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

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

Laparoscopic appendectomy versus open appendectomy: a single institution study

PURPOSE: The purpose of this study was to compare the safety and efficacy of laparoscopic appendectomy versus open appendectomy at Baptist Hospital in Miami, Florida. METHODS: A retrospective review was performed on all appendectomies performed at Baptist Hospital from October 1, 1994 to September 30, 1995. There were a total of 244 cases; 137 open appendectomies and 107 laparoscopic appendectomies. The cases were reviewed with regard to pathology, operating time, length of hospital stay and complications. RESULTS: The pathologic findings at surgery were similar for the two groups. Concomitant pathology was more likely to be found laparoscopically than in open surgery. There was a greater percentage of ruptured appendices in surgery done via the open method. Operative time was slightly longer, but complications were less in the laparoscopic group. Length of stay was lower in the laparoscopic appendectomy group. CONCLUSIONS: Although very similar, our method of appendectomy favors the laparoscopic technique

Hybrid mesh for sports hernia repair

Aim: Mesh is commonly utilized in the laparoscopic repair of sports hernias. A hybrid mesh was recently released containing a single light weight layer of macroporous, polypropylene mesh between layers of biologic mesh. Having an extensive experience with laparoscopic and sports hernia repairs, a small sample of hybrid mesh was trialed. Methods: From April 2015 to August 2016, 16 male patients with sports hernias were consented for hybrid mesh repair. A prospective data base was developed and patients were followed at 1 week, 4 weeks and 4 months after surgery. Results: Ages ranged from 18 years to 43 years (average 22.9 years). Operative times ranged from 25 min to 75 min (average 42.5 min). All were athletes playing basketball, soccer, baseball, football and track. There were no operative problems. Two patients developed post-operative seromas requiring radiologic drainage. All patients completed a post-operative therapy program and all have returned to their sport without problems. Conclusion: There is not one type of mesh repair that has been proven to be the most effective treatment for sports hernias. Continued follow up as well as a more structured study will be necessary to prove if hybrid mesh has long term effectiveness for the laparoscopic treatment of sports hernias. The initial study has promising findings

Managing the Urban Environment of Lima, Peru

This article brings the contemporary thinking and practice of Urban Environmental Management (UEM) to the solution of real problems in a major city of a developing country in Latin America. Such cities both face more immediate problems than the developed world and have fewer resources to deal with them. The study first considers the Latin American context and then reviews issues of poverty alleviation, industry, sewage and sanitation, water, energy, transportation and finance in Lima, Peru. Finally, it proposes a 5-year plan to help solve the urban environmental problems of Metropolitan Lima, an environmentally difficult, but important Latin American metropolitan area located between the Pacific Ocean and a hilly desert, utilizing a real-world database and a limited budget

La Ciudad En El Cine: Una Perspectiva Mundial

Commercial cinema is a worldwide form of entertainment enjoyed by most of the planet’s population and variety of cultures. Films are produced on six continents and marketed successfully internationally. However, cinema is more than a medium for telling stories of adventure, intrigue, comedy and romance. As most of the world’s population now lives in cities, many films take place in urban settings, where a large number of those cities’ physical and social problems are exposed. Commercial film, then, plays a useful role in determining how such issues can be confronted through the lenses of their many countries and cultures. That is, solutions to urban problems must be culturally sensitive. Moreover, as cities dominate life on planet Earth in the 21st century far beyond what their population alone would warrant, they are at the core of some of the most influential films of the last century. This paper, then, is significant in that it looks at some of these urban focused films and identifies the universal themes they consider

Leaving the door open for fish pain: Evolutionary convergence and the utility of ‘just-so stories’

Key argues that fish do not experience pain because they lack the necessary (but not necessarily sufficient) brain structures and associated functional circuitry to engender such conscious percepts. I propose that fish pain may be dependent on neuroanatomical regions and pathways that are structurally and/or functionally analogous — but not strictly homologous — to well-characterized mammalian substrates of pain. An example is the convergent appearance of the complex, single-compartment eye across invertebrate and vertebrate phylogeny. Structural-functional convergence is ubiquitous in evolution. Comparative inferences and correlative lines of evidence play an important role in building evolutionary arguments. The dismissal of the perception of pain in fish may be premature at best