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A simple space-state model is presented as a technique for deriving high frequency data from lower frequency measurement, and it is verified using Monte Carlo experiments.

The impact of the bombardment of graphite with small silver clusters was investigated with the use of a scanning tunneling microscope. A cluster source specifically created for the deposition of small size-selected silver clusters was utilized to implant silver ions. Results revealed protrusions on the graphite surface which were caused by bumps in the graphite surface layer. In addition, the positions of the implanted silver atoms were highly localized.

The increased variations in production and inventory levels instead of prices after the occurrence of cost and demand shocks during periods of inflexible prices were investigated. Specifically, the problem, which was confirmed by data observations, was viewed from two perspectives to find out which is true. The first holds that response selectivity to demand shocks exists while the second pertains to the occurrence of price smoothing.

Rules for expectation formulation and learning can be used to form a model for the sterling exchange rate market. A time-varying parameter model has been devised which replicates how agents in the foreign exchange market would form their expectations. A negative hypothesis is used to test the model, but is rejected, thus demonstrating that the model is useful to forecast the exchange rate.

Full economic convergence within the European Community must precede political integration, to avoid the high costs of inflation-unemployment disparties. Attention has been too focused on nominal monetary convergence (the European Monetary System), at the expense of real convergence (the European Monetary Union and the Single Market). Measures of convergence using both cross-sectional and time-series data are constructed to provide some basis for performance. Convergence of exchange rates indicates that interest rates may diverge for some time, with considerable costs.

Estimated microproduction functions confront two major problems—those of (1) unknown functional forms and (2) the measurement of capital independent of the distribution of output among the factors of production. The latter problem has emerged unresolved from the earlier Cambridge capital controversy. In the presence of these two problems, all specifications of microproduction functions have involved nonunique coefficients and error terms. We provide a method of deriving time-varying coefficients that produces unique coefficients and error terms. Specifically, we respecify the microproduction function in such a way that its coefficients are the sums of (i) the appropriate partial derivatives and (ii) exact representations of excluded-variable biases. By decomposing the total coefficients, we obtain the unique coefficients and a unique error term. Our treatment of heterogeneous capital is not subject to the criticisms of that concept that emerged during the Cambridge controversy. [ABSTRACT FROM PUBLISHER]

Reports on the development of a caesium ion sputter source for the production of small mass-selected atomic clusters. Schematic of the cluster source; Sputter ion source; Mass selection and ion optics; Beam characterization.

The article focuses on the economic theory according to Leon Walras. The earlier edition of Walras' work, "Éléments d'Économie Politique Pure," reveals his thoughts and ideas on the relevance of the study of economics and money. The development of his ideas on the function of money in an economy reveals his earlier concept that a mechanical money operates as an intermediary in exchange with a set of exchange identities. Moreover, the improvement of his thoughts made him realised that his analysis of money had to be integrated with his analysis of other commodities and believes that a consistent approach with value theory is ought be adopted.

There is a conflict in Walras' ‘Elements of Pure Economics’ between the literary and mathematical treatment of the utility of money. This paper outlines this conflict and suggests that the clear cut treatment of Walras which may be found in much of the literature is in fact too simplistic to represent Walras' views. [ABSTRACT FROM AUTHOR]

The article outlines a numerical technique for setting up a set of symmetric difference equation. It discusses the calculation of numerical approximations to the partial derivatives and the purpose of the choice of initial and terminal conditions. The basis for the cost of the algorithm is outlined. The study also details the development of a model of manufacturing stock levels with costly adjustment to a desired stock level. It shows that the regression contains backward and forward parts which are consistent.

Presents a study that used an extremely high frequency data set on the dollar-sterling exchange rate to investigate the impact of news events on the very short-term movements in exchange rates. Time-series properties of the data; Use of orthodox regression models; Average number of quotes exhibited over the Reuters FXFX service.