Performance Evaluation of the New Connecticut Leading Employment Index Using Lead Profiles and BVAR Models

Dua and Miller (1996) created leading and coincident employment indexes for the state of Connecticut, following Moore's (1981) work at the national level. The performance of the Dua-Miller indexes following the recession of the early 1990s fell short of expectations. This paper performs two tasks. First, it describes the process of revising the Connecticut Coincident and Leading Employment Indexes. Second, it analyzes the statistical properties and performance of the new indexes by comparing the lead profiles of the new and old indexes as well as their out-of-sample forecasting performance, using the Bayesian Vector Autoregressive (BVAR) method. The new indexes show improved performance in dating employment cycle chronologies. The lead profile test demonstrates that superiority in a rigorous, non-parametric statistic fashion. The mixed evidence on the BVAR forecasting experiments illustrates the truth in the Granger and Newbold (1986) caution that leading indexes properly predict cycle turning points and do not necessarily provide accurate forecasts except at turning points, a view that our results support.

Evaluation of Police Patrol Patterns

This paper describes an ArcView extension that allows police planners to design patrol districts and to evaluate them by displaying various performance measures. It uses a spatially distributed queuing system (the Larson Hypercube) to calculate expected travel times, workloads, preventive patrol frequencies, and other variables; and it allows planners to see the unavoidable tradeoffs among their objectives. Using this tool, planners can experiment with various patrol patterns to find those that best meet their Department.s goals. For example, those patrol patterns which are best in terms of average response time don.t do as well as others in terms of workload balance, or those that are best in terms of achieving a uniform response time across different parts of the city don't do as well as others in terms of minimizing inter-district dispatches. There is, of course, no perfect solution for this problem: the facts of the situation force us to balance competing goals. Described here is a way of explicitly weighting the alternative objectives.