The formula for probability density functions (PDFs) has been extended to include PDF for energy dissipation rates in addition to other PDFs such as for velocity fluctuations, velocity derivatives, fluid particle accelerations, energy transfer rates, etc., and it is shown that the formula...

This paper studies the implications of the imperfect credibility of an exchange rate target zone on the term structure of forward premia. The relationship between spot and forward exchange rates of different maturities reflects the possibility of repeated realignments of the exchange rate band....

An exchange rate model with heterogeneous expectations is developed in which agents are subject to mutual mimetic contagion in their portfolio decisions. Two alternative sources of heterogeneity are tested in order to explain the short-term dynamics of the euro/dollar since January 1999....

The solution of reduced Fokker–Planck–Kolmogorov (FPK) equation resulted from the problems in statistical mechanics is formulated as an exponential function of polynomials in state variables. Special measure is taken to satisfy the FPK equation in the weak sense of integration with the...