The Non-Linear Evolution of High Frequency Short Term Interest Rates

In this paper new results are documented regarding the short term evolution of global short term interest rates. Much work has been carried out concerning the evolution of interest rates over long time scales, on the order on one month or greater. However high frequency data has only been considered in a limited number of studies. In this study the evolution of the short term yield curve, on a day to day basis, is considered and results are presented that suggest that over these short time scales, short term interest rates exhibit non-linear autoregressive behaviour, in contradiction of the efficient markets hypothesis. In addition the high frequency data indicates that the observed co-movement across currencies of longer maturity interest rates result from a vector error correction process (VECM). Greater information on the nature of the process may be obtained by considering a non-linear VECM process. Based on the output of both non-linear uni-variate and multi-variate models, limited short term statistically significant predictions of the evolution of various short term interest rate instruments may be carried out.interest rates, non-linear, high frequency

Conundrum or Complication: A Study of Yield Curve Dynamics under Unusual Economic Conditions and Monetary Policies.

The definition of the decline of long term yields in the light of increasing short term yields as a conundrum by Chairman Greenspan in February 2005 has generated a significant amount of research. This paper presents a study of yield curve dynamics over this period using economic surprise data as the diagnostic tool. Results are presented for both US and Japanese data which indicate a non-linear response of the yield curve to economic data and monetary policy over the period in question. Further, a limited model is presented that is consistent with the observations. This can lead to an explanation of the conundrum in terms of a non-linear yield response to expected long term inflation and a variable expected long term real rate.federal reserve, term structure of interest rates, inflation

Biomechanical, physiological and perceptual responses of three different athlete groups to the cycle-run transition

The transition from cycling to running has been identified as one of the key determinants of success in triathlon, as it has been suggested that the cycle may affect subsequent running efficiency such that running performance is significantly altered or reduced. It is also suggested that athletes more adapted to the transition itself, rather than purely running or cycling, may be more efficient during the post-cycle running bout. The current study sought to investigate the effects of prior cycling on subsequent selected biomechanical, physiological and perceptual responses of three different athlete groups. Subjects were selected on the basis of their sporting background, and were divided into three groups – triathletes, cyclists and runners. Experimentation required subjects to perform a seven minute treadmill running protocol at 15km.h⁻¹, during which biomechanical (EMG, Stride rate, Stride length, Vertical acceleration), physiological (HR, VO₂, EE) and perceptual (RPE) responses were recorded. After resting, subjects were required to perform a twenty minute stationary cycle at 70% of maximal aerobic power (previously determined), immediately followed by a second seven minute treadmill running protocol during which the same data were collected and compared to those collected during the first run. Biomechanical responses indicate that the cycle protocol had no effect on the muscle activity or vertical acceleration responses of any of the three subject groups, while the triathlete group significantly altered their gait responses in order to preserve running economy. The triathlete group was the least affected when considering the physiological responses, as running economy was preserved for this group. The runner and cyclist groups were significantly affected by the transition, as running economy decreased significantly for these groups. Perceptual responses indicate that athletes more experienced with the transition may find the transition from cycling to running to be easier than those inexperienced in this transition. It is apparent that a high intensity cycle protocol has limited statistical impact on selected biomechanical responses, while physiological and perceptual responses were altered, during a subsequent run, regardless of athlete type. That said, the ability of transition-trained athletes to transition comfortably between disciplines was highlighted, which may have important performance implications

Utilisation of wheat bran as a substrate for bioethanol production using recombinant cellulases and amylolytic yeast

Wheat bran, generated from the milling of wheat, represents a promising feedstock for the production of bioethanol. This substrate consists of three main components: starch, hemicellulose and cellulose. The optimal conditions for wheat bran hydrolysis have been determined using a recombinant cellulase cocktail (RCC), which contains two cellobiohydrolases, an endoglucanase and a beta-glucosidase. The 10% (w/v, expressed in terms of dry matter) substrate loading yielded the most glucose, while the 2% loading gave the best hydrolysis efficiency (degree of saccharification) using unmilled wheat bran. The ethanol production of two industrial amylolytic Saccharomyces cerevisiae strains, MEL2[TLG1-SFA1] and M2n [TLG1-SFA1], were compared in a simultaneous saccharification and fermentation (SSF) for 10% wheat bran loading with or without the supplementation of optimised RCC. The recombinant yeasts. cerevisiae MEL2[TLG1-SFA1] and M2n[TLG1-SFA1] completely hydrolysed wheat bran's starch producing similar amounts of ethanol (5.3 +/- 0.14 g/L and 5.0 +/- 0.09 g/L, respectively). Supplementing SSF with RCC resulted in additional ethanol production of about 2.0 g/L. Scanning electron microscopy confirmed the effectiveness of both RCC and engineered amylolytic strains in terms of cellulose and starch depolymerisatio

The impact of load and frequency on the biomechanical, physiological and perceptual responses to dynamic pushing

