This paper constructs a model in which the currency composition of national portfolios is an essential element in facilitating capital flows between countries. In a two country environment, each country chooses optimal nominal bond portfolios in face of real and nominal risk. Current account...

We argue a source of time-varying premium (TVTP) in Japanese government bond market, and show that it is interest rate smoothing that causes empirical failures of expectation theory of term structure of interest rates. We estimate a regime switching ARCH model where an interest rate smoothing...

A numerical model for an anode-supported intermediate-temperature direct-internal-reforming planar solid oxide fuel cell (SOFC) was developed. In this model, the volume-averaging method is applied to the flow passages in the SOFC by assuming that a porous material is inserted in the passages as...