Do we need dynamic semantics?

I suspect the answer to the question in the title of this paper is no. But the scope of my paper will be considerably more limited: I will be concerned with whether certain types of considerations that are commonly cited in favor of dynamic semantics do in fact push us towards a dynamic semantics. Ultimately, I will argue that the evidence points to a dynamics of discourse that is best treated pragmatically, rather than as part of the semantics

Dynamic Semantics

This article focuses on foundational issues in dynamic and static semantics, specifically on what is conceptually at stake between the dynamic framework and the truth-conditional framework, and consequently what kinds of evidence support each framework. The article examines two questions. First, it explores the consequences of taking the proposition as central semantic notion as characteristic of static semantics, and argues that this is not as limiting in accounting for discourse dynamics as many think. Specifically, it explores what it means for a static semantics to incorporate the notion of context change potential in a dynamic pragmatics and denies that this conception of static semantics requires that all updates to the context be eliminative and distributive. Second, it argues that the central difference between the two frameworks is whether semantics or pragmatics accounts for dynamics, and explores what this means for the oft-heard claim that dynamic semantics blurs the semantics/pragmatics distinction

Encouraging password manager adoption by meeting adopter self-determination needs

Password managers are a potential solution to the password conundrum, but adoption is paltry. We investigated the impact of a recommender application that harnessed the tenets of self-determination theory to encourage adoption of password managers. This theory argues that meeting a person's autonomy, relatedness and competence needs will make them more likely to act. To test the power of meeting these needs, we conducted a factorial experiment, in the wild. We satisfied each of the three self determination factors, and all individual combinations thereof, and observed short-term adoption of password managers. The Android recommender application was used by 470 participants, who were randomly assigned to one of the experimental or control conditions. Our analysis revealed that when all self-determination factors were satisfied, adoption was highest, while meeting only the autonomy or relatedness needs individually significantly improved the likelihood of adoption

Does Foreign Exchange Intervention Signal Future Monetary Policy?

A frequently cited explanation for why sterilized interventions may affect exchange rates is that these interventions signal central banks' future monetary policy intentions. This explanation presumes that central banks in fact back up interventions with subsequent changes in monetary policy. We empirically examine this hypothesis using data on market observations of U.S. intervention together with monetary policy variables, and exchange rates. We strongly reject the hypothesis that interventions convey no signal. However, we also find that in some episodes, intervention signaled changes in monetary policy in the opposite direction of the conventional signaling story. This finding can explain why in some periods exchange rates moved in the opposite direction of that suggested by intervention.

Do Stationary Risk Premia Explain It All? Evidence from the Term Struct

Most studies of the expectations theory of the term structure reject the model. However, the significance of the rejections depend strongly upon the form of the test. In this paper, we use the pattern of rejection across maturities to back out the implied behavior of time-varying risk premia and/or market forecasts. We then use a new technique to test whether stationary risk premia alone can be responsible for these rejections. Surprisirj1y, this test is rejected for short maturities up to 6 months, suggesting that time-varying risk premia do not explain it all. We also describe hew this method can be used to test other asset pricing relationships.

The Impact of Ethanol Production on Spatial Grain Market Relationships

cointegration, ethanol, grain markets, spatial relationships, Agribusiness, Agricultural and Food Policy, Agricultural Finance, Demand and Price Analysis, Land Economics/Use, Production Economics, Productivity Analysis,

Do Expected Shifts in Inflation Policy Affect Real Rates?

This paper presents a new explanation for the negative correlation between ex post real interest rates and inflation found in earlier empirical studies. We begin by showing that there is a strong negative correlation between the permanent movements in ex post real interest rates and inflation. We argue that such a correlation can arise when people incorporate anticipated shifts in inflation policy into their expectations. Under these circumstances, a shift to lower (higher) inflation will lead to systematically higher (lower) ex post real rates. Using new time series techniques we are able to reject the hypothesis that nominal interest rates were unaffected by anticipated switches in inflation policy in the post-war era. To evaluate the impact of these switches, we then calculate the effects of inflationary expectations upon real rates using a Markov switching model of inflation. Inflation forecasts based upon the estimates of this rational model behave similarly to inflation forecasts from the Livingston survey. When ex ante real interest rates are identified with the Markov models of inflation, we find that ex ante real interest rate does not contain permanent shocks, nor is it related to permanent shocks in inflation.

Trends in Expected Returns in Currency and Bond Markets

Under conventional notions about rational expectations and market efficiency, expected returns differ from the actual expost returns by a forecast error that is uncorrelated with current information. In this paper, we describe how small departures from conventional notions of rational expectations and market efficiency can produce trends in excess returns. These trends are in addition to the trends typically found in the level of asset prices themselves. We report strong evidence for the presence of additional trends in excess foreign exchange and bond returns. We also estimate the additional trend component in excess returns on foreign exchange and find that it varied between -.8% and 1% for one month returns and between -6% and 8% for three month returns.