1919 search hits
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Global yield curve dynamics and interactions : a dynamic Nelson-Siegel approach
(2008)
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Francis X. Diebold
Canlin Li
Vivian Z. Yue
- The popular Nelson-Siegel (1987) yield curve is routinely fit to cross sections of intra-country bond yields, and Diebold and Li (2006) have recently proposed a dynamized version. In this paper we extend Diebold-Li to a global context, modeling a potentially large set of country yield curves in a framework that allows for both global and country-specific factors. In an empirical analysis of term structures of government bond yields for the Germany, Japan, the U.K. and the U.S., we find that global yield factors do indeed exist and are economically important, generally explaining significant fractions of country yield curve dynamics, with interesting differences across countries. JEL Classification: G1, E4, C5
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Measuring financial asset return and volatilty spillovers, with application to global equity markets
(2008)
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Francis X. Diebold
Kamil Yilmaz
- We provide a simple and intuitive measure of interdependence of asset returns and/or volatilities. In particular, we formulate and examine precise and separate measures of return spillovers and volatility spillovers. Our framework facilitates study of both non-crisis and crisis episodes, including trends and bursts in spillovers, and both turn out to be empirically important. In particular, in an analysis of nineteen global equity markets from the early 1990s to the present, we find striking evidence of divergent behavior in the dynamics of return spillovers vs. volatility spillovers: Return spillovers display a gently increasing trend but no bursts, whereas volatility spillovers display no trend but clear bursts. JEL Classification: G1
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Central bank misperceptions and the role of money in interest rate rules
(2008)
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Günter W. Beck
Volker Wieland
- Research with Keynesian-style models has emphasized the importance of the output gap for policies aimed at controlling inflation while declaring monetary aggregates largely irrelevant. Critics, however, have argued that these models need to be modified to account for observed money growth and inflation trends, and that monetary trends may serve as a useful cross-check for monetary policy. We identify an important source of monetary trends in form of persistent central bank misperceptions regarding potential output. Simulations with historical output gap estimates indicate that such misperceptions may induce persistent errors in monetary policy and sustained trends in money growth and inflation. If interest rate prescriptions derived from Keynesian-style models are augmented with a cross-check against money-based estimates of trend inflation, inflation control is improved substantially. JEL Classification: E32, E41, E43, E52, E58
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Die gesellschaftliche Stellung der Frau gemäß dem Koran
(2008)
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Hüseyin Yaşar
- In den grundlegenden Quellen des Islam, d.h. in Koran und Hadith, gibt es keine klar formulierten Verbote, die gegen das Engagement der Frauen in der Gesellschaft sprechen. Die Gründe für viele Interpretationen, die gegen das Engagement der Frauen in der Gesellschaft sprechen, müssen in den geschichtlichen und sozialen Gegebenheiten der betreffenden Region gesucht werden. Viele Verbote sind traditionell und nicht theologisch bedingt. Wenn diese Verbote auch heute ihre Gültigkeit behalten sollen, so verstossen wir damit gegen das Menschenverständnis des Korans. Wir müssen aber akzeptieren, dass die Probleme der Frauen in der islamischen Welt noch nicht ausreichend gelöst sind. In den frühesten Koranversen wird das Lesen und Lernen für alle Menschen befohlen, damit sich Kultur und Wissen in der Gesellschaft verbreiten können. Wenn diese Vorschrift auch unter den Frauen ausreichend beachtet wird, dann werden sie ihre soziale Identität wiederfinden und ihre Rechte noch stärker verteidigen. Viele Aufgaben und Funktionen, die in unserer Gesellschaft von Männern ausgefüllt werden, werden zunehmend auch von Frauen übernommen. Heute sehen wir, dass Frauen mit einer soliden Ausbildung ihre Rechte besser verteidigen können und mit den Männern weniger Probleme haben. Als Ergebnis können wir festhalten, dass die Probleme der Frauen nicht von den Vorschriften der Religion, hier dem Islam, hervorgerufen werden, sondern aus kulturellen und traditionellen Gegebenheiten heraus entstehen. Für die Lösung dieser Probleme müssen der Koran und andere wichtige Quellen der Religion den Bedürfnissen der heutigen modernen Gesellschaft entsprechend neu interpretiert werden.
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Von der Güte des Herzens und dem Wohlwollen : die vorzüglichen Seelenkräfte in der Philosophie Thomas Abbts
(2008)
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Wilhelm-Ludwig Federlin
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Condition of the self to attain self-realization in Sikh religion
(2008)
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Rajinder Rohi
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Religious conversion : historical aspects and modern perspective
(2008)
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Edmund Weber
- Religious conversion has become a dangerous social and individual problem. In Latin America, a traditional Catholic area, Protestant sects are successfully con-verting more and more Catholics into their own communities. Therefore the Pope demands a strict control of these activities. In India e.g., the Catholic hierarchy is critizising the Indian governments which have forbidden conversion on non-spiritual reasons. Hindu organizations have started even very successfully to re-convert Indian Christians particularly of Dalit and tribal background. Buddhists are very successful in indirect and even direct conversion of many Westerners. Wah-habit missionaries spread their Neo-Islam in the Muslim societies and get more and more even non-Muslim converts. We should add the forcible and sometimes ex-tremely cruel conversions the atheistic states had executed since the last century. ...
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Auxiliary selection and counterfactuality in the history of English and Germanic
(2008)
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Thomas McFadden
Artemis Alexiadou
- The retreat of BE as perfect auxiliary in the history of English is examined. Corpus data are presented showing that the initial advance of HAVE was most closely connected to a restriction against BE in past counterfactuals. Other factors which have been reported to favor the spread of HAVE are either dependent on the counterfactual effect, or significantly weaker in comparison. It is argued that the effect can be traced to the semantics of the BE perfect, which denoted resultativity rather than anteriority proper. Related data from other older Germanic and Romance languages are presented, and finally implications for existing theories of auxiliary selection stemming from the findings presented are discussed.
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untitled document
(2008)
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Thomas McFadden
Artemis Alexiadou
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Verbs, nouns and affixation
(2008)
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Artemis Alexiadou
Jane Grimshaw
- What explains the rich patterns of deverbal nominalization? Why do some nouns have argument structure, while others do not? We seek a solution in which properties of deverbal nouns are composed from properties of verbs, properties of nouns, and properties of the morphemes that relate them. The theory of each plus the theory of howthey combine, should give the explanation. In exploring this, we investigate properties of two theories of nominalization. In one, the verb-like properties of deverbal nouns result from verbal syntactic structure (a “structural model”). See, for example, van Hout & Roeper 1998, Fu, Roeper and Borer 1993, 2001, to appear, Alexiadou 2001, to appear). According to the structural hypothesis, some nouns contain VPs and/or verbal functional layers. In the other theory, the verbal properties of deverbal nouns result from the event structure and argument structure of the DPs that they head. By “event structure” we mean a representation of the elements and structure of a linguistic event, not a representation of the world. We refer to this view as the “event model”. According to the event model hypothesis, all derived nouns are represented with the same syntactic structure, the difference lying in argument structure – which in turn is critically related to event structure, in the way sketched in Grimshaw (1990), Siloni (1997) among others. In pursuing these lines of analysis, and at least to some extent disentangling their properties, we reach the conclusion that, with respect to a core set of phenomena, the two theories are remarkably similar – specifically, they achieve success with the same problems, and must resort to the same stipulations to address the remaining issues that we discuss (although the stipulations are couched in different forms).
