A simple panel-CADF test for unit roots

Copyright © Blackwell Publishing Ltd and the Department of Economics, University of Oxford 2012. This is the accepted version of the following article: Costantini, M. and Lupi, C. (2013), A Simple Panel-CADF Test for Unit Roots. Oxford Bulletin of Economics and Statistics, 75: 276–296, which has been published in final form at http://onlinelibrary.wiley.com/doi/10.1111/j.1468-0084.2012.00690.x/abstract.In this paper, we propose a simple extension to the panel case of the covariate-augmented Dickey–Fuller (CADF) test for unit roots developed in Hansen (1995). The panel test we propose is based on a P values combination approach that takes into account cross-section dependence. We show that the test has good size properties and gives power gains with respect to other popular panel approaches. An empirical application is carried out for illustration purposes on international data to test the purchasing power parity (PPP) hypothesis

Capital mobility and global factor shocks

© 2013 Elsevier B.V. All rights reservedThis paper focuses on the effects of global factors on the saving–investment relationship. We prove that, if investments and savings are affected by idiosyncratic and global components, they must be cointegrated to obtain reliable estimates of the saving-retention coefficient. When global shocks are taken into account throughcommonfactors,wefind that the estimated saving-retention coefficient is close to zero for a panel of 21 OECD countrie

Il restauro dei dipinti "olio su tela"

none3Il testo condensa la lunga ed eterogenea attività didattica relativa all’argomento, innanzitutto quella svolta dai tre autori, a vario titolo, presso l’Università di Bologna. Molte affermazioni, cos’ come tutta l’iconografia, derivano direttamente dalla poliedrica e trentennale attività dello “Studio di Restauro G.M.Costanini”. nel tempo, cambiano i materiali e le tecniche di restauro, ma ciò che dovrebbe rimanere saldo per chi è coinvolto in problemi di restauro è la capacità di una lettura sistematica dell’opera d’arte e del suo stato di conservazione e la possibilità di elaborare o valutare gli interventi adatti per rallentare l’inevitabile degrado dei materiali. Per queste ragioni, tutto quello che qui riguarda direttamente i dipinti olio su tela, nella sua articolazione e sistemazione, risulta certamente proficuo anche nell’approccio al restauro di altre categorie di opere d’arte.noneCostantini G.M.; Costato Costantini R.; Fiori C.Costantini G.M.; Costato Costantini R.; Fiori C

Combining Forecasts Based on Multiple Encompassing Tests in a Macroeconomic Core System

We investigate whether and to what extent multiple encompassing tests may help determine weights for forecast averaging in a standard vector autoregressive setting. To this end we consider a new test-based procedure, which assigns non-zero weights to candidate models that add information not covered by other models. The potential benefits of this procedure are explored in extensive Monte Carlo simulations using realistic designs that are adapted to U.K. and to French macroeconomic data. The real economic growth rates of these two countries serve as the target series to be predicted. Generally, we find that the test-based averaging of forecasts yields a performance that is comparable to a simple uniform weighting of individual models. In one of our role-model economies, test-based averaging achieves some advantages in small samples. In larger samples, pure prediction models outperform forecast averages.Combining forecasts, encompassing tests, model selection, time series

Body posture differentially impacts on visual attention towards tool, graspable, and non-graspable objects.

Viewed objects have been shown to afford suitable actions, even in the absence of any intention to act. However, little is known as to whether gaze behavior (i.e., the way we simply look at objects) is sensitive to action afforded by the seen object and how our actual motor possibilities affect this behavior. We recorded participants’ eye movements during the observation of tools, graspable and ungraspable objects, while their hands were either freely resting on the table or tied behind their back. The effects of the observed object and hand posture on gaze behavior were measured by comparing the actual fixation distribution with that predicted by 2 widely supported models of visual attention, namely the Graph-Based Visual Saliency and the Adaptive Whitening Salience models. Results showed that saliency models did not accurately predict participants’ fixation distributions for tools. Indeed, participants mostly fixated the action-related, functional part of the tools, regardless of its visual saliency. Critically, the restriction of the participants’ action possibility led to a significant reduction of this effect and significantly improved the model prediction of the participants’ gaze behavior. We suggest, first, that action-relevant object information at least in part guides gaze behavior. Second, postural information interacts with visual information to the generation of priority maps of fixation behavior. We support the view that the kind of information we access from the environment is constrained by our readiness to act

Chandra imaging of the ∼\simkpc extended outflow in 1H 0419-577

The Seyfert 1 galaxy 1H 0419-577 hosts a $\sim$kpc extended outflow that is evident in the [\ion{O}{iii}] image and that is also detected as a warm absorber in the UV/X-ray spectrum. Here, we analyze a $\sim$30 ks Chandra-ACIS X-ray image, with the aim of resolving the diffuse extranuclear X-ray emission and of investigating its relationship with the galactic outflow. Thanks to its sub-arcsecond spatial resolution, Chandra resolves the circumnuclear X-ray emission, which extends up to a projected distance of at least $\sim$16 kpc from the center. The morphology of the diffuse X-ray emission is spherically symmetrical. We could not recover a morphological resemblance between the soft X-ray emission and the ionization bicone that is traced by the [\ion{O}{iii}] outflow. we argue that the photoionized gas nebula must be distributed mostly along the polar directions, outside our line of sight. In this geometry, the X-ray/UV warm absorber must trace a different gas component, physically disconnected from the emitting gas, and located closer to the equatorial plane.Comment: accepted for publications A&

The inelastic Takahashi hard-rod gas

We study a one-dimensional fluid of hard-rods interacting each other via binary inelastic collisions and a short ranged square-well potential. Upon tuning the depth and the sign of the well, we investigate the interplay between dissipation and cohesive or repulsive forces. Molecular dynamics simulations of the cooling regime indicate that the presence of this simple interparticle interaction is sufficient to significantly modify the energy dissipation rates expected by the Haff's law for the free cooling. The simplicity of the model makes it amenable to an analytical approach based on the Boltzmann-Enskog transport equation which allows deriving the behaviour of the granular temperature. Furthermore, in the elastic limit, the model can be solved exactly to provide a full thermodynamic description. A meaningful theoretical approximation explaining the properties of the inelastic system in interaction with a thermal bath can be directly extrapolated from the properties of the corresponding elastic system, upon a proper re-definition of the relevant observables. Simulation results both in the cooling and driven regime can be fairly interpreted according to our theoretical approach and compare rather well to our predictions.Comment: 14 pages RevTex, 9 eps figure