Miracle-dz/UniFAR-FTUs huggingface dataset:
Lumpy Investment and Monetary Policy: A Comparative Analysis in a DSGE New-Keynesian Framework

This paper analyses the theoretical and policy implications of assuming firm-specific lumpy investment behaviour by firms and compares such implications to those occurring when adopting different investment specifications in a new-Keynesian framework. We develop numerical simulations of the lumpy investment model by Sveen and Weinke (2007) and of other five specifications embedding either firm-specific capital or rental market of capital. The assessment is based on impulse responses and moments of economic variables following a productivity and a monetary shock. We preliminarily show that the degree of price stickiness and investment rigidity due to the lumpiness assumption complement each other in allowing for significant effects of monetary policy. Then, the comparison shows that models with firm-specific capital generate more volatility along the business cycle following a monetary shock while dampen the responses to a productivity shock. In such a way, they predict bigger real effects of monetary policy and better replicate empirical data. Within the firm-specific case, a degree of investment lumpiness compatible with the empirical evidence at the micro level makes economic variables more responsive to monetary and productivity shocks compared with the case in which firm-specific capital is associated to convex adjustment cost. Lastly, we show that in such setting a central bank’s policy reaction function targeted to interest rate smoothing adds volatility to aggregate variables, compared with a standard Taylor rule.
Massage therapy and frequency of chronic tension headaches.

OBJECTIVES The effect of massage therapy on chronic nonmigraine headache was investigated. METHODS Chronic tension headache sufferers received structured massage therapy treatment directed toward neck and shoulder muscles. Headache frequency, duration, and intensity were recorded and compared with baseline measures. RESULTS Compared with baseline values, headache frequency was significantly reduced within the first week of the massage protocol. The reduction of headache frequency continued for the remainder of the study (P =.009). The duration of headaches tended to decrease during the massage treatment period (P =.058). Headache intensity was unaffected by massage (P =.19). CONCLUSIONS The muscle-specific massage therapy technique used in this study has the potential to be a functional, nonpharmacological intervention for reducing the incidence of chronic tension headache.
Color and texture fusion-based method for content-based Image Retrieval

Content-based image retrieval (CBIR) is a technique uses visual contents such as color, texture and shape to search images from large scale image databases according to users' interest. In a CBIR, visual image content is represented in form of image features, which are extracted automatically and there is no manual intervention, thus eliminating the dependency on humans in the feature extraction stage. Recent studies in CBIR get the similarity results and retrieve images based on one type of feature which are color, texture or shape. In this study authors proposed a fusion based retrieval model for merging results taken from color and texture image features based different fusion methods. After implementing our proposed retrieval model on Wang image dataset which widely used in CBIR, the results show that CombMEAN fusion approach has the best and high precision value and outperformed both individual color and texture retrieval model in both top10 and top20 retrieved images.
Interactive optimization of near-isometric shape correspondence

In this paper, we present an interactive approach for near-isometric shape correspondence. Our key motivation is that the intention of the users in the correspondence problem is valuable, which helps to not only reduce search space for finding the matching pairs but also increase the accuracy of matching results. In our implementation, a cost matrix is introduced, which is updated according to the constraints given by the users. We then combine the cost matrix with an initial similarity matrix to form a joint matrix, and based on which, we formulate a linear assignment objective function to solve the correspondence problem. The experiments show that our method is fast, intuitive and can produce pleasing results.
Modeling and Optimization of Y-Type Micromixers

A trend in the global technological progress in the last few decades is the development of microsystem technology, microelectromechanical systems and corresponding technologies. Fluid mixing is an extremely important process widely used in various microfluidic devices (chemical microreactors, chemical and biological analyzers, drug delivery systems, etc.). To increase the mixing rate, it is necessary to use special devices: micromixers. This paper presents the results of a hydrodynamic simulation of Y-shaped micromixers. Flows are analyzed for both low and moderate Reynolds numbers. The passive and active mixers are considered. The dependence of the mixing efficiency on the Reynolds and Peclet numbers, as well as the possibility of using the hydrophobic and ultra-hydrophobic coatings is analyzed. Five different flow regimes were identified: (1) stationary vortex-free flow (Re 400). The maximum mixing efficiency was obtained for stationary asymmetric vortex flow.
The Twin Deficits Phenomenon: Evidence from Pakistan

