Subject-to-subject raising and the syntax of tense in L2 Spanish: a full access approach

This paper investigates the acquisition of syntax in L2 grammars. We tested adult L2 speakers of Spanish (English L1) on the feature specification of T(ense), which is different in English and Spanish in so-called subject-to-subject raising structures. We present experimental results with the verb parecer “to seem/to appear” in different tenses, with and without experiencers, and with Tense Phrase (TP), verb phrase (vP) and Adjectival Phrase (AP) complements. The results show that advanced L2 learners can perform just like native Spanish speakers regarding grammatical knowledge in this domain, although the subtle differences between both languages are not explicitly taught. We argue that these results support Full Access approaches to Universal Grammar (UG) in L2 acquisition, by providing evidence that uninterpretable syntactic features can be learned in adult L2, even when such features are not directly instantiated in the same grammatical domain in the L1 grammar.

Predicting early data revisions to US GDP and the effects of releases on equity markets

The effects of data uncertainty on real-time decision-making can be reduced by predicting early revisions to US GDP growth. We show that survey forecasts efficiently anticipate the first-revised estimate of GDP, but that forecasting models incorporating monthly economic indicators and daily equity returns provide superior forecasts of the second-revised estimate. We consider the implications of these findings for analyses of the impact of surprises in GDP revision announcements on equity markets, and for analyses of the impact of anticipated future revisions on announcement-day returns.