The objective of the present research was to establish the biomechanical, physiological and perceptual responses of male operators to dynamic pushing tasks. The pushing tasks were performed using an industrial pallet jack with varying load/frequency combinations, in a controlled laboratory environment. Thirty healthy male subjects comprised the sample. Experimental procedures were conducted utilising the Chatillon ™ Dynamometer to measure force output in the initial, sustained and ending phases. The K4b2 Ergospirometer was used to assess physiological responses (heart rate and oxygen consumption [V02])' Nine recorded forces and nine experimental conditions formed the basis of this study, with subjects required to push three loads (200kg, 350kg, 500kg) at three frequencies (1120 sec, 1/40 sec, 1/60 sec) at a speed of 3.6km.h-1 over 14 metres on a co-efficient of friction controlled walkway for six minutes. Gait analysis, along with perceptions of exertion (,Central ' and 'Local' RPE) were collected during the third and sixth minutes of each condition . Body discomfort and contribution were identified upon completion of each condition. The results demonstrated that load and frequency interacted to influence responses within each domain. Increasing loads required increased force output during each stage of the push, which had a concomitant effect on physiological and perceptual responses. Significant differences arose between the initial, sustained and ending forces for each load, showing the direct relationship between load and force exertion. The combination of heaviest load/quickest frequency required the greatest physiological output, exceeding recommended guidelines for heart rate, V02 and energy expenditure responses. Intermediate combinations required moderate and acceptable energy cost. Linear relationships were established between heart rate and oxygen consumption , as well as between load and V02 , thus providing industrial practitioners an opportunity to evaluate task demands in situ. The combination of high forces and elevated physiological responses increased the subjective rating of the condition. The results emphasise the need to holistically consider all contributing factors in a dynamic pushing task. Dynamic pushing tasks place biomechanical, physiological and perceptual demands on the human operator, which must be minimised in order to ensure that this form of manual materials handling becomes sustainable in the long term

The 2023 WebNLG shared task on low resource languages. Overview and evaluation results (WebNLG 2023)

The WebNLG task consists of mapping a knowledge graph to a text verbalising the con- tent of that graph. The 2017 WebNLG edi- tion required participating systems to gener- ate English text from a set of DBpedia triples, while the 2020 WebNLG+ challenge addition- ally included generation into Russian and se- mantic parsing of English and Russian texts. In contrast, WebNLG 2023 focuses on four under-resourced languages which are severely under-represented in research on text genera- tion, namely Breton, Irish, Maltese and Welsh. In addition, WebNLG 2023 once again includes Russian. In this paper, we present the organi- sation of the shared task (data, timeline, eval- uation), briefly describe the participating sys- tems and summarise results for participating systems.peer-reviewe

Consolidated bioprocessing of corn cob-derived hemicellulose: engineered industrial Saccharomyces cerevisiae as efficient whole cell biocatalysts

Background Consolidated bioprocessing, which combines saccharolytic and fermentative abilities in a single microorganism, is receiving increased attention to decrease environmental and economic costs in lignocellulosic biorefineries. Nevertheless, the economic viability of lignocellulosic ethanol is also dependent of an efficient utilization of the hemicellulosic fraction, which contains xylose as a major component in concentrations that can reach up to 40% of the total biomass in hardwoods and agricultural residues. This major bottleneck is mainly due to the necessity of chemical/enzymatic treatments to hydrolyze hemicellulose into fermentable sugars and to the fact that xylose is not readily consumed by Saccharomyces cerevisiaethe most used organism for large-scale ethanol production. In this work, industrial S. cerevisiae strains, presenting robust traits such as thermotolerance and improved resistance to inhibitors, were evaluated as hosts for the cell-surface display of hemicellulolytic enzymes and optimized xylose assimilation, aiming at the development of whole-cell biocatalysts for consolidated bioprocessing of corn cob-derived hemicellulose. Results These modifications allowed the direct production of ethanol from non-detoxified hemicellulosic liquor obtained by hydrothermal pretreatment of corn cob, reaching an ethanol titer of 11.1 g/L corresponding to a yield of 0.328 g/g of potential xylose and glucose, without the need for external hydrolytic catalysts. Also, consolidated bioprocessing of pretreated corn cob was found to be more efficient for hemicellulosic ethanol production than simultaneous saccharification and fermentation with addition of commercial hemicellulases. Conclusions These results show the potential of industrial S. cerevisiae strains for the design of whole-cell biocatalysts and paves the way for the development of more efficient consolidated bioprocesses for lignocellulosic biomass valorization, further decreasing environmental and economic costs.This work has been carried out at the Biomass and Bioenergy Research Infrastructure (BBRI)-LISBOA-01-0145-FEDER-022059, supported by Operational Programme for Competitiveness and Internationalization (PORTUGAL2020), by Lisbon Portugal Regional Operational Programme (Lisboa 2020) and by North Portugal Regional Operational Programme (Norte 2020) under the Portugal 2020 Partnership Agreement, through the European Regional Development Fund (ERDF) and has been supported by the Portuguese Foundation for Science and Technology (FCT) under the scope of the strategic funding of UIDB/04469/2020, the “Contrato-Programa” UIDB/04050/2020, the MIT-Portugal Program (Ph.D. Grant PD/BD/128247/2016 to Joana T. Cunha) and through Project FatVal (POCI-01-0145-FEDER-032506) and BioTecNorte operation (NORTE-01-0145-FEDER-000004) funded by the European Regional Development Fund under the scope of Norte2020 - Programa Operacional Regional do Norte.info:eu-repo/semantics/publishedVersio

Stress modulation as a means to improve yeasts for lignocellulose bioconversion

The second-generation (2G) fermentation environment for lignocellulose conversion presents unique challenges to the fermentative organism that do not necessarily exist in other industrial fermentations. While extreme osmotic, heat, and nutrient starvation stresses are observed in sugar- and starch-based fermentation environments, additional pre-treatment-derived inhibitor stress, potentially exacerbated by stresses such as pH and product tolerance, exist in the 2G environment. Furthermore, in a consolidated bioprocessing (CBP) context, the organism is also challenged to secrete enzymes that may themselves lead to unfolded protein response and other stresses. This review will discuss responses of the yeast Saccharomyces cerevisiae to 2G-specific stresses and stress modulation strategies that can be followed to improve yeasts for this application. We also explore published –omics data and discuss relevant rational engineering, reverse engineering, and adaptation strategies, with the view of identifying genes or alleles that will make positive contributions to the overall robustness of 2G industrial strains