Neighborhood Dynamics and Price Effects of Superfund Site Clean-Up

This report uses census data to analyze the price effects of superfund site clean-up, inclusive of both direct price effects and indirect effects through clean-up's effect on neighborhood demographic transitions and reinvestment in the housing stock. FRC Report 11

Adaptive Multicast of Multi-Layered Video: Rate-Based and Credit-Based Approaches

Network architectures that can efficiently transport high quality, multicast video are rapidly becoming a basic requirement of emerging multimedia applications. The main problem complicating multicast video transport is variation in network bandwidth constraints. An attractive solution to this problem is to use an adaptive, multi-layered video encoding mechanism. In this paper, we consider two such mechanisms for the support of video multicast; one is a rate-based mechanism that relies on explicit rate congestion feedback from the network, and the other is a credit-based mechanism that relies on hop-by-hop congestion feedback. The responsiveness, bandwidth utilization, scalability and fairness of the two mechanisms are evaluated through simulations. Results suggest that while the two mechanisms exhibit performance trade-offs, both are capable of providing a high quality video service in the presence of varying bandwidth constraints.Comment: 11 page

Capital flows and Japanese asset volatility

Characterizing asset price volatility is an important goal for financial economists. The literature has shown that variables that proxy for the information arrival process can help explain and/or forecast volatility. Unfortunately, however, obtaining good measures of volume and/or order flow is expensive or difficult in decentralized markets such as foreign exchange. We investigate the extent that Japanese capital flows—which are released weekly—reflect information arrival that improves foreign exchange and equity volatility forecasts. We find that capital flows can help explain transitory shocks to GARCH volatility. Transactions by Japanese residents in foreign bond markets have the most explanatory power among capital flows and that power is much greater in the second subsample.Capital movements ; Foreign exchange ; Japan