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We present evidence that several popular low-frequency measures of effective spread suffer from a volatility-induced bias and that volatility is the primary driver of the variation of these liquidity proxies. Using data for U.S. equities and major foreign exchange rates, we show that the bias arises when the effective spread is small relative to volatility. We document that the bias has become more acute over time and show that volatility-biased measures fail to replicate some well-known results in empirical finance. We conclude by providing guidance on the choice of low-frequency measures in empirical applications. Authors have furnished an Internet Appendix , which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]

Summary: Phosphorus (P) for carbon (C) exchange is the pivotal function of arbuscular mycorrhiza (AM), but how this exchange varies with soil P availability and among co‐occurring plants in complex communities is still largely unknown.We collected intact plant communities in two regions differing c. 10‐fold in labile inorganic P. After a 2‐month glasshouse incubation, we measured 32P transfer from AM fungi (AMF) to shoots and 13C transfer from shoots to AMF using an AMF‐specific fatty acid. AMF communities were assessed using molecular methods.AMF delivered a larger proportion of total shoot P in communities from high‐P soils despite similar 13C allocation to AMF in roots and soil. Within communities, 13C concentration in AMF was consistently higher in grass than in blanketflower (Gaillardia aristata Pursh) roots, that is P appeared more costly for grasses. This coincided with differences in AMF taxa composition and a trend of more vesicles (storage structures) but fewer arbuscules (exchange structures) in grass roots. Additionally, 32P‐for‐13C exchange ratios increased with soil P for blanketflower but not grasses.Contrary to predictions, AMF transferred proportionally more P to plants in communities from high‐P soils. However, the 32P‐for‐13C exchange differed among co‐occurring plants, suggesting differential regulation of the AM symbiosis. [ABSTRACT FROM AUTHOR]

Summary: Variations in arbuscular mycorrhizae (AM) effects on plant growth (MGR) are commonly assumed to result from cost : benefit balances, with C as the cost and, most frequently, P as the benefit. The trade‐balance model (TBM) adopts these assumptions and hypothesizes that mycorrhizal benefit depends on C : N : P stoichiometry. Although widely accepted, the TBM has not been experimentally tested.We isolated the parameters included in the TBM and tested these assumptions using it as framework. Oryza sativa plants were supplied with different N : P ratios at low light level, establishing different C : P and C : N exchange rates, and C, N or P limitation. MGR and effects on nutrient uptake, %M, ERM, photosynthesis and shoot starch were measured.C distribution to AM fungi played no role in MGR, and N was essential for all AM effects, including on P nutrition. C distribution to AM and MGR varied with the limiting nutrient (N or P), and evidence of extensive interplay between N and P was observed.The TBM was not confirmed. The results agreed with the exchange of surplus resources and source–sink regulation of resource distribution among plants and AMF. Rather than depending on exchange rates, resource exchange may simply obey both symbiont needs, not requiring further regulation. [ABSTRACT FROM AUTHOR]

This article examines how the ongoing Ukraine-Russia war has affected the valuation of five European Union currencies: the Polish Zloty, Hungarian Forint, Czech Koruna, Swedish Krone, and Romanian Leu. Using high-frequency time series data and advanced statistical models, we analyze a 522-week period from 1 January 2013, to 24 February 2023, with 24 February 2022, as a key focal point. The Russia-Ukraine war had varying effects on the currencies of non-Eurozone countries. Poland, Hungary, and Sweden experienced significant impacts, while Czechia and Romania remained relatively stable. Our research also highlights the stability of the Euro as a reserve currency, which attracts investors during times of crisis and protects participating economies from currency fluctuations. Additionally, our analysis underscores the distinct impact of war on these currencies, influenced by their unique political, economic, and financial structures and strengths. [ABSTRACT FROM AUTHOR]

We examine the long- and short-term effects of foreign exchange on Indonesia's external debts. Employing an autoregressive distributed lag (ARDL) bounds testing on quarterly data from 2010 to 2019 and testing for effect asymmetry, we found a long-run cointegrating relationship between the two variables. We also found a slow adjustment to an equilibrium state following a shock. Foreign exchange demonstrates a positive long-run effect on Indonesia's external debt, while in the short-run the effect is negative. Furthermore, we found an asymmetry in the elasticities of external debt with respect to rupiah-to-US dollar exchange rate fluctuations. The positive effect of Indonesian rupiah volatility on Indonesian external debt would be more severe when the rupiah appreciates against the dollar compared to a situation of rupiah depreciation. Therefore, although a depreciation of rupiah against the US dollar under a floating foreign exchange regime adopted by Indonesia since 1997 would in the long-run increase external debt, the impact is moderate. Any short-run movement of Indonesia's external debt following a shock would be pulled back to its long-run equilibrium path. We recommend that Indonesia should maintain a floating exchange regime and allow rupiah to depreciate at a moderate rate in the long-run. [ABSTRACT FROM AUTHOR]

Previous research that assessed the asymmetric impact of currency depreciation on domestic investment considered experiences of seven industrialized countries, six emerging economies, and eighteen countries from Africa. We add to this new literature by considering the experiences of eight Asian countries. Like previous studies, our asymmetric analysis that required estimating nonlinear models revealed much more significant outcome than the linear and symmetric models. It predicted short-run asymmetric effects of exchange rate changes on domestic investment in all eight countries that lasted into long-run asymmetric effects in Hong Kong, Indonesia, South Korea, Malaysia, and Singapore. Additional analysis revealed that currency depreciation has adverse long-run effects on domestic investment in all five countries. [ABSTRACT FROM AUTHOR]

This paper analyses the exchange rate pass-through effects (ERPT) into consumer prices in Vietnam with a pegged regime during 2001–2019 using a structural vector autoregressive approach. The model is identified based on the fit of data rather than a priori theorizing. Firstly, we find that the degree of ERPT in the country is higher than that in other emerging and developed economies. High and volatile inflation, a high degree of openness, and exchange rate regime are essential factors that explain the difference. Besides, we show that ERPT is positively correlated with the level and the volatility of inflation across sectors. Since the results are derived from a single country, the heterogeneity is more likely to be attributable to industry-specific rather than macro factors. [ABSTRACT FROM AUTHOR]

The article introduces a new subclass of nonlinear moving average model, called the smooth transition moving average (STMA) model, and studies its probabilistic properties. It is shown that, under some mild conditions, the least squares estimation (LSE) is strongly consistent and asymptotically normal. A powerful score‐based goodness‐of‐fit test for the STMA model is presented. A different parametrization from the classical one is applied to numerically improve the identification and estimation of this model. Simulation studies are conducted to assess the performance of the LSE and the score‐based test in finite samples. The results are illustrated with an application to the weekly exchange rate of the USA Dollar to the British Pound. [ABSTRACT FROM AUTHOR]

Self‐assembling systems in nature display remarkable complexity with assemblies of different sub‐units to generate functional species. Synthetic analogues of such systems are a challenge, often requiring the ability to bias distributions that are under thermodynamic assembly control. Using lantern‐type MOCs (metal‐organic cages) as a prototypical self‐assembling system, herein we explore the role that steric bulk plays in controlling the exchange rate of ligands in paddlewheel‐based assemblies, and thus the stability of cages, in competitive self‐assembling scenarios. The effective lifetime of the lantern‐type MOCs varies over an order of magnitude depending on the steric bulk proximal to the metal nodes with lifetimes of the cages ranging from tens of minutes to several hours. The bulk of the coordinating solvents likewise reduces the rate of ligand exchange, and thus yields longer‐lived species. Understanding this subtle effect has implications for controlling the stability of complex assemblies in competitive environments with implications for guest release and application. [ABSTRACT FROM AUTHOR]

We report the synthesis of three new heptadentate ligands derived from H4AAZTA (6‐amino‐6‐methylperhydro‐1,4‐diazepinetetraacetic acid) that contain a dimethyl‐amide group (AAZTA‐MA)3−, two dimethyl‐amide groups (AAZTA‐BMA)2− or two acetylglycine groups (AAZTA(Gly)2)4−. The corresponding Gd(III) complexes were investigated using 1H NMR relaxometry and 17O NMR chemical shifts and transverse relaxation rates. A computational DFT study was also performed to aid the analysis of the NMR data. The Gd(III) complexes contain two water molecules coordinated to the metal ion. In contrast to the prevailing trend, the amide derivatives discussed in this context exhibit comparatively rapid water exchange rates that do not align with the changes in the overall electric charge of the complexes: kex298=14.4×106 s−1, 14.5×106 s−1 and 9.56×106 s−1 for [Gd(AAZTA‐MA)(H2O)2], [Gd(AAZTA‐BMA)(H2O)2]+ and [Gd(AAZTA(Gly)2(H2O)2]−, respectively. The analysis of the data and the computational work suggest that the relatively fast water exchange rates could be linked to the occurrence of associatively activated mechanisms, which is somewhat unexpected for nine‐coordinated complexes. [ABSTRACT FROM AUTHOR]

Protein-ligand complex formation is fundamental to biological function. A central question is whether proteins spontaneously adopt binding-competent conformations to which ligands bind conformational selection (CS) or whether ligands induce the binding-competent conformation induced fit (IF). Here, we resolve the CS and IF binding pathways by characterizing protein conformational dynamics over a wide range of ligand concentrations using NMR relaxation dispersion. We determined the relative flux through the two pathways using a four-state binding model that includes both CS and IF. Experiments conducted without ligand show that galectin-3 exchanges between the ground-state conformation and a high-energy conformation similar to the ligand-bound conformation, demonstrating that CS is a plausible pathway. Near-identical crystal structures of the apo and ligand-bound states suggest that the high-energy conformation in solution corresponds to the apo crystal structure. Stepwise additions of the ligand lactose induce progressive changes in the relaxation dispersions that we fit collectively to the four-state model, yielding all microscopic rate constants and binding affinities. The ligand affinity is higher for the bound-like conformation than for the ground state, as expected for CS. Nonetheless, the IF pathway contributes greater than 70% of the total flux even at low ligand concentrations. The higher flux through the IF pathway is explained by considerably higher rates of exchange between the two protein conformations in the ligand-associated state. Thus, the ligand acts to decrease the activation barrier between protein conformations in a manner reciprocal to enzymatic transition-state stabilization of reactions involving ligand transformation. [ABSTRACT FROM AUTHOR]

Disulfides in peptides and proteins are essential for maintaining a properly folded structure. Their oxidative folding is invariably performed in an aqueous‐buffered solution. However, this process is often slow and can lead to misfolded products. Here, we report a novel concept and strategy that is bio‐inspired to mimic protein disulfide isomerase (PDI) by accelerating disulfide exchange rates many thousand‐fold. The proposed strategy termed organic oxidative folding is performed under organic solvents to yield correctly folded cysteine‐rich microproteins instantaneously without observable misfolded or dead‐end products. Compared to conventional aqueous oxidative folding strategies, enormously large rate accelerations up to 113,200‐fold were observed. The feasibility and generality of the organic oxidative folding strategy was successfully demonstrated on 15 cysteine‐rich microproteins of different hydrophobicity, lengths (14 to 58 residues), and numbers of disulfides (2 to 5 disulfides), producing the native products in a second and in high yield. [ABSTRACT FROM AUTHOR]

Structural properties of the currency market were examined with the use of topological networks. Relationships between currencies were analyzed by constructing minimal spanning trees (MSTs). The dissimilarities between time series of currency returns were measured in various ways: by applying Euclidean distance, Pearson's linear correlation coefficient, Spearman's rank correlation coefficient, Kendall's coefficient, partial correlation, dynamic time warping measure, and Kullback–Leibler relative entropy. For the constructed MSTs, their topological characteristics were analyzed and conclusions were drawn regarding the influence of the dissimilarity measure used. It turned out that the strength of most types of correlations was highly dependent on the choice of the numeraire currency, while partial correlations were invariant in this respect. It can be stated that a network built on the basis of partial correlations provides a more adequate illustration of pairwise relationships in the foreign exchange market. The data for quotations of 37 of the most important world currencies and four precious metals in the period from 1 January 2019 to 31 December 2022 were used. The outbreak of the COVID-19 pandemic in 2020 and Russia's invasion of Ukraine in 2022 triggered changes in the topology of the currency network. As a result of these crises, the average distances between tree nodes decreased and the centralization of graphs increased. Our results confirm that currencies are often pegged to other currencies due to countries' geographic locations and economic ties. The detected structures can be useful in descriptions of the currency market, can help in constructing a stable portfolio of the foreign exchange rates, and can be a valuable tool in searching for economic factors influencing specific groups of countries. [ABSTRACT FROM AUTHOR]

This study investigates how fiscal policy shocks affect the external sector through markup dynamics in advanced and developing economies. We focus on the role of markup dynamics as a channel through which fiscal policy has a distinct effect on real exchange rates. Using panel data from 32 countries, we employ a local projection to evaluate the impact of expansionary fiscal policy shocks on real exchange rates, markups, and current a ccounts. Our empirical findings show distinct responses to the shocks among advanced and developing countries regarding the real exchange rate, due to different markup d ynamics. Expansionary fiscal measures result in an appreciation of the real exchange rate and an increase in markup for developing countries, whereas advanced economies experience a decrease in markup and a depreciation of the real exchange rate. Markup dynamics vary between advanced and developing economies due to differences in firms' entry and exit conditions in their institutions. In advanced economies, expansionary fiscal policy shocks promote competition and new firm e ntry, r esulting in a reduced m arkup. On the other hand, unfavorable conditions in developing countries maintain or increase existing firms' market p ower. Our research highlights the heterogeneous effects of fiscal policy shocks on the external sector, emphasizing the need for policymakers to consider institutional and entry conditions while designing and implementing fiscal policies. [ABSTRACT FROM AUTHOR]

A new hemicryptophane host with a ditopic molecular cavity combining a cyclotriveratrylene (CTV) unit with a tris‐urea moiety was synthesized. The complexation of halides, tetramethylammonium (TMA+) cation, and ion pairs was investigated. A positive cooperativity was observed, since halides display a higher binding constant when a TMA+ cation is already present inside the cage. When TMA+ was complexed alone, a decrease of temperature from 298 K to 230 K was required to switch from a fast to a slow exchange regime on the NMR time scale. Nevertheless, the prior complexation of a halide guest in the lower part of the host resulted in significant decrease of the exchange rate of the subsequent complexation of the TMA+ cation. Under these conditions, the 1H NMR signals characteristic of a slow exchange regime were observed at 298 K. Addition of an excess of salts, increases the ionic strength of the solution, restoring the fast exchange dynamics. This result provides insight on how the exchange rate of a cation guest can be modulated by the complexation of a co‐guest anion. [ABSTRACT FROM AUTHOR]

Background: Quantitatively collecting and characterizing exhaled aerosols is vital for infection risk assessment, but the entire droplet size spectrum has often been neglected. We analyzed particle number and size distribution of healthy participants in various respiratory activities, considering inter-individual variability, and deployed a simplified far-field model to inform on infection risks. Methods: Participants repeated the same respiratory activities on two visits. Particles were collected using an airtight extraction helmet supplied with High Efficiency Particulate Air (HEPA) filtered air. The sampling volume flow was transported to two particle counters covering the small and large particle spectrum. The applied simple mass balance model included respiratory activity, viral load, room size, and air exchange rates. Results: Thirty participants completed the study. The major fraction of the number-based size distribution was <5 μm in all respiratory activities. In contrast, the major fraction of the volume-based size distribution was 2–12 μm in tidal breathing, but >60 μm in all other activities. Aerosol volume flow was lowest in tidal breathing, 10-fold higher in quiet/normal speaking, deep breathing, coughing, and 100-fold higher in loud speaking/singing. Intra-individual reproducibility was high. Between participants, aerosol volume flow varied by two orders of magnitude in droplets <80 μm, and three orders of magnitude in droplets >80 μm. Simple model calculations not accounting for potential particle size-dependent differences in viral load and infection-related differences were used to model airborne pathogen concentrations. Conclusions: Quantitative analysis of exhaled aerosols for the entire droplet size spectrum as well as the variability in aerosol emission between individuals provides information that can support infection research. Clinical Trial Registration number: NCT04771585. [ABSTRACT FROM AUTHOR]

This article presents a complete macroeconomic (SFC) model to study income and wealth distribution in an open economy. We argue that exchange rates and the stock of foreign debt play a major role in shaping inequality across and within countries. Using the 'relative income hypothesis', we show that debt-financed consumption of low-income households can affect both total income and the disposable income of high-income households in the medium run. In addition, while higher inequality is detrimental to the domestic economy, it can benefit trading partners. [ABSTRACT FROM AUTHOR]

Continuous-time time series are widely used for modeling the realizations of those phenomena where it is theoretically possible to have observation at any point of the sampling domain. However, technical restrictions cause to see the realizations of such processes as discrete-time sample paths. We project time-domain observations into frequency-domain periodograms and employ the Whittle's likelihood approximation to make the inference about the parameters of CARMA processes. The inference is given under the Bayesian paradigm and some scenarios about the prior distributions are discussed. We show that our proposed estimator is robust for a large family of Lévy-driven distributed noises under some mild conditions. The Bayes estimates of parameters are obtained using a fast MCMC algorithm and they are examined numerically for the non-informative priors. The mean squared errors of the presented estimates are also compared to two other likelihood-based estimators, numerically. We also examine the performance of this Bayes estimate in prediction procedure of exchange rate data as a real dataset. [ABSTRACT FROM AUTHOR]

This paper builds an open country theoretical model to analyse the spillover impact of the US monetary policy tightening shock on China's economy. GVAR empirical model is employed combined with 22 countries and obtain three main results. First, the US monetary tightening shock causes the rise of the international risk index and the bilateral real exchange rate (the appreciation of the US dollar and the depreciation of the RMB). Second, both China's current account and China's capital outflow show the increased trends combined with the weighted role of foreign economies. Third, as the negative effect of China's capital outflow is higher than the positive effect of China's current account, China's real output declines caused by the US monetary tightening shock. [ABSTRACT FROM AUTHOR]

As an emerging economy, Turkey has experienced a significant structural transformation in the last twenty years. Within this period, Turkey has increased to the eleventh rank for international tourist arrivals in the world (UNWTO 2023). However, in recent years, there has been a rapid depreciation of the national currency, raising the question of how this affects the tourism trade. Using bilateral data and considering non-linearities, we investigate the exchange rate-tourism balance nexus for Turkey and its most tourist sender partners by applying ARDL and NARDL modelling. We find that (i) when the Turkish Lira (TL) appreciates, the tourism balance is positively affected in the German and UK models in the short-run and in the Russian and Netherlands models in the long-run; (ii) the depreciation of the TL, on the other hand, has a positive effect on the tourism balances for France and the UK in the short-run. Therefore, either the increase or decrease in the exchange rate (except for Russia in the short-run) affects the tourism balance insignificantly or positively. These findings imply that policymakers should focus more on country-specific tourism policies to attract more tourists to the country rather than on exchange rate policies to manage the tourism balance. [ABSTRACT FROM AUTHOR]

