The behaviour of the real exchange rate: Evidence from regression quantiles

We test for mean reversion in real exchange rates using a recently developed unit root test for non- normal processes based on quantile autoregression inference in semi-parametric and non-parametric settings. The quantile regression approach allows us to directly capture the impact of di¤erent magnitudes of shocks that hit the real exchange rate, conditional on its past history, and can detect asymmetric, dynamic adjustment of the real exchange rate towards its long run equilibrium. Our results suggest that large shocks tend to induce strong mean reverting tendencies in the exchange rate, with half lives less than one year in the extreme quantiles. Mean reversion is faster when large shocks originate at points of large real exchange rate deviations from the long run equilibrium. However, in the absence of shocks no mean reversion is observed. Finally, we report asymmetries in the dynamic adjustment of the RERreal exchange rate, purchasing power parity, quantile regression

A study on the correlation of nucleotide skews and the positioning of the origin of replication: different modes of replication in bacterial species

Deviations from Chargaff's 2nd parity rule, according to which A∼T and G∼C in single stranded DNA, have been associated with replication as well as with transcription in prokaryotes. Based on observations regarding mainly the transcription-replication co-linearity in a large number of prokaryotic species, we formulate the hypothesis that the replication procedure may follow different modes between genomes throughout which the skews clearly follow different patterns. We draw the conclusion that multiple functional sites of origin of replication may exist in the genomes of most archaea and in some exceptional cases of eubacteria, while in the majority of eubacteria, replication occurs through a single fixed origin

The forecasting power of internal yield curve linkages

This paper investigates whether information from foreign yield curves helps forecast domestic yield curves out-of-sample. A nested methodology to forecast yield curves in domestic and international settings is applied on three major countries (the US, Germany and the UK). This novel methodology is based on dynamic factor models, the EM algorithm and the Kalman filter. The domestic model is compared vis-á-vis an international one, where information from foreign yield curves is allowed to enrich the information set of the domestic yield curve. The results have interesting and original implications. They reveal clear international dependency patterns, strong enough to improve forecasts of Germany and to a lesser extent UK. The US yield curve exhibits a more independent behaviour. In this way, the paper also generalizes anecdotal evidence on international interest rate linkages to the whole yield curve. JEL Classification: F31dynamic factor model, EM algorithm, international linkages, Yield curve forecast

Socioeconomic Status and Health Care Utilization: A Study of the Effects of Low Income, Unemployment and Hours of Work on the Demand for Health Care in the E.U.

The purpose of this study is to shed light on the individual socio-economic status (SES) and demographic determinants of the demand for health care in a cross-comparison study of nine E.U. countries. It focuses on the effects of the individual employment status on alternative indicators of demand for health care that constitutes a largely unexplored area. The evidence supports the existence of an employment status- demand for health care relationship although it varies with respect to the type of health care examined and the institutional and environmental settings of the countries utilised in the study