Building an Interactive, Three-dimensional Virtual World

The movement of graphics and audio programming towards three dimensions is to better simulate the way we experience our world. In this project I looked to use methods for coming closer to such simulation via realistic graphics and sound combined with a natural interface. I did most of my work on a Dell OptiPlex with an 800 MHz Pentium III processor and an NVIDlA GeForce 256 AGP Plus graphics accelerator -high end products in the consumer market as of April 2000. For graphics, I used OpenGL [1], an open·source, multi-platform set of graphics libraries that is relatively easy to use, coded in C . The basic engine I first put together was a system to place objects in a scene and to navigate around the scene in real time. Once I accomplished this, I was able to investigate specific techniques for making parts of a scene more appealing.

Decomposing Consumer Wealth Effects: Evidence on the Role of Real Estate Assets Following the Wealth Cycle of 1990-2002

During the period of 1990-2002 US households experienced a dramatic wealth cycle, induced by a 369% appreciation in the value of real per capita liquid stock market assets followed by a 55% decline. However, consumer spending in real terms continued to rise throughout this period. Using data from 1990-2005, traditional life-cycle approaches to estimating macroeconomic wealth effects confront two puzzles: (i) econometric evidence of a stable cointegrating relationship among consumption, income, and wealth is weak at best; and (ii) life-cycle models that rely on aggregate measures of wealth cannot explain why consumption did not collapse when the value of stock market assets declined so dramatically. We address both puzzles by decomposing wealth according to the liquidity of household assets. We find that the significant appreciation in the value of real estate assets that occurred after the peak of the wealth cycle helped sustain consumer spending from 2001 to 2005.