The sheer size of remittances has fostered an interest in investigating the consequences of these flows, particularly in remittance-dependent economies. This study relies on monthly data from 1995M01 to 2021M05 and uses both frequency-domain and time-varying causality approaches to investigate the asymmetric causality relationships between real effective exchange rates and remittances in Mexico. Two key results are obtained. First, according to the frequency domain causality test results, positive shocks to remittances lead to appreciation in the Mexican peso in the medium- and long-run cycles, but negative shocks to remittances do not lead to depreciation in the Mexican peso, thus suggesting non-asymmetry. Second, the results of time-varying causality based on heterogeneous errors support asymmetric behavior between real effective exchange rates and remittances, underscoring the importance of allowing asymmetries when investigating the causal relationship. [ABSTRACT FROM AUTHOR]

In this article, the foreign equity price and the foreign exchange rate are supposed to follow the regime-switching multi-scale jump-diffusion processes. In addition, the correlations of the two processes are not only manifested in the diffusion parts but also in the jump components. First, the Esscher transform is used to identify an equivalent martingale measure since the financial market is incomplete. Then, some pricing problems of foreign equity options are studied and the analytic solutions of pricing formulae are derived by using Fourier transform method. Numerical results are given by the fast Fourier transform algorithm and analysis are also presented. Moreover, the numerical result shows that the economic states and model's parameters have significant effects on the values of these different kinds of foreign equity options. Finally, empirical studies are provided to illustrate the practical implementation of the proposed pricing model. [ABSTRACT FROM AUTHOR]

Although alloying Pt with Ti is a feasible routine to improve oxygen reduction activity and stability, the atomic configuration of surface alloys on PtTi is still lacking deep understanding. Herein, the effect of Ti concentrations (x) in sublayer on ORR activity of PtTi surface alloys (Pt@Pt 1- x Ti x @) with FCC or HCP Ti substrate, are systematically studied by first-principles calculations. The accurate atomic structural descriptor based on cluster expansion method is proposed to describe local atomic environment effect on intermediate (OH/OOH) adsorption ability. Different from b = 3.20 eV in traditional linear scaling relationship Δ G OOH = Δ G OH + b , the b values vary from 3.15 to 3.53 eV on PtTi surface alloys. Among surfaces alloys with different Ti concentrations, FCC- and HCP-Pt@Pt 1- x Ti x (Pt)@ displayed the highest stability and catalytic activity at x = 3/9, and possessed a threefold and fivefold times of catalytic activity with a benchmark Pt(111) according to the calculated exchange current rate constants. Importantly, the FCC-Pt@Pt 1- x Ti x (Pt)@ could be promising ORR catalyst as its high ORR activity at larger range of Ti concentration (x = 1/9–3/9), strong stability, and low Pt usage. • We proposed an accurate atomic structural descriptor for ORR. • Broken of traditional scaling relationship of ORR occurs in PtTi surface alloys. • FCC- and HCP-Pt@Pt 1- x Ti x (Pt)@ possess high ORR activity at a certain Ti concentration. [ABSTRACT FROM AUTHOR]

A plethora of studies have investigated the impact of External Reserve on Exchange rate in Nigeria but the causal link between these variables have received less attention. It is on this basis that this study investigates the causal link between external reserve and exchange rate with an implication for monetary policy direction in Nigeria. Annual time series data from Central Bank of Nigeria (CBN) and World Development Indicators (WDI) were used in this study as we applied different econometrics analytical techniques such as the Unit root test, Johansen Cointegration test and the Granger causality test in our empirical investigation. The result from our study suggests that there exist a long run and unidirectional relationship between external reserve and exchange rate. External reserve was found to granger cause exchange rate. We therefore recommend the formulation and implementation of key policies that will aid in augmenting external reserve and proper implementation of a managed floating exchange rate regime. [ABSTRACT FROM AUTHOR]

This study investigates the Impact of Exchange Rate Regime Change on Non-oil Export in Nigeria from 1985Q1 - 2018Q4. The paper employs Markov Regime-Switching Approach to capture the exchange rate regime change. Results of the study reveal that exchange rate regimes have a positive and statistically significant impact on the non-oil export in Nigeria. The results also show that the degree of the impact in the two regimes are not the same, it is higher in regime 2. This is as a result of the fact that prior to the 1980s; Nigeria adopted the fixed exchange rate regime which does not allow for domestic currency devaluation hence, the relatively low non-oil export. However, in the 1980s, especially at the introduction of the structural adjustment programme of the 1986 which saw most economies of the world switch over to the floating exchange rates regime, the Naira is often time devalued and hence the higher increase in the non-oil exports. Therefore, the study recommends that there is need to achieve a stable exchange rate that when combined with the export-oriented policy will promote non-oil exports in Nigeria. [ABSTRACT FROM AUTHOR]

BACKGROUND: Neonates affected by isoimmune hemolytic disease (HDN) are at risk of developing severe hyperbilirubinemia. Studies show that increasing levels of bilirubin impact neonatal neurodevelopment. To avoid complications associated with exchange transfusion, intravenous immunoglobulin G (IVIG) is used to treat hyperbilirubinemia. We included all infants who received more than two doses of IVIG treatment for isoimmune hemolytic disease. We analyzed the incidence of side effects associated with IVIG treatment and the rate of exchange transfusion. METHODS: A retrospective chart review performed between October 2011–October 2022 at East Carolina University Health identified neonates who received more than two doses IVIG for HDN. Neonates of postmenstrual age greater than 28 days old, receiving less than three doses of IVIG or received IVIG for other indications were excluded. The occurrences of adverse events, demographics and use of other medical therapies were reviewed. RESULTS: Eleven neonates were included in the case series. Most common cause of severe hyperbilirubinemia was attributed to ABO incompatibility. Six patients (54%) received three doses of IVIG, and five patients (45%) received four doses of IVIG with bilirubin levels decreasing below exchange transfusion. No treatment exceeding four doses of IVIG was reported, nor adverse events during treatment. CONCLUSIONS: In this cohort of neonates with HDN, bilirubin levels decreased after treatment with multiple doses of IVIG. Future research on recommendations of optimal total number doses of IVIG to reduce the risk for exchange transfusion. [ABSTRACT FROM AUTHOR]

This study delves into the intricate relationship between fluctuations in the real exchange rate and the trade balance, situated within the framework of a 'two-country' trade theory model. Despite a wealth of prior research on the impact of exchange rates on international trade, the precise extent of this influence remains a contentious issue. To bridge this gap, our research adopts a pioneering approach, employing three distinct artificial intelligence-based influence measurement methods: Mean Decrease Impurity (MDI), Permutation Importance Measurement (PIM), and Shapley Additive Explanation (SHAP). These sophisticated techniques provide a nuanced and differentiated perspective, enabling specific and quantitative measurements of the real exchange rate's impact on the trade balance. The outcomes derived from the application of these innovative methods shed light on the substantial contribution of the real exchange rate to the trade balance. Notably, the real exchange rate (RER) emerges as the second most influential factor within the 'two-country' trade model. This empirical evidence, drawn from a panel dataset of 78 nations over the period 1992–2021, addresses crucial gaps in the existing literature, offering a finer-grained understanding of how real exchange rates shape international trade dynamics. Importantly, our study implies that policymakers should recognize the pivotal role of the real exchange rate as a key determinant of trade flow. [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]

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]

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]

This article examines the relationship between inflation and Iraq's currency supply. In order to better inform monetary policy, this research investigates the connection between money supply and inflation. The article aims to provide policymakers with a better understanding of the factors contributing to inflation in Iraq. This research incorporates an econometric analysis of data acquired from the Central Bank of Iraq and other sources. The data covers a period from 2011 to 2022. Inflation and money supply are the focus of the time series regression model shown here. Inflation in Iraq may be linked to the country's money supply, the results suggest. Rapid and immediate responses to changes in the money supply are characteristic of inflation. The research shows additional factors in Iraq's inflation besides government policies and currency rates. The results of this study provide substantial knowledge of the origins of Iraq's inflation. According to the results, regulating the money supply is essential for controlling inflation. The analysis also shows how important it is to have a broader view of inflation and its causes. This information helps build effective methods to stabilise the economy and sustain price stability in Iraq. [ABSTRACT FROM AUTHOR]

Loss of function mutations in the SLC26A3 gene cause chloride-losing diarrhea in mice and humans. Although systemic adaptive changes have been documented in these patients and in the corresponding knockout mice, how colonic enterocytes adapt to loss of this highly expressed and highly regulated luminal membrane anion exchanger remains unclear. To address this question, SLC26A3 was deleted in the self-differentiating Caco2BBe colonic cell line by the CRISPR/Cas9 technique. We selected a clone with loss of SLC26A3 protein expression and morphological features indistinguishable from those of the native cell line. Neither growth curves nor development of transepithelial electrical resistance (TEER) differed between wild-type (WT) and SLC26A3 knockout (KO) cells. Real-time qPCR and Western analysis in SLC26A3-KO cells revealed an increase in AE2 expression without significant change in NHE3 expression or localization. Steady-state pHi and apical and basolateral Cl-/HCO3- exchange activities were assessed fluorometrically in a dual perfusion chamber with independent perfusion of luminal and serosal baths. Apical Cl-/HCO3- exchange rates were strongly reduced in SLC26A3-KO cells, accompanied by a surface pH more acidic than that of WT cells. Steady-state pHi was not significantly different from that of WT cells, but basolateral Cl-/HCO3- exchange rates were higher in SLC26A3-KO than in WT cells. The data show that CRISPR/Cas9-mediated SLC26A3 deletion strongly reduced apical Cl-/HCO3- exchange rate and apical surface pH, but sustained a normal steady-state pHi due to increased expression and function of basolateral AE2. The low apical surface pH resulted in functional inhibition of NHE-mediated fluid absorption despite normal expression of NHE3 polypeptide. [ABSTRACT FROM AUTHOR]

The offshore RMB exchange rate is affected by the supply and demand relationship in the international market, investor sentiment, market liquidity, and other factors, while the onshore RMB exchange rate is mainly affected by government regulation and intervention. Therefore, the offshore RMB exchange rate may be a better reflection of the market's macroeconomic expectations and risk appetite for China. Stock index futures are mainly affected by macroeconomic factors, so studying the correlation between the offshore RMB exchange rate and stock index futures is helpful for risk management, hedging, and price discovery. In this study, we selected the offshore RMB exchange rate, the volume of stock index futures, and the absolute rate of return as variables of investor sentiment. Through the Granger causality test, impulse response function, and variance decomposition, we studied the correlation between the rate of return of stock index futures and the rate of return of the offshore RMB exchange rate. Furthermore, we constructed a GARCH conditional volatility model. It was concluded that the trading volume and the absolute rate of return of stock index futures could explain the price fluctuations of stock index futures very well. A change in the offshore RMB exchange rate yield causes a change in the yield of stock index futures. Policymakers need to pay close attention to changes in the offshore RMB exchange rate in order to better grasp market trends and manage risks accordingly. [ABSTRACT FROM AUTHOR]

Existing research of non-unidirectional cleanrooms generally suggests that lower-side return air outlets provide better control effect on indoor particle concentration. As a result, there has been relatively less focus on return air outlets. However, installing return air outlets oriented towards operators as particle emission sources can reduce the impact on process layout and improve space utilization, while also provide less impact from upper particle emission sources on the workbench area. To investigate the characteristics of return air outlet for operators (abbreviated as H), this study compared the particle concentration distribution, non—uniformity, and purification efficiency of return air oultet H and the traditional lower-side (abbreviated as L) return air outlets by experiments and CFD simulations. Based on the theory of mass conservation, the expression of required air supply volume under equivalent cleanroom conditions was derived. Under corresponding experimental and simulation conditions, the particle concentration differences range from 2.0% to 12.7% for return air outlet H and from 12.4% to 33.2% for return air outlet L, and these differences gradually decrease with the air exchange rate (ACH) increases. The results show that ACH = 20 is sufficient for cleanliness requirements with return air outlet H when there is one person in the cleanroom, while a higher rate of ACH = 35 is needed when there are two persons. Although lower-side return air outlets have certain potential for reducing particle concentration in the cleanroom, increasing the air exchange rate remains the most effective method to control indoor particle concentration. Compared to the traditional lower-side return air outlet L, the ranges of the non-uniformity coefficients for return air outlet H and L are 0.50 to 0.67 and 0.45 to 0.53, respectively. The average non-uniformity coefficient differs by 11.9%, and there is not a significant difference in uniformity with more than 20 air changes per hour. The use of return air outlets H only requires an additional 11% of air supply volume to achieve the same cleanliness, demonstrating its effectiveness in controlling particle concentration. It is suitable for cleanrooms with higher requirements for workbenches and for cleanrooms with restricted floor usage or requiring flexible layouts. The study also explores the impact of width of return air outlet oriented towards operators as particle emission sources, the results show that the larger-sized outlets facilitate the particle discharge and control the particle distribution inside the room. [ABSTRACT FROM AUTHOR]

The syntheses of two macrocycles containing original imidazothiadiazole heterocycles are presented. The protonation constants of the ligands have been determined by potentiometry and photophysical measurements. The photophysical properties of the corresponding Tb3+ complexes have been analyzed and the sensitization of the Tb3+ by the heterocyclic moiety demonstrated with modest quantum yields. The corresponding Gd3+ complexes are monohydrated and display higher relaxivities than GdDOTA, which could be explained by the larger size of these complexes. The different substitutions on the heterocycle do not affect strongly the protonation constants of the ligand, the quantum yield, water exchange rate or relaxation properties of the system. [ABSTRACT FROM AUTHOR]

Periodic generalized autoregressive conditionally heteroscedastic (PGARCH) models were introduced by Bollerslev and Ghysels [T. Bollerslev and E. Ghysels, Periodic autoregressive conditional heteroscedasticity, J. Bus. Econom. Statist. 14 1996, 2, 139–151]; these models have gained considerable interest and continued to attract the attention of researchers. This paper is devoted to extensions of the standard absolute value GARCH (AVGARCH) model to the periodically time-varying coefficients (PAVGARCH) one. In this class of models, the parameters are allowed to switch between different regimes. Moreover, these models allow to integrate asymmetric effects in the volatility, Firstly, we give necessary and sufficient conditions ensuring the existence of stationary solutions (in the periodic sense). Secondary, a quasi-maximum likelihood (QML) estimation approach for estimating the PAVGARCH model is developed. The strong consistency and the asymptotic normality of the estimator are studied given mild regularity conditions, requiring strict stationarity and the finiteness of moments of some order for the errors term. Next, we present a set of numerical experiments illustrating the practical relevance of our theoretical results. Finally, we apply our model to two foreign exchange rates: of Algerian Dinar to the European currency Euro (Euro/Dinar) and the American currency Dollar (Dollar/Dinar). This empirical work shows that our approach also outperforms and fits the data well. [ABSTRACT FROM AUTHOR]

What are the main characteristics of sectors that take advantage of the real exchange rate stimulus after a large and long-lasting devaluation? We aim to answer this question by analyzing the development of export sectors in Argentina during 2003–2008, after the crisis and large devaluation of 2002. This six-year period shows the highest number of sectors with export surge episodes from 1980 to 2015. We find, first, that the probability of export surge episodes increased 2.5% by each standard deviation of the higher labor intensity index during the large and long-lasting devaluation period because non-tradable costs prevail in their production function. Second, we show that export surges are more likely to occur in sectors related to already competitive sectors (mainly upstream sectors). Finally, the new export volumes in those sectors show persistent dynamics despite the end of the period of currency competitiveness, a signal of trade hysteresis. • This paper aims to unpack the connection between RER levels and the take-off and development of export sectors in a developing economy. • We found a positive effect of RER on the probability of export surge episodes by taking advantage of the theoretical channel through which the RER should affect export performance. • Labor-intensive sectors showed a higher probability of an export surge episode during the stable and competitive RER period (2003–2008). • We were also able to establish the relevance of productive linkages to already competitive sectors on the probability of an export surge episode during the RER stimulus. In particular, we found evidence that sectors supplying inputs to already competitive industries (upstream linkage) are more likely to achieve export surges. • We evaluated the subsequent performance of the sectors that had an export surge episode during 2003–2008 once the exchange rate stimulus ended. We find evidence of persistence in their export levels compared to the rest of the export sectors, favoring the hypothesis of sunk costs or learning by exporting effects that generate hysteresis in trade. [ABSTRACT FROM AUTHOR]

• Employment is wage-constrained and real depreciation raises exports. • Neither the real exchange rate nor exports affect domestic sales. • There is a lack of transmission from investment to growth. • Volatility effects are weak for exports and inconsistent for investment. • There is little evidence of an interest rate effect for investment. This paper evaluates South African manufacturing performance over 25 years. It reports the evolution of five basic variables: employment, mark-ups, exports, domestic sales, and investment, using an aggregated sample of firms from a reliable business database. The approach differs from other economic models by the complementary use of management perceptions in estimated equations. The results reinforce some previous findings; for example, wage pressure tends to constrain domestic sales while the relative wage incentivizes capital investment. The exchange rate matters for exports and investment is constrained by skill shortages. Other findings add evidence to contested issues such as the importance of the interest rate level for investment and exchange rate stability for export growth. Relationships between key variables can help to identify growth constraints and the potential for manufacturing jobs. In particular, the lack of transmission from exports to employment or to domestic sales and the response of the mark-up to investment suggest institutional failures in coordinating market activity. [ABSTRACT FROM AUTHOR]

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]

For developing economies, exporting broadens the horizon for facilitating effective integration into the global economy and improving overall competitiveness. While small developing states are particularly at high risk given their fundamental characteristics, the expected impact of these exogenous shocks on small resource dependent economies are amplified given the high possibility of lower levels of diversification. This paper therefore assesses the determinants of exports and exporting potential of SIDS (small island developing states) with a focus on Caribbean resource-based countries. Using non resource exports, in an aggregate and disaggregate form, as the dependent variable, the traditional gravity model was augmented to include a revealed comparative advantage (RCA) index, the real effective exchange rate (REER) of the exporter and the export sophistication (EXPY) index. The main findings indicate that an appreciation of the REER has an inverse impact on exports of non-resource commodities and that trade according to comparative advantage and differences in export sophistication occurs mainly in the agricultural sector. [ABSTRACT FROM AUTHOR]

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