Term Interest Research Articles

An Exercise in Husserl’s Constitutive Phenomenology: Exploring the Intentionality of Clinical Intuition

Abstract Inspired by Husserl’s (1913/1962, 1925/1977, 1931/1960, 1948/1973, 1954/1970) long term interest in problems of “constitution” at transcendental, psychological, and intersubjective levels, this study originally took up the question of the constitution of social perception in the context of the psychodiagnostic interview. More simply, the research question was: how do psychologists participate in forming a clinical impression? As reported earlier (Churchill 1984a, 19984b, 1998, 2006), data consisted of descriptions obtained from two clinical psychologists reflecting upon their experience during the interview phase of a diagnostic assessment, each of which was videotaped for later reference. These descriptions were obtained in writing, and served as a basis for further elaborating and clarifying their experience through a series of collaborative interviews. The descriptions and interview data were collated into a text of statements for each participant representing different perceptual “moments” distinguishable within the psychologist’s experience. The researcher performed an “intentional analysis” of these experiential moments within the data, posing the following question: What does this statement reveal about the meaning-constituting activity of the psychologist during this moment of the clinical encounter? The “intentional structure” of clinical impression formation was articulated in terms of three interconnected and essential constituents – constitutive projects and interests, modes of attention, and modes of explication – all characteristic of the psychologist’s presence to a patient. The current paper offers a further reflection upon the methodological virtues of the phenomenological method of intentional analysis with an aim to clarify how psychologists can fruitfully apply this philosophical psychological method in qualitative research investigations on perception, cognition, attention, attribution, reflexivity, and psychological understanding.

Multi-level sequence denoising with cross-signal contrastive learning for sequential recommendation

Sequential recommender systems (SRSs) aim to suggest next item for a user based on her historical interaction sequences. Recently, many research efforts have been devoted to attenuate the influence of noisy items in sequences by either assigning them with lower attention weights or discarding them directly. The major limitation of these methods is that the former would still prone to overfit noisy items while the latter may overlook informative items. To the end, in this paper, we propose a novel model named Multi-level Sequence Denoising with Cross-signal Contrastive Learning (MSDCCL) for sequential recommendation. To be specific, we first introduce a target-aware user interest extractor to simultaneously capture users’ long and short term interest with the guidance of target items. Then, we develop a multi-level sequence denoising module to alleviate the impact of noisy items by employing both soft and hard signal denoising strategies. Additionally, we extend existing curriculum learning by simulating the learning pattern of human beings. It is worth noting that our proposed model can be seamlessly integrated with a majority of existing recommendation models and significantly boost their effectiveness. Experimental studies on five public datasets are conducted and the results demonstrate that the proposed MSDCCL is superior to the state-of-the-art baselines. The source code is publicly available at https://github.com/lalunex/MSDCCL/tree/main.

The Critical Role of the Magnitude and Sign of the Interest-Rate Term Premium in Optimal Asset Allocation

The Critical Role of the Magnitude and Sign of the Interest-Rate Term Premium in Optimal Asset Allocation

The Relationship between SOFR and Market Yield of U.S. Treasury Securities

This paper introduces the characteristic of the new benchmark rate Secured Overnight Financing Rate (SOFR), explain its connection to the futures price, and show its potential to provide new insight into the argument on interest rate term structure. Based on the future price discovery theory, this study set up a hypothesis that short-term interest rates should contribute to forecasting long-term ones. The causality between interest rates in different terms of, which are separately represented by bilateral repurchase rate and the market yield of long-term U.S. government bonds, is explored in this research using the VAR model, as well as the Granger causality test. The conclusion of this research proves the hypothesis and indicates a single-direction causality between interest rate of different terms. However, the research also has drawbacks such as ignoring non-linear relations and evading the change of government policy. These problems need to be solved in the following study.

Construction of GCNN-based intelligent recommendation model for answering teachers in online learning system

Abstract In response to the limitations of the existing online learning system regarding the efficiency and accuracy of the question-and-answer (Q&A) teacher recommendation method, this research develops a Q&A teacher recommendation model utilizing a Graph Convolutional Neural Network. First, a time-sensitive online learning Q&A teacher recommendation model (A Time Sensitive Online Learning Q&A Teacher Recommendation Model; TSRM) is proposed to address the shortcomings that current recommendation methods ignore, i.e., the teacