Application of the Generalized Method of Moments for Estimating Continuous-Time Models of U.S. Short-Term Interest Rates

We show by Monte Carlo simulations that the jackknife estimation of QUENOUILLE (1956) provides substantial bias reduction for the estimation of short-term interest rate models applied in CHAN ET AL. (1992) - hereafter CKLS (1992). We find that an alternative estimation based on NOWMAN (1997) does not sufficiently solve the problem of time aggregation. We provide empirical distributions for parameter tests depending on the elasticity of conditional variance. Using three-month U.S. Treasury bill yields and the Federal fund rates, we demonstrate that the estimation results can depend on both the sampling frequency and the proxy that is used for interest rates.Elasticity of conditional variance, generalized method of moments, jackknife estimation, stochastic differential equations, short-term interest rate.

Application of the Generalized Method of Moments for Estimating Continuous-Time Models of U.S. Short-Term Interest Rates

We show by Monte Carlo simulations that the jackknife estimation of QUENOUILLE (1956) provides substantial bias reduction for the estimation of short-term interest rate models applied in CHAN ET AL. (1992) - hereafter CKLS (1992). We find that an alternative estimation based on NOWMAN (1997) does not sufficiently solve the problem of time aggregation. We provide empirical distributions for parameter tests depending on the elasticity of conditional variance. Using three-month U.S. Treasury bill yields and the Federal fund rates, we demonstrate that the estimation results can depend on both the sampling frequency and the proxy that is used for interest rates

Magyar Gyógypedagógia 17 (1929) 05-06

A Magyar Gyógypedagógiai Társaság folyóirata 17. évfolyam, 5-6. szám, Budapest, 1929. Havi folyóirat a fogyatékosok (siketnémák, vakok, szellemileg gyengék, beszédhibások, idegesek, epileptikusok és nyomorékok) ügyeinek tárgyalására. 1939-től beolvadt a Magyar gyógypedagógiai tanárok közlönyébe

Pörkölt kávé nedvesség- és olajtartalmának közeli infravörös reflexiós (NIR) spektroszkópia meghatározása INFRAPID 31 készülékkel

Das Gerät INFRAPID 31 erwies sich nach den Befunden der Verfasser auch zur Bestimmung des Feuchtigkeitsgehaltes und des Ölgehaltes vom gerösteten Kaffee fähig. Die Kalibrierung des Geräts wurde auf Grund des durch zwei unterschiedlichen Methoden bestimmten Feuchtigkeitsgehaltes und des durch Exraktion bestimmten Ölgehaltes durchgeführt. Der Korrelationskoeffizient war bei den bestimmten Feuchtigkeitsgehalt 0,982 bzw. bei den mittels Extraktion mit Petroläther bestimmten Ölgehalt 0,971. Die Regressionsgleichungen wurden durch Messung von solchen Mustern kontrolliert, die zur Kalibrierung nicht benützt wurden. Die Genauigkeit der Messungen wurde durch die Länge der zwischen den analytischen und die instrumentalen Bestimmungen vergangenen Zeit beeinflusst (der Feuchtigkeitsgehalt des gerösteten Kaffees verändert sich während seiner Lagerung). The instrument INFRAPID 31 proved to be suitable — according to the measurements of the authors - also for the determination of the moisture content and oil content of roasted coffee. The calibration of the instrument was carried out on the basis of the moisture content determined by two different methods and of the oil content determined by extraction. The coefficient of correlation was at the determined moisture content 0,982 whereas at the oil content determined by extraction with petroleum ether 0,971. The regression equations were checked by measurement of samples which has not been used for calibration. The accuracy of the measurements was affected by the length of the time passed between the analytic and the instrumental determinations (the moisture content of roasted coffee changes during its storage)

Situated planning for execution under temporal constraints

One of the original motivations for domain-independent planning was to generate plans that would then be executed in the environment. However, most existing planners ignore the passage of time during planning. While this can work well when absolute time does not play a role, this approach can lead to plans failing when there are external timing constraints, such as deadlines. In this paper, we describe a new approach for time-sensitive temporal planning. Our planner is aware of the fact that plan execution will start only once planning finishes, and incorporates this information into its decision making, in order to focus the search on branches that are more likely to lead to plans that will be feasible when the planner finishes