Like most developing countries a steady budget deficit in Pakistan is the primary cause of all major ills of the economy. It has varied between 5.4 to 8.7 percent during last two decades. On the other hand the current account deficit varied between 2.7 to 7.2 percent during the same period. The variations in fiscal policy can lead to predictable developments in an open economy’s performance on current account, remains a controversial issue. An important aspect of this issue concerns what is termed as twin deficit analysis, according to which fiscal deficits and current account balances are very closely related so that reductions in the former are both necessary and sufficient to obtain improved performance in the later. Theoretical work on the relationship that exist between variations in fiscal policy and the current account balance has been based upon two types of models. These models are constructed from postulated behavioural relationships that purport to describe how the economy works in aggregate without explaining the behaviour of agents who make up the economy.
Frequency response areas in the inferior colliculus: nonlinearity and binaural interaction

The tuning, binaural properties, and encoding characteristics of neurons in the central nucleus of the inferior colliculus (CNIC) were investigated to shed light on nonlinearities in the responses of these neurons. Results were analyzed for three types of neurons (I, O, and V) in the CNIC of decerebrate cats. Rate responses to binaural stimuli were characterized using a 1st- plus 2nd-order spectral integration model. Parameters of the model were derived using broadband stimuli with random spectral shapes (RSS). This method revealed four characteristics of CNIC neurons: (1) Tuning curves derived from broadband stimuli have fixed (i. e., level tolerant) bandwidths across a 50–60 dB range of sound levels; (2) 1st-order contralateral weights (particularly for type I and O neurons) were usually larger in magnitude than corresponding ipsilateral weights; (3) contralateral weights were more important than ipsilateral weights when using the model to predict responses to untrained noise stimuli; and (4) 2nd-order weight functions demonstrate frequency selectivity different from that of 1st-order weight functions. Furthermore, while the inclusion of 2nd-order terms in the model usually improved response predictions related to untrained RSS stimuli, they had limited impact on predictions related to other forms of filtered broadband noise [e. g. , virtual-space stimuli (VS)]. The accuracy of the predictions varied considerably by response type. Predictions were most accurate for I neurons, and less accurate for O and V neurons, except at the lowest stimulus levels. These differences in prediction performance support the idea that type I, O, and V neurons encode different aspects of the stimulus: while type I neurons are most capable of producing linear representations of spectral shape, type O and V neurons may encode spectral features or temporal stimulus properties in a manner not easily explained with the low-order model. Supported by NIH grant DC00115.
Do Index Effects Reflect Idiosyncratic or Industry Effects? A Re-Examination of the Winners and Losers of S&P 500 Index Addition

This paper provides new findings concerning additions to the S&P 500 Index. We present the first evidence of industry effects that occur when stocks are added to the S&P 500 Index. With over a trillion dollars in index funds wealth tied to the S&P 500 Index, index additions exert price pressures on not only the firms that are added to the index and but the incumbent industry counterparts as well. We find that the share price of an added firm's industry counterparts increase in the announcement date and decrease on the effective date. We provide evidence that portfolio rebalancing helps explain the effective date abnormal returns documented for the incumbent industry counterparts. In addition, we show that the likelihood of a company being added to the S&P 500 Index is higher in industries with strong innovative activity, making revisions to the Index a vehicle for incorporating the value of such activity. Overall, our results suggest that S&P 500 Index composition changes are not information-free events.
Learning-based super-dimension (SD) reconstruction of porous media from a single two-dimensional image

The three-dimensional (3D) microscopic pore structure of Reservoir rock directly affects its seepage characteristics and physical properties. A 3D microscopic pore structure can be reconstructed from a single two-dimensional (2D) training image (TI) by using mathematical modeling methods. In this paper, we introduce the concepts of blocks, dictionary and learning into the reconstruction of 3D porous media from the area of example-based super-resolution (SR) reconstruction, and put forward the concept of super-dimension (SD) reconstruction: study the corresponding relations between 2D images and 3D images of real microscopic pore structure of reservoir rock, and use these relations as guidance for the reconstructions of a new 2D image. According to the concept of SD reconstruction, we put forward a new learning-based super-dimension (LBSD) reconstruction algorithm whose basic steps are as follows: (1) Select the training set; (2) build the dictionary; (3) reconstruction. Based on these steps, we did experiments on reconstruction of porous media from a single two-dimensional image. Comprehensive tests show that the reconstructed 3D structure consists with the 3D Micro-CT core sample where the 2D TI is selected from both in morphological characteristics and Statistical characteristics.
Integrated task sequencing and path planning for robotic remote laser welding

This paper investigates the problem of integrated task sequencing and path planning in Remote Laser Welding (RLW). It is shown that finding the appropriate order of welding tasks is crucial for exploiting the efficiency of this new joining technology, and this can be achieved only if the robot path is considered already at the time of sequencing. For modelling the problem, a novel extension of the well-know Travelling Salesman Problem with neighbourhoods and durative visits, denoted as TSP-ND, is introduced. Basic properties of this problem are formally proven, and a GRASP meta-heuristic algorithm is proposed for solving it. Extensive computational experiments demonstrate that the novel approach solves efficiently industrially relevant problems, and it achieves substantial improvement in cycle time compared to the single earlier approach in the literature dedicated to RLW, as well as compared to a decomposition approach to solving the TSP-ND model.
Electromagnetic and topographic coupling, and LOD variations

