985 resultados para stock return predictability


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The statistical properties and skill in predictions of objectively identified and tracked cyclonic features (frontal waves and cyclones) are examined in MOGREPS-15, the global 15-day version of the Met Office Global and Regional Ensemble Prediction System (MOGREPS). The number density of cyclonic features is found to decline with increasing lead-time, with analysis fields containing weak features which are not sustained past the first day of the forecast. This loss of cyclonic features is associated with a decline in area averaged enstrophy with increasing lead time. Both feature number density and area averaged enstrophy saturate by around 7 days into the forecast. It is found that the feature number density and area averaged enstrophy of forecasts produced using model versions that include stochastic energy backscatter saturate at higher values than forecasts produced without stochastic physics. The ability of MOGREPS-15 to predict the locations of cyclonic features of different strengths is evaluated at different spatial scales by examining the Brier Skill (relative to the analysis climatology) of strike probability forecasts: the probability that a cyclonic feature center is located within a specified radius. The radius at which skill is maximised increases with lead time from 650km at 12h to 950km at 7 days. The skill is greatest for the most intense features. Forecast skill remains above zero at these scales out to 14 days for the most intense cyclonic features, but only out to 8 days when all features are included irrespective of intensity.

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The predictability of high impact weather events on multiple time scales is a crucial issue both in scientific and socio-economic terms. In this study, a statistical-dynamical downscaling (SDD) approach is applied to an ensemble of decadal hindcasts obtained with the Max-Planck-Institute Earth System Model (MPI-ESM) to estimate the decadal predictability of peak wind speeds (as a proxy for gusts) over Europe. Yearly initialized decadal ensemble simulations with ten members are investigated for the period 1979–2005. The SDD approach is trained with COSMO-CLM regional climate model simulations and ERA-Interim reanalysis data and applied to the MPI-ESM hindcasts. The simulations for the period 1990–1993, which was characterized by several windstorm clusters, are analyzed in detail. The anomalies of the 95 % peak wind quantile of the MPI-ESM hindcasts are in line with the positive anomalies in reanalysis data for this period. To evaluate both the skill of the decadal predictability system and the added value of the downscaling approach, quantile verification skill scores are calculated for both the MPI-ESM large-scale wind speeds and the SDD simulated regional peak winds. Skill scores are predominantly positive for the decadal predictability system, with the highest values for short lead times and for (peak) wind speeds equal or above the 75 % quantile. This provides evidence that the analyzed hindcasts and the downscaling technique are suitable for estimating wind and peak wind speeds over Central Europe on decadal time scales. The skill scores for SDD simulated peak winds are slightly lower than those for large-scale wind speeds. This behavior can be largely attributed to the fact that peak winds are a proxy for gusts, and thus have a higher variability than wind speeds. The introduced cost-efficient downscaling technique has the advantage of estimating not only wind speeds but also estimates peak winds (a proxy for gusts) and can be easily applied to large ensemble datasets like operational decadal prediction systems.

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This paper recovers the distribution of wages for Mexican-born workers living in the U.S. if no return migration of Mexican-born workers occurred. Because migrants self-select in the decision to return, the overarching problem addressed by this study is the use of an estimator that also accounts for selection on unobservables. I find that Mexican returnees are middle- to high-wage earners at all levels of educational attainment. Taking into account self-selection in return migration, wages would be approximately 7.7% higher at the median and 4.5% higher at the mean. Owing to positive self-selection, the immigrant-native wage gap would, therefore, partially close if there was no return migration.

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Phytoplankton is at the base of the marine food web. Its carbon fixation, the net primary productivity (NPP), sustains most living marine resources. In regions like the tropical Pacific (30°N–30°S), natural fluctuations of NPP have large impacts on marine ecosystems including fisheries. The capacity to predict these natural variations would provide an important asset to science-based management approaches but remains unexplored yet. In this paper, we demonstrate that natural variations of NPP in the tropical Pacific can be forecasted several years in advance beyond the physical environment, whereas those of sea surface temperature are limited to 1 y. These results open previously unidentified perspectives for the future development of science-based management techniques of marine ecosystems based on multiyear forecasts of NPP.

