Proper orthogonal decomposition is a statistical pattern analysis technique for "nding the dominant structures, called the proper orthogonal modes, in an ensemble of spatially distributed data. While the proper orthogonal modes are obtained through a statistical formulation, they can be physically interpreted in the "eld of structural dynamics. The purpose of this paper is thus to provide some ...

  This paper examines impact of trade liberalization on industrial growth of India. The research problem is expressed as “To what extent does trade liberalization or openness of the economy influence industrial growth of India?” To identify the impacts of trade liberalization, total time period, 1970-2010, is divided into two sub periods of before trade liberalization i.e. (1970 to 1990) an...

A Bayesian Analysis of a Variance Decomposition for Stock Returns We apply Bayesian methods to study a common VAR-based approach for decomposing the variance of excess stock returns into components reflecting news about future excess stock returns, future real interest rates, and future dividends. We develop a new prior elicitation strategy which involves expressing beliefs about the components...

In this paper we review the factors that may lead to structural changes in stock market volatility and present an analysis that assesses whether emerging stock market volatility has changed significantly over the period 1976:01-2002:03. This period corresponds to the years of more profound development of both the financial and the productive sides in emerging countries. We use alternative metho...

Cointegration analysis has led to equilibrium-correction econometric systems being ubiquitous. But in a non-stationary world subject to structural breaks, where model and mechanism differ, equilibrium-correction models are a risky device from which to forecast. Equilibrium shifts entail systematic forecast failure, as forecasts will tend to move in the opposite direction to data. We explain the...

The textbook Dantzig-Wolfe decomposition for the Capacitated Lot Sizing Problem (CLSP), as already proposed by Manne in 1958, has an important structural deficiency. Imposing integrality constraints on the variables in the full blown master will not necessarily give the optimal IP solution as only production plans which satisfy the Wagner-Whitin condition can be selected. It is well known that ...

In economic development, structural change among the three main sectors of an economy accompanies with aggregate economic growth. Nevertheless the question whether economic growth causes structural change or change in the economic structure causes aggregate growth is still unanswered. To shed some more light on this issue, this study examines a Grangercausality test in a panel environment to de...

The Sexual Orientation Wage Gap: The Role of Occupational Sorting, Human Capital, and Discrimination Using data from the 2000 U.S. Census, we document and explore three alternative explanations for the sexual orientation wage gap: occupational sorting, human capital differences, and discrimination. We find lesbian women earn more than their heterosexual counterparts irrespective of marital stat...