Demand-Driven Alias Analysis for C

This paper presents a demand-driven, flow-insensitive analysis algorithm for answering may-alias queries. We formulate the computation of alias queries as a CFL-reachability problem, and use this formulation to derive a demand-driven analysis algorithm. The analysis uses a worklist algorithm that gradually explores the program structure and stops as soon as enough evidence is gathered to answer the query. Unlike existing techniques, our approach does not require building or intersecting points-to sets. Experiments show that our technique is effective at answering alias queries accurately and efficiently in a demand-driven fashion. For a set of alias queries from the SPEC2000 benchmarks, our analysis is able to accurately answer 97% of the queries in less than 1 millisecond per query. Compared to a demand-driven points-to analysis that constructs and intersects points-to sets on-the-fly, our alias analysis is more than two times faster

Performance and prospects of smaller UK regional airports

This paper investigates the traffic and financial performance of smaller UK regional airports between 2001 and 2014. Fourteen airports that typically serve less than 5 million passengers per annum were selected for the analysis. A period of strong growth in passenger demand was experienced from 2001 to 2007, driven largely by low cost carriers. The period from 2007 to 2014 was characterised by declining demand, resulting in significant losses for many of the airports. Airline strategies, such as the use of an increased unit fleet size and average sector length, may further limit future prospects for smaller UK regional airports in favour of larger ones with greater local demand. The relationship between traffic throughput and the generation of aeronautical revenues seems to vary at airports. There is generally a strong and significant relationship between traffic throughput and the generation of commercial revenues and total operating costs at airports serving 3–5 million passengers, but the situation for airports serving fewer than 3 million is less certain

The Geographic Mobility of Labor and the Rigidity of European Labor Markets

Regional unemployment and non-participation rates are higher, more disperse, and more stable in Europe than in the U.S. This paper helps understand what may cause this phenomenon. Specifically, it looks at the role of migration in regional differences. I analyze the adjustment mechanisms of regional labor markets in seven countries of continental Europe (Belgium, Germany, Spain, France, Italy, The Netherlands, and Portugal), and the United States. I develop a simple model to understand the role of migration in the adjustment mechanism and estimate comparative static parameters. Under demand shocks, migration elasticities are identified relative to other supply elasticities. I argue that comparative statics give more reliable results than the usual Vector Autoregression approach. I exclude part of the possible supply-induced variation in my analysis. According to the results, aggregate migration elasticities relative to other supply responses are significantly weaker in Europe than in the U.S. The differences are small for the economically most active cohorts, and the aggregate differences are driven primarily by the less active cohorts, both young and old. This suggests that the Europe-US differences in regional inequality are driven at least as much by stronger unemployment and non-participation responses than weaker migration.regional labor markets, migration, labor supply adjustment.

DO MORE EXPENSIVE WINES TASTE BETTER? EVIDENCE FROM A LARGE SAMPLE OF BLIND TASTINGS

Individuals who are unaware of the price do not derive more enjoyment from more expensive wine. In a sample of more than 6,000 blind tastings, we find that the correlation between price and overall rating is small and negative, suggesting that individuals on average enjoy more expensive wines slightly less. For individuals with wine training, however, we find indications of a positive relationship between price and enjoyment. Our results are robust to the inclusion of individual fixed effects, and are not driven by outliers: when omitting the top and bottom deciles of the price distribution, our qualitative results are strengthened, and the statistical significance is improved further. Our results indicate that both the prices of wines and wine recommendations by experts may be poor guides for non-expert wine consumers.wine quality, wire tasting, wine prices, Demand and Price Analysis,

Foreign Currency Loans - Demand or Supply Driven?

Motivated by concerns over foreign currency exposures of banks in Emerging Europe, we examine the currency denomination of business loans made in Bulgaria during the period 2003-2007. We analyze a unique dataset including information on the requested and granted currency for more than hundred thousand loans granted by one bank to sixty thousand different firms. This data set allows us to disentangle demand-side from supply-side determinants of foreign currency loans. We find that 32% of the foreign currency loans disbursed in our sample were actually requested in local currency by the firm. Our analysis suggests that the bank lends in foreign currency, not only to less risky firms, but also when the firm requests a long-term loan and when the bank itself has more funding in euro. These results imply that foreign currency borrowing in Eastern Europe is not only driven by borrowers who try to benefit from lower interest rates but also by banks hesitant to lend longterm in local currency and eager to match the currency structure of their assets and liabilities.foreign currency debt, banking

The Expenditure Impacts of London-based Individual Higher Education Institutions (HEIs) and their Students on the Economy of England : Homogeneity or Heterogeneity?

