This paper presents a theoretical relationship between the yield curve and future economic growth in a simple stochastic growth model. The derived relationship implies that, in a simple competitive production economy, the slope of the yield curve predicts future output growth. This predictive content of the yield curve is tested using Australian data by employing a vector autoregression (VAR) m...

We outline some known relations between classical random fields and quantum fields. In the scalar case, the existence of a quantum field is equivalent to the existence of a Euclidean-invariant, reflectionpositive (RP) measure on the Schwartz space tempered distributions. Martin Hairer recently investigated random fields in a series of interesting papers, by studying non-linear stochastic partia...

A technique is developed for comparing a non-Markov process to a Markov process on a general state space with many possible stochastic orderings. Two such comparisons with a common Markov process yield a comparison between two non-Markov processes. The technique, which is based on stochastic monotonidty of the Markov process, yields stochastic comparisons of the limiting distributions and the m...

This methodological paper proposes a new class of stochastic processes with appealing properties for theoretical or empirical work in finance and macroeconomics, the “linearity-inducing” class. Its key property is that it yields simple exact closed-form expressions for stocks and bonds, with an arbitrary number of factors, feats that are not possible with the hitherto available modelling method...

it is known that a stochastic dierential equation (sde) induces two probabilisticobjects, namely a diusion process and a stochastic ow. while the diusion process isdetermined by the innitesimal mean and variance given by the coecients of the sde,this is not the case for the stochastic ow induced by the sde. in order to characterize thestochastic ow uniquely the innitesimal covariance give...

Much effort has been devoted to the synthesis of gold nanoparticles with different shapes, including the zero-dimensional nanospheres, one dimensional nanorods, and two-dimensional nanoplates. Compared to zero or one dimensional nanostructures, the synthesis of two-dimensional nanostructures in high yield has always been more involved, often requiring complex and timeconsuming steps such as mor...

Crop insurance programs rely on conditional predictive distributions of loss random variables (e.g., yield, revenue, costs, etc.) to determine probabilities and magnitudes loss. The may be related stochastic that are not known at the time policy is priced. Such case for weather; weather stochastic, realizations when crop sold, there often additional historical information relative variable itse...

Abstract Purpose Multiple anthropogenic disturbances, such as climate warming and nitrogen deposition are affecting terrestrial ecosystems. Different disturbances may have some consistent effects on the soil microbial community, which remains largely unexplored. Methods We mimicked 16 in a steppe ecosystem, measured absolute abundance taxonomic composition of bacterial communities with qPCR amp...

The research examined effect of climate variability on yield of the two dominant cool weather cereals (wheat and barley) in central highland and Arssi grain plough farming systems of Ethiopia using eight round unbalanced panel data (1994-2014). The stochastic frontier model result revealed that production inputs for producing wheat and barley in the two farming system had significant effect. Cr...

Given a discrete stochastic process, for example a chemical reaction system or a birth and death process, we often want to find a continuous stochastic approximation so that the techniques of stochastic differential equations may be brought to bear. One powerful and useful way to do this is the system size expansion of van Kampen to express a trajectory as a small stochastic perturbation to a d...