Testing for non-stationarity and cointegration allowing for the possibility of a structural break: an application to EuroSterling interest rates

In this paper we examine the order of integration of EuroSterling interest rates by employing techniques that can allow for a structural break under the null and/or alternative hypothesis of the unit-root tests. In light of these results, we investigate the cointegrating relationship implied by the single, linear expectations hypothesis of the term structure of interest rates employing two techniques, one of which allows for the possibility of a break in the mean of the cointegrating relationship. The aim of the paper is to investigate whether or not the interest rate series can be viewed as I(1) processes and furthermore, to consider whether there has been a structural break in the series. We also determine whether, if we allow for a break in the cointegration analysis, the results are consistent with those obtained when a break is not allowed for. The main results reported in this paper support the conjecture that the ‘short’ Euro-currency rates are characterised as I(1) series that exhibit a structural break on or near Black Wednesday, 16 September 1992, whereas the ‘long’ rates are I(1) series that do not support the presence of a structural break. The evidence from the cointegration analysis suggests that tests of the expectations hypothesis based on data sets that include the ERM crisis period, or a period that includes a structural break, might be problematic if the structural break is not explicitly taken into account in the testing framework.

The possibility of consent

Worries about the possibility of consent recall a more familiar problem about promising raised by Hume. To see the parallel here we must distinguish the power of consent from the normative significance of choice. I'll argue that we have normative interests, interests in being able to control the rights and obligations of ourselves and those around us, interests distinct from our interest in controlling the non-normative situation. Choice gets its normative significance from our non-normative control interests. By contrast, the possibility of consent depends on a species of normative interest that I'll call a permissive interest, an interest in its being the case that certain acts wrong us unless we declare otherwise. In the final section, I'll show how our permissive interests underwrite the possibility of consent.

The possibility of lowering oil content of potato chips by combining atmospheric frying with postfrying vacuum application

Four protocols involving the application of low pressures, either toward the end of frying or after frying, were investigated with the aim of lowering the oil content of potato chips. Protocol 1 involving frying at atmospheric pressure followed by a 3 min draining time constituted the control. Protocol 2 involved lowering of pressure to 13.33 kPa, 40 s before the end of frying, followed by draining for 3 min at the same pressure. Protocol 3 was the same as protocol 2, except that the pressure was lowered 3 s before the end of frying. Protocol 4 involved lowering the pressure to 13.33 kPa after the product was lifted from the oil and holding it at this value over the draining time of 3 min. Protocol 4 gave a product having the lowest oil content (37.12 g oil/100 g defatted dry matter), while protocol 2 gave the product with highest oil content (71.10 g oil/100 g defatted dry matter), followed by those obtained using protocols 1 and 3(68.48 g oil/100 g defatted dry matter and 52.50 g oil/100 g defatted dry matter, respectively). Protocol 4 was further evaluated to study the effects of draining times and vacuum applied, and compared with the control. It was noted that over the modest range of pressures investigated, there was no significant effect of the vacuum applied on the oil content of the product. This study demonstrates that the oil content of potato chips can be lowered significantly by combining atmospheric frying with draining under vacuum.

On the possibility of non-fat frying using molten glucose

Fried products impose a health concerns due to considerable amount of oil they contain. Production of snack foods with minimal oil content and good management of oil during frying to minimise the production of toxic compounds continue to be challenging aims. This paper aims to investigate the possibility of producing a fat-free food snack by replacing frying oil with a non-fat medium. Glucose was melted and its temperature was then brought to 185°C and used to fry potato strips, to obtain a product referred here as glucose fries. The resulting product was compared with French fries prepared conventionally under conditions that resulted in similar final moisture content. The resulting products were also examined for crust formation, texture parameters, colour development and glucose content. Stereo microscope images showed that similar crusts were formed in the glucose fries and French fries. Texture parameters were found to be similar for both products at 5mm and 2 mm penetration depth. The maximum hardness at 2mm penetration depth was also similar for both products, but different from cooked potato. The colour development which characterised French fries was also observed in glucose fries. The glucose content in glucose fries was found to be twice the content of French fries, which is to be expected since glucose absorbed or adhered to the surface. In conclusion, glucose fries, with similar texture and colour characteristics to that of French fries, can be prepared by using a non-fat frying medium.