What Can Be Learned About the Economies of China and India from Purchasing Power Comparisons?

Comparisons of India and China have been made for over 50 years. This paper focuses on purchasing power estimates in China and India in the 2005 round of the UN International Comparison Programme (ICP) that was coordinated by the World Bank, the Regional Banks and Economic Commissions. The 2005 ICP round provides estimates of purchasing power parities (PPPs) of currencies and real product per capita for 146 countries, and the results for China and India are discussed in the context of the size of these economies. It also provides insights into the prospects of future economic growth in China and India as also policy recommendations for China and the likely scenarios in the future.purchasing power, China, India, economic growth, Tertiary Sector, capital stock

Linear Quadrupole Focusing for High Resolution Microdroplet-Based Fabrication

In industry, particularly in the field of rapid prototyping, droplet-based manufacturing is proving to be an extremely efficient technique for the production of low cost electronic components. However, for some applications, the desired material properties at deposition are not easily integrated with a homogeneous, low viscosity fluid suitable for droplet ejection. For this reason, it would prove beneficial to have some means of altering the material properties of the droplets during their travel to the substrate. Due to the inherent irregularities in droplet ejection systems, increases in the associated throw-distances and travel times generally cause decreased resolution in placement. Thus, the purpose of this study was to assess the potential of a linear electrodyamic quadrupole for use in constraining the trajectories of charged microdroplets to allow for modification of their material properties prior to deposition. The equations of motion for the droplets within the device were derived and integrated numerically. Approximate bounds on the system stability were determined and the effects of the respective parameters were considered. An experimental system was constructed and used for deposition experiments. The results obtained, show that a linear quadrupole can be used to focus microdroplet streams for deposition, and that the corresponding operating variables can be predicted from the governing equations

Measuring and analyzing aggregate fluctuations: the importance of building from microeconomic evidence - commentary

Employment (Economic theory) ; Investments ; Productivity

To transduce a zebra finch: interrogating behavioral mechanisms in a model system for speech.

The ability to alter neuronal gene expression, either to affect levels of endogenous molecules or to express exogenous ones, is a powerful tool for linking brain and behavior. Scientists continue to finesse genetic manipulation in mice. Yet mice do not exhibit every behavior of interest. For example, Mus musculus do not readily imitate sounds, a trait known as vocal learning and a feature of speech. In contrast, thousands of bird species exhibit this ability. The circuits and underlying molecular mechanisms appear similar between disparate avian orders and are shared with humans. An advantage of studying vocal learning birds is that the neurons dedicated to this trait are nested within the surrounding brain regions, providing anatomical targets for relating brain and behavior. In songbirds, these nuclei are known as the song control system. Molecular function can be interrogated in non-traditional model organisms by exploiting the ability of viruses to insert genetic material into neurons to drive expression of experimenter-defined genes. To date, the use of viruses in the song control system is limited. Here, we review prior successes and test additional viruses for their capacity to transduce basal ganglia song control neurons. These findings provide a roadmap for troubleshooting the use of viruses in animal champions of fascinating behaviors-nowhere better featured than at the 12th International Congress

A discrete-time two-factor model for pricing bonds and interest rate derivatives under random volatility

This paper develops a discrete-time two-factor model of interest rates with analytical solutions for bonds and many interest rate derivatives when the volatility of the short rate follows a GARCH process that can be correlated with the level of the short rate itself. Besides bond and bond futures, the model yields analytical solutions for prices of European options on discount bonds (and futures) as well as other interest rate derivatives such as caps, floors, average rate options, yield curve options, etc. The advantage of our discrete-time model over continuous-time stochastic volatility models is that volatility is an observable function of the history of the spot rate and is easily (and exactly) filtered from the discrete observations of a chosen short rate/bond prices. Another advantage of our discrete-time model is that for derivatives like average rate options, the average rate can be exactly computed because, in practice, the payoff at maturity is based on the average of rates that can be observed only at discrete time intervals. ; Calibrating our two-factor model to the treasury yield curve (eight different maturities) for a few randomly chosen intervals in the period 1990–96, we find that the two-factor version does not improve (statistically and economically) upon the nested one-factor model (which is a discrete-time version of the Vasicek 1977 model) in terms of pricing the cross section of spot bonds. This occurs although the one-factor model is rejected in favor of the two-factor model in explaining the time-series properties of the short rate. However, the implied volatilities from the Black model (a one-factor model) for options on discount bonds exhibit a smirk if option prices are generated by our model using the parameter estimates obtained as above. Thus, our results indicate that the effects of random volatility of the short rate are manifested mostly in bond option prices rather than in bond prices.Bonds ; Options (Finance) ; Interest rates ; Derivative securities

Continuous ink-jet printing electronic components using novel conductive inks

To reduce the cost of electronics fabrication and to take advantage of numerous potential specialized applications, a novel process of manufacturing three-dimensional electronic products is introduced in the present investigation. This process, which is currently being patented by the University of Pittsburgh, utilizes specialized continuous ink jet (CIJ) printing technology and innovative conductive inks that are capable of producing high-resolution conductive traces. Unlike drop-on-demand (DOD) techniques that are aimed at more precise features sizes (1 micron or less) and smaller scale applications, the present investigation demonstrates that the new process can be used in mass production applications where larger feature sizes (~50 microns) are sufficient. It has been found that the traces produced by the process have excellent adherence and have an electrical resistivity of only 2.9 times of bulk silver after curing. The major advantage of the proposed CIJ process is that it not only provides a fast and cost-effective method for applying electronic components (conductors, diodes, capacitors and resistors) on existing products, but it also allows the printing of conductive traces in three-dimensional space. With a throw distance that exceeds 10 cm, it demonstrates how the new fabrication process is not only suitable for desktop microfabrication, but also for large volume applications such as automotive glass.Mechanical Engineerin