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This study explores the decadal potential predictability of the Atlantic Meridional Overturning Circulation (AMOC) as represented in the IPSL-CM5A-LR model, along with the predictability of associated oceanic and atmospheric fields. Using a 1000-year control run, we analyze the prognostic potential predictability (PPP) of the AMOC through ensembles of simulations with perturbed initial conditions. Based on a measure of the ensemble spread, the modelled AMOC has an average predictive skill of 8 years, with some degree of dependence on the AMOC initial state. Diagnostic potential predictability of surface temperature and precipitation is also identified in the control run and compared to the PPP. Both approaches clearly bring out the same regions exhibiting the highest predictive skill. Generally, surface temperature has the highest skill up to 2 decades in the far North Atlantic ocean. There are also weak signals over a few oceanic areas in the tropics and subtropics. Predictability over land is restricted to the coastal areas bordering oceanic predictable regions. Potential predictability at interannual and longer timescales is largely absent for precipitation in spite of weak signals identified mainly in the Nordic Seas. Regions of weak signals show some dependence on AMOC initial state. All the identified regions are closely linked to decadal AMOC fluctuations suggesting that the potential predictability of climate arises from the mechanisms controlling these fluctuations. Evidence for dependence on AMOC initial state also suggests that studying skills from case studies may prove more useful to understand predictability mechanisms than computing average skill from numerous start dates.

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We review recent progress in understanding the role of sea ice, land surface, stratosphere, and aerosols in decadal-scale predictability and discuss the perspectives for improving the predictive capabilities of current Earth system models (ESMs). These constituents have received relatively little attention because their contribution to the slow climatic manifold is controversial in comparison to that of the large heat capacity of the oceans. Furthermore, their initialization as well as their representation in state-of-the-art climate models remains a challenge. Numerous extraoceanic processes that could be active over the decadal range are proposed. Potential predictability associated with the aforementioned, poorly represented, and scarcely observed constituents of the climate system has been primarily inspected through numerical simulations performed under idealized experimental settings. The impact, however, on practical decadal predictions, conducted with realistically initialized full-fledged climate models, is still largely unexploited. Enhancing initial-value predictability through an improved model initialization appears to be a viable option for land surface, sea ice, and, marginally, the stratosphere. Similarly, capturing future aerosol emission storylines might lead to an improved representation of both global and regional short-term climatic changes. In addition to these factors, a key role on the overall predictive ability of ESMs is expected to be played by an accurate representation of processes associated with specific components of the climate system. These act as “signal carriers,” transferring across the climatic phase space the information associated with the initial state and boundary forcings, and dynamically bridging different (otherwise unconnected) subsystems. Through this mechanism, Earth system components trigger low-frequency variability modes, thus extending the predictability beyond the seasonal scale.

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The first multi-model study to estimate the predictability of a boreal Sudden Stratospheric Warming (SSW) is performed using five NWP systems. During the 2012-2013 boreal winter, anomalous upward propagating planetary wave activity was observed towards the end of December, which followed by a rapid deceleration of the westerly circulation around 2 January 2013, and on 7 January 2013 the zonal mean zonal wind at 60°N and 10 hPa reversed to easterly. This stratospheric dynamical activity was followed by an equatorward shift of the tropospheric jet stream and by a high pressure anomaly over the North Atlantic, which resulted in severe cold conditions in the UK and Northern Europe. In most of the five models, the SSW event was predicted 10 days in advance. However, only some ensemble members in most of the models predicted weakening of westerly wind when the models were initialized 15 days in advance of the SSW. Further dynamical analysis of the SSW shows that this event was characterized by the anomalous planetary wave-1 amplification followed by the anomalous wave-2 amplification in the stratosphere, which resulted in a split vortex occurring between 6 January 2013 and 8 January 2013. The models have some success in reproducing wave-1 activity when initialized 15 days in advance, they but generally failed to produce the wave-2 activity during the final days of the event. Detailed analysis shows that models have reasonably good skill in forecasting tropospheric blocking features that stimulate wave-2 amplification in the troposphere, but they have limited skill in reproducing wave-2 amplification in the stratosphere.

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The use of kilometre-scale ensembles in operational forecasting provides new challenges for forecast interpretation and evaluation to account for uncertainty on the convective scale. A new neighbourhood based method is presented for evaluating and characterising the local predictability variations from convective scale ensembles. Spatial scales over which ensemble forecasts agree (agreement scales, S^A) are calculated at each grid point ij, providing a map of the spatial agreement between forecasts. By comparing the average agreement scale obtained from ensemble member pairs (S^A(mm)_ij), with that between members and radar observations (S^A(mo)_ij), this approach allows the location-dependent spatial spread-skill relationship of the ensemble to be assessed. The properties of the agreement scales are demonstrated using an idealised experiment. To demonstrate the methods in an operational context the S^A(mm)_ij and S^A(mo)_ij are calculated for six convective cases run with the Met Office UK Ensemble Prediction System. The S^A(mm)_ij highlight predictability differences between cases, which can be linked to physical processes. Maps of S^A(mm)_ij are found to summarise the spatial predictability in a compact and physically meaningful manner that is useful for forecasting and for model interpretation. Comparison of S^A(mm)_ij and S^A(mo)_ij demonstrates the case-by-case and temporal variability of the spatial spread-skill, which can again be linked to physical processes.

