Poole’s Stochastic IS-LM Model and Optimal Monetary Policy Rule: A Framework for Graduate Teaching

Our comment revisits Poole’s popular exposition of the IS-LM model and proceeds to extend the discussion to best derive the optimal monetary policy rule. The key assumption is that the economy is closed with no transactions in goods and capital. This will help us better understand the basic working of the macro economy

Martingales, Efficient Market Hypothesis and Kolmogorov’s Complexity Theory

Efficient market theory states that financial markets can process information instantly. Empirical observations have challenged the stricter form of the efficient market hypothesis (EMH). These empirical observations and theoretical considerations show that price changes are difficult to predict if one starts from the time series of price changes. This paper provides an explanation in terms of algorithmic complexity theory of Kolmogorov that makes a clearer connection between the efficient market hypothesis and the unpredictable character of stock returns

Teaching by infusing Topics: Money and Banking

Students’ cultural identities shape their learning styles and preferred modes of expression. Rarely do economic courses paint an inclusive and exciting picture of what students would like to learn and how would they go about learning it. This thinking led the author to infuse race with Money and Banking in his class taught at Xavier University of LA in the spring of 2005. This class had two sections both of which I alone taught. The effectiveness of this teaching technique involving this infusion is tested by a direct comparison between student’s ratings in the class where the infusion was used and those in the class where it was not. The findings of project suggest that the student satisfaction as measured by the over-all learning experience is significantly greater with the infusion than without

Do stock prices and interest rates possess a common trend?

This paper empirically captures the interrelationships between the stock markets and interest rates for a set of Asian markets by means of a new technique called co-dependence. It uses a set of data for three countries in Asia - India, Pakistan and Bangladesh, over a time period spanning from 1985 to 2003.Cointegration, co-movement, co-dependence, serial correlation common feature

Detection of foot-and-mouth disease virus in milk samples by real-time reverse transcription polymerase chain reaction: Optimisation and evaluation of a high-throughput screening method with potential for disease surveillance

This study aimed to evaluate the utility of milk as a non-invasive sample type for the surveillance of foot-and-mouth disease (FMD), a highly contagious viral disease of cloven-hooved animals. Four milking Jersey cows were infected via direct-contact with two non-milking Jersey cows that had been previously inoculated with FMD virus (FMDV: isolate O/UKG/34/2001). Milk and blood were collected throughout the course of infection to compare two high-throughput real-time reverse transcription polymerase chain reaction (rRT-PCR) protocols with different RT-PCR chemistries. Using both methods, FMDV was detected in milk by rRT-PCR one to two days before the presentation of characteristic foot lesions, similar to detection by virus isolation. Furthermore, rRT-PCR detection from milk was extended, up to 28 days post contact (dpc), compared to detection by virus isolation (up to 14 dpc). Additionally, the detection of FMDV in milk by rRT-PCR was possible for 18 days longer than detection by the same method in serum samples. FMDV was also detected with both rRT-PCR methods in milk samples collected during the UK 2007 outbreak. Dilution studies were undertaken using milk from the field and experimentally-infected animals, where for one sample it was possible to detect FMDV at 10 . Based on the peak C values detected in this study, these findings indicate that it could be possible to identify one acutely-infected milking cow in a typical-sized dairy herd (100-1000 individuals) using milk from bulk tanks or milk tankers. These results motivate further studies using milk in FMD-endemic countries for FMD surveillance

Assessment of ecosystem services of rice farms in eastern India

Authors acknowledge the financial help provided by Ministry of Earth Sciences, Govt. of India and also thank Director General, Indian Council of Agricultural Research (ICAR) and Director, ICAR-National Rice Research Institute (NRRI) for giving all the necessary help in executing the work. The help provided by Odisha state officials in carrying out the survey work is gratefully acknowledged. This study is a part of the project entitled “Delivering food security on limited land (DEVIL; Belmont Forum / FACCE-JPI via NERC: NE/M021327/1).Peer reviewedPublisher PD

Dynamics of Hot QCD Matter -- Current Status and Developments

The discovery and characterization of hot and dense QCD matter, known as Quark Gluon Plasma (QGP), remains the most international collaborative effort and synergy between theorists and experimentalists in modern nuclear physics to date. The experimentalists around the world not only collect an unprecedented amount of data in heavy-ion collisions, at Relativistic Heavy Ion Collider (RHIC), at Brookhaven National Laboratory (BNL) in New York, USA, and the Large Hadron Collider (LHC), at CERN in Geneva, Switzerland but also analyze these data to unravel the mystery of this new phase of matter that filled a few microseconds old universe, just after the Big Bang. In the meantime, advancements in theoretical works and computing capability extend our wisdom about the hot-dense QCD matter and its dynamics through mathematical equations. The exchange of ideas between experimentalists and theoreticians is crucial for the progress of our knowledge. The motivation of this first conference named "HOT QCD Matter 2022" is to bring the community together to have a discourse on this topic. In this article, there are 36 sections discussing various topics in the field of relativistic heavy-ion collisions and related phenomena that cover a snapshot of the current experimental observations and theoretical progress. This article begins with the theoretical overview of relativistic spin-hydrodynamics in the presence of the external magnetic field, followed by the Lattice QCD results on heavy quarks in QGP, and finally, it ends with an overview of experiment results.Comment: Compilation of the contributions (148 pages) as presented in the `Hot QCD Matter 2022 conference', held from May 12 to 14, 2022, jointly organized by IIT Goa & Goa University, Goa, Indi

Choosing an investment strategy by stochastic control

A portfolio optimisation problem on an infinite time horizon is considered. Risky asset price obeys a logarithmic Brownian motion, and the interest rate varies according to a Markov diffusion process. This paper obtains an investment strategy considering one stock, one bond where the risk-free interest rate, the appreciation and the volatility of the stock depend on an external finite state Markov chain. We investigate the problem of maximising the expected utility from terminal wealth and solve it explicitly by stochastic control methods for a specific utility function U (x ) = logx.Markov chain; Brownian motion; portfolio strategy; investment strategy; stochastic control; portfolio optimisation; infinite time horizon.

Do stock prices and interest rates possess a common trend?

This paper empirically captures the interrelationships between the stock markets and interest rates for a set of Asian markets by means of a new technique called co-dependence. It uses a set of data for three countries in Asia ? India, Pakistan and Bangladesh, over a time period spanning from 1985 to 2003.