Does Exchange Rate Variability Matter for Welfare? A Quantitative Investigation of Stabilization Policies

This paper evaluates quantitatively the potential welfare gains from monetary policy and fixed exchange rate rules in a two-country sticky-price model. The first finding is that the gains from stabilization tend to be small in the types of economic environments emphasized in recent theoretical literature. The analysis goes on to identify two types of economies in which the welfare implications of risk are larger: where agents exhibit habits, and where international asset markets exhibit asymmetry in the form of “original sin.” In the habits case, monetary policy aimed solely at inflation stabilization is optimal. But in the original sin case there are potentially large welfare gains from also eliminating exchange rate volatility.exchange rate risk, second order approximation

Self-optimized Coverage Coordination in Femtocell Networks

This paper proposes a self-optimized coverage coordination scheme for two-tier femtocell networks, in which a femtocell base station adjusts the transmit power based on the statistics of the signal and the interference power that is measured at a femtocell downlink. Furthermore, an analytic expression is derived for the coverage leakage probability that a femtocell coverage area leaks into an outdoor macrocell. The coverage analysis is verified by simulation, which shows that the proposed scheme provides sufficient indoor femtocell coverage and that the femtocell coverage does not leak into an outdoor macrocell.Comment: 16 pages, 5 figure

Pairings in mirror symmetry between a symplectic manifold and a Landau-Ginzburg BB-model

We find a relation between Lagrangian Floer pairing of a symplectic manifold and Kapustin-Li pairing of the mirror Landau-Ginzburg model under localized mirror functor. They are conformally equivalent with an interesting conformal factor $(vol^{Floer}/vol)^2$, which can be described as a ratio of Lagrangian Floer volume class and classical volume class. For this purpose, we introduce $B$-invariant of Lagrangian Floer cohomology with values in Jacobian ring of the mirror potential function. And we prove what we call a multi-crescent Cardy identity under certain conditions, which is a generalized form of Cardy identity. As an application, we discuss the case of general toric manifold, and the relation to the work of Fukaya-Oh-Ohta-Ono and their $Z$-invariant. Also, we compute the conformal factor $(vol^{Floer}/vol)^2$ for the elliptic curve quotient $\mathbb{P}^1_{3,3,3}$, which is expected to be related to the choice of a primitive form.Comment: 35 pages, 5 figures. Comments are welcom