentally measured data accessible in the literature on the liquid desiccant dehumidifier. Then the performance prediction of both dehumidifiers is carried out using the proposed model. While validating the developed model maximum possible error is observed to be within ± 9.7% and found to be in reasonable agreement. Using the developed model, the performance analysis on both the novel and conventional desiccant dehumidifiers is carried out by selecting vapour desorption rate and energy exchange per unit area as performance parameters. From performance comparison analysis, it is observed that the vapour desorption rate and energy exchange per membrane area of the novel dehumidifier are superior than a conventional dehumidifier. Also, during the performance assessment for the given operating range, the maximum vapour desorption rate and energy exchange per unit area are observed to be 61 LPM/m2 and 5.5 kW/m2 for the novel dehumidifier. Whereas, for the conventional dehumidifier the above-mentioned performance parameters are found to be 28 LPM/m2 and 3 kW/m2 respectively. Hence, from this study, it is observed that novel M-cycle based membrane dehumidifiers can be effectively implemented for industrial dehumidification/drying applications. [ABSTRACT FROM AUTHOR]

Larval cod require live prey as food, and prey concentration (PC) and feeding frequency (FF) often affect their growth and survival. Apart from this, water exchange rates/water flow (WER/WF) and water current (WC) also affect the prey resident time in the tank and larval/early juvenile behaviour, respectively. High water current is also known to induce stress in finfish larvae, and this stress response is believed to be dependent on larval developmental stage. Thus, we conducted a study to evaluate three larval rearing protocols varying in prey concentration, feeding frequency, and water current/exchange rate. Three protocols were used: low prey concentration (PC), low feeding frequency (FF), and low water flow (protocol 1); medium PC, medium FF, and medium WF (protocol 2); and high PC, high FF, and high WF (protocol 3) (see Table 1). Larvae were sampled periodically for growth and cortisol measurements. Cortisol extraction and radioimmunoassay (RIA) were conducted using methods previously validated for cod larvae. Larvae reared using protocols 2 and 3 were significantly bigger and heavier than larvae reared using protocol 1. Rearing protocol had a significant effect on the cortisol level in larval cod. Larvae showed a developmental stage-dependent stress response. Protocol 2 had significantly higher survival than protocols 1 and 3. Our results indicate that an intermediate PC, FF, and WF (protocol 2) is suitable during cod larval rearing. [ABSTRACT FROM AUTHOR]

I study the social efficiency and aggregate effects of equity home bias using a general equilibrium model with nominal rigidities and a fixed exchange rate. I find that the source of home bias is key for analyzing the wedge between equilibrium and socially optimal levels of home bias. Surprisingly, when home bias is due to labor income hedging effects, stock positions tend to be approximately efficient despite the aggregate demand externalities induced by the rigidities. On the other hand, home stock positions are excessive when home bias is due to financial frictions or biased expectations. The key theoretical results hold numerically well in a more general quantitative model. [ABSTRACT FROM AUTHOR]

We test the rational inattention theory of exchange rates and proxy attention for different economic fundamentals by the search volume of related search queries on Google. We demonstrate that the higher the attention to a certain fundamental, the better its ability to forecast exchange rate movements. Our forecasts based on fundamental model selection by Google Trends significantly outperform the random walk, both statistically and economically. The best forecasts and the highest investment returns are systematically delivered by models that select the most salient fundamental. Both the survey expectations and the predicted currency returns are more persistent than their actual counterparts, consistent with the underreaction to economic news hypothesis. Investment returns are substantially higher during periods of elevated uncertainty, as a result of increased attention. Our findings provide strong support in favor of the rational inattention theory of exchange rates and the similar behaviour of the attention-based forecasts, and survey expectations suggest that the rational inattention operates via the expectation-formation channel. [ABSTRACT FROM AUTHOR]

The possible evolution of a bright low-mass X-ray binary system Sco X-1 is numerically investigated within the framework of a model assuming that the donor-star of the system (a satellite of a neutron star) fills its Roche lobe. The calculations consider a strong induced stellar wind (ISW) of the donor, which occurs due to irradiation by hard radiation of an accreting relativistic star. At the same time, using the example of Sco X-1, three hypotheses are investigated, within the framework of which a high rate of mass exchange can be obtained for semi-detached X-ray binaries. The first hypothesis is the presence of a strong ISW of the donor with standard magnetic braking. Calculations have shown that in this case it is possible to obtain a high rate of mass exchange, but at the same time the donor cannot fill the Roche lobe—it "goes under it." The second hypothesis is an increase of magnetic braking, that is, an increase of the loss of angular momentum from the system due to the magnetic stellar wind of the donor (MSW). Such an amplification may be associated with the intense ISW of the donor in the presence of a strong magnetic field. Numerical modeling shows that with an increase of MSW by times, a high rate of mass exchange is possible when the donor fills its Roche lobe. The third hypothesis suggests the possibility of canceling the direct exchange of angular momentum between the orbital moment of the system and the moment of accreted matter passing from a low-mass donor to a more massive accretor. With such cancellation, the main process, increasing the semi-axis of the orbit, disappears. Calculations show that in this case it is possible to obtain a sufficiently high rate of mass exchange. However, the most likely reason for the increase of the rate of mass exchange in low-mass X-ray binary systems is probably the increase of magnetic braking. [ABSTRACT FROM AUTHOR]

