A wind-tunnel study of flow distortion at a meteorological sensor on top of the BT Tower, London, UK

High quality wind measurements in cities are needed for numerous applications including wind engineering. Such data-sets are rare and measurement platforms may not be optimal for meteorological observations. Two years' wind data were collected on the BT Tower, London, UK, showing an upward deflection on average for all wind directions. Wind tunnel simulations were performed to investigate flow distortion around two scale models of the Tower. Using a 1:160 scale model it was shown that the Tower causes a small deflection (ca. 0.5°) compared to the lattice on top on which the instruments were placed (ca. 0–4°). These deflections may have been underestimated due to wind tunnel blockage. Using a 1:40 model, the observed flow pattern was consistent with streamwise vortex pairs shed from the upstream lattice edge. Correction factors were derived for different wind directions and reduced deflection in the full-scale data-set by <3°. Instrumental tilt caused a sinusoidal variation in deflection of ca. 2°. The residual deflection (ca. 3°) was attributed to the Tower itself. Correction of the wind-speeds was small (average 1%) therefore it was deduced that flow distortion does not significantly affect the measured wind-speeds and the wind climate statistics are reliable.

The inflation hedging characteristics of US and UK investments: a multi-factor error correction approach

Historic analysis of the inflation hedging properties of stocks produced anomalous results, with equities often appearing to offer a perverse hedge against inflation. This has been attributed to the impact of real and monetary shocks to the economy, which influence both inflation and asset returns. It has been argued that real estate should provide a better hedge: however, empirical results have been mixed. This paper explores the relationship between commercial real estate returns (from both private and public markets) and economic, fiscal and monetary factors and inflation for US and UK markets. Comparative analysis of general equity and small capitalisation stock returns in both markets is carried out. Inflation is subdivided into expected and unexpected components using different estimation techniques. The analyses are undertaken using long-run error correction techniques. In the long-run, once real and monetary variables are included, asset returns are positively linked to anticipated inflation but not to inflation shocks. Adjustment processes are, however, gradual and not within period. Real estate returns, particularly direct market returns, exhibit characteristics that differ from equities.