Improving the detection of unusual observations in high‐dimensional settings

Multivariate control charts are used to monitor stochastic processes for changes and unusual observations. Hotelling's T² statistic is calculated for each new observation and an out‐of‐control signal is issued if it goes beyond the control limits. However, this classical approach becomes unreliable as the number of variables p approaches the number of observations n, and impossible when p exceeds n. In this paper, we devise an improvement to the monitoring procedure in high‐dimensional settings. We regularise the covariance matrix to estimate the baseline parameter and incorporate a leave‐one‐out re‐sampling approach to estimate the empirical distribution of future observations. An extensive simulation study demonstrates that the new method outperforms the classical Hotelling T² approach in power, and maintains appropriate false positive rates. We demonstrate the utility of the method using a set of quality control samples collected to monitor a gas chromatography–mass spectrometry apparatus over a period of 67 days.     

基于“重要性-影响力”框架的非首都功能疏解路径研究——以北京市动物园服装批发市场搬迁为例

利益相关者分析法是分析复杂管理问题的重要方法,广泛应用于企业管理、项目管理及公共政策领域。随着北京市非首都核心功能的疏解思路的提出,作为低端产业代表的动物园批发市场的外迁势在必行。运用"重要性-影响力"利益相关者分析框架,对动批搬迁政策中涉及的利益相关者进行界定,分别分析其利益诉求并进行合理划分,依据各利益相关者对政策的重要性程度和影响力大小以及各相关者之间的利益冲突分别制定解决对策,同时将各种外部阻力纳入考虑范围,为北京市动物园批发市场搬迁提出可行路径,以期为其他类似公共政策制定问题提供参考。     

A systematic literature review of the etiology of borderline personality disorder from an ecological systems PERSPECTIVE

Borderline Personality Disorder (BPD) is one of the most common, complex, costly, and severely impairing personality disorders, affecting an estimated 2% to 9% of the general population and 40% to 44% of the inpatient psychiatric population. A review of the literature was conducted using a systematic methodology. By incorporating an ecological systems perspective, a holistic and comprehensive critique of the literature surrounding the etiology of BPD is presented. The findings reveal that the etiology of BPD is a complex integration of psychological, biological, and social factors. More specifically, however, this review found that: (1) the etiology of BPD is complex and has many factors, (2) the dominant discourse about the etiology of BPD is based primarily in the psychological and biological literature, and (3) the examination of BPD etiology has focused solely on the individual and microsystems levels, neglecting to consider systemic factors such as the impact of discriminatory health and mental healthcare practices. Findings and future directions are explored through the ecological systems theory lens.     

Dynamic Reflections of Crimes,Quasi Democracy and Misery Index in Pakistan

Massive increase in crimes has coexisted with rising inflation and high unemployment for the last couple of decades especially during democratic governments in Pakistan. In this paper, we explore the relationship between crime rate, misery index and democracy in Pakistan from 1975 to 2013. Granger causality test proposed the unidirectional causality running from misery index to crime rate in Pakistan. Estimating the crime function via Pasaran’s conditional error correction model, we found the significant long run equilibrium relationship between Okun’s misery index and crime rate which implies that rising inflation and unemployment rate are the major driving forces towards increasing crime rates in Pakistan. Finally, empirical evidence from Okun’s misery index suggested that people are three times more miserable in quasi democratic periods than that of dictatorship. The Barrow’s misery index model verifies that people are twice worsening in quasi democratic periods. Likewise, reported crimes are nearly twice during quasi democracy than quasi dictatorship. The crime model provided the evidence that people during quasi democratic governments are more likely tending towards crime as compared to quasi dictatorship during the study period in Pakistan. This implicitly advocates the fact that half hearted efforts and ill structured apparatus of democracy can augment the tendency of crime and misery rather than solution of such concerns of the economy.     