Objective: A previous systematic literature review demonstrated a significant economic and humanistic burden on patients with osteoarthritis (OA). The aim of this study was to systematically review and update the burden of OA reported by large sample studies since 2016. Methods: We searched Medline (via Ovid) and Embase using the updated search strategy based on the previous review. Those studies with a sample size ≥ 1000 and measuring the cost (direct or indirect) or health-related quality of life (HRQL) of OA were included. Pairs of reviewers worked independently and in duplicate. An arbitrator was consulted to resolve discrepancies between reviewers. The Kappa value was calculated to examine the agreement between reviewers. All costs were converted to 2021 US dollars according to inflation rates and exchange rates. Results: A total of 1230 studies were screened by title and abstract and 159 by full text, and 54 studies were included in the review. The Kappa value for the full-text screening was 0.71. Total annual OA-related direct costs ranged from US$326 in Japan to US$19,530 in the US. Total annual all-cause direct costs varied from US$173 in Italy to US$41,433 in the US. The annual indirect costs ranged from US$736 in the US to US$18,884 in the Netherlands. Thirty-four studies reported HRQL, with EQ-5D (13, 38%) and Western Ontario and McMaster Universities Osteoarthritis Index (WOMAC) (6, 18%) being the most frequently used instruments. The EQ-VAS and utility scores ranged from 41.5 to 81.7 and 0.3 to 0.9, respectively. The ranges of WOMAC pain (range 0–20, higher score for worse health), stiffness (range 0–8), and physical functioning (range 0–68) were 2.0–3.0, 1.0–5.0, and 5.8–42.8, respectively. Conclusion: Since 2016, the ranges of direct costs of OA became wider, while the HRQL of patients remained poor. More countries outside the US have published OA-related disease burden using registry databases. [ABSTRACT FROM AUTHOR]

A key parameter of interest recovered from hyperpolarized (HP) MRI measurements is the apparent pyruvate-to-lactate exchange rate, k P L , for measuring tumor metabolism. This manuscript presents an information-theory-based optimal experimental design approach that minimizes the uncertainty in the rate parameter, k P L , recovered from HP-MRI measurements. Mutual information is employed to measure the information content of the HP measurements with respect to the first-order exchange kinetics of the pyruvate conversion to lactate. Flip angles of the pulse sequence acquisition are optimized with respect to the mutual information. A time-varying flip angle scheme leads to a higher parameter optimization that can further improve the quantitative value of mutual information over a constant flip angle scheme. However, the constant flip angle scheme, 35 and 28 degrees for pyruvate and lactate measurements, leads to an accuracy and precision comparable to the variable flip angle schemes obtained from our method. Combining the comparable performance and practical implementation, optimized pyruvate and lactate flip angles of 35 and 28 degrees, respectively, are recommended. [ABSTRACT FROM AUTHOR]

Objectives: Diffusion prepared pseudo-continuous arterial spin labeling (DP-pCASL) is a newly proposed MRI method to noninvasively measure the function of the blood–brain barrier (BBB). We aim to investigate whether the water exchange rate across the BBB, estimated with DP-pCASL, is changed in patients with cerebral autosomal dominant arteriopathy with subcortical infarcts and leukoencephalopathy (CADASIL), and to analyze the association between the BBB water exchange rate and MRI/clinical features of these patients. Methods: Forty-one patients with CADASIL and thirty-six age- and sex-matched controls were scanned with DP-pCASL MRI to estimate the BBB water exchange rate (kw). The MRI lesion burden, the modified Rankin scale (mRS), and the neuropsychological scales were also examined. The association between kw and MRI/clinical features was analyzed. Results: Compared with that in the controls, kw in patients with CADASIL was decreased at normal-appearing white matter (NAWM) (t = − 4.742, p < 0.001), cortical gray matter (t = − 5.137, p < 0.001), and deep gray matter (t = − 3.552, p = 0.001). After adjustment for age, gender, and arterial transit time, kw at NAWM was negatively associated with the volume of white matter hyperintensities (β = − 0.754, p = 0.001), whereas decreased kw at NAWM was independently associated with an increased risk of abnormal mRS scale (OR = 1.058, 95% CI: 1.013–1.106, p = 0.011) in these patients. Conclusions: This study found that the BBB water exchange rate was decreased in patients with CADASIL. The decreased BBB water exchange rate was associated with an increased MRI lesion burden and functional dependence of the patients, suggesting the involvement of BBB dysfunction in the pathogenesis of CADASIL. Clinical relevance statement: DP-pCASL reveals BBB dysfunction in patients with CADASIL. The decreased BBB water exchange rate is associated with MRI lesion burden and functional dependence, indicating the potential of DP-pCASL as an evaluation method for disease severity. Key Points: •DP-pCASL reveals blood–brain barrier dysfunction in patients with CADASIL. • Decreased BBB water exchange rate, an indicator of BBB dysfunction detected by DP-pCASL, was associated with MRI/clinical features of patients with CADASIL. • DP-pCASL can be used as an evaluation method to assess the severity of disease in patients with CADASIL. [ABSTRACT FROM AUTHOR]

This paper examines the exchange rate policy in a tractable framework with heterogeneous firms, incomplete financial markets and nominal rigidities. External demand shocks generate exchange rate movements leading to uncertainty in the labor demand of exporter firms. When exporter firms are homogeneous in terms of productivity, a monetary policy response to external demand shocks stabilizes the export market and improves welfare, thus providing a rationale for managed exchange rate policies. [ABSTRACT FROM AUTHOR]