The role played by di erent core processes in the changes in the Earth's rotation is assessed and fully dynamical models of the torsional Alfvén waves inside the uid core are reviewed. These waves, rst studied by Braginsky (1970), consist of geostrophic circulation. They have decadal periods and yield time changes in core angular momentum. They arise from small departures from an hypothetical quasi static state, where the total action of the Lorentz force on the geostrophic cylinders cancels out. They cause torques acting on the mantle. Simple models of the torsional waves that rely only on zonal averages of the magnetic eld have incorporated electromagnetic coupling to the mantle. They, however, need some correction. In addition, only a kinematic approach of the topographic coupling, caused by non axial symmetry of the uid cavity, has been successfully attempted to date. Taking into account uncertainties in the height of the core mantle topography and in the electrical conductivity of the deep mantle, it turns out that, in the present state of core modelling, the pressure, gravity and electromagnetic torques acting on the mantle may all produce decade changes in the length of the day with a magnitude comparable to the observations.
The momentum effect on the London Stock Exchange

This study intends to investigate the momentum effect, which states that shares which performed the best (worst) over the previous three to twelve months continue to perform well (poorly) over the subsequent three to twelve months. Evidence suggests that a strategy that buys previous winner shares and sells short past loser stocks can generate abnormal profitability of about 1 per cent per month (Jegadeesh and Titman, 1993). Although momentum payoffs tend to persist when share returns in international markets are employed (e. g. ̀, Griffin et al., 2003, Rouwenhorst, 1998), a significant number of studies have debated the potential explanation of the momentum effect without reaching a consensus. Using data from the London Stock Exchange from January 1975 to October 2001, this thesis investigates some factors that influence the magnitude of continuation gains that have not been previously identified. I examine the relationship between momentum profitability and the stock market trading mechanism and is motivated by recent changes to the trading systems that have taken place on the London Stock Exchange. Since 1975 the London stock market has employed three different trading systems: a floor based system, a computerised dealer system called SEAQ and the automated auction system SETS. I find that after the introduction of the computerised dealer system SEAQ momentum profits are higher than when the floor based system operated. I also document that companies trading on the SETS auction system display greater momentum profitability than shares trading on SEAQ. Results are robust to the use of different samples and alternative risk
Improvements on Cross-Validation: The 632+ Bootstrap Method

Abstract A training set of data has been used to construct a rule for predicting future responses. What is the error rate of this rule? This is an important question both for comparing models and for assessing a final selected model. The traditional answer to this question is given by cross-validation. The cross-validation estimate of prediction error is nearly unbiased but can be highly variable. Here we discuss bootstrap estimates of prediction error, which can be thought of as smoothed versions of cross-validation. We show that a particular bootstrap method, the . 632+ rule, substantially outperforms cross-validation in a catalog of 24 simulation experiments. Besides providing point estimates, we also consider estimating the variability of an error rate estimate. All of the results here are nonparametric and apply to any possible prediction rule; however, we study only classification problems with 0–1 loss in detail. Our simulations include “smooth” prediction rules like Fisher's linear discriminant fun.
Real-time Macroeconomic Data and Uncertainty

Most macroeconomic data is continuously revised as additional information becomes avail- able. We suggest that revisions of data is an increasingly important source of uncertainty about the state of the economy and offer an alternative channel of uncertainty - data uncer- tainty. This paper adds on the uncertainty literature and focuses on data uncertainty, which originates in the revision structure of data. We find that apart from the general and eco- nomic policy uncertainty, the data uncertainty has been rising throughout the past decade in the US and Euro area. To the best of our knowledge, this is the first study of Euro area data uncertainty. Our analysis shows that there is a positive lagged effect of economic policy uncertainty on data uncertainty for both regions. Our finding corresponds to the recent lit- erature on increased macroeconomic and economic policy uncertainty during and after the "Great Recession”.
The front on the Northern Flank of Georges Bank in spring: 2. Cross-frontal fluxes and mixing : U.S. GLOBEC: Physical processes on Georges Bank (GLOBEC)

