... (1982), and Cambell and Mankiw (1987) assume the stationarity ofthe rst log difference ofthereal GDP and emphasize on the usage of ARIMA models in an attempt to estimate the long-term trend of ... USA rate throughout the states varies andthe state level growth rates are different from the national growth rate For example, during the 1987 andthe 1988, the U.S was facing positive growth rate ... as the U.S on aggregate exhibited distinct downturn ofthereal estate cycle between the third quarter of 2006 andthe rst quarter of 2007 Finally we found that the state level economic and real...
... computation ofthe present value is, again, the long-term interestrateThe lower the level of long-term interest rates, the higher the impact of a change in the long-term rate on the underlying value of ... Italy andthe Netherlands), while CK and BF concentrated on short-term credit to firms These retail bank rates are all published by the central banks ofthe six countries mentioned above Most ofthe ... reflect the maximisation of banks income when their customers are confronted with the costs of switching banks, which reduce theinterestrate elasticity ofthe credit demand curve andthe deposit...
... results of this study provide the first formal estimates ofthe joint effect of derivative exposures on the systematic interestrateand exchange rate risks of U S banks The rest ofthe paper ... by theinterestrate or exchange rate policy shocks Theinterestrate shocks include the October 1979 (the change ofmonetary policy from interestrate targeting to bank reserve targeting) or the ... Derivative Exposure andtheInterestRateand Exchange Rate Risks of U.S Banks November 1996 Abstract: This paper estimates theinterestrateand exchange rate risk betas of fifty-nine large...
... Monthly series ofinterestrate data, from two sources: The fixed mortgage rates of maturities of 1-5 years – from a major commercial bank The rest ofthe data: bond rates, base lending rate, floating ... Prior to the introduction ofthe OCR in 1999, all long-term degree of pass-through from the market cash rate to retail rates was incomplete After the introduction ofthe OCR, the degree of passthrough ... from the overnight interbank rate to retail rates is incomplete for all series, except for the floating and fixed 1-year mortgage rates at the 5% level Official and money market interest rates...
... information on the use of, and threats to, the Malaysian coastal and marine resources off the Straits of Malacca andthe adjacent waters ofthe Andaman Sea andthe Indian Ocean In the process, an attempt ... TAI The Straits of Singapore The Straits of Singapore The Straits of Malacca The Straits of Singapore The Straits of Singapore The Straits of Malacca The South China Sea The South China Sea The ... is in the Andaman Sea at the northern tip ofthe Straits, while the shallowest is at the One Fathom Bank in the south The current predominantly flows in a northwest direction with rates of to...
... sub-sector Analysisofthe structure ofthe commodity system usually focuses on the characteristics related to the Chapter number and size of firms in relation to the size ofthe market, the presence ... estimates ofthe characteristics ofinterest Precision relates to the consistency of estimates if the sampling was carried out a number of times In general, the larger the sample, the more precise the ... opportunities andthe returns they can achieve G the access ofthe poor to social, human, natural, financial and physical capital and their ability to put these assets to productive use G the changing...
... procyclical in its operations. Essentially this is because the value of available collateral reflects three components; the market value ofthe collateral, the haircut imposed on the borrower andthe velocity of turnover (rehypothecation )of the ... This is not to deny successful efforts by a number of countries, including China, to expand markets in other EME’s. Of course this still leaves the broader question ofthe robustness ofthe totality of those markets in the event of a serious downturn in the AME’s. ... cause for concern. For simplicity, suppose that the natural rateofinterest (real) for the global economy as a whole can be proxied by an ex post measure; the potential rateof growth ofthe global economy, as estimated by the IMF. Reflecting globalization and technology transfer, this ...
... due to the central place ofthe German policy in the European Monetary System before the launch ofthe ECB and because the German bond rates remain the benchmark for the long-term interest rates ... Das and Foresi (1998) show the presence of a stochastic central tendency in the dynamics ofthe short and long term interest rates which explains that the level ofthe short rate is not the only ... agents about the structure ofthe economy andthe policymaker preferences Hence, these two features increase the sensitivity of in‡ ation expectations andofthe term structure ofinterest rates to...
... Furthermore, theanalysisofthe calculated structures revealed a short distances between NH of Leu7 andthe side chain carboxyl group ofthe Asp6 residue (< 0.28 nm), and NH of Leu7 residue and ... Characterization ofthe secondary structure of these two ligands of ODN receptors should provide useful information for the design of potent, stable and selective agonists and antagonists of these receptors ... ligands [13,14,27] The Ala-scan of OP has revealed that the side chain of each residue is required for the full activity ofthe peptide [12] These data led us to synthesize cyclic analogs of...
