Cast Contemporaries: artists respond to the completion of the Cast Collection Project at Edinburgh College of Art

Cast Contemporaries is an exhibition that explores contrasting responses to the fate of plaster cast collections in art schools. Many contemporary artists question the relevance of preserving reproductions of antique sculptures, anatomical figures and architectural details. However a growing number of young and emergent practitioners are rethinking the role of these historic educational resources. Edinburgh College of Art has one of the most important cast collections in the UK and, following a two year project in which this unique legacy has been conserved and researched, Cast Contemporaries considers the casts as catalysts for future visual arts experimentation. The exhibition, which reinterprets Edinburgh’s casts with contemporary artworks, is a collaboration between Chris Dorsett, an artist based at Northumbria University whose exhibitions combine contemporary fine art practices with museum display, and Margaret Stewart, curator of the Collection at the College. Dorsett was appointed Honorary Research Fellow at Edinburgh University to curate this exhibition for the 2012 Edinburgh Festival. The 29 contributing artists included: Christine Borland, Gareth Fisher, Kenny Hunter and Alexander Stoddart. A sixty page illustrated catalogue has been produced with 3 essays: 'Contemporaneity: having been there' by Chris Dorsett 'Athena in "The Boeotia of the North"' by Bill Hare 'The Cast Collection at Edinburgh College of Art' by Margaret Stewart More information is available on the project website: http://castcontemporaries.weebly.com

The Attentional Routing Circuit: Receptive Field Modulation Through Nonlinear Dendritic Interactions

We present a model of attentional routing called the Attentional Routing Circuit (ARC) that extends an existing model of spiking neurons with dendritic nonlinearities. Specifically, we employ the Poirazi et al. (2003) pyramidal neuron in a population coding framework. ARC demonstrates that the dendritic nonlinearities can be exploited to result in selective routing, with a decrease in the number of cells needed by a factor of ~5 as compared with a linear dendrite model.

Routing of attended information occurs through the modulation of feedforward visual signals by a cortical control signal specifying the location and size of the attended target. The model is fully specified in spiking single cells. Our approach differs from past work on shifter circuits by having more efficient control, and using a more biologically detailed substrate. Our approach differs from existing models that use gain fields by providing precise hypotheses about how the control signals are generated and distributed in a hierarchical model in spiking neurons. Further, the model accounts for numerous experimental findings regarding the timing, strength and extent of attentional modulation in ventral stream areas, and the perceived contrast enhancement of attended stimuli.

To further demonstrate the plausibility of ARC, it is applied to the attention experiments of Womelsdorf et al. (2008) and tested in detail. For the simulations, the model has only two free parameters that influence its ability to match the experimental data, and without fitting, we show that it can account for the experimental observations of changes in receptive field (RF) gain and position with attention in macaques. In sum, the model provides an explanation of RF modulation as well as testable predictions about nonlinear cortical dendrites and attentional changes of receptive field properties

An international comparison of long-run consumer behaviour

Using the Johansen procedure I test for cointegration between consumption, private disposable income and inflation for 20 OECD countries over the period 1955-1994. There is evidence of cointegration for all countries. Plausible long-run consumption functions are obtained for 18 countries, and feature heterogeneous parameter estimates across countries. Evidence against a unit-income elasticity is obtained for 11 countries suggesting that one would be unwise to assume consumption is homogenous of degree one in income. Inflation is statistically significant and negative for only 7 countries indicating that it is not a fundamental explanatory factor of consumption for many countries. Cross-country regressions for the income elasticity reveal a negative association with income growth, the loglevel of income and income inequality and a positive correlation with the fiscal surplus/deficit and the availability of credit. The cross-country regressions of the inflation elasticity are consistent with inflation acting as a proxy for asset effects.peer-reviewe

EU Banks Rating Assignments: Is there Heterogeneity between New and Old Member Countries?

We model EU countries’ bank ratings using financial variables and allowing for intercept and slope heterogeneity. Our aim is to assess whether “old” and “new” EU countries are rated differently and to determine whether “new” ones are assigned lower ratings, ceteris paribus, than “old” ones. We find that country-specific factors (in the form of heterogeneous intercepts) are a crucial determinant of ratings. Whilst “new” EU countries typically have lower ratings than “old” ones, after controlling for financial variables we also discover that all countries have significantly different intercepts, confirming our prior belief. This intercept heterogeneity suggests that each country’s rating is assigned uniquely, after controlling for differences in financial factors, which may reflect differences in country risk and the legal and regulatory framework that banks face (such as foreclosure laws). In addition, we find that ratings may respond differently to the liquidity and operating expenses to operating income variables across countries. Typically ratings are more responsive to the former and less sensitive to the latter for “new” EU countries compared with “old” EU countries.EU countries, banks, ratings, ordered probit models, index of indicator variables

EU Banks Rating Assignments: Is there Heterogeneity between New and Old Member Countries?

We model EU countries' bank ratings using financial variables and allowing for intercept and slope heterogeneity. Our aim is to assess whether "old" and "new" EU countries are rated differently and to determine whether "new" ones are assigned lower ratings, ceteris paribus, than "old" ones. We find that country-specific factors (in the form of heterogeneous intercepts) are a crucial determinant of ratings. Whilst "new" EU countries typically have lower ratings than "old" ones, after controlling for financial variables we also discover that all countries have significantly different intercepts, confirming our prior belief. This intercept heterogeneity suggests that each country's rating is assigned uniquely, after controlling for differences in financial factors, which may reflect differences in country risk and the legal and regulatory framework that banks face (such as foreclosure laws). In addition, we find that ratings may respond differently to the liquidity and operating expenses to operating income variables across countries. Typically ratings are more responsive to the former and less sensitive to the latter for "new" EU countries compared with "old" EU countries.EU countries, banks, ratings, ordered probit models, index of indicator variable

Rating Assignments: Lessons from International Banks

This paper estimates ordered logit and probit regression models for bank ratings which also include a country index to capture country-specific variation. The empirical findings provide support to the hypothesis that the individual international bank ratings assigned by Fitch Ratings are underpinned by fundamental quantitative financial analyses. Also, there is strong evidence of a country effect. Our model is shown to provide accurate predictions of bank ratings for the period prior to the 2007 – 2008 banking crisis based upon publicly available information. However, our results also suggest that quantitative models are not likely to be able to predict ratings with complete accuracy. Furthermore, we find that both quantitative models and rating agencies are likely to produce highly inaccurate predictions of ratings during periods of financial instability.international banks, ratings, ordered choice models, country index

Rating Assignments: Lessons from International Banks

This paper estimates ordered logit and probit regression models for bank ratings which also include a country index to capture country-specific variation. The empirical findings provide support to the hypothesis that the individual international bank ratings assigned by Fitch Ratings are underpinned by fundamental quantitative financial analyses. Also, there is strong evidence of a country effect. Our model is shown to provide accurate predictions of bank ratings for the period prior to the 2007 - 2008 banking crisis based upon publicly available information. However, our results also suggest that quantitative models are not likely to be able to predict ratings with complete accuracy. Furthermore, we find that both quantitative models and rating agencies are likely to produce highly inaccurate predictions of ratings during periods of financial instability.International banks, ratings, ordered choice models, country index