title: Modelling the yield curve with Orthonomalised Laguerre Polynomials: An intertemporally consistent approach with an economic interpretation

authors: Krippner, Leo

subjects: yield curve

abstract: This article provides theoretical foundations for the popular orthonormalised Laguerre polynomial (OLP) model of the yield curve, as originally introduced by Nelson and Siegel (1987). Intertemporal consistency is provided by deriving the volatility-adjusted OLP (VAO) model of the yield curve using the risk-neutral Heath, Jarrow and Morton (1992) framework, and including an allowance for term premia as noted in Duffee (2002). An economic interpretation is provided by deriving the relationship between the VAO model and the Berardi and Esposito (1999) yield curve model that is based on a generic general equilibrium model of the economy. In empirical applications using almost 50 years of United States data, the VAO model outperforms the random walk when used to forecast the yield curve out of sample, and the level of the yield curve as measured by the VAO model is shown to be cointegrated with CPI inflation, as predicted.

text: Modelling the yield curve with Orthonomalised Laguerre Polynomials: An intertemporally consistent approach with an economic interpretation This article provides theoretical foundations for the popular orthonormalised Laguerre polynomial (OLP) model of the yield curve, as originally introduced by Nelson and Siegel (1987). Intertemporal consistency is provided by deriving the volatility-adjusted OLP (VAO) model of the yield curve using the risk-neutral Heath, Jarrow and Morton (1992) framework, and including an allowance for term premia as noted in Duffee (2002). An economic interpretation is provided by deriving the relationship between the VAO model and the Berardi and Esposito (1999) yield curve model that is based on a generic general equilibrium model of the economy. In empirical applications using almost 50 years of United States data, the VAO model outperforms the random walk when used to forecast the yield curve out of sample, and the level of the yield curve as measured by the VAO model is shown to be cointegrated with CPI inflation, as predicted.

year: 2003-09

title: The true relationship of NPA and MG levels

authors: Molan, Peter C.

subjects: honey

abstract: There has been up until now a major misunderstanding of the relationship between different levels of antibacterial activity in manuka honey. It has always been assumed that for example, a honey with a non-peroxide antibacterial activity (NPA) of 20 is twice as potent as one with a rating of NPA 10, but that is in fact not correct.

text: The true relationship of NPA and MG levels There has been up until now a major misunderstanding of the relationship between different levels of antibacterial activity in manuka honey. It has always been assumed that for example, a honey with a non-peroxide antibacterial activity (NPA) of 20 is twice as potent as one with a rating of NPA 10, but that is in fact not correct.

year: 2015

title: Beyond Pākehā paralysis: Exploring the journeys & experiences of Pākehā allyship in psychology

authors: Stolte, Ottilie Emma Elisabeth

abstract: The monocultural foundation of psychology is interwoven with the colonial history of Aotearoa New Zealand. Not all of the mahi of decolonising psychology is the responsibility of Māori. In Aotearoa, there is currently less literature around the development of racial justice allyship and how Pākehā (as the dominant majority) can work towards honouring Te Tiriti o Waitangi. This paper draws on interviews with three Pākehā allies who have taken actions towards greater inclusion of Māori and raising awareness of systemic injustices and racial disparities. The objective of this paper is to document the understandings shared by these ‘reluctant allies’, focusing on the challenges, possibilities, and suggestions for a more culturally relevant psychological education and practice for Aotearoa New Zealand.

text: Beyond Pākehā paralysis: Exploring the journeys & experiences of Pākehā allyship in psychology The monocultural foundation of psychology is interwoven with the colonial history of Aotearoa New Zealand. Not all of the mahi of decolonising psychology is the responsibility of Māori. In Aotearoa, there is currently less literature around the development of racial justice allyship and how Pākehā (as the dominant majority) can work towards honouring Te Tiriti o Waitangi. This paper draws on interviews with three Pākehā allies who have taken actions towards greater inclusion of Māori and raising awareness of systemic injustices and racial disparities. The objective of this paper is to document the understandings shared by these ‘reluctant allies’, focusing on the challenges, possibilities, and suggestions for a more culturally relevant psychological education and practice for Aotearoa New Zealand.

year: 2025