Reasonable design of electrode materials with excellent capacitance performance is essential for the construction of high-energy–density supercapacitors. In this work, we synthesized three SmMn2O5 nanocrystals with different morphologies through a simple one-step hydrothermal method, which are SmMn2O5-NSs, SmMn2O5-NRs, and SmMn2O5-NPs. Compared with SmMn2O5-NPs and SmMn2O5-NRs, SmMn2O5-NSs exhibit excellent electrochemical performance of capacitors. At a scanning speed of 1 mV s−1, the specific capacity of the SmMn2O5-NSs reaches 334.25 F g−1, which is much higher than the 52 F g−1 and 42.84 F g−1 of SmMn2O5-NRs and SmMn2O5-NPs, respectively. Meanwhile, SmMn2O5-NSs have a higher specific surface area and more octahedral Mn4+. The specific surface area increases the exchange rate of ions and protons between the material and the electrolyte, and more Mn4+ can provide more Mn–O bonds during the reaction. These results indicate that controlling the morphology of SmMn2O5 nanocrystals by changing hydrothermal reaction conditions is an effective way to construct high-performance supercapacitors. [ABSTRACT FROM AUTHOR]

In the present research paper, the thermal performance of helical ground air heat exchanger (HGAHE) has been experimentally analyzed under Saharan climate conditions during summer season. A flexible PVC pipe with a diameter of 0.06 m and a length of 30 m has been arranged as a helical-coil layout to design the HGAHE, and it is inserted into a borehole of 5 m depth. The study acknowledges that a drop as high as 11.0 °C in air temperature can be achieved with an air velocity of 10 m s−1 and an inlet air temperature of 38 °C. The study also revealed that, by incrementing the air velocity from 10 to 20 m s−1, the heat exchange rate of the HGAHE system increases by 158% after 3 h of operation time; however, the efficiency of the HGAHE decreases by 21.51%. Moreover, thermal performance derating factor (TPDF) increments with increasing the operation time and air velocity. After 3 h of operation time, the highest TPDF is attained as 0.27 with a velocity of 20 m s−1, whereas the lowest TPDF is observed as 0.14 for a velocity of 10 m s−1. [ABSTRACT FROM AUTHOR]

We study the risk management problem of a hydropower producer that hedges risk by trading currency and power futures contracts. The model considers three types of risks: operational risk due to supply uncertainty, profit risk due to power price variability, and exchange rate risk when operation and trading take place in different currencies. We cast the problem as a Markov decision process and propose a sequential solution approach that separates operational management from trading. To solve the problem, we first reduce the high-dimensional Markovian process that models inflows, exchange rates, and future curve dynamics to a scenario lattice and then employ stochastic dual dynamic programming under a risk measure. We find that dynamic hedging leads to significant risk reduction and that it performs better than static hedge ratios that are often used in practice. We also find that a sequential approach leads to better outcomes than an integrated approach across various metrics, which supports the functional separation of operation and hedging that is common practice in most power companies. [ABSTRACT FROM AUTHOR]

Bauhinia forficata Link. is a native South American plant, which possesses volatile compounds with pharmaceutical and medicinal properties such as antidiabetic and anti-inflammatory effects. However, the conservation and propagation of this plant are complicated by its recalcitrant seeds and delayed flowering transition. Hence, tissue culture is employed for the safe and efficient propagation of B. forficata. However, the optimal conditions for the in vitro cultivation of B. forficata remain unknown. Thus, this study aimed to characterize the volatile profile of adult B. forficata field plants and evaluate the effects of different light intensities (43 and 70 μmol m−2 s−1), gas exchange rates (14 and 25 µL L−1 s−1), and exogenous sucrose concentrations (0, 20, and 30 g L−1) on their in vitro development. The results showed that β-caryophyllene is the major volatile compound produced by B. forficata. Moreover, culturing in a medium containing 30 g L−1 of sucrose and flasks with membranes that allow CO2 exchange at the rate of 25 µL L−1 s−1 produced vigorous and hardened plants with high survival rates independent of irradiance. This study is the first to report the optimal in vitro culture conditions for B. forficata as a reference for future studies on micropropagation and secondary metabolite production using this species. [ABSTRACT FROM AUTHOR]

Bauhinia forficata Link. is a native South American plant, which possesses volatile compounds with pharmaceutical and medicinal properties such as antidiabetic and anti-inflammatory effects. However, the conservation and propagation of this plant are complicated by its recalcitrant seeds and delayed flowering transition. Hence, tissue culture is employed for the safe and efficient propagation of B. forficata. However, the optimal conditions for the in vitro cultivation of B. forficata remain unknown. Thus, this study aimed to characterize the volatile profile of adult B. forficata field plants and evaluate the effects of different light intensities (43 and 70 μmol m−2 s−1), gas exchange rates (14 and 25 µL L−1 s−1), and exogenous sucrose concentrations (0, 20, and 30 g L−1) on their in vitro development. The results showed that β-caryophyllene is the major volatile compound produced by B. forficata. Moreover, culturing in a medium containing 30 g L−1 of sucrose and flasks with membranes that allow CO2 exchange at the rate of 25 µL L−1 s−1 produced vigorous and hardened plants with high survival rates independent of irradiance. This study is the first to report the optimal in vitro culture conditions for B. forficata as a reference for future studies on micropropagation and secondary metabolite production using this species. [ABSTRACT FROM AUTHOR]

