Measuring international skilled migration: new estimates controlling for age of entry

Recent data on international skilled migration define skilled migrants according to education level independently of whether education has been acquired in the home or in the host country. In this paper we use immigrants’ age of entry as a proxy for where education has been acquired. Data on age of entry are available from a subset of receiving countries which together represent more than 3/4 of total skilled immigration to the OECD. Using these data and a simple gravity model, we estimate the age-of-entry structure of skilled immigration and propose alternative brain drain measures by excluding those arrived before age 12, 18 and 22. The results for 2000 show that on average, 68% of the global brain drain is accounted for by emigration of people aged 22 or more upon arrival (78% and 87% for the 18 and 12 year old thresholds, respectively). For some countries this indeed makes a substantial difference. However, cross-country differences are globally maintained, resulting in extremely high correlation levels between corrected and uncorrected rates. Similar results are obtained for 1990

The impact of FX Central Bank intervention in a noise trading framework.

Framework; Impact; Noise; Working;

Central Bank Forex Interventions Assessed Using Realized Moments

This paper studies and assesses the impact of G3 Central Bank interventions on the DEM/USD exchange rate properties using daily realized moments of exchange rate returns (obtained from intraday data) for the period 1989-2001. Event studies in terms of the realized moments for the intervention day, the days preceding and following the intervention day illustrate the shape of this impact. Rolling regressions results for an ARFIMA model for realized moments are used to measure the intervention impact and characterize its significance.The analysis confirms previous findings of an increase of volatility after a coordinated Central Bank intervention. It highlights new findings on the timing and the persistence of coordinated interventions on exchange rate volatility, on important volatility spillovers, on the impact on exchange rate covariances and correlations and on skewness coefficients.Economics ;

Духовно-консервативний феномен Григорія Сковороди та реальність українського необароко у контексті відродження християнської індивідуальності

This paper analyzes common factors in the continuous volatility component, co-extreme and co-jump behavior of a sample of stock market indices. In order to identify those components in stock price processes during a trading day we use high-frequency data and techniques. We show that in most of the cases one common factor is enough to describe the largest part of the international variation in the continuous part of volatility and that this factor’s importance has increased over time. Furthermore, we find strong evidence for asymmetries between extremely negative and positive co-extreme close-open returns and of negative and positive co-jumps across countries

Is there a Common European Business Cycle? New Insights from a Frequency Domain Analysis

To assess the synchronization of business cycles in Europe we extract the cyclical component of industrial production in five European countries using the filter of Baxter and King (1999). The hypothesis of a joint business cycle is tested by using the frequency domain common cycle test suggested by Breitung and Candelon (2000). The common cycle hypothesis is clearly rejected for U.K. data whereas some weak evidence for a joint cyclical pattern is found for France, The Netherlands, Austria and Germany. Zusammenfassung Gibt es einen gemeinsamen europäischen Konjunkturzyklus? Neue Erkenntnisse durch eine Spektralanalyse Um die Synchronität der Konjunkturzyklen in Europa zu bewerten, wird die Zykluskomponente der Industrieproduktion in fünf europäischen Ländern identifiziert, indem der Baxter-King-Filter (1999) angewendet wird. Die Hypothese eines gemeinsamen Konjunkturzyklus wird durch einen Test auf einen gemeinsamen Zyklus im Frequenzbereich nach Breitung und Candelon (2000) überprüft. Ein gemeinsamer Konjunkturzyklus muss demnach für Großbritannien klar zurückgewiesen werden, wohingegen einige schwache Anzeichen für ein gemeinsames Konjunkturmuster für Frankreich, die Niederlande, Österreich und Deutschland gefunden werden konnten

Kinetics of isothermal and non-isothermal precipitation in an Al-6at%Si alloy

A novel theory which describes the progress of a thermally activated reaction under isothermal and linear heating conditions is presented. It incorporates nucleation, growth and impingement and takes account of temperaturedependent solubility. The model generally fits very well to isothermal calorimetry and differential scanning calorimetry data on precipitation in an Al-6 at.% Si alloy. Analysis of the data shows that two processes occur in this precipitation reaction: growth of large Si particles and growth of pre-existing small nuclei. Determination of the sizes of Si precipitates by transmission electron microscopy indicates that interfacial energy contributions are small and have a negligible influence on solubilit