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Long Memory in Import and Export Price Inflation and Persistence of Shocks to the Terms of Trade
Long memory models have been successfully used to investigate the dynamic time-series behavior of inflation rates based on the CPI and WPI. However, almost no attention has been paid to import and export price inflation, nor to the terms of trade which they make up. This article investigates the dynamics of the terms of trade by focusing first on the time-series characteristics of these price series. It tests for long memory in export and import price inflation series and estimates the fractional differencing parameter using a number of approaches. To give a better idea of the degree of persistence of each series, estimates of the impulse responses are computed which take into account possible fractional integration. The dynamic behavior in changes in the terms of trade is then related to the long memory behavior of the import and export price inflation series. In a sample of eleven economies for which data is available, evidence of long memory in import and export price inflation occurs in about half the cases. Granger (1980) points out that the natural occurrence of long memory may be attributed to aggregation in macroeconomic series. Our analysis provides evidence of an alternative explanation, namely that long-memory may result from the differencing of a linear relationship between non-cointegrating variables. Specifically, the results from our analysis of eleven economies reveal that shocks to the terms of trade will persist if the constituent price inflation series are not cointegratedlong memory, terms of trade, imported inflation
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Rigorous scoping review of randomized trials in pediatric critical care highlights need for a rigorous rethink
The randomized controlled trial (RCT) remains the highest-ranked study design when grading recommendations for clinical practice. In the previous issue of Critical Care, Duffett and colleagues published a scoping review of RCTs in pediatric critical care medicine and identified some serious gaps in the body of research underlying the field. Relatively few published RCTs were identified, and they were mostly small and potentially susceptible to bias. High patient heterogeneity, relatively low prevalence of specific disorders such as acute respiratory distress syndrome or septic shock, along with relatively low mortality rates, all make it difficult to improve this situation without the collaboration of pediatric critical care research networks internationally. Designing a robust RCT that can impact clinical practice has always been challenging. First, one must assess current clinical practice and disease prevalence, refine definitions and measurements, and pilot-test the intervention to be studied. The first step, however, is to rigorously assess what has already been done. This step will be facilitated by the now available, innovative, online, searchable repository of RCTs in pediatric critical care on the Evidence in Pediatric Critical Care website
THE LAWS AND LIBERTIES OF MASSACHUSETTS
A Review of THE LAWS AND LIBERTIES OF MASSACHUSETTS reprinted from the copy of the 1648 edition in the Henry E. Huntington Library, with an Introduction by Max Farrand
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Pediatric sepsis: Important considerations for diagnosing and managing severe infections in infants, children, and adolescents
Sepsis is the leading cause of death in children worldwide. Although the diagnosis and management of sepsis in infants and children is largely influenced by studies done in adults, there are important considerations relevant for pediatrics. This article highlights pediatric-specific issues related to the definition of sepsis and its epidemiology and management. We review how the capacity of the immune system to respond to infection develops over early life. We also bring attention to primary immune deficiencies that should be considered in children recurrently infected with specific types of organisms. The management of pediatric sepsis must be tailored to the childβs age and immune capacity, and to the site, severity, and source of the infection. It is important for clinicians to be aware of infection-related syndromes that primarily affect children. Although children in developed countries are more likely to survive severe infections than adults, many survivors have chronic health impairments
Archeological Examination of a Transect Through the Middle Savannah River Valley: The Bobby Jones Expressway, Richmond County, Georgia
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