We computationally explore the relationship between surface–subsurface exchange and hydrological response in a headwater-dominated high elevation, mountainous catchment in East River Watershed, Colorado, USA. In order to isolate the effect of surface–subsurface exchange on the hydrological response, we compare three model variations that differ only in soil permeability. Traditional methods of hydrograph analysis that have been developed for headwater catchments may fail to properly characterize catchments, where catchment response is tightly coupled to headwater inflow. Analyzing the spatially distributed hydrological response of such catchments gives additional information on the catchment functioning. Thus, we compute hydrographs, hydrological indices, and spatio-temporal distributions of hydrological variables. The indices and distributions are then linked to the hydrograph at the outlet of the catchment. Our results show that changes in the surface–subsurface exchange fluxes trigger different flow regimes, connectivity dynamics, and runoff generation mechanisms inside the catchment, and hence, affect the distributed hydrological response. Further, changes in surface–subsurface exchange rates lead to a nonlinear change in the degree of connectivity—quantified through the number of disconnected clusters of ponding water—in the catchment. Although the runoff formation in the catchment changes significantly, these changes do not significantly alter the aggregated streamflow hydrograph. This hints at a crucial gap in our ability to infer catchment function from aggregated signatures. We show that while these changes in distributed hydrological response may not always be observable through aggregated hydrological signatures, they can be quantified through the use of indices of connectivity. [ABSTRACT FROM AUTHOR]

Despite the importance of variation in depletion index, nothing is known on the changes in the Optimized Exergy Depletion Index (XDI) with cost (USD) and Entransy Depletion Index (NDI) with cost (USD). The aim of this paper is to stablish a new depletion index based on entransy and to applicate this concept to the evaluation of efficiency and sustainability. The efficiency and sustainability of a thermal system can be evaluated through the Depletion Index. It was developed a new mathematical expression for assessing the depletion index based on entransy and it was compared with the conventional index based on exergy. Deductive inductive methods were used to obtain the new depletion index based on entransy theory. A multi-objective optimization is proposed considering as criteria the cost and efficiency based on exergy and entransy. Depletion index values based on entransy dissipation are similar than those ones based on exergy destruction and then the value of efficiency obtained by the two concepts is similar. Until recently, the generation of entropy was used for the Shell and tube heat exchangers optimization, however, the entransy dissipation or some function involving it can also be used for this purpose, being a new approach for assessing the depletion index. The optimization results obtained based on each of the efficiency indices were very similar mainly in relation to the total heat exchange rate. The Pareto fronts obtained in the multi-objective optimization allow to find and match optimum designs adjustable to costs and to the space available to install the equipment and the auxiliary services. [ABSTRACT FROM AUTHOR]

This paper studies the channels through which shocks from one country transmit in the global economy. Using local projections with instrumental variables (LP-IV), we document significant effects of US monetary shocks on output, interest rates, and trade flows in a large panel of countries. We find substantial heterogeneity in the foreign output responses depending on international trade. This association is due to the output share of international trade (extensive margin) and not the elasticity of trade (intensive margin), the exchange rate, or the foreign interest rate responses. To distinguish between the direct and indirect transmission of shocks, we further collect detailed data on bilateral trade linkages and combine the LP-IV approach with spatial econometric models. The indirect spillovers account for nearly half of the total response of foreign output, indicating substantial amplification engendered by the trade network. But the heterogeneity in the total effects is almost entirely due to the direct effects. Moreover, accounting for network effects within this framework leads to estimates of the mean output response up to one-third larger in magnitude than in the nonspatial specifications. Thus, studies that do not explicitly model cross-country linkages may present an incomplete view of international business cycles. [ABSTRACT FROM AUTHOR]

As a theoretical branch of uncertainty theory, uncertain finance has shown great significance in managing financial cases such as stock prices and currency options. In particular, as one of the areas of concern in uncertain finance, a large number of currency models have been proposed to describe the foreign exchange rate. However, the existing currency models mainly describe the foreign exchange rate by linear uncertain differential equation. As a supplement, this paper proposes a new currency model called uncertain exponential currency model to describe the foreign exchange rates by nonlinear uncertain differential equation. After that some option pricing formulas are derived, and then some numerical examples are provided to illustrate the formulas. Finally, the relationships between the pricing results and parameters in the pricing formulas are also discussed, respectively. [ABSTRACT FROM AUTHOR]

We re-examine the historically common finding that ex post depreciation and the forward premium are negatively correlated, usually termed the forward premium puzzle. When covered interest differentials are zero, this finding is equivalent to the rejection of the joint hypothesis of uncovered interest parity (UIP) and full information rational expectations. We term this result the Fama puzzle (1984), given the difficulty in identifying a time-varying risk premium that could rationalize this result. In our analysis, the rejection occurs for eight exchange rates against the US dollar, but does not survive into the period during and in the decade after the financial crisis. Strikingly, in contrast to earlier findings, the Fama coefficient—the coefficient on the interest differential—then becomes large and positive; this is what we term the New Fama Puzzle. Using survey based measures of exchange rate expectations, we find much more consistant evidence in favor of UIP. Hence, the explanation for the switch in the Fama coefficient in the wake of the global financial crisis is mostly a change in how expectations errors and interest differentials co-move. [ABSTRACT FROM AUTHOR]

We document how the entire distribution of exchange rate returns responds to changes in global financial conditions. We measure global financial conditions as the common component of country-specific financial condition indices, computed consistently across a large panel of developed and emerging economies. Using quantile regression, we provide a characterisation and ranking of the tail behaviour of a large sample of currencies in response to a tightening of global financial conditions, corroborating (and quantifying) some of the prevailing narratives about safe haven and risky currencies. Compared to most standard approaches, our methodology delivers a more nuanced picture of exchange rate behaviour, allowing for example to make probabilistic statements about the likelihood of observing large swings in returns given the prevailing global financial environment. We also identify macroeconomic fundamentals associated with different tail dynamics: currencies of countries with higher interest rates, low levels of international reserves and large fiscal deficits display more marked increases in the likelihood of large losses in response to a tightening of global financial conditions. [ABSTRACT FROM AUTHOR]

