Housing wealth, credit conditions and consumption

There is widespread disagreement about the role of housing wealth in explaining consumption. Much of the empirical literature is marred by poor controls for the common drivers both of house prices and consumption, including income, income growth expectations, interest rates, credit supply conditions, other assets and indicators of income uncertainty (such as changes in the unemployment rate). For instance, while the easing of credit supply conditions is usually followed by a house price boom, failure to control for the direct effect of credit liberalization on consumption can over-estimate the effect of housing wealth or collateral on consumption. This paper suggests an empirical model grounded in theory with more complete controls than hitherto used. It is applied to modeling consumption in the UK and South Africa. Both countries experienced substantial credit market liberalization and rising consumption to income ratios. However, South Africa’s circumstances in the 1980s prevented an asset price boom, thus allowing the illumination of the direct role of credit liberalization. The paper incorporates methodological improvements in the measurement of credit conditions, and also clarifies the multi-faceted effects of credit liberalization on consumption.Consumption, credit liberalization, housing wealth, housing collateral

Activity Profile Differences Between Sub-Elite Futsal Teams

International Journal of Exercise Science 8(2) : 112-123, 2015. Whilst there are a range of studies examining the differences in match demands between levels of competition, there is an absence of the analysis these differences between teams within the same level of competition. The study used notational analysis to identify performance indicators that differentiated between sub-elite futsal teams from Brazil, Spain and Australia during regular season matches. Based on world rankings, Spanish and Brazilian futsal was deemed to be superior to Australian futsal. The Australian players spent a significantly greater time engaged in high intensity activity than the Spanish players (sprinting: 0.36% v. 0.06%, p\u3c0.05); running: 5.89% v. 3.33%). The Brazilian team displayed the greatest possession of the ball (40.0 ± 10.4%) when compared to the Spanish (23.5 ± 2.73%) and Australian teams (30.9 ± 2.54%) (p\u3c0.01). Additionally, the Brazilian and Spanish teams made a greater number of successful passes per minute of match-play than the Australian team (10.7 ± 1.06 v. 8.68 ± 0.81 v. 5.31 ± 0.60, respectively, p\u3c0.01). These results generally suggest that lower high intensity activity output and superior ball possession and passing accuracy appear to be critical determinants in discriminating between successful and unsuccessful match performance. Accordingly, training to improve technical and decision making skills, specifically related to maintaining ball possession and improving passing accuracy, will likely assist lower performing teams

Credit, housing collateral and consumption: evidence from the UK, Japan and the US

The consumption behaviour of U.K., U.S. and Japanese households is examined and compared using a modern Ando-Modigliani style consumption function. The models incorporate income growth expectations, income uncertainty, housing collateral and other credit effects. These models therefore capture important parts of the financial accelerator. The evidence is that credit availability for U.K. and U.S. but not Japanese households has undergone large shifts since 1980. The average consumption-to-income ratio shifted up in the U.K. and U.S. as mortgage downpayment constraints eased and as the collateral role of housing wealth was enhanced by financial innovations, such as home equity loans. The estimated housing collateral effect is roughly similar in the U.S. and U.K., while land prices in Japan still have a negative effect on consumer spending. Together with evidence for negative real interest rate effects in the U.K. and U.S. and positive ones in Japan, this suggests important differences in the transmission of monetary and credit shocks between Japan and the U.S., U.K. and other credit-liberalized economies.Households - Economic aspects ; Consumption (Economics) ; Credit ; Business cycles ; Financial markets ; Economic conditions - United States ; Economic conditions - Japan ; Economic conditions - Great Britain

Cognitive consequences of perceiving social exclusion

Although a great deal is now known about how people mentally represent individuals and groups, less attention has been paid to the question of how interpersonal relationships are represented in memory. Drawing on principles of categorization, this paper reports an investigation into how we mentally represent the relationships of others. In three experiments, evidence for assimilation effects following social exclusion (and subsequent categorization) is found. Experiment 1 uses a judgment paradigm to demonstrate that social exclusion influences the perception of interpersonal closeness. Experiments 2 and 3 employ a memory confusion paradigm to establish that representations of relationship partners are assimilated following the exclusion of a third party. © 2008 Elsevier Inc. All rights reserved

TRAINING LOAD PRIOR TO INJURY IN PROFESSIONAL RUGBY LEAGUE PLAYERS: ANALYSING INJURY RISK WITH MACHINE LEARNING

This study explores the application of Global Positioning System tracking data from field training sessions and supervised machine learning algorithms for predicting injury risk of players across a single National Rugby League season. Previous work across a range of sporting codes has demonstrated associations between training loads and increased incidence of injury in professional athletes. Most of the work conducted has applied a reductionist approach, identifying training load characteristics as risk factors using generalised models to show population trends. This study demonstrates promising results by applying processing techniques and machine learning algorithms to analyse the injury risk associated with complex training load patterns. The accuracy of the algorithms are investigated along with the importance of training load predictors and data window sizes

