Macroeconomic News Effects and Foreign Exchange Jumps

This thesis investigates how macroeconomic news announcements affect jumps and cojumps in foreign exchange markets, especially under different business cycles. We use 5-min interval from high frequency data on Euro/Dollar, Pound/Dollar and Yen/Dollar from Nov. 1, 2004 to Feb. 28, 2015. The jump detection method was proposed by Andersen et al. (2007c), Lee & Mykland (2008) and then modified by Boudt et al. (2011a) for robustness. Then we apply the two-regime smooth transition regression model of Teräsvirta (1994) to explore news effects under different business cycles. We find that scheduled news related to employment, real activity, forward expectations, monetary policy, current account, price and consumption influences forex jumps, but only FOMC Rate Decisions has consistent effects on cojumps. Speeches given by major central bank officials near a crisis also significantly affect jumps and cojumps. However, the impacts of some macroeconomic news are not the same under different economic states.

THE ACUTE EFFECTS OF A SINGLE SESSION OF PLYOMETRIC EXERCISE ON MARKERS OF BONE TURNOVER IN BOYS AND MEN

The study objective was to compare the response of bone markers to an exercise session consisting of high mechanical loading (144 jumps) between boys (n=12, 10.2 ± 0.4 years) and men (n=18, 22.5 ± 0.7 years). Blood samples were collected at pre-, 5, 60 minutes post-, and 24 hours post-exercise) to measure bone-specific alkaline phosphatase (BAP), amino-terminal cross-linking telopeptide (NTx), osteoprotegrin (OPG) and receptor activator of nuclear factor kb ligand (RANKL). Boys had higher BAP levels at all time points, with an increase 24 hours post-exercise. No such increase was observed in men. Likewise, NTx levels were higher in boys, with a greater increase over time than in men. OPG and RANKL levels were similar in boys and men at all times. In summary, even one session of exercise stimulates bone turnover, as reflected in the increase in both BAP and NTx, in boys (but not men) within 24 hours.