599 research outputs found
UK Macroeconomic Forecasting with Many Predictors: Which Models Forecast Best and When Do They Do So?
Common climatic signal from glaciers in the European Alps over the last 50 years
Conventional glacier-wide mass balances are commonly used to study the effect of climate forcing on glacier melt. Unfortunately, the glacier-wide mass balances are also influenced by the glacier's dynamic response. Investigations on the effects of climate forcing on glaciers can be largely improved by analyzing point mass balances. Using a statistical model, we have found that 52% of the year-to-year deviations in the point mass balances of six glaciers distributed across the entire European Alps can be attributed to a common variability. Point mass balance changes reveal remarkable regional consistencies reaching 80% for glaciers less than 10 km apart. Compared to the steady state conditions of the 1962–1982 period, the surface mass balance changes are −0.85 m water equivalent (w.e.) a⁻¹ for 1983–2002 and −1.63 m w.e. a⁻¹ for 2003–2013. This indicates a clear and regionally consistent acceleration of mass loss over recent decades over the entire European Alps
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Basic theory behind parameterizing atmospheric convection
Last fall, a network of the European Cooperation in Science and Technology (COST), called “Basic Concepts for Convection Parameterization in Weather Forecast and Climate Models” (COST Action ES0905; see http://w3.cost.esf.org/index.php?id=205&action_number=ES0905), organized a 10-day training course on atmospheric convection and its parameterization. The aim of the workshop, held on the island of Brac, Croatia, was to help young scientists develop an in-depth understanding of the core theory underpinning convection parameterizations. The speakers also sought to impart an appreciation of the various approximations, compromises, and ansatz necessary to translate theory into operational practice for numerical models
Re-examining the consumption-wealth relationship : the role of model uncertainty
This paper discusses the consumption-wealth relationship. Following the recent influential workof Lettau and Ludvigson [e.g. Lettau and Ludvigson (2001), (2004)], we use data on consumption, assets andlabor income and a vector error correction framework. Key …ndings of their work are that consumption doesrespond to permanent changes in wealth in the expected manner, but that most changes in wealth are transitoryand have no e¤ect on consumption. We investigate the robustness of these results to model uncertainty andargue for the use of Bayesian model averaging. We …nd that there is model uncertainty with regards to thenumber of cointegrating vectors, the form of deterministic components, lag length and whether the cointegratingresiduals a¤ect consumption and income directly. Whether this uncertainty has important empirical implicationsdepends on the researcher's attitude towards the economic theory used by Lettau and Ludvigson. If we workwith their model, our findings are very similar to theirs. However, if we work with a broader set of models andlet the data speak, we obtain somewhat di¤erent results. In the latter case, we …nd that the exact magnitudeof the role of permanent shocks is hard to estimate precisely. Thus, although some support exists for the viewthat their role is small, we cannot rule out the possibility that they have a substantive role to play
From dwindling ice to headwater lakes: could dams replace glaciers in the European Alps?
The potential exploitation of areas becoming ice-free in response to ongoing climate change has rarely been addressed, although it could be of interest from the water management perspective. Here we present an estimate for the potential of mitigating projected changes in seasonal water availability from melting glaciers by managing runoff through reservoirs. For the European Alps we estimate that by the end of the century, such a strategy could offset up to 65% of the expected summer-runoff changes from presently glacierized surfaces. A first-order approach suggests that the retention volume potentially available in the areas becoming deglacierized is in excess of the volume required for achieving the maximal possible mitigation by more than one order of magnitude. Obviously, however, such a strategy cannot compensate for the reduction in annual runoff caused by glacier ice depletion. Our estimates indicate that by 2070–2099, 0.73 ± 0.67 km3 a−1 of this non-renewable component of the water cycle could be missing in Alpine water supplies
A Noncausal Autoregressive Model with Time-Varying Parameters: An Application to U.S. Inflation
Bootstrapping Smooth Functions of Slope Parameters and Innovation Variances in VAR(∞) Models *
Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/101814/1/1468-2354.t01-1-00016.pd
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