Volatility decomposition of Australian housing prices

This study examines the volatility pattern of Australian housing prices. The approach for this research was to decompose the conditional volatility of housing prices into a “permanent” component and a “transitory” component via a Component-Generalized Autoregressive Conditional Heteroskedasticity (C-GARCH) model. The results demonstrate that the shock impact on the short-run component (transitory) is much larger than the long-run component (permanent), whereas the persistence of transitory shocks is much less than permanent shocks. Moreover, both permanent and transitory volatility components have different determinants. The results provide important new insights into the volatility pattern of housing prices which has direct implications for investment in housing by owner-occupiers and investors.

Microstructure and hardness evolution during simulated coiling of a direct strip cast low carbon low niobium steel

This paper examines the impact of coiling temperature and duration on the phase transformation and precipitation behavior of a low carbon and low niobium direct strip cast steel. Coiling was performed at three carefully chosen temperatures: (1) in the ferrite (600°C), (2) during the austenite decomposition (700°C) and (3) in the austenite (850°C). The coiling conditions were found to strongly affect the final microstructure and hardness response, thus highlighting the necessity to judiciously design the coiling treatment. Optical microscopy, and scanning and transmission electron microscopy were used to characterize the microstructural constituents (polygonal ferrite, bainite and pearlite) and the NbC precipitates. Vickers macrohardness measurements are utilized to quantify the mechanical properties. The differences in hardening kinetics for the three different temperatures are shown to come from a complex combination of strengthening contributions.