[1] Hydrographic observations made with an undulating vehicle carrying a CTD and concurrent shipboard ADCP velocity observations over a 12-day period are combined to investigate vertical mixing and cross-frontal fluxes on the Northern Flank of Georges Bank. The CTD density time series is analyzed to detect the presence of vertical overturns, the statistics of which are used to infer vertical mixing parameters. Vertical turbulent buoyancy fluxes are downward and most intense, reaching values of 5 x 10 -7 W/kg, near the bottom at the edge of the bank and decrease both on- and off-bank. Horizontal, cross-bank buoyancy fluxes are partitioned into mean, tidal pumping, and nontidal eddy components and are computed as a function of cross-isobath/vertical position by averaging in the along-isobath direction. The tidal pumping component is dominant over most of the cross-bank section with a peak value of ∼ 1 × 10 -4 W/kg, directed off-bank near the bank edge. A diagnosed tidal vertical velocity field is used with mean buoyancy gradients to compute the along-isopycnal skew flux. The horizontal component of this skew flux has similar spatial structure and magnitude to that of the observed tidal pumping flux. The divergent component of the skew flux, at depths above the bottom boundary layer, appears to be convergent north of the bank edge and divergent at the bank edge, suggesting that tidally driven advective processes drive buoyant bank water downward and off-bank at mid-depth and force the upwelling of deep, dense water near the bottom at the bank edge.
An untapped pool of volunteers for the Big Society? Not enough social capital? Depends on how you measure it....

The key factor in determining the success of the Big Society in the UK is the availability of volunteers. How large is the pool of adults in Great Britain not already volunteering? To answer this question this paper adopts an under-utilised dynamic approach to measuring volunteering and compares its results to the more commonly used cross-sectional approach. Using longitudinal data from the British Household Survey, this paper finds considerable movement of individuals into and out of volunteering. The results show the vast majority of British adults have volunteered at least once and most of them do it repeatedly. Consequently the untapped pool of individuals who have never volunteered is significantly smaller than cross-sectional analysis suggests. This study recommends that Big Society policy should therefore give greater emphasis to retaining and re-engaging its existing volunteers and less emphasis to recruiting people who have never volunteered.
Long-Horizon Regression Test of Mean Reversion: A Finite-Sample Analysis

In recent two decades, long-horizon regression has become a popular choice for testing mean reversion in stock prices. Due to overlapping and multi-period return summation, finite sample analysis of long-horizon regression coefficient is complicated and largely unavailable in the literature. Empirical studies almost entirely rely on asymptotic tests, which can have serious size distortions and be highly unreliable in finite samples. In this paper, we bridge the gap by providing a finite sample analysis under the assumption that returns follow a multivariate elliptical distribution. First, we derive analytical expressions for the first two moments of long-horizon regression slope coefficient, and provide simple formulas that approximate the mean and variance extremely well. Second, we develop efficient numerical procedures to compute the exact distribution which allows us to perform exact test. In addition, we propose a simple and reliable approximate test assuming regression coefficient follows a normal distribution. Third, we analyze the size and power of the exact test under various popular alternative hypotheses. We find the exact test has better size properties than asymptotic test but long-horizon regression tests in general have lower power detecting slowly mean reverting process. Finally, when applied to empirical data, the exact test lends less support of mean reversion than asymptotic tests. Even such moderate evidence is mainly due to the pre-1941 data.
Differential Dynamics of CALR Mutant Allele Burden in Myeloproliferative Neoplasms during Interferon Alfa Treatment

Discovery of somatic mutations in the calreticulin gene (CALR) has identified a subgroup of Philadelphia-negative chronic myeloproliferative neoplasms (MPN) with separate haematological characteristics and prognosis. CALR mutations serve as novel markers both of diagnostic value and as targets for monitoring molecular responses during therapy. Interferon-α (IFN) selectively targets the malignant clone in a subset of MPN patients and can induce both haematological and molecular remissions in CALR mutated essential thrombocythemia (ET) patients. We investigated the response to IFN in a cohort of 21 CALR mutated MPN patients including ET, prefibrotic primary myelofibrosis (pre-PMF), and primary myelofibrosis (PMF) with a median follow-up of 31 months. For evaluation of a molecular response, we developed highly sensitive quantitative PCR (qPCR) assays for monitoring the mutant allele burden of the two most prevalent CALR mutations (type 1 and type 2). Thirteen patients (62%) experienced a decrease in the mutant allele burden with a median decline of 29% from baseline. However, only four patients, including patients with ET, pre-PMF, and PMF diagnosis, achieved molecular responder (MR) status with >50% reduction in mutant allele burden according to European LeukemiaNet (ELN) guidelines. MR patients displayed significant differences in the dynamics of the CALR mutant load with regard to time to response and dynamics in mutant allele burden after discontinuation of IFN treatment. Furthermore, we highlight the prognostic value of the CALR mutant allele burden by showing a close association with leucocyte- and platelet counts, hemoglobin concentration, in addition to plasma lactate dehydrogenase (LDH) irrespective of molecular response and treatment status.