29 4n,I Apparatats forD)et rmini il tiC Absorptlio of Carbon D)io.ridc b2l L(arcs a1( wrr Aaitaral Condlition)s: PROFESSOR A. J. IfElINICKE mid(1 AL. ). 1OFAIfo AN 41 Spc ial Art icl(s : The Flnletion of Il/I A4d( n tll (Coillci Ifomnion( ani(1 tiln Coais of D ewth front Adra nlt InsuiCiencIC,: PROFESSOR AV. W. S\\ INGLE, .1. .1. PFIF-NxP,RN It. -A. VARS, 1:. A. BOrTnTl d AV. AM. PARTKINs.S 43 ...

How does an unexpected domestic monetary expansion a¤ect the foreign economy: Does it induce an increase or a decline in foreign production? And is it ’beggar-thy-neighbour’, or does it raise foreign welfare? Empirical evidence from VARs indicates that monetary policy has positive international transmission e¤ects on both foreign output and aggregate demand. A two-country dynamic general equili...

Plants of Juniperus communis L. var. communis, J. c. var. depressa Pursh, J. c. var. jackii Rehdr, J. c. var. saxatilis Pall. were sampled and SNPs from nrDNA were examined. Based on these data and previous data, a new variety of J. communis is recognized: Juniperus communis var. charlottensis R. P. Adams, var. nov. It occurs in muskeg bogs on Queen Charlotte Island, British Columbia and in the...

Monetary policy research using time-series methods has been criticized for using more information than the Federal Reserve had available. To quantify the role of this criticism, we estimate VARs with real-time data while accounting for the latent nature of many economic variables, such as output. Our estimated monetary policy shocks are closely correlated with typically estimated measures. The ...

This paper re-examines the relationship between stock market development and economic growth. It provides a theoretical basis for establishing the channel through which stock markets affect economic growth in the long run. It examines the hypothesis of endogenous growth models that financial development causes higher growth through its influence on the level of investment and its productivity. ...

We propose a new algorithm for unit commitment that employs a Lagrange relaxation technique with a new augmentation of the Lagrangian. The new augmentation involves a duplication of variables that allows relaxation of the coupling between generator timespanning constraints and system-wide instantaneous constraints. This framework allows the possibility of committing units that are required for ...

Risk management technology applied to high dimensional portfolios needs simple and fast methods for calculation of Value-at-Risk (VaR). The multivariate normal framework provides a simple off-the-shelf methodology but lacks the heavy tailed distributional properties that are observed in data. A principle component based method (tied closely to the elliptical structure of the distribution) is th...

When impulse responses in dynamic multivariate models such as identified VARs are given economic interpretations, it is important that reliable statistical inferences be provided. Before probability assessments are provided, however, the model must be normalized. Contrary to the conventional wisdom, this paper argues that normalization, a rule of reversing signs of coefficients in equations in ...

For a Markov chain X = {Xi, i = 1, 2, . . . , n} with the state space {0, 1}, the random variable S := ∑n i=1 Xi is said to follow a Markov binomial distribution. The exact distribution of S, denoted as LS, is very computationally intensive for large n [see Gabriel (1959) and Bhat and Lal (1988)] and this paper concerns suitable approximate distributions for LS when X is stationary. We conclude...

Mixed-frequency Vector AutoRegressions (MF-VAR) model the dynamics between variables recorded at different frequencies. However, as number of series and high-frequency observations per low-frequency period grow, MF-VARs suffer from curse dimensionality. We curb this through a regularizer that permits various hierarchical sparsity patterns by prioritizing inclusion coefficients according to rece...