Term structure forecasting in affine framework with time-varying volatility

This study extends the affine Nelson–Siegel model by introducing the time-varying volatility component in the observation equation of yield curve, modeled as a standard EGARCH process. The model is illustrated in state-space framework and empirically compared to the standard affine and dynamic Nelson–Siegel model in terms of in-sample fit and out-of-sample forecast accuracy. The affine based extended model that accounts for time-varying volatility outpaces the other models for fitting the yield curve and produces relatively more accurate 6- and 12-month ahead forecasts, while the standard affine model comes with more precise forecasts for the very short forecast horizons. The study concludes that the standard and affine Nelson–Siegel models have higher forecasting capability than their counterpart EGARCH based models for the short forecast horizons, i.e., 1 month. The EGARCH based extended models have excellent performance for the medium and longer forecast horizons.     

Interval estimation: An information theoretic approach

ABSTRACT

We develop here an alternative information theoretic method of inference of problems in which all of the observed information is in terms of intervals. We focus on the unconditional case in which the observed information is in terms the minimal and maximal values at each period. Given interval data, we infer the joint and marginal distributions of the interval variable and its range. Our inferential procedure is based on entropy maximization subject to multidimensional moment conditions and normalization in which the entropy is defined over discretized intervals. The discretization is based on theory or empirically observed quantities. The number of estimated parameters is independent of the discretization so the level of discretization does not change the fundamental level of complexity of our model. As an example, we apply our method to study the weather pattern for Los Angeles and New York City across the last century.     

Dynamics of the term structure of interest rates and monetary policy: is monetary policy effective during zero interest rate policy?

The monetary policy targets the short rates; however, during zero interest rate policy (ZIRP), the short end of the yield curve cannot serve as a policy instrument. Relying on the joint yields-macro latent factors model, this study empirically examines the effect of monetary policy stances on term structure and the possible feedback effect on the real sector using the Japanese experience of ZIRP. The analysis indicates that it is the entire term structure that transmits the policy shocks to the real economy rather than the yield spread only. The monetary policy signals pass through the yield curve level and slope factors to stimulate the economic activity. The curvature factor, besides reflecting the cyclical fluctuations of the economy, acts as a leading indicator for future inflation. In addition, policy influence tends to be low as the short end becomes segmented toward medium/long-term of the yield curve. Furthermore, volatility in bond markets is found to be asymmetrically affected by positive and negative shocks and long end tends to be less sensitive to stochastic shocks than the short maturities. The expectation hypothesis of the term structure does not hold during the ZIRP period.     

Moments of the function of non-normal random vector with applications to econometric estimators and test statistics 1

In this paper we have provided a general result on the moments of a function of nonnormal random vector. The results for the normal case follow as a special case of this result. It is also indicated that the moments of a large class of econometric estimators and test statistics can be obtained by using our general result. This includes least squares estimator in the dynamic model, unit root tests, and the two step semiparametric estimators, among others.     

Why Interculturalidad is not Interculturality

Interculturality is a notion that has come to dominate the debate on cultural diversity among supranational bodies such as the European Union (EU) and the United Nations Educational, Scientific and Cultural Organization (UNESCO) in recent years. The EU goes so far as to identify interculturality as a key cultural and linguistic characteristic of a union which, it argues, acts as an inspiration to other parts of the world. At the same time, the very notion of interculturality is a core component of indigenous movements in the Andean region of Latin America in their struggles for decolonization. Every bit as contingent as any other concept, it is apparent that several translations of interculturality are simultaneously in play. Through interviews with students and teachers in a course on interculturality run by indigenous alliances, my aim in this essay is to study how the notion is translated in the sociopolitical context of the Andes. With reference points drawn from the works of Walter Mignolo and the concept of delinking, I will engage in a discussion about the potential for interculturality to break out of the prison-house of colonial vocabulary – modernization, progress and salvation – that lingers on in official memory. Engagement in such an interchange of experiences, memories and significations provides not only recognition of other forms of subjectivity, knowledge systems and visions of the future, but also a possible contribution to an understanding of how any attempt to invoke a universal reach for interculturality, as in the case of the EU and UNESCO, risks echoing the imperial order that the notion in another context attempts to overcome.