This paper replicates the analysis of Scottish HEIs in Hermannsson et al (2010a) to identify the impact of London-based HEIs on the English economy in order to provide a self-contained analysis that is readily accessible by those whose primary concern is with the regional impacts of London HEIs. When we treat each of the 38 London-based Higher Education Institutions (HEIs) that existed in England in 2006 as separate sectors in conventional input-output analysis, their expenditure impacts per unit of final demand appear rather homogenous (though less so than HEIs in Wales and Scotland), with the apparent heterogeneity of their overall impacts being primarily driven by scale. However, a disaggregation of their income by source reveals considerable variation in their dependence upon general public funding and their ability to draw in income/funding from external sources. Acknowledging the possible alternative uses of the public funding and deriving balanced expenditure multipliers reveals large differences in the net-expenditure impact of London HEIs upon the English economy, with the source of variation being the origin of income. Applying a novel treatment of student expenditure impacts, identifying the amount of exogenous spending per student, modifies the heterogeneity of the overall expenditure impacts. On balance this suggests that the impacts of impending budget cut-backs will be quite different by institution depending on their sensitivity to public funding. However, predicting the outcome of budget cutbacks at the margin is problematic for reasons that we identify

Trade crisis ? What trade crisis ?

We provide an analysis of the 2008-2009 trade collapse using microdata from a small open economy, Belgium. First, we find that changes in firm-country-product exports and imports occurred mostly at the intensive margin: the number of firms, the average number of destination and origin markets per firm, and the average number of products per market changed only very little. Second, econometric analysis reveals some composition effects in the intensive margin fall along firm, product and country characteristics. The most important factor explaining changes in exports is the destination country's growth rate of GDP. Had growth rates in 2008-2009 been the same as in 2007-2008, Belgian exports would have fallen by about 57% less than what we observe. Trade in consumer durables and capital goods fell more severely than trade in other product categories, which explains another 22% of the observed fall. Financial variables and involvement in global value chains have some explanatory power on the exports and imports fall respectively, but appear to have affected domestic operations in equal proportion. More generally, exports-to-turnover and imports-to-intermediates ratios at the firm level did neither systematically decrease nor reveal strong firm- or sector-specific patterns. Overall, our results point to a demand-side explanation: the fall in trade was mostly driven by the fall in economic activity. It is not a trade crisis - just a trade collapse.trade crisis; trade collapse; margins of trade; firm-level analysis; Belgium

Trade Crisis? What Trade Crisis?

We provide an analysis of the 2008-2009 trade collapse using microdata from a small open economy, Belgium. First, we find that changes in firm-country-product exports and imports occurred mostly at the intensive margin: the number of firms, the average number of destination and origin markets per firm, and the average number of products per market changed only very little. Second, econometric analysis reveals some composition effects in the intensive margin fall along firm, product and country characteristics. The most important factor explaining changes in exports is the destination country's growth rate of GDP. Had growth rates in 2008{2009 been the same as in 2007{2008, Belgian exports would have fallen by about 57% less than what we observe. Trade in consumer durables and capital goods fell more severely than trade in other product categories, which explains another 22% of the observed fall. Financial variables and involvement in global value chains have some explanatory power on the exports and imports fall respectively, but appear to have affected domestic operations in equal proportion. More generally, exports-to-turnover and imports-to-intermediates ratios at the firm level did neither systematically decrease nor reveal strong firm- or sector-specific patterns. Overall, our results point to a demand-side explanation: the fall in trade was mostly driven by the fall in economic activity. It is not a trade crisis | just a trade collapse.trade crisis, trade collapse, margins of trade, firm-level analysis, Belgium.

Europeans and Traditional Foods: Definition and Image from the Consumers' Perspective

This paper provides a consumer-driven definition of traditional food products (TFP) and investigates the image European consumers have about this food product category. Data were collected from representative consumer samples in six European countries, including Belgium, France, Italy, Norway, Poland and Spain, with a total sample size of 4,828 participants. European consumers define traditional foods as well-know products, products that one can eat very frequently, and products that were already eaten by grandparents. Although positive, association of TFP with naturalness and low processing is less pronounced. Sensory, health- and environment-related attribute perceptions contribute positively to the image of TFP, whereas perceived convenience, price, and availability contribute negatively to the TFP image. Finally, TFP are mainly pictured as foods that agree well with people who love national or regional cuisine, with people living in the countryside, equally so with men and women, though more so with families with children rather than singles or household without children. The empirical findings provide insights with particular relevance for TFP positioning, marketing communications around TFP and further development of the TFP market in Europe.Traditional food, Consumer, Europe, Demand and Price Analysis, Food Consumption/Nutrition/Food Safety,

What do we learn from the price of crude oil futures?

Despite their widespread use as predictors of the spot price of oil, oil futures prices tend to be less accurate in the mean-squared prediction error sense than no-change forecasts. This result is driven by the variability of the futures price about the spot price, as captured by the oil futures spread. This variability can be explained by the marginal convenience yield of oil inventories. Using a two-country, multi-period general equilibrium model of the spot and futures markets for crude oil we show that increased uncertainty about future oil supply shortfalls under plausible assumptions causes the spread to decline. Increased uncertainty also causes precautionary demand for oil to increase, resulting in an immediate increase in the real spot price. Thus the negative of the oil futures spread may be viewed as an indicator of fluctuations in the price of crude oil driven by precautionary demand. An empirical analysis of this indicator provides evidence of how shifts in the uncertainty about future oil supply shortfalls affect the real spot price of crude oil. Copyright © 2010 John Wiley & Sons, Ltd.Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/75776/1/1159_ftp.pd