Rational expectations solutions are usually derived by assuming that all state variables relevant to forward-looking behaviour are directly observable, or that they are "...an invertible function of observables" (Mehra and Prescott, 1980). Using a framework that nests linearised DSGE models, we give a number of results useful for the analysis of linear rational expectations models with restrict...

479 and XIIIa. Low-grade myxofibrosarcoma is positive for vimentin, but it is negative for CD34 and desmin. Myxoid neurofibroma is a tumor of neural origin, showing positive immunohistochemistry for S100, which is of help in making a differential diagnosis of SAF [1-5]. It is known that SAF has a benign natural course, for which the standard treatment modality is complete surgical removal. Inco...

In "The Equity Risk Premium: A Pmxle', Mehra and Prescott (1985) developed an ArrowDebreu asset pricing model. They rejected it because it could not explain high enough equity risk premia. They concluded that only non-Arrow-Debreu models would solve this 'puzzle'. Here, I re-specify their model, capturing the effects of possible, though unlikely, market crashes. While maintaining their model's ...

This paper applies the Hodrck-Prescott (HP) filter to forecast short-term residential real estate prices under cyclical movements. We separate the trend component from the cyclical component. We show that each regional residential market reacts not only to previous price movements, but also that these regional markets react to previous shocks under Auto Regressive Integrated Moving Average (ARI...

In this paper, several equations were employed to estimate global solar radiation from sunshine hours for a meteorological station in Nigde, Turkey, using only the relative duration of sunshine. These equations included the original Angstrom-Prescott linear regression and modified functions (quadratic, logarithmic and exponential functions). Estimated values were compared with measured values i...

06-P038 Great vessel development requires dizygous expression of Chd7 and Tbx1 in pharyngeal ectoderm Karen McCue, Victoria Randall, Catherine Roberts, Vanessa Kyriakopoulou, Francesca Vitelli, Katrina Prescott, Koen Devriendt, Charles Shaw-Smith, Subreena Simrick, M. Albert Basson, Elizabeth Illingworth, Peter Scambler Molecular Medicine Unit Institute of Child Heath, London, United Kingdom Te...

Solar radiation models for predicting the average daily and hourly global radiation, beam radiation and diffuse radiation are reviewed in this paper. Seven models using the Ångström– Prescott equation to predict the average daily global radiation with hours of sunshine are considered. The average daily global radiation for Hong Kong (22.3 N latitude, 114.3 E longitude) is predicted. Estimations...

Crossover clinical trial design attracts a lot of attention in today’s drug development environment because of its unique characteristics. This paper will start with an introduction of a 2 * 2 crossover clinical trial design, then a review of advantages and disadvantages of cross over studies compared with parallel studies. Different types of SAS procedure, such as PROC TTEST, PROC GLM and PROC...

In economies with adverse selection, Arrow-Debreu contingent commodity contracts must satisfy incentive constraints. Following Prescott and Townsend (in Econometrica, 1984), an Arrow-Debreu economy is considered with a continuum of agents whose feasible sets are artificially restricted by imposing these incentive constraints. Equilibria in such an economy must be incentive-constrained Pareto ef...

Accidental hypothermia was considered to be a rare condition in adults (Rees, 1958). Within the past few years evidence has accumulated which shows that far from being a rare event, accidental hypothermia is a common condition in this country, especially during the winter months (EmslieSmith, 1958; Duguid, Simpson, and Stowers, 1961; Prescott, Peard, and Wallace, 1962; and Brit. med. J., 1963)....