Model-Based Systems Engineering in Concurrent Engineering Centers

Concurrent Engineering Centers (CECs) are specialized facilities with a goal of generating and maturing engineering designs by enabling rapid design iterations. This is accomplished by co-locating a team of experts (either physically or virtually) in a room with a focused design goal and a limited timeline of a week or less. The systems engineer uses a model of the system to capture the relevant interfaces and manage the overall architecture. A single model that integrates other design information and modeling allows the entire team to visualize the concurrent activity and identify conflicts more efficiently, potentially resulting in a systems model that will continue to be used throughout the project lifecycle. Performing systems engineering using such a system model is the definition of model-based systems engineering (MBSE); therefore, CECs evolving their approach to incorporate advances in MBSE are more successful in reducing time and cost needed to meet study goals. This paper surveys space mission CECs that are in the middle of this evolution, and the authors share their experiences in order to promote discussion within the community

Exercise tolerance during flat over-ground intermittent running: modelling the expenditure and reconstitution kinetics of work done above critical power

Purpose We compared a new locomotor-specific model to track the expenditure and reconstitution of work done above critical power (W´) and balance of W´ (W´BAL) by modelling flat over-ground power during exhaustive intermittent running. Method Nine male participants completed a ramp test, 3-min all-out test and the 30–15 intermittent fitness test (30–15 IFT), and performed a severe-intensity constant work-rate trial (SCWR) at the maximum oxygen uptake velocity (vV̇O2max). Four intermittent trials followed: 60-s at vV̇O2max + 50% Δ1 (Δ1 = vV̇O2max − critical velocity [VCrit]) interspersed by 30-s in light (SL; 40% vV̇O2max), moderate (SM; 90% gas-exchange threshold velocity [VGET]), heavy (SH; VGET + 50% Δ2 [Δ2 = VCrit − VGET]), or severe (SS; vV̇O2max − 50% Δ1) domains. Data from Global Positioning Systems were derived to model over-ground power. The difference between critical and recovery power (DCP), time constant for reconstitution of W´ (τW′), time to limit of tolerance (TLIM), and W´BAL from the integral (W´BALint), differential (W´BALdiff), and locomotor-specific (OG-W´BAL) methods were compared.Results The relationship between τW′ and DCP was exponential (r2 = 0.52). The τW′ for SL, SM, and SH trials were 119 ± 32-s, 190 ± 45-s, and 336 ± 77-s, respectively. Actual TLIM in the 30–15 IFT (968 ± 117-s) compared closely to TLIM predicted by OG-W´BAL (929 ± 94-s, P > 0.100) and 0.100) and W´BALdiff (938 ± 84-s, P > 0.100) but not to 0.100) but not to W´BALint (848 ± 91-s, P = 0.001). Conclusion The OG-W´BAL accurately tracked W´ kinetics during intermittent running to exhaustion on flat surfaces

Model-Based Systems Engineering in Concurrent Engineering Centers

Concurrent Engineering Centers (CECs) are specialized facilities with a goal of generating and maturing engineering designs by enabling rapid design iterations. This is accomplished by co-locating a team of experts (either physically or virtually) in a room with a narrow design goal and a limited timeline of a week or less. The systems engineer uses a model of the system to capture the relevant interfaces and manage the overall architecture. A single model that integrates other design information and modeling allows the entire team to visualize the concurrent activity and identify conflicts more efficiently, potentially resulting in a systems model that will continue to be used throughout the project lifecycle. Performing systems engineering using such a system model is the definition of model-based systems engineering (MBSE); therefore, CECs evolving their approach to incorporate advances in MBSE are more successful in reducing time and cost needed to meet study goals. This paper surveys space mission CECs that are in the middle of this evolution, and the authors share their experiences in order to promote discussion within the community

Metamorphosis of a Quantum Hall Bilayer State into a Composite Fermion Metal

Composite fermion metal states emerge in quantum Hall bilayers at total Landau level filling factor $\nu_T$=1 when the tunneling gap collapses by application of in-plane components of the external magnetic field. Evidence of this transformation is found in the continua of spin excitations observed by inelastic light scattering below the spin-wave mode at the Zeeman energy. The low-lying spin modes are interpreted as quasiparticle excitations with simultaneous changes in spin orientation and composite fermion Landau level index.Comment: 4 pages 4 figure

Correction to: Quantifying the Collision Dose in Rugby League: A Systematic Review, Meta-analysis, and Critical Analysis

An amendment to this paper has been published and can be accessed via the original article