Modeling Multivariate Interest Rates Using Time-Varying Copulas and Reducible Nonlinear Stochastic Differential Equations

We propose a new approach for modeling nonlinear multivariate interest rate processes based on time-varying copulas and reducible stochastic differential equations (SDEs). In the modeling of the marginal processes, we consider a class of nonlinear SDEs that are reducible to Ornstein--Uhlenbeck (OU) process or Cox, Ingersoll, and Ross (1985) (CIR) process. The reducibility is achieved via a nonlinear transformation function. The main advantage of this approach is that these SDEs can account for nonlinear features, observed in short-term interest rate series, while at the same time leading to exact discretization and closed-form likelihood functions. Although a rich set of specifications may be entertained, our exposition focuses on a couple of nonlinear constant elasticity volatility (CEV) processes, denoted as OU-CEV and CIR-CEV, respectively. These two processes encompass a number of existing models that have closed-form likelihood functions. The transition density, the conditional distribution function, and the steady-state density function are derived in closed form as well as the conditional and unconditional moments for both processes. In order to obtain a more flexible functional form over time, we allow the transformation function to be time varying. Results from our study of U.S. and UK short-term interest rates suggest that the new models outperform existing parametric models with closed-form likelihood functions. We also find the time-varying effects in the transformation functions statistically significant. To examine the joint behavior of interest rate series, we propose flexible nonlinear multivariate models by joining univariate nonlinear processes via appropriate copulas. We study the conditional dependence structure of the two rates using Patton (2006a) time-varying symmetrized Joe--Clayton copula. We find evidence of asymmetric dependence between the two rates, and that the level of dependence is positively related to the level of the two rates. (JEL: C13, C32, G12) Copyright The Author 2010. Published by Oxford University Press. All rights reserved. For permissions, please e-mail: journals.permissions@oxfordjournals.org, Oxford University Press.

Architecture in Cinema: A Relation of Representation Based on Space

Architecture, whether in the foreground or background, is an intrinsic part of any film, and cinema holds a position as a transformative reference in contemporary architecture. This book addresses the role of architecture in cinema, and through a focus on the use of space, it presents a critical overview of the relation between the two. Through framing, flattening and editing, cinematic space, as the representation of architectural space, focuses on its certain qualities, while eliminating others. Thus, cinema emphasizes individual aspects of space that may be overlooked when the whole context is considered. Space 'acts' in the foreground rather than simply filling the background in the films of Peter Greenaway and Wim Wenders, which are used to analyze two significant cinematic approaches to space, space as form and space as symbol. The detailed analysis of Greenaway's The Belly of an Architect and Wenders' Der Himmel über Berlin (Wings of Desire) offers an innovative and original perspective on space to those interested in both fields of architecture and film studies.

Using simulation to assess cardiac first-responder schemes exhibiting stochastic and spatial complexities

A Monte-Carlo simulation-based model has been constructed to assess a public health scheme involving mobile-volunteer cardiac First-Responders. The scheme being assessed aims to improve survival of Sudden-Cardiac-Arrest (SCA) patients, through reducing the time until administration of life-saving defibrillation treatment, with volunteers being paged to respond to possible SCA incidents alongside the Emergency Medical Services. The need for a model, for example, to assess the impact of the scheme in different geographical regions, was apparent upon collection of observational trial data (given it exhibited stochastic and spatial complexities). The simulation-based model developed has been validated and then used to assess the scheme's benefits in an alternative rural region (not a part of the original trial). These illustrative results conclude that the scheme may not be the most efficient use of National Health Service resources in this geographical region, thus demonstrating the importance and usefulness of simulation modelling in aiding decision making.

Modal Representation of the Resonant Body within a Finite Difference Framework for Simulation of String Instruments

This paper investigates numerical simulation of a string coupled
transversely to a resonant body. Starting from a complete nite
difference formulation, a second model is derived in which the
body is represented in modal form. The main advantage of this hybrid form is that the body model is scalable, i.e. the computational
complexity can be adjusted to the available processing power. Numerical results are calculated and discussed for simplied models
in the form of string-string coupling and string-plate coupling.

The Representation of the Female Body in the Multimedia Works of Regina José Galindo

The female body is central to the performance art, poetry and blog site interventions of Guatemalan Regina José Galindo. While Galindo is best known for her performance work, this article compares the hereto overlooked, distinctive and often shocking representations of the female body across her multimedia outputs. We first consider the ways in which, in all three media, Galindo presents an ‘excessive’, carnivalised, grotesque and abject female body. Second, we analyse representations of the female body that has been subjected to violence at a private and public level. In so doing, we show how Galindo not only contests hegemonic visions of gender and (national) identity but also challenges the viewer/reader to engage with, rather than look away from, the violence to which women are subjected in patriarchal society.

Devolution and the political representation of business interests in the UK

The devolution of political power in Scotland, Wales and Northern Ireland and the developing regional agenda in England are widely read as a significant reconfiguration of the institutions and scales of economic governance. The process is furthest developed in Scotland while Wales and Northern Ireland, in their own distinct ways, provide intermediate cases. Devolution is least developed in England where regional political identities are generally weak and the historical legacy of regional institutions is limited.

Business representation and the UK regions: mapping institutional change

Political devolution in Scotland, Wales and Northern Ireland and the developing regional agenda in England are prompting changes in the organization of business interest representation within the devolved and decentralized territories. In this paper we seek to describe the realignment of business interest representation at the 'regional' scale, first through a detailed review of changes underway across specific business associations and representative fora, and secondly through an initial attempt to compare and 'map' the patterns of institutional change recorded in the various territories. In broad terms the overall scale, operation and degree of formalization of the new political arrangements for business representation tend broadly to reflect the established institutional and political contexts of the respective nations and regions and the level of devolution ceded to the territories. However, there are important variations in a complex process of uneven development. In the concluding section we present some initial thoughts on the nature of the changes observed in the institutional framework for business representation. A key argument is that to date such changes suggest a reconfiguration of business political activity rather than a step-change in the institutional foundation for sub-national business interest representation in the UK. (C) 2003 Elsevier Ltd. All rights reserved.

Capacity-building, representation and intracommunity conflict

This paper explores the nature of community capacity-building in the context of local development. It challenges some of the simplistic constructions of community as a distinctive stakeholder with a shared set of values and clear identity. Even in apparently homogeneous place-based communities such as in the Catholic Ardoyne area of North Belfast there are important differences in the way in which local people interact with the organised voluntary sector. The paper concludes by highlighting the need to reach deeper into the concerns of local people, rather than the priorities of statutory funders, as a basis for service provision and local planning.