Can VAR's describe monetary policy?

Recent research has questioned the usefulness of Vector Autoregression (VAR) models as a description of monetary policy, especially in light of the low correlation between forecast errors from VARs and those derived from Fed funds futures rates. This paper presents three findings on VARs' ability to describe monetary policy. First, the correlation between forecasts errors is a misleading measure of how closely the VAR forecast mimics the futures market's. In particular, the low correlation is partly due to a week positive correlation between the VAR forecasts and the futures market errors. Second, Fed funds rate forecasts from common VAR specifications do tend to be noisy, but this can be remedied by estimating more parsimonious models on post-1982 data. Third, time aggregation problems caused by the structure of the Fed funds futures market can distort the timing and magnitude of shocks derived from futures rates, and complicate comparisons with VAR-based forecasts.Monetary policy ; Vector autoregression ; Federal funds rate

Development, Globalization, and Law

Is global commerce under essentially laissez-faire rules optimal for economic development? In this era of liberated and deregulated markets, and after the final collapse of communism, a great many commentators would consider that a self-evident question. Of course free global commerce is good for economic development, because we know that the freest possible markets produce the most efficient use of resources and the highest available rates of economic growth. And growth benefits development. How could it be otherwise? And what is the role of law in facilitating commerce and in contouring a particular regime of domestic and transnational commerce and capital flows? Isn\u27t the global role of law to define property rights and limit the interference and distortion imposed by states, and thus, again, to optimize outcomes? This Article explores these questions

Development, Globalization, and Law

Is global commerce under essentially laissez-faire rules optimal for economic development? In this era of liberated and deregulated markets, and after the final collapse of communism, a great many commentators would consider that a self-evident question. Of course free global commerce is good for economic development, because we know that the freest possible markets produce the most efficient use of resources and the highest available rates of economic growth. And growth benefits development. How could it be otherwise? And what is the role of law in facilitating commerce and in contouring a particular regime of domestic and transnational commerce and capital flows? Isn\u27t the global role of law to define property rights and limit the interference and distortion imposed by states, and thus, again, to optimize outcomes? This Article explores these questions

Ueber chronische Diarrhöen und ihre Behandlung

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Promising Practices and Unfinished Business: Fostering Equity and Excellence for Black and Latino Males

Boston Public Schools (BPS) commissioned companion studies as part of its efforts to address achievement gaps for Black and Latino males. The first study revealed the increasing diversity of Black and Latino males and stark opportunity gaps throughout the system that contribute in large part to wide attainment gaps for these students. We hypothesized that in schools doing comparatively better with Black or Latino males than their counterparts, educators would be strategically and comprehensively implementing evidence-based cultural, structural, and instructional practices tailored to meet their the needs and aspirations of these students. Through qualitative case studies of four schools, we identified several cross-cutting themes that provide the district and school leaders with some positive news about effective practices found in all good schools: strong school cultures, professional collaboration, differentiated instruction, and, in the elementary schools, family engagement. While we observed pockets of best practices specific to Black and Latino male education, we also brought to light unfinished business, in that none of the four case study schools had an intentional and comprehensive schoolwide approach to educating Black and Latino males. This lack of intentionality resulted in a paucity of evidence that the school administration and faculty as a whole: (a) know and value students' cultural and linguistic backgrounds; (b) adopt explicit and responsive approaches to race and gender; and (c) develop and implement a comprehensive approach to culturally responsive curriculum and instruction. We posit that lack of knowledge, intentionality, and coherence impedes further progress in educating Black and Latino males, and has implications for educators in schools, for staff members in community partner organizations, and for family members of BPS students

Specialized dynamical properties of promiscuous residues revealed by simulated conformational ensembles

The ability to interact with different partners is one of the most important features in proteins. Proteins that bind a large number of partners (hubs) have been often associated with intrinsic disorder. However, many examples exist of hubs with an ordered structure, and evidence of a general mechanism promoting promiscuity in ordered proteins is still elusive. An intriguing hypothesis is that promiscuous binding sites have specific dynamical properties, distinct from the rest of the interface and pre-existing in the protein isolated state. Here, we present the first comprehensive study of the intrinsic dynamics of promiscuous residues in a large protein data set. Different computational methods, from coarse-grained elastic models to geometry-based sampling methods and to full-atom Molecular Dynamics simulations, were used to generate conformational ensembles for the isolated proteins. The flexibility and dynamic correlations of interface residues with a different degree of binding promiscuity were calculated and compared considering side chain and backbone motions, the latter both on a local and on a global scale. The study revealed that (a) promiscuous residues tend to be more flexible than nonpromiscuous ones, (b) this additional flexibility has a higher degree of organization, and (c) evolutionary conservation and binding promiscuity have opposite effects on intrinsic dynamics. Findings on simulated ensembles were also validated on ensembles of experimental structures extracted from the Protein Data Bank (PDB). Additionally, the low occurrence of single nucleotide polymorphisms observed for promiscuous residues indicated a tendency to preserve binding diversity at these positions. A case study on two ubiquitin-like proteins exemplifies how binding promiscuity in evolutionary related proteins can be modulated by the fine-tuning of the interface dynamics. The interplay between promiscuity and flexibility highlighted here can inspire new directions in protein-protein interaction prediction and design methods. © 2013 American Chemical Society