INTRAWEEK SEASONALITY IN THE FEDERAL FUNDS MARKET

This paper examines daily Federal funds interest rates for intraweek seasonality over the period 1966 through June 1982. Seasonals are identified using several techniques and are found to vary over time in both intensity and relative size. Furthermore, seasonality is not limited to a Wednesday effect. The seasonals are used to test the effectiveness of active reserve management based on seasonal rate forecasts. The results indicate that extraordinary risk-adjusted profits are not likely.     

Tourism course proposal for a social science curriculum

As the economic and environmental impacts of mass tourism grow, it becomes vital that information concerning the industry is disseminated to as wide an audience as possible. Since many of the future opinion leaders attend university, one area where a balanced assessment of tourism is required is within the social science curriculums of universities. The purpose of this paper is to illustrate some issues and challenges involved with the introduction of a tourism course during this era of fiscal restraint and accountability. It is suggested that a new course proposal should include a comprehensive definition of tourism and its component parts; that it should consider its scholarly significance and operational feasibility within the university community; and that its place within and contribution to a specific discipline be demonstrated, since it is easier to innovate within the existing university structure.     

Ergänzendes zur Genossenschaftsbesteuerung

Ohne Zusammenfassung     

V. Wrischaftsordnung und soziale verfassung

Ohne Zusammenfassung     

Statistical Assessment of Numerical Models*

Evaluation of physically based computer models for air quality applications is crucial to assist in control strategy selection. The high risk of getting the wrong control strategy has costly economic and social consequences. The objective comparison of modeled concentrations with observed field data is one approach to assessment of model performance. For dry deposition fluxes and concentrations of air pollutants there is a very limited supply of evaluation data sets. We develop a formal method for evaluation of the performance of numerical models, which can be implemented even when the field measurements are very sparse. This approach is applied to a current U.S. Environmental Protection Agency air quality model. In other cases, exemplified by an ozone study from the California Central Valley, the observed field is relatively data rich, and more or less standard geostatistical tools can be used to compare model to data. Yet another situation is when the cost of model runs is prohibitive, and a statistical approach to approximating the model output is needed. We describe two ways of obtaining such approximations. A common technical issue in the assessment of environmental numerical models is the need for tools to estimate nonstationary spatial covariance structures. We describe in detail two such approaches.