The functional trade-off between respiratory gas exchange versus osmolyte and water balance that occurs at the thin, highly vascularized gills of fishes has been termed the osmorespiratory compromise. Increases in gas exchange capacity for meeting elevated oxygen demands can end up favoring the passive movement of osmolytes and water, potentially causing a disturbance in osmotic balance. This phenomenon has been studied only sparsely in marine elasmobranchs. Our goal was to evaluate the effects of exhaustive exercise (as a modulator of oxygen demand) on oxygen consumption (MO2), branchial losses of nitrogenous products (ammonia and urea-N), diffusive water exchange rates, and gill ventilation (frequency and amplitude), in the Pacific spiny dogfish (Squalus suckleyi). To that end, MO2, osmolyte fluxes, diffusive water exchange rate, and ventilation dynamics were first measured under resting control conditions, then sharks were exercised until exhaustion (20 min), and the same parameters were monitored for the subsequent 4 h of recovery. While MO2 nearly doubled immediately after exercise and remained elevated for 2 h, ventilation dynamics did not change, suggesting that fish were increasing oxygen extraction efficiency at the gills. Diffusive water flux rates (measured over 0–2 h of recovery) were not affected. Ammonia losses were elevated by 7.6-fold immediately after exercise and remained elevated for 3 h into recovery, while urea-N losses were elevated only 1.75-fold and returned to control levels after 1 h. These results are consistent with previous investigations using different challenges (hypoxia, high temperature) and point to a tighter regulation of urea-N conservation mechanisms at the gills, likely due to the use of urea as a prized osmolyte in elasmobranchs. Environmental hyperoxia offered no relief from the osmorespiratory compromise, as there were no effects on any of the parameters measured during recovery from exhaustive exercise. [ABSTRACT FROM AUTHOR]

Financial time series are chaotic that, in turn, leads their predictability to be complex and challenging. This paper presents a novel financial time series prediction hybrid that involves Chaos Theory, Convolutional neural network (CNN), and Polynomial Regression (PR). The financial time series is first checked in this hybrid for the presence of chaos. The chaos in the series of times is later modeled using Chaos Theory. The modeled time series is input to CNN to obtain initial predictions. The error series obtained from CNN predictions is fit by PR to get error predictions. The error predictions and initial predictions from CNN are added to obtain the final predictions of the hybrid model. The effectiveness of the proposed hybrid (Chaos+CNN+PR) is tested by using three types of Foreign exchange rates of financial time series (INR/USD, JPY/USD, SGD/USD), commodity prices (Gold, Crude Oil, Soya beans), and stock market indices (S&P 500, Nifty 50, Shanghai Composite). The proposed hybrid is superior to Auto-regressive integrated moving averages (ARIMA), Prophet, Classification and Regression Tree (CART), Random Forest (RF), CNN, Chaos+CART, Chaos+RF and Chaos+CNN in terms of MSE, MAPE, Dstat, and Theil's U. [ABSTRACT FROM AUTHOR]

Metal exchange reaction of Mg(II)-octa-(4-bromophenyl)tetraazaporphyrin with SnCl2 in DMF and DMSO was studied by spectrophotometric method. The kinetic parameters of the metal exchange reaction were determined. The reaction rate of metal exchange in DMFA is ~10000 times higher than in DMSO. [ABSTRACT FROM AUTHOR]

TET (ten-eleven translocation) enzymes initiate active cytosine demethylation via the oxidation of 5-methylcytosine. TET1 is composed of a C-terminal domain, which bears the catalytic activity of the enzyme, and a N-terminal region that is less well characterized except for the CXXC domain responsible for the targeting to CpG islands. While cytosine demethylation induced by TET1 promotes transcription, this protein also interacts with chromatin-regulating factors that rather silence this process, the coordination between these two opposite functions of TET1 being unclear. In the present work, we uncover a new function of the N-terminal part of the TET1 protein in the regulation of the chromatin architecture. This domain of the protein promotes the establishment of a compact chromatin architecture displaying reduced exchange rate of core histones and partial dissociation of the histone linker. This chromatin reorganization process, which does not rely on the CXXC domain, is associated with a global shutdown of transcription and an increase in heterochromatin-associated histone epigenetic marks. Based on these findings, we propose that the dense chromatin organization generated by the N-terminal domain of TET1 could contribute to restraining the transcription enhancement induced by the DNA demethylation activity of this enzyme. [ABSTRACT FROM AUTHOR]

We present analytical expressions and numerical results for the rates of energy exchange between oscillators and with the environment in a heterogeneous ensemble of globally coupled mechanical phase oscillators. The system is in stationary motion under the combined action of an external harmonic excitation, coupling, and friction. Individual moments of inertia and friction coefficients are different between oscillators. Three dynamical regimes, with different degrees of entrainment with the external excitation, are characterized. In two of these regimes, the rates of energy exchange show nontrivial dependence on the moments of inertia and friction coefficients, suggesting that the transfer of power between different parts of the ensemble can be manipulated by a convenient choice of the individual parameters. [ABSTRACT FROM AUTHOR]

This study proposes a method for determining decision-making rules on fleet composition that are effective from a perspective of profitability in the shipping industry, where there are several market uncertainties such as fuel prices, freight rates, exchange rate, transportation demand, world transportation capacity, and ship price. A simulator is used to calculate the revenue of the fleet composition based on the market scenario. Using this to optimize the buying and selling behavior of ships, decision-making rules regarding fleet composition can be determined. The rules are expressed as a vector, and a genetic algorithm (GA) is used for optimization. As a case study, the method was applied to container ships operating between Asia and Europe. The simulation revealed optimal decision-making rules. Moreover, a controlled experiment was conducted to validate the effectiveness of the rules. Participants were randomly divided into two groups: those with rules and those without rules, and they were asked to perform buying and selling behavior in a simulated environment. By comparing these groups' profits, it is validated that the rules discovered by the method are useful because they encourage decision-making from a long-term perspective. [ABSTRACT FROM AUTHOR]

