11,930 research outputs found

    Testing for a nonlinear Fisher relationship

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    Empirical evidence regarding the Fisher effect is mixed. One reason may be a nonlinear adjustment process in the real interest rate. The nonlinear unit root test proposed by Sollis, Leybourne, and Newbold (Journal of Money, Credit, and Banking 34: 686-700, 2002) is used to test for stationarity of the U.S. real interest rate over the 1934:01-2011:02 period and selected subperiods. The unit root null in the real rate of interest can be rejected over the full sample, evidence of a Fisher effect. Weaker evidence of a Fisher relation is found in the subsample for 1934:01-1959:12 for which the unit root null can be rejected for one measure of the real interest rate. However, there is no indication of a Fisher effect for subperiods starting in 1960 or later. A conjecture is that temporal aggregation of the interest rate data may explain the different results, but the findings are also consistent with other explanations.Fisher effect, nonlinear unit root, U.S. real interest rate

    Gillraker analysis and speciation in the thread herring genus Opisthonema

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    ENGLISH: The thread herrings, genus Opisthonema, family Clupeidae, are marine fishes that occur only in tropical and subtropical waters off both coasts of the American continent. The genus is composed of one Atlantic species and four Pacific species. Opisthonema oglinum (LeSueur), the single species in the western Atlantic Ocean, occurs from Brazil to Massachusetts, at Bermuda, and throughout the West Indies. Opisthonema libertate (Günther), Opisthonema bulleri (Regan), and Opisthonema medirastre, new species, are Pacific coastal species which occur together from Peru to Mexico (with at least one occasionally in California). Opisthonema berlangai, new species, is confined to the vicinity of the Galapagos Islands. SPANISH: Los arenques de hebra, género Opisthonema, familia Clupeidae, son peces marinos que se encuentran sólo en aguas tropicales y subtropicales cerca a ambas costas del continente americano. El género está compuesto de una especie en el Atlántico y de cuatro en el Pacifico. Opisthonema oglinum (LeSueur), única especie que medra el Océano Atlántico occidental, se encuentra del Brasil a Massachusetts, en Bermuda, y las Indias Occidentales. Opisthonema libertate (Günther), Opisthonema bulleri (Regan), y Opisthonema medirastre, especie nueva, son especies costaneras del Pacífico que aparecen entremezcladas del Perú a México (ocasionalmente por lo menos una de ellas en California). Opisthonema berlangai, especie nueva, está confinada a la vecindad de las Islas Galápagos
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