Does Inflation Targeting decrease Exchange Rate Pass-through in Emerging Countries?

In this paper, we empirically examine the effect of inflation targeting on the exchange rate pass-through to prices in emerging countries. We use a panel VAR that allows us to use a large dataset on twenty-seven emerging countries (fifteen inflation targeters and twelve inflation nontargeters). Our evidence suggests that inflation targeting in emerging countries contributed to a reduction in the pass-through to various price indexes (import prices, producer prices and consumer prices) from a higher level to a new level that is significantly different from zero. The variance decomposition shows that the contribution of exchange rate shocks to price fluctuations is more important in emerging targeters compared to nontargeters, and the contribution of exchange rate shocks to price fluctuations in emerging targeters declines after adopting inflation targeting.Inflation Targeting, Exchange Rate Pass-Through, panel VAR.

On Quantum Field Theory with Nonzero Minimal Uncertainties in Positions and Momenta

We continue studies on quantum field theories on noncommutative geometric spaces, focusing on classes of noncommutative geometries which imply ultraviolet and infrared modifications in the form of nonzero minimal uncertainties in positions and momenta. The case of the ultraviolet modified uncertainty relation which has appeared from string theory and quantum gravity is covered. The example of euclidean $\phi^4$-theory is studied in detail and in this example we can now show ultraviolet and infrared regularisation of all graphs.Comment: LaTex, 32 page

About maximally localized states in quantum mechanics

We analyze the emergence of a minimal length for a large class of generalized commutation relations, preserving commutation of the position operators and translation invariance as well as rotation invariance (in dimension higher than one). We show that the construction of the maximally localized states based on squeezed states generally fails. Rather, one must resort to a constrained variational principle.Comment: accepted for publication in PR

Comment on "Quantum mechanics of smeared particles"

In a recent article, Sastry has proposed a quantum mechanics of smeared particles. We show that the effects induced by the modification of the Heisenberg algebra, proposed to take into account the delocalization of a particle defined via its Compton wavelength, are important enough to be excluded experimentally.Comment: 2 page

Regional Debt in Monetary Unions: Is it Inflationary?

This paper studies the inflationary implications of interest bearing regional debt in a monetary union. Is this debt simply backed by future taxation with no inflationary consequences? Or will the circulation of region debt induce monetization by a central bank? We argue here that both outcomes can arise in equilibrium. In the model economy, there are multiple equilibria which reflect the perceptions of agents regarding the manner in which the debt obligations will be met. In one equilibrium, termed Ricardian, the future obligations are met with taxation by a regional government while in the other, termed Monetization, the central bank is induced to print money to finance the region's obligations. The multiplicity of equilibria reflects a commitment problem of the central bank. A key indicator of the selected equilibrium is the distribution of the holdings of the regional debt. We show that regional governments, anticipating central bank financing of their debt obligations, have an incentive to create excessively large deficits. We use the model to assess the impact of policy measures within a monetary union.Monetary Union ; Inflation tax ; Seigniorage ; Public debt.

Maximal Localisation in the Presence of Minimal Uncertainties in Positions and Momenta

Small corrections to the uncertainty relations, with effects in the ultraviolet and/or infrared, have been discussed in the context of string theory and quantum gravity. Such corrections lead to small but finite minimal uncertainties in position and/or momentum measurements. It has been shown that these effects could indeed provide natural cutoffs in quantum field theory. The corresponding underlying quantum theoretical framework includes small `noncommutative geometric' corrections to the canonical commutation relations. In order to study the full implications on the concept of locality it is crucial to find the physical states of then maximal localisation. These states and their properties have been calculated for the case with minimal uncertainties in positions only. Here we extend this treatment, though still in one dimension, to the general situation with minimal uncertainties both in positions and in momenta.Comment: Latex, 21 pages, 2 postscript figure

Unsharp Degrees of Freedom and the Generating of Symmetries

In quantum theory, real degrees of freedom are usually described by operators which are self-adjoint. There are, however, exceptions to the rule. This is because, in infinite dimensional Hilbert spaces, an operator is not necessarily self-adjoint even if its expectation values are real. Instead, the operator may be merely symmetric. Such operators are not diagonalizable - and as a consequence they describe real degrees of freedom which display a form of "unsharpness" or "fuzzyness". For example, there are indications that this type of operators could arise with the description of space-time at the string or at the Planck scale, where some form of unsharpness or fuzzyness has long been conjectured. A priori, however, a potential problem with merely symmetric operators is the fact that, unlike self-adjoint operators, they do not generate unitaries - at least not straightforwardly. Here, we show for a large class of these operators that they do generate unitaries in a well defined way, and that these operators even generate the entire unitary group of the Hilbert space. This shows that merely symmetric operators, in addition to describing unsharp physical entities, may indeed also play a r{\^o}le in the generation of symmetries, e.g. within a fundamental theory of quantum gravity.Comment: 23 pages, LaTe

On Fields with Finite Information Density

The existence of a natural ultraviolet cutoff at the Planck scale is widely expected. In a previous Letter, it has been proposed to model this cutoff as an information density bound by utilizing suitably generalized methods from the mathematical theory of communication. Here, we prove the mathematical conjectures that were made in this Letter.Comment: 31 pages, to appear in Phys.Rev.

Algebraic {qq}-Integration and Fourier Theory on Quantum and Braided Spaces

We introduce an algebraic theory of integration on quantum planes and other braided spaces. In the one dimensional case we obtain a novel picture of the Jackson $q$-integral as indefinite integration on the braided group of functions in one variable $x$. Here $x$ is treated with braid statistics $q$ rather than the usual bosonic or Grassmann ones. We show that the definite integral $\int x$ can also be evaluated algebraically as multiples of the integral of a $q$-Gaussian, with $x$ remaining as a bosonic scaling variable associated with the $q$-deformation. Further composing our algebraic integration with a representation then leads to ordinary numbers for the integral. We also use our integration to develop a full theory of $q$-Fourier transformation $F$. We use the braided addition $\Delta x=x\otimes 1+1\otimes x$ and braided-antipode $S$ to define a convolution product, and prove a convolution theorem. We prove also that $F^2=S$. We prove the analogous results on any braided group, including integration and Fourier transformation on quantum planes associated to general R-matrices, including $q$-Euclidean and $q$-Minkowski spaces.Comment: 50 pages. Minor changes, added 3 reference

Hole spin dynamics and hole gg factor anisotropy in coupled quantum well systems

Due to its p-like character, the valence band in GaAs-based heterostructures offers rich and complex spin-dependent phenomena. One manifestation is the large anisotropy of Zeeman spin splitting. Using undoped, coupled quantum wells (QWs), we examine this anisotropy by comparing the hole spin dynamics for high- and low-symmetry crystallographic orientations of the QWs. We directly measure the hole $g$ factor via time-resolved Kerr rotation, and for the low-symmetry crystallographic orientations (110) and (113a), we observe a large in-plane anisotropy of the hole $g$ factor, in good agreement with our theoretical calculations. Using resonant spin amplification, we also observe an anisotropy of the hole spin dephasing in the (110)-grown structure, indicating that crystal symmetry may be used to control hole spin dynamics