We consider the impact of “large” changes in asset prices on intra-market correlations in domestic and international markets. Assuming normally distributed asset returns, we show that the absolute magnitude of the correlation, conditional on a change greater than or equal to a given absolute size of one of the variables, is monotonically increasing in the magnitude of that absolute change. Empi...

The Reserve Bank’s inflation target is specified in terms of CPI inflation. However, in understanding and forecasting developments in overall inflation, it can be useful to examine separate components of the CPI basket. In a small open economy such as Australia, the basket of goods and services consumed by households can be divided into ‘non-tradable’ items and ‘tradable’ items. Non-tradable it...

The crude oil sector in Nigeria contributes substantially to the economy; however, these benefits are being compromised by significant subsidies on refined oil imports. The refined oil subsidy is paid primarily on imported fuel because domestic refineries cannot satisfy the national demand at current prices. Low fuel prices are considered an important benefit to the Nigerian people, where more ...

Imports of milk protein concentrates (MPCs) are increasingly entering the United States with minimal trade restrictions. MPC is a general reference to a dried protein product derived from milk using a technology known as “ultra filtration.” Two questions are addressed in this article. First, did the combination of relaxed import restrictions, low world prices for protein, and relatively high do...

This paper presents new estimates of annual U.S. production of pig iron dating back to 1827. These estimates are used to assess the vulnerability of the antebellum iron industry to foreign competition and the role of the tariff in fostering the industry’s early development. Domestic pig iron production is found to be highly sensitive to changes in import prices. Although import price fluctuatio...

This study examines the implications of recent trade trends and long-term price projections for Sub-Saharan Africa’s major exports. Its policy message for Africa is two fold. First, Africa must diversify away from traditional products or continue to experience serious negative trade effects including; (i) declining or relatively low growth in global demand for these goods, (ii) falling real pri...

It is well known that some XML elements correspond to objects (in the sense of object-orientation) and others do not. The question we consider in this paper is what benefits we can derive from paying attention to such object semantics, particularly for the problem of keyword queries. Keyword queries against XML data have been studied extensively in recent years, with several lowest-common-ances...

EAL GROSS domestic product (GDP) increased 2.2 percent at an annual rate in the fourth quarter of 2014, according to the third estimates of the national income and product accounts (NIPAs) (chart 1 and table 1).1 In the third quarter, real GDP increased 5.0 percent. The third estimate of real GDP growth was unrevised from the second estimate, and the general picture of the economy for the fourt...

It is commonly known that the factors that are affecting stock prices are macroeconomic variables, returns on alternative investment means, political and social stability, developments in other countries, risk preferences of domestic and foreign investors, information regarding companies and manipulations. Due to the effect of financial globalization and as local capital has transformed into an...