Super Dielectric Materials

Evidence is provided that a class of materials with dielectric constants greater than 100,000, herein called super dielectric materials (SDM), can be generated readily from common, inexpensive materials.Comment: The first material ever with an intrinsic dielectric constant greater than 100,000. Postulated to be a class of materials with super dielectric propertie

False Gods and faultlines: Reading great recession fiction

This study is a cultural materialist analysis of 62 Great Recession novels. It identifies and analyses popular motifs, archetypes, myths and themes circulating within Great Recession fiction. The research finds that, due to the prevalence of realism, the novels often reproduce dominant ideologies, particularly neoliberalism, but also offer critical subversive interventions

Testing for Cointegration Using Principal Component Methods

This paper studies cointegrated systems of multiple time series which are individually well described as integrated processes (with or without a drift). Necessary and sufficient conditions for cointegration are given. These conditions form the basis for a new class of statistical procedures designed to test for cointegration. The new procedures rely on principal components methods. They are simple to employ and they involve only the standard normal distribution. Monte Carlo simulations reported in the paper indicate that the new procedures provide simple and apparently rather powerful diagnostics for the detection of cointegration. Some empirical applications to macroeconomic data are conducted

The Exact Distribution of the Wald Statistic: The Non-Central Case

This paper extends earlier results, which were reported in [7], to include non null distributions. As in [7], attention is concentrated on the Wald statistic for testing general linear restrictions on the coefficients in the multivariate linear model. The results of the present paper encompass the null distributions derived in [7] and generalize all previously known results for such statistics as the standard regression test and Hotelling’s T 2 test

Asymptotic Properties of Residual Based Tests for Cointegration

This paper develops an asymptotic theory for residual based tests for cointegration. These tests involve procedures that are designed to detect the presence of a unit root in the residuals of (cointegrating) regressions among the levels of economic time series. Attention is given to the augmented Dickey-Fuller (ADF) test that is recommended by Engle-Granger (1987) and the Z(a) and Z(t) unit root tests recently proposed by Phillips (1987). TWo new tests are also introduced, one of which is invariant to the normalization of the cointegrating regression. All of these tests are shown to be asymptotically similar and simple representations of their limiting distributions are given in terms of standard Brownian motion. The ADF and Z(t) tests are asymptotically equivalent. Power properties of the tests are also studied. The analysis shows that all the tests are consistent if suitably constructed but that the ADF and Z(t) tests have slower rates of divergence under cointegration than the other tests. This indicates that, at least in large samples, the Z(a) test should have superior power properties

A Reexamination of the Consumption Function Using Frequency Domain Regressors

This paper reexamines the permanent income hypothesis (PIH) in the frequency domain. Using a simple model, we demonstrate that the PIH implies the marginal propensity to consume (MPC) out of zero frequency income is unity. The PIH also implies that the MPC out of transitory (or high frequency) income is smaller than the long-run MPC. The paper employs a systems spectral regression procedure to test the PIH that accommodates stochastic trends in the consumption and income series as well as the joint dependence in these series. Monte Carlo simulations suggest that single equation techniques can produce inefficient tests of the PIH and that systems spectral regression methods provide substantially better tests. New empirical estimates of the consumption function and tests of the PIH based on systems spectral regression methods are reported for U.S. aggregate consumption and income data over the period 1948-1990. The empirical results provide partial support for the theoretical implications of the PIH in the frequency domain

Testing for a Unit Root in the Presence of a Maintained Trend

This paper develops statistics for detecting the presence of a unit root in time series data against the alternative stationarity. Unlike most existing procedures, the new tests allow for deterministic trend polynomials in the maintained hypothesis. They may be used to discriminate between unit root nonstationarity and processes which are stationary around a deterministic polynomial trend. The tests allow for both forms of nonstationarity under the null hypothesis. Moreover, the tests allow for a wide class of weakly dependent and possibly heterogenously distributed procedures. We illustrate the use of the new tests by applying them to a number a models of macroeconomic behavior

Band Spectral Regression with Trending Data

Band spectral regression with deterministic and stochastic trends is considered. It is shown that conventional trend removal by regression in the time domain prior to band spectral regression leads to biased and inconsistent estimates of the parameters in a model with frequency dependent coefficients. Time domain and frequency domain procedures for dealing with this problem are examined. Trend removal in the frequency domain produces unbiased estimates and is recommended. An asymptotic theory is developed and the two cases of stationary data and cointegrated nonstationary data are compared. Efficient band spectral regression estimators and associated inferential methods are provided for models with deterministic and stochastic trends. Some supporting Monte Carlo evidence is presented. An empirical application to the present value model of stock prices is discussed. After removing trends in the frequency domain, we show that, while stock prices and dividends have significant coherence at low frequencies, transitory fluctuations in dividends (i.e., less than 3 years) do not have significant coherence with stock price movements.Band spectral regression, deterministic and stochastic trends, nonstationary time series, integrated process, present value model of stock prices