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Full-Text Articles in Social and Behavioral Sciences
Evaluating Density Forecasts With Applications To Financial Risk Management, Francis X. Diebold, Todd A. Gunther, Anthony S. Tay
Evaluating Density Forecasts With Applications To Financial Risk Management, Francis X. Diebold, Todd A. Gunther, Anthony S. Tay
Research Collection School Of Economics
We propose methods for evaluating density forecasts. We focus primarily on methods that are applicable regardless of the particular user’s loss function. We illustrate the methods with a detailed simulation example, and then we present an application to density forecasting of daily stock market returns. We discuss extensions for improving suboptimal density forecasts, multi-step-ahead density forecast evaluation, multivariate density forecast evaluation, monitoring for structural change and its relationship to density forecasting, and density forecast evaluation with known loss function.
Productivity Growth And Public Sector Employment, Kong Weng Ho, Hian Teck Hoon
Productivity Growth And Public Sector Employment, Kong Weng Ho, Hian Teck Hoon
Research Collection School Of Economics
Our model endogenizes the share of public sector employment in a neoclassical growth model. Under the assumptions that public sector production is labor intensive and the elasticity of substitution between capital and labor is less than one, the public share of employment is shown to decline with a rise in capital per effective worker. Our theory predicts that periods of high productivity growth are associated with a rising trend of the public share of employment. This prediction conforms well with U.S. experience from 1950–1995.
Productivity Growth And Public Sector Employment, Kong Weng Ho, Hian Teck Hoon
Productivity Growth And Public Sector Employment, Kong Weng Ho, Hian Teck Hoon
Research Collection School Of Economics
Our model endogenizes the share of public sector employment in a neoclassical growth model. Under the assumptions that public sector production is labor intensive and the elasticity of substitution between capital and labor is less than one, the public share of employment is shown to decline with a rise in capital per effective worker. Our theory predicts that periods of high productivity growth are associated with a rising trend of the public share of employment. This prediction conforms well with U.S. experience from 1950-1995.
Persistent Alterations Of The Autonomic Nervous System After Noncardiac Surgery, David Amar, Martin Fleisher, Carol B Pantuck, Harry Shamoon, Hao Zhang, Nancy Roistacher, Denis H. Y. Leung, Ilana Ginsburg, Richard M. Smiley
Persistent Alterations Of The Autonomic Nervous System After Noncardiac Surgery, David Amar, Martin Fleisher, Carol B Pantuck, Harry Shamoon, Hao Zhang, Nancy Roistacher, Denis H. Y. Leung, Ilana Ginsburg, Richard M. Smiley
Research Collection School Of Economics
IN some patients undergoing noncardiac surgery, important cardiovascular events such as myocardial ischemia or dysrhythmias occur, most commonly on postoperative days 1–5. These early perioperative events have been associated with poor outcome at 18–24 months. Sympathetic neural or hormonal mechanisms have been implicated as causative factors for these complications. In the study of possible effects of surgical stress on these mechanisms, the ability to assess autonomic outflow to target organs such as the heart would be important.
From Entrepot To Nic: Economic And Structural Policy Aspects Of Singapore's Development, Jochen Wirtz, Thomas Menkhoff
From Entrepot To Nic: Economic And Structural Policy Aspects Of Singapore's Development, Jochen Wirtz, Thomas Menkhoff
Research Collection Lee Kong Chian School Of Business
This paper describes the development of Singapore from an entrepot to an industrialized economy and analyzes the role of its structural and industrial policies as one important factor in this success story. The advance of Singapore to an industrialized economy can be structured into four phases. Phase I, the early phase from 1959 to the mid-1960s is characterized by an import substitution policy followed together with Malaysia. Phase II describes the enhanced export-orientation and industrialization from 1967 to 1973. Phase III includes the industrial restructuring from 1973 to 1984. Phase IV describes the development towards diversification of the industrial base …
The Conditional Heteroscedasticity Of The Yen-Dollar Exchange Rates, Yiu Kuen Tse
The Conditional Heteroscedasticity Of The Yen-Dollar Exchange Rates, Yiu Kuen Tse
Research Collection School Of Economics
This paper examines the conditional heteroscedasticity of the yen-dollar exchange rate. A model is constructed by extending the asymmetric power autoregressive conditional heteroscedasticity model to a process that is fractionally integrated. It is found that, unlike the equity markets, the appreciation and depreciation shocks of the yen against the dollar have similar effects on future volatilities. Although the results reject both the stable and the integrated models, our analysis of the response coefficients of the past shocks and the application of the models to the estimation of the capital requirements for trading the currencies show that there are no substantial …