A DYNAMIC FRAMEWORK FOR THE RELATIONS BETWEEN FOREIGN EXCHANGE RATES, SAVINGS AND INVESTMENTS

The Meese-Rogoff forecasting puzzle states that foreign exchange (FX) rates are unpredictable. Since one country’s macroeconomic conditions could affect the price of its national currency, we study the dynamic relations between the FX rates and some macroeconomic accounts. Our research tests whether the predictability of the FX rates could be improved through the advanced econometrics. Improving the predictability of the FX rates has important implications for various groups including investors, business entities and the government. The present thesis examines the dynamic relations between the FX rates, savings and investments for a sample of 25 countries from the Organization for Economic Cooperation and Development. We apply quarterly data of FX rates, macroeconomic indices and accounts including the savings and the investments over three decades. Through preliminary Augmented Dickey-Fuller unit root tests and Johansen cointegration tests, we found that the savings rate and the investment rate are cointegrated with the vector (1,-1). This result is consistent with many previous studies on the savings-investment relations and therefore confirms the validity of the Feldstein-Horioka puzzle. Because of the special cointegrating relation between the savings rate and investment rate, we introduce the savings-investment rate differential (SID). Investigating each country through a vector autoregression (VAR) model, we observe extremely insignificant coefficient estimates of the historical SIDs upon the present FX rates. We also report similar findings through the panel VAR approach. We thus conclude that the historical SIDs are useless in forecasting the FX rate. Nonetheless, the coefficients of the past FX rates upon the current SIDs for both the country-specific and the panel VAR models are statistically significant. Therefore, we conclude that the historical FX rates can conversely predict the SID to some degree. Specifically, depreciation in the domestic currency would cause the increase in the SID.

Investigations into phosphorus removal by constructed wetlands : root bed media modifications /

A study has been conducted focusing on how the phosphorus renrx)val efficiency of a constructed wetland (CW) can be optimized through the selective enrichment of the substratum. Activated alumina and powdered iron were examined as possible enrichment compounds. Using packed glass column trials it was found that alumina was not suitable for the renx)val of ortho-phosphate from solution, while mixtures of powdered iron and quartz sand proved to be very efficient. The evaluation of iron/sand mixtures in CWs planted with cattails was performed in three stages; first using an indoor lab scale wetland, then an outdoor lab scale wetland, and finally in a small scale pilot project. For the lab scale tests, three basic configurations were evaluated: using the iron/sand as a pre-filter, in the root bed. and as a post filter. Primary lagoon effluent was applied to the test cells to simulate actual CW conditions, and the total phosphorus and iron concentrations of the influent and effluent were nfK)nitored. The pilot scale trials were limited to using only a post filter design, due to in-progress research at the pilot site. The lab scale tests achieved average renrK>val efficiencies greater than 91% for all indoor configurations, and greater than 97% for all outdoor configurations. The pilot scale tests had an average renK)val efficiency of 60%. This relatively low efficiency in the pilot scale can be attributed to the post filters being only one tenth the size of the lab scale test in terms of hydraulic loading (6 cm/day vs. 60 cm/day).

Decreased motor unit firing rate in the potentiated tibialis anterior in humans

With repeated activity, force production, rate of force production, and relaxation time are impaired. These are characteristics ofa fatigued muscle (Vandenboom, 2004). However, brief bouts of near maximal to maximal activity results in the increased ability of the muscle to generate force, termed post activation potentiation (P AP)(V andervoort et aI., 1983). The purpose of the present study was to characterize motor unit firing rate (MUFR) in the unfatigued, potentiated tibialis anterior (TA). Using a quadrifilar needle electrode, MUFR was measured during a 5s 50% MVC in which the TA was either potentiated or unpotentiated; monopolar electrodes measured surface parameters. A lOs MVC was used to potentiate the muscle. Firing rate decreased significantly from 20.15±2.9Opps to 18.27±2.99pps, while mean power frequency decreased significantly from 60. 13±7.75 Hz to 53.62±8.56 Hz. No change in root mean square (RMS) was observed. Therefore, in the present study, MUFR decreases in response to a potentiated TA.