Continuous Bivariate Distributions

Random variables are rarely independent in practice and so many multivariate distributions have been proposed in the literature to give a dependence structure for two or more variables. This book covers the bivariate distributions

Reliability of Modules with Load-Sharing Components

To increase the reliability of modules, and thus of systems assembled from them, they are frequently constructed using parallel load-sharing components. Examples include jet engines, electrical power networks, and telecommunications networks. We consider the situation when the components operate independently, but when any one of them fails, the load of the failed component is instantaneously distributed among the working components. The entire module fails when the last working component fails. We analyze the survival probability and residual life expectancy of such modules. An obvious application is to the case of the 1998 Auckland power supply failure in New Zealand

Life expectancy of a bathtub shaped failure distribution

Reliability, Modified Weibull distribution, Parametric estimation, Non-parametric estimation, 62N02, 62G15, 62F25,

Effectiveness of High Interest Rate Policy on Exchange Rates: A Reexamination of the Asian Financial Crisis

One of the most controversial issues in the aftermath of the Asian financial crisis has been the appropriate response of monetary policy to a sharp decline in the value of some currencies. In this paper, we empirically examine the effects on Asian exchange rates of sharply higher interest rates during the Asian financial crisis. Taking account of the currency contagion effect, our results indicate that sharply higher interest rates helped to support the exchange rates of South Korea, the Philippines, and Thailand. For Malaysia, no significant causal relation is found from the rate of interest to exchange rates, as the authorities in Malaysia did not actively adopt a high interest rate policy to defend the currency