Macroeconomic announcements, communication and order flow on the Hungarian foreign exchange market

We investigate the relation between the EUR/HUF exchange rate on the one hand and news announcements and order flow on the other hand using intraday data. We extend the existing literature on foreign exchange market microstructure by considering a small open transition economy. We find that the intraday exchange rate – independent from whether we focus on the mean or the volatility – depends on both news announcements and order flow. We conclude that news on the EUR/HUF market are transmitted directly via immediate reactions to news announcements as well as indirectly via order flow. We decompose the news’ total effect on exchange rate and find that order flow accounts for approximately three quarters, compared to one quarter for direct news impact. Although the HUF has been pegged to the EUR, the exchange rate reacts qualitatively very similarly to exchange rates of major currencies as reported in the literature, but quantitatively we observe a remarkable difference: the share of the indirect channel is higher on the EUR/HUF market. Furthermore we extend the commonly used news by communication of central bankers and significantly improve the explanatory power of the regressions. Our results imply that macroeconomic and microstructure variables together can explain a non-negligible part of high frequency exchange rate movements and central bank communication is an important determinant of the EUR/HUF rate.microstructure, order flow, exchange rate, macroeconomic news, central bank communication.

The existence of an inverse limit of inverse system of measure spaces - a purely measurable case

The existence of an inverse limit of an inverse system of (probability) measure spaces has been investigated since the very beginning of the birth of the modern probability theory. Results from Kolmogorov [10], Bochner [2], Choksi [5], Metivier [14], Bourbaki [3] among others have paved the way of the deep understanding of the problem under consideration. All the above results, however, call for some topological concepts, or at least ones which are closely related topological ones. In this paper we investigate purely measurable inverse systems of (probability) measure spaces, and give a sucient condition for the existence of a unique inverse limit. An example for the considered purely measurable inverse systems of (probability) measure spaces is also given

Global oscillations in a magnetic solar model:II Oblique propagation

The coupling of solar global acoustic oscillations to a magnetised solar atmosphere is studied here. The solar interior – atmosphere interface is modelled by a non-magnetic polytrope interior overlayed by a planar atmosphere embedded in non-uniform horizontal atmospheric magnetic field. Pintér & Goossens (1999, A&A, 347, 321) showed that parallel propagating acoustic waves can couple resonantly to local magnetohydrodynamic (MHD) slow continuum modes only. In general, global acoustic modes can, however, propagate in arbitrary directions with respect to local atmospheric fields giving rise to an additional efficient coupling mechanism that has consequences on mode damping and atmospheric energetics. In this paper we study obliquely propagating global modes that can couple also to local MHD Alfvén continuum modes. The atmospheric magnetic effects on global mode frequencies are still much of a debate. In particular, the resulting frequency shifts and damping rates of global modes caused by the resonant interaction with both local Alfvén and slow waves are investigated. We found the coupling of global f and p modes and the Lamb mode, that penetrate into the magnetic solar atmosphere, will strongly depend on the direction of propagation with respect to the solar atmospheric magnetic field. These frequency shifts, as a function of the propagation direction, give us a further elegant tool and refinement method of local helioseismology techniques. Finally we briefly discuss the importance of studying obliquely propagating waves and discuss the results in the context of possible helioseismic observations

Differential Changes in Expression of Stress- and Metabolic-related Neuropeptides in the Rat Hypothalamus during Morphine Dependence and Withdrawal

Chronic morphine treatment and naloxone precipitated morphine withdrawal activates stress-related brain circuit and results in significant changes in food intake, body weight gain and energy metabolism. The present study aimed to reveal hypothalamic mechanisms underlying these effects. Adult male rats were made dependent on morphine by subcutaneous implantation of constant release drug pellets. Pair feeding revealed significantly smaller weight loss of morphine treated rats compared to placebo implanted animals whose food consumption was limited to that eaten by morphine implanted pairs. These results suggest reduced energy expenditure of morphine-treated animals. Chronic morphine exposure or pair feeding did not significantly affect hypothalamic expression of selected stress- and metabolic related neuropeptides - corticotropin-releasing hormone (CRH), urocortin 2 (UCN2) and proopiomelanocortin (POMC) compared to placebo implanted and pair fed animals. Naloxone precipitated morphine withdrawal resulted in a dramatic weight loss starting as early as 15-30 min after naloxone injection and increased adrenocorticotrophic hormone, prolactin and corticosterone plasma levels in morphine dependent rats. Using real-time quantitative PCR to monitor the time course of relative expression of neuropeptide mRNAs in the hypothalamus we found elevated CRH and UCN2 mRNA and dramatically reduced POMC expression. Neuropeptide Y (NPY) and arginine vasopressin (AVP) mRNA levels were transiently increased during opiate withdrawal. These data highlight that morphine withdrawal differentially affects expression of stress- and metabolic-related neuropeptides in the rat hypothalamus, while relative mRNA levels of these neuropeptides remain unchanged either in rats chronically treated with morphine or in their pair-fed controls

A gyermeknyelvkutatás aspektusai Magyarországon.

A magyarországi gyermeknyelkutatások többféle nyelvészeti és nem nyelvészeti területet érintenek. A Gyermeknevelés folyóirat A gyermeknyelv aspektusai különszáma a szinkrón kutatások közül mutat be néhányat annak jeléül, hogy érzékelhető legyen a problémakör széleskörű beágyazottsága. A folyóirat szerkezetének megfelelően a szám írásai három csoportba rendeződnek: 1. különféle szinkrón kutatásokat bemutató tanulmányok (elsősorban a szociolongvisztika, beszédkutatás, nyelvtanulás-nyelvvizsgáztatás és gyermekirodalom köré szervezve); 2. nyelvfejlesztést bemutató jó gyakorlatokat tartalmazó műhelymunkák (beszédfejlesztés és diszlexiakezelés) és 3. gyermeknyelvet szűkebb és tágabb felfogásban érintő kötetek ismertetései, illetve recenziója