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... I and II) and late stage (Ann-Arbor stages III and IV) Combining the studies, there were 439 patients, and over 98% of these were late-stage Treatment efficacy The main characteristics ofthe ... in tables andThe first analysis, in which R-CVP and R-CHOP are compared as frontline chemotherapeutic agents, included the R-CHOP study of Hiddemann et al [5] andthe R-CVP study of Marcus et ... outweigh these factors It is therefore important to assess the relative efficacy ofthe two treatments Our first analysis reviewed the studies of frontline treatment of patients with FL using either...
... β-tubulin, PP2A, and SAND, with Ct values of 26 or higher The calculated coefficient of variance ofthe Ct values gives an indication ofthe expression stability of a particular gene β-tubulin and cyclophilin ... coefficient of variance; 2) analysis using the geNorm software [16]; and 3) deviations from the Ct mean [17] Lastly, we demonstrate the effects of using one or more reference genes on the relative ... research and development initiative The authors also wish to thank the Province of British Columbia andthe BC wine industry for their continued support of research activities in the University of...
... 1 The ECOFIN is the Economic and Financial Affairs Council, one ofthe oldest ofthe EU It is composed ofthe Finance Ministers ofthe 27 Member States andof their Budgets Authorities when the ... Appendix: Ideology and Economics in the Failure of Lehman Brothers 105 Chapter The Economics ofMonetary Union: The Theory of Optimum Currency Areas Abstract In the 1960s, the theory of Optimum Currency ... understanding ofthe problems faced by the Eurozone The last two chapters ofthe book turn towards an analysisofthe crisis ofthe euro and how to get out of this crisis Spain is used as the prototype...
... from the tyranny ofthe immediate locale Even in the mundane worlds of work and leisure, never mind the realm of personal relationships, in the economy ofthe future therealandthe human will ... caught up in the frenzy ofthe late 1990s stock-market bubble and thereby coming under the spell of an illusion of wealth, right under their noses thereal sources of wealth were gathering their strength ... for The Times and then for the Sunday Telegraph, I was full of foreboding about the stock market and what major weakness in it would to the American economy and thence to the world Then the stock...
... histological analysis in gliomas and structure determinationof a hypothetical protein Xu Ying A THESIS SUBMITTED FOR THE DEGREE OF MASTER OF SCIENCE CHEMISTRY DEPARTMENT NATIONAL UNIVERSITY OF SINGAPORE ... is, moreover, one ofthe tissues ofthe body that exhibits very high levels of metabolism Therefore physiologic and biochemical information concerning the kinetics and metabolism of substances as ... absence of NAA andthe presence of Lactate or lipids An excellent correlation between regional neuron loss and regional NAA decrease was found Furthermore, the disappearance ofthe metabolites of...
... The mean sizes of P and B-frames of each GOP given the size ofthe corresponding I-frame in (a) the single-layer Star Wars IV and (b) the base layer ofthe spatially scalable The Silence ofthe ... 62 (a) The ACF of {εI (n)} and that of {φI (n)} in Star Wars IV (b) The ACF of {εP (n)} and that of {φP (n)} in The Silence of 1 the Lambs 125 63 The ACF of {A3 ... Histograms of (a) the actual detailed coefficients; (b) the Gaussian model; (c) the GGD model; and (d) the mixture-Laplacian model 113 53 The ACF ofthe actual I-frame sizes and that ofthe synthetic traffic...
... ago, economists ofthe left and right agreed that the improvement in the efficiency of resource allocation andthe increase in the supply of capital were at the heart of development They differed ... embrace—presumably the banking system, but what else? What would be the standards? And who has the competence? Certainly not the IMF! The second criticism ofthe analogy between the IMF andthe Fed as the lender ... accountable to the government, andthe government—at least in democracies—is accountable to the people Yet, because ofthe length ofthe chain of accountability andthe weaknesses in each link of that...
... the rigidity ofthe deposit rates and for a range of merger, bank and local market features An innovation of our work is the introduction of an econometric approach of estimating the change of ... These authors extend the time horizon oftheanalysis to six years after the merger, and their results imply that in the long run, merging banks offer higher deposit rates than their rivals The ... The “efficiency hypothesis” states that the merged bank might reach economies of scale and other efficiency gains and transfer these to the customers in the form of more beneficial interest rates...
... greater number of degrees of freedom The exclusion ofthe interbank rate from the model can be adopted because ofthe high velocity of adjustment ofthe interbank rate to the policy rate in the 1990s ... lending rates in the case ofmonetary tightening In the second period, the only asymmetry is detected in the response ofthe lending rate to a deviation in the long run relationship between theinterest ... both the short-term lending 20 rateandthe interbank rateandthemonetary policy indicator is largely accepted (βL=βB=1).11 On the contrary, given the presence ofthe reserve coefficient, the...