I discuss the multifaceted economic and financial vulnerabilities that have been created or exacerbated by the COVID-19 pandemic on a foundation of already weak economic fundamentals in many countries. Crises often do not travel alone. Banking, sovereign debt, exchange rate crashes, sudden stops, inflation often intersect to become severe conglomerate crises. Historically, whether of the individual or conglomerate variety, crises influence the shape and speed of economic recovery. As the health crisis morphs into a financial or debt crisis in some countries, I discuss what may lie ahead in terms of the stages in crisis resolution and brief reflection how the resolution process can be expedited. [ABSTRACT FROM AUTHOR]

The kinetics of the metal exchange reactions of cadmium(II) 5,15-dinitro-2,3,7,8,12,13,17,18-octaethylporphyrinate with copper(II) and zinc(II) chlorides in DMF and DMSO were investigated by the spectrophotometric method. The kinetic parameters of the metal exchange reaction were determined. A possible stoichiometric reaction mechanism was proposed. The effect of the solvent and solvate salt nature on the rate of the metal exchange reaction was revealed. [ABSTRACT FROM AUTHOR]

We analyze an exchange algorithm for the numerical solution total-variation regularized inverse problems over the space M (Ω) of Radon measures on a subset Ω of R d . Our main result states that under some regularity conditions, the method eventually converges linearly. Additionally, we prove that continuously optimizing the amplitudes of positions of the target measure will succeed at a linear rate with a good initialization. Finally, we propose to combine the two approaches into an alternating method and discuss the comparative advantages of this approach. [ABSTRACT FROM AUTHOR]

A method is proposed for calculating recuperative heat exchanger for spray drying in powdery detergent production, taking account of the rate of condensation of the water vapor from the vapor-air mixture to be removed from the dryer. The temperature of the thin heat exchanger wall separating the flows in the primary and secondary circuits depends simultaneously on the rate of heat exchange of the wall with the vapor-gas mixture flow in the primary circuit and the rate of heat exchange of the wall with the cooling air flow in the secondary circuit and on the heat energy released upon vapor condensation [ABSTRACT FROM AUTHOR]

Soil organic matter (SOM) in tropical forests is an important store of carbon (C) and nutrients. Although SOM storage could be affected by global changes via altered plant productivity, we know relatively little about SOM stabilisation and turnover in tropical forests compared to temperate systems. Here, we investigated changes in soil C and N within particle size fractions representing particulate organic matter (POM) and mineral-associated organic matter (MAOM) after 13 years of experimental litter removal (L−) and litter addition (L+) treatments in a lowland tropical forest. We hypothesized that reduced nitrogen (N) availability in L− plots would result in N-mining of MAOM, whereas long-term litter addition would increase POM, without altering the C:N ratio of SOM fractions. Overall, SOM-N declined more than SOM-C with litter removal, providing evidence of N-mining in the L− plots, which increased the soil C:N ratio. However, contrary to expectations, the C:N ratio increased most in the largest POM fraction, whereas the C:N ratio of MAOM remained unchanged. We did not observe the expected increases in POM with litter addition, which we attribute to rapid turnover of unprotected SOM. Measurements of ion exchange rates to assess changes in N availability and soil chemistry revealed that litter removal increased the mobility of ammonium-N and aluminium, whereas litter addition increased the mobility of nitrate-N and iron, which could indicate SOM priming in both treatments. Our study suggests that altered litter inputs affect multiple processes contributing to SOM storage and we propose potential mechanisms to inform future work. [ABSTRACT FROM AUTHOR]

Background and aims: The "competition-trait similarity" and "competition-trait hierarchy" hypotheses can be used to predict competitive outcomes between terrestrial plant species in response to environmental variation. However, their validity in aquatic plants remains poorly understood, particularly in terms of variation in the water exchange rate (WER). Methods: We compared competitive outcomes and variation in functional traits in two pairs of submerged macrophytes (Vallisneria natans vs. Myriophyllum aquaticum and V. natans vs. Myriophyllum spicatum) at three levels of WER using the replacement series method. Results: We found that the relative competitive ability of V. natans consistently decreased with increasing WER and decreasing the planting proportion of V. natans. Under these conditions, V. natans experienced reduced plant nutrient content and the inhibition of dissolved carbon dioxide absorption, which eventually shifted this species from a stronger to weaker competitor. With increasing WER and decreasing the planting proportion of V. natans, the below-:above-ground biomass ratio and root diameter increased, while the root length and specific root length decreased, for V. natans. In contrast, all of these traits exhibited the opposite patterns for the co-cultured Myriophyllum species. In addition, the branch number per plant mass increased in V. natans but exhibited no change in co-cultured Myriophyllum species under the same conditions. Conclusions: Our results indicate that WER affected the outcome of interspecies competition between submerged macrophyte species. Moreover, the relative competitive ability of each species within a pair was more strongly linked to species competition-trait hierarchy than to competition-trait similarity. [ABSTRACT FROM AUTHOR]

