The GODAE high resolution sea surface temperature pilot project

Sea surface temperature (SST) measurements are required by operational ocean and atmospheric forecasting systems to constrain modeled upper ocean circulation and thermal structure. The Global Ocean Data Assimilation Experiment (GODAE) High Resolution SST Pilot Project (GHRSST-PP) was initiated to address these needs by coordinating the provision of accurate, high-resolution, SST products for the global domain. The pilot project is now complete, but activities continue within the Group for High Resolution SST (GHRSST). The pilot project focused on harmonizing diverse satellite and in situ data streams that were indexed, processed, quality controlled, analyzed, and documented within a Regional/Global Task Sharing (R/GTS) framework implemented in an internationally distributed manner. Data with meaningful error estimates developed within GHRSST are provided by services within R/GTS. Currently, several terabytes of data are processed at international centers daily, creating more than 25 gigabytes of product. Ensemble SST analyses together with anomaly SST outputs are generated each day, providing confidence in SST analyses via diagnostic outputs. Diagnostic data sets are generated and Web interfaces are provided to monitor the quality of observation and analysis products. GHRSST research and development projects continue to tackle problems of instrument calibration, algorithm development, diurnal variability, skin temperature deviation, and validation/verification of GHRSST products. GHRSST also works closely with applications and users, providing a forum for discussion and feedback between SST users and producers on a regular basis. All data within the GHRSST R/GTS framework are freely available. This paper reviews the progress of GHRSST-PP, highlighting achievements that have been fundamental to the success of the pilot project.

Asymmetric output gap effects in Phillips Curve and mark-up pricing models: evidence for the US and the UK

A number of studies have found an asymmetric response of consumer price index inflation to the output gap in the US in simple Phillips curve models. We consider whether there are similar asymmetries in mark-up pricing models, that is, whether the mark-up over producers' costs also depends upon the sign of the (adjusted) output gap. The robustness of our findings to the price series is assessed, and also whether price-output responses in the UK are asymmetric.

Purpose in life predicts better emotional recovery from negative stimuli

Purpose in life predicts both health and longevity suggesting that the ability to find meaning from life’s experiences, especially when confronting life’s challenges, may be a mechanism underlying resilience. Having purpose in life may motivate reframing stressful situations to deal with them more productively, thereby facilitating recovery from stress and trauma. In turn, enhanced ability to recover from negative events may allow a person to achieve or maintain a feeling of greater purpose in life over time. In a large sample of adults (aged 36-84 years) from the MIDUS study (Midlife in the U.S., http://www.midus.wisc.edu/), we tested whether purpose in life was associated with better emotional recovery following exposure to negative picture stimuli indexed by the magnitude of the eyeblink startle reflex (EBR), a measure sensitive to emotional state. We differentiated between initial emotional reactivity (during stimulus presentation) and emotional recovery (occurring after stimulus offset). Greater purpose in life, assessed over two years prior, predicted better recovery from negative stimuli indexed by a smaller eyeblink after negative pictures offset, even after controlling for initial reactivity to the stimuli during the picture presentation, gender, age, trait affect, and other well-being dimensions. These data suggest a proximal mechanism by which purpose in life may afford protection from negative events and confer resilience is through enhanced automatic emotion regulation after negative emotional provocation.

Consensus and uncertainty: using forecast probabilities of output declines

A number of studies have addressed the relationship between intra-personal uncertainty and inter-personal disagreement about the future values of economic variables such as output growth and inflation using the SPF. By making use of the SPF respondents' probability forecasts of declines in output, we are able to construct a quarterly series of output growth uncertainty to supplement the annual series that are often used in such analyses. We also consider the relationship between disagreement and uncertainty for probability forecasts of declines in output.

Explanations of the inconsistencies in survey respondents' forecasts

A comparison of the point forecasts and the probability distributions of inflation and output growth made by individual respondents to the US Survey of Professional Forecasters indicates that the two sets of forecasts are sometimes inconsistent. We evaluate a number of possible explanations, and find that not all forecasters update their histogram forecasts as new information arrives. This is supported by the finding that the point forecasts are more accurate than the histograms in terms of first-moment prediction.

The impact of economic and financial factors on UK property performance

This paper employs a vector autoregressive model to investigate the impact of macroeconomic and financial variables on a UK real estate return series. The results indicate that unexpected inflation, and the interest rate term spread have explanatory powers for the property market. However, the most significant influence on the real estate series are the lagged values of the real estate series themselves. We conclude that identifying the factors that have determined UK property returns over the past twelve years remains a difficult task.

Prolonged marital stress is associated with short-lived responses to positive stimuli

Marital stress is associated with a higher incidence of psychiatric disorders, in particular major depression. One pathway through which marital stress may impact emotional health is by compromising emotion-responding processes. We examined a longitudinal sample of adults (N = 116; 59 males; 39–84 years) to verify how marital stress predicts reactivity to, and recovery from, emotional provocation. Individuals watched positive, neutral, and negative pictures while an objective measure of affective state, corrugator supercilii muscle activity, was recorded continuously. Our results indicate that marital stress is associated with short-lived responses to positive pictures, indexed by a less persistent decrease in corrugator activity after picture offset. Extending beyond the prior focus on negative emotional processes, these results suggest that social stress may impact health by influencing the time course of responding to positive events.