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Decadal predictions on timescales from one year to one decade are gaining importance since this time frame falls within the planning horizon of politics, economy and society. The present study examines the decadal predictability of regional wind speed and wind energy potentials in three generations of the MiKlip (‘Mittelfristige Klimaprognosen’) decadal prediction system. The system is based on the global Max-Planck-Institute Earth System Model (MPI-ESM), and the three generations differ primarily in the ocean initialisation. Ensembles of uninitialised historical and yearly initialised hindcast experiments are used to assess the forecast skill for 10 m wind speeds and wind energy output (Eout) over Central Europe with lead times from one year to one decade. With this aim, a statistical-dynamical downscaling (SDD) approach is used for the regionalisation. Its added value is evaluated by comparison of skill scores for MPI-ESM large-scale wind speeds and SDD-simulated regional wind speeds. All three MPI-ESM ensemble generations show some forecast skill for annual mean wind speed and Eout over Central Europe on yearly and multi-yearly time scales. This forecast skill is mostly limited to the first years after initialisation. Differences between the three ensemble generations are generally small. The regionalisation preserves and sometimes increases the forecast skills of the global runs but results depend on lead time and ensemble generation. Moreover, regionalisation often improves the ensemble spread. Seasonal Eout skills are generally lower than for annual means. Skill scores are lowest during summer and persist longest in autumn. A large-scale westerly weather type with strong pressure gradients over Central Europe is identified as potential source of the skill for wind energy potentials, showing a similar forecast skill and a high correlation with Eout anomalies. These results are promising towards the establishment of a decadal prediction system for wind energy applications over Central Europe.

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Skillful sea ice forecasts from days to years ahead are becoming increasingly important for the operation and planning of human activities in the Arctic. Here we analyze the potential predictability of the Arctic sea ice edge in six climate models. We introduce the integrated ice-edge error (IIEE), a user-relevant verification metric defined as the area where the forecast and the “truth” disagree on the ice concentration being above or below 15%. The IIEE lends itself to decomposition into an absolute extent error, corresponding to the common sea ice extent error, and a misplacement error. We find that the often-neglected misplacement error makes up more than half of the climatological IIEE. In idealized forecast ensembles initialized on 1 July, the IIEE grows faster than the absolute extent error. This means that the Arctic sea ice edge is less predictable than sea ice extent, particularly in September, with implications for the potential skill of end-user relevant forecasts.

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The Madden-Julian oscillation (MJO) is the most prominent form of tropical intraseasonal variability. This study investigated the following questions. Do inter-annual-to-decadal variations in tropical sea surface temperature (SST) lead to substantial changes in MJO activity? Was there a change in the MJO in the 1970s? Can this change be associated to SST anomalies? What was the level of MJO activity in the pre-reanalysis era? These questions were investigated with a stochastic model of the MJO. Reanalysis data (1948-2008) were used to develop a nine-state first order Markov model capable to simulate the non-stationarity of the MJO. The model is driven by observed SST anomalies and a large ensemble of simulations was performed to infer the activity of the MJO in the instrumental period (1880-2008). The model is capable to reproduce the activity of the MJO during the reanalysis period. The simulations indicate that the MJO exhibited a regime of near normal activity in 1948-1972 (3.4 events year(-1)) and two regimes of high activity in 1973-1989 (3.9 events) and 1990-2008 (4.6 events). Stochastic simulations indicate decadal shifts with near normal levels in 1880-1895 (3.4 events), low activity in 1896 1917 (2.6 events) and a return to near normal levels during 1918-1947 (3.3 events). The results also point out to significant decadal changes in probabilities of very active years (5 or more MJO events): 0.214 (1880-1895), 0.076 (1896-1917), 0.197 (1918-1947) and 0.193 (1948-1972). After a change in behavior in the 1970s, this probability has increased to 0.329 (1973-1989) and 0.510 (1990-2008). The observational and stochastic simulations presented here call attention to the need to further understand the variability of the MJO on a wide range of time scales.