Various studies have discussed the coordination of product and supply chain design decisions for global supply chain management. However, the impact of currency exchange rate uncertainty on the selection of product architectures and their suppliers has not been sufficiently addressed. As a response, this study proposes a two-stage stochastic optimization model in which the first stage determines the product architecture, and the second stage identifies suppliers for the modules and components in an optimal fashion based on the product architecture and uncertain currency exchange rates. The overall objective of two-stage stochastic programming is to determine the optimal product architecture that minimizes the expected total supply chain cost over uncertain currency exchange rate scenarios. The proposed model is applied to a bicycle supply chain case study for three global marketplaces associated with multiple currency exchange rates. The results demonstrate that optimal product architecture and its suppliers should be varied based on currency exchange rates and their uncertain fluctuation levels. Also, a product architecture for the supply chain of each marketplace maintains its optimality in the total supply chain cost, up to a specific exchange rate. The findings show the importance of joint integration between product and supply chain design when considering currency exchange rates. Additionally, the benefit of stochastic modelling is demonstrated by comparing the solution quality of the model with its deterministic counterpart. [ABSTRACT FROM AUTHOR]

We explore how railroads affected population growth during the first globalization (1865–1920) in Chile. We look at areas with a strong comparative advantage in agriculture using novel data that document 60 years of railroad construction. Using instrumental variables, we present four main findings. First, railroads increased both urban and rural population growth. Second, the impact was stronger in areas with more potential for agricultural expansion. Third, railroads increased specialization in agriculture when combined with a high level of the real exchange rate. And fourth, railroads had little effect on human capital and fertility. These results suggest that the effects of transportation technologies depend on existing macroeconomic conditions. [ABSTRACT FROM AUTHOR]

We investigate the international propagation of tax rate shocks originating in the USA using a global vector error correction model. We identify shocks to corporate and personal income tax rates by using narrative series as external instruments, following the proxy-SVAR methodology. The main results are the following: (1) In terms of fiscal multiplier, domestic effects of corporate tax shocks are stronger than those of personal income tax shock; (2) spillovers are in most cases positive and significant, albeit of small size; (3) the boost to exports in recipient economies, stimulated both by stronger US demand and, to a lesser extent, by real exchange rate depreciation, is the main transmission channel; and financial channels (through long-term interest rates) also play a role. [ABSTRACT FROM AUTHOR]

This paper examines the role of sovereign default beliefs for macroeconomic fluctuations and stabilization policy in a small open economy where fiscal solvency is a critical problem. We set up and estimate a DSGE model on Turkish data and show that accounting for sovereign risk significantly improves the fit of the model through an endogenous amplification between default beliefs, exchange rate and inflation movements. We then use the estimated model to study the implications of sovereign risk for stability, fiscal and monetary policy, and their interaction. We find that a relatively strong fiscal feedback from deficits to taxes, some exchange rate targeting or a monetary response to default premia are more effective and efficient stabilization tools than hawkish inflation targeting. [ABSTRACT FROM AUTHOR]

Background and Aims: A network meta-analysis showed that low-cost optimization of existing resources was as effective as distal add-on devices in increasing adenoma detection rate (ADR). We assessed the impacts of water exchange (WE), Endocuff, and cap colonoscopy on ADR and advanced adenoma detection rate (AADR). We hypothesized that WE may be superior at improving ADR and AADR. Methods: The literature was searched for all randomized controlled trials (RCTs) that reported ADR as an outcome and included the keywords colonoscopy, and water exchange, Endocuff, or cap. We performed traditional network meta-analyses with random effect models comparing ADR and AADR of each method using air insufflation (AI) as the control and reported the odds ratios with 95% confidence interval. Performances were ranked based on P-score. Results: Twenty-one RCTs met inclusion criteria. Fourteen RCTs also reported AADR. Both WE [1.46 (1.20–1.76)] and Endocuff [1.39 (1.17–1.66)] significantly increase ADR, while cap has no impact on ADR [1.00 (0.82–1.22)]. P-scores for WE (0.88), Endocuff (0.79), cap (0.17), and AI (0.17) suggest WE has the highest ADR. WE [1.38 (1.12–1.70)], but not Endocuff [0.96 (0.76–1.21)] or cap [1.06 (0.85–1.32)], significantly increases AADR. P-scores for WE (0.98), cap (0.50), AI (0.31), and Endocuff (0.21) suggest WE is more effective at increasing AADR. The results did not change after adjusting for age, proportion of males, and withdrawal time. Conclusion: WE may be the modality of choice to maximally improve ADR and AADR. [ABSTRACT FROM AUTHOR]

The influence of the provisions of legal metrology on the formation and functioning of the monetary environment in the market is studied. It is shown that the use of tangible (reference) measures for determining the value of goods and monetary units makes it possible to form a stable monetary system, equal for all market participants. This system can reasonably be attributed to information measuring systems. Systems based on the use of constant tangible measures that determine the value of goods and money have been formed and functioned in international trade for a long time. In the XIX–XX centuries, the monetary system, in which a fixed weight of gold served as the tangible measure of money, was called the "gold standard." In the 1970s, this system was abandoned without objective reasons. Nowadays, many people believe that the main reason is the uncontrolled issuance of paper money (US dollars). As a result, the tangible measure of money was replaced by a monetary measure. The money of a number of chosen countries turned out to be a measure of the national currencies of other countries. Then money was made a commodity – an object of market trade, the price of which is determined by supply and demand. Thus, the most important principle of metrology, i.e., the invariability (constancy) of the measure of system objects, was violated. The resulting monetary system became unstable. This situation has led to an increase in the number of proposals for a return to the gold standard. The analysis carried out in the paper confirmed the relevance of these proposals. At the present stage of metrology development, it is advisable to explore the possibility of a broader (not only at the expense of precious metals) resource provision of tangible monetary measures, in particular, to consider the possibility of using materials and (or) goods that are in high demand in the international market as monetary measures. [ABSTRACT FROM AUTHOR]

We quantify the effect of exchange rate fluctuations on firm leverage. When home currency appreciates, firms who hold foreign currency debt and local currency assets observe higher net worth as appreciation lowers the value of their foreign currency debt. These firms can borrow more as a result and increase their leverage. When home currency depreciates, the reverse happens as firms have to de-lever with a negative shock to their balance sheets. Using firm-level data for leverage from 10 emerging market economies during the period from 2002 to 2015, we show that firms operating in countries whose non-financial sectors hold more of the debt in foreign currency, increase (decrease) their leverage relatively more after home currency appreciations (depreciations). Combining the leverage data with firm-level FX debt data for 4 emerging market countries, we further show that our results hold at the most granular level. Our quantitative results are asymmetric: the effects of depreciations, that are generally associated with sudden stops, are quantitatively larger than those of appreciations, which take place at a slower pace over time during capital inflow episodes. As our exercise compares depreciations and appreciations of similar size, these results are suggestive of financial frictions being more binding during depreciations than a possible relaxation of such frictions during appreciations. [ABSTRACT FROM AUTHOR]

The Bohai Sea is a large, semi-enclosed bay of China with a transport timescale of more than 1 year. Residence time (RT) is an important indicator used to determine the water exchange rate of coastal oceans, and it has a significant influence on coastal ecosystems and the environment. In this study, the RT and its seasonal variability within the Bohai Sea were investigated using a 3-D hydrodynamic model and the adjoint method of the RT. The model results show that the annual mean RT in the Bohai Sea is 3.43 years, and the RT increases from the Bohai Strait to the northwestern coast. The seasonal variability of the RT averaged over the entire Bohai Sea is not obvious; however, the regional RT has a significant seasonal variation, which could be more than 290% on average. When the monsoon winds were removed from the model, the sensitivity experiment showed an annual mean RT increase of ~ 90% with negligible seasonal variations in most areas of the Bohai Sea. The wind-induced residual current controls the seasonal variation in ocean circulation and induces the seasonal variability in RT; thus, monsoon winds play a dominant role in the seasonal variations of the water exchange rate in the Bohai Sea. Sensitivity experiments also suggest that tides can slow the water exchange rate, whereas the baroclinic processes and river runoff can accelerate the water exchange rate in the region near the Yellow River estuary. This study highlights the critical role of monsoon winds in affecting seasonal variabilities in the coastal transport timescale and exchange rate. [ABSTRACT FROM AUTHOR]

In order to gauge foreign exchange market expectations prior to and after the Brexit vote in June, 2016, this paper examines European options written on the GBP/USD and GBP/EUR exchange rates in 2016. First, the parameter estimates from a non-parametric option pricing model with a homogeneity hint show that the Brexit announcement was to a certain extent expected because the implicit probability density functions were negatively skewed in January–February, 2016 and April–June, 2016. This effect was more pronounced for the GBP/USD exchange rates, indicating an increased pessimism of the U.S. currency traders relative to their European counterparts. Entropic risk measures based on skewness premia of deepest out-of-the-money options confirm the findings from implicit distributions. Moreover, these new risk measures are found to statistically significantly predict foreign exchange market volatility at daily to monthly time horizons. [ABSTRACT FROM AUTHOR]

It has been determined that given the same factors of production, bank regulation of macroeconomic processes can lead to sustainable economic growth with inflationary self-regulation of market equilibrium and a catastrophic economy decline with deflationary self-regulation of market equilibrium. It is impossible to regulate the amount of money in circulation by simultaneously changing the interest rate and the exchange rate, because they are functionally dependent. There is a marginal interest rate, after which it is impossible to carry out foreign exchange transactions due to a reduction of cash in circulation through negative foreign currency. The exit of the economy from recession or depression through inflation can significantly increase the production factors. [ABSTRACT FROM AUTHOR]

Thermodynamic modeling with the HCh software complex was applied to analyze the probability of acid drainage formation during the evolution of a copper–ore deposit in low-temperature conditions (5°C) with various water levels. During the modeling, three main factors were taken into account: the percentage of pyrite in rocks, the availability of oxygen in the air, and the water content of the rocks (the relative rate of water exchange). It was found that the increase in the content of pyrite sulfur in the rock and an increase in the ratio of the rock–water mass (decrease in water exchange) lead to an increase in mineralization and a decrease in the pH of the drainage solution. The openness of the system to atmospheric gases (in particular, to O2) increases the acidification effect. The most environmentally unfavorable rocks at the deposit are mudstones, siltstones, and silt-sandstones. [ABSTRACT FROM AUTHOR]

We analyse the economic conditions (the "shocks") behind currency movements and show how that analysis can help address a range of questions, focussing on exchange rate pass-through to prices. We build on a methodology previously developed for the UK and adapt this framework so that it can be applied to a diverse sample of countries using widely available data. The paper provides three examples of how this enriched methodology can be used to provide insights into pass-through and other questions. First, it shows that exchange rate movements caused by monetary policy shocks consistently correspond to significantly higher pass-through than those caused by demand shocks in a cross-section of countries, confirming earlier results for the UK. Second, it shows that the underlying shocks (especially monetary policy shocks) are particularly important for understanding the time-series dimension of pass-through, while the standard structural variables highlighted in the previous literature are most important for the cross-section dimension. Finally, the paper explores how the methodology can be used to shed light on the effects of monetary policy and the debate on "currency wars": it shows that the role of monetary policy shocks in driving the exchange rate has increased moderately since the global financial crisis in advanced economies. [ABSTRACT FROM AUTHOR]