Coargumenthood and the processing of reflexives

We report three eye-movement experiments and an antecedent choice task investigating the interpretation of reflexives in different syntactic contexts. This included contexts in which the reflexive and a local antecedent were coarguments of the same verbal predicate (John heard that the soldier had injured himself), and also so-called picture noun phrases, either with a possessor (John heard about the soldier’s picture of himself) or without (John heard that the soldier had a picture of himself). While results from the antecedent choice task indicated that comprehenders would choose a nonlocal antecedent (‘John’ above) for reflexives in either type of picture noun phrase, the eye-movement experiments suggested that participants preferred to initially interpret the reflexive in each context as referring to the local antecedent (‘the soldier’), as indexed by longer reading times when it mismatched in gender with the reflexive. We also observed a difference in the time-course of this effect. While it was observed during first-pass processing at the reflexive for coargument reflexives and those in picture noun phrases with a possessor, it was comparatively delayed for reflexives in possessorless picture noun phrases. These results suggest that locality constraints are more strongly weighted cues to retrieval than gender agreement for both coargument reflexives and those inside picture noun phrases. We interpret the observed time-course differences as indexing the relative ease of accessing the local antecedent in different syntactic contexts.

Restrictive feeding practices and adiposity are differentially related to P3b cortical responses to food stimuli in children

Across two studies, we examined the association between adiposity, restrictive feeding practices and cortical processing bias to food stimuli in children. We assessed P3b event-related potential (ERP) during visual oddball tasks in which the frequently presented stimulus was non-food and the infrequently presented stimulus was either a food (Study 1) or non-food (Study 2) item. Children responded to the infrequently presented stimulus and accuracy and speed responses were collected. Restrictive feeding practices, children's height and weight were also measured. In Study 1, the difference in P3b amplitude for infrequently presented food stimuli, relative to frequently presented non-food stimuli, was negatively associated with adiposity and positively associated with restrictive feeding practices after controlling for adiposity. There was no association between P3b amplitude difference and adiposity or restriction in Study 2, suggesting that the effects seen in Study 1 were not due to general attentional processes. Taken together, our results suggest that attentional salience, as indexed by the P3b amplitude, may be important for understanding the neural correlates of adiposity and restrictive feeding practices in children.

Forecasting with Bayesian multivariate vintage-based VARs

We consider the forecasting of macroeconomic variables that are subject to revisions, using Bayesian vintage-based vector autoregressions. The prior incorporates the belief that, after the first few data releases, subsequent ones are likely to consist of revisions that are largely unpredictable. The Bayesian approach allows the joint modelling of the data revisions of more than one variable, while keeping the concomitant increase in parameter estimation uncertainty manageable. Our model provides markedly more accurate forecasts of post-revision values of inflation than do other models in the literature.

Do real balance effects invalidate the Taylor principle in closed and open economies?

This paper examines the determinacy implications of forecast-based monetary policy rules that set the interest rate in response to expected future inflation in a Neo-Wicksellian model that incorporates real balance effects. We show that the presence of such effects in closed economies restricts the ability of the Taylor principle to prevent indeterminacy of the rational expectations equilibrium. The problem is exacerbated in open economies, particularly if the policy rule reacts to consumer-price, rather than domestic-price, inflation. However, determinacy can be restored in both closed and open economies with the addition of monetary policy inertia.

A comparative review of skill assessment: performance, prediction and profiling

The assessment of chess players is an increasingly attractive opportunity and an unfortunate necessity. The chess community needs to limit potential reputational damage by inhibiting cheating and unjustified accusations of cheating: there has been a recent rise in both. A number of counter-intuitive discoveries have been made by benchmarking the intrinsic merit of players’ moves: these call for further investigation. Is Capablanca actually, objectively the most accurate World Champion? Has ELO rating inflation not taken place? Stimulated by FIDE/ACP, we revisit the fundamentals of the subject to advance a framework suitable for improved standards of computational experiment and more precise results. Other domains look to chess as the demonstrator of good practice, including the rating of professionals making high-value decisions under pressure, personnel evaluation by Multichoice Assessment and the organization of crowd-sourcing in citizen science projects. The ‘3P’ themes of performance, prediction and profiling pervade all these domains.

High-level face adaptation without awareness

When a visual stimulus is suppressed from awareness, processing of the suppressed image is necessarily reduced. Although adaptation to simple image properties such as orientation still occurs, adaptation to high-level properties such as face identity is eliminated. Here we show that emotional facial expression continues to be processed even under complete suppression, as indexed by substantial facial expression aftereffects.

Economic crises in England, 1270-1520: a statistical approach

The chapter examines how far medieval economic crises can be identified by analysing the residuals from a simultaneous equation model of the medieval English economy. High inflation, falls in gross domestic product and large intermittent changes in wage rates are all considered as potential indicators of crisis. Potential causal factors include bad harvests, wars and political instability. The chapter suggests that crises arose when a combination of different problems overwhelmed the capacity of government to address them. It may therefore be a mistake to look for a single cause of any crisis. The coincidence of separate problems is a more plausible explanation of many crises.

Do US macroeconomic forecasters exaggerate their differences?

Application of the Bernhardt et al. (Journal of Financial Economics 2006; 80(3): 657–675) test of herding to the calendar-year annual output growth and inflation forecasts suggests forecasters tend to exaggerate their differences, except at the shortest horizon, when they tend to herd. We consider whether these types of behaviour can help to explain the puzzle that professional forecasters sometimes make point predictions and histogram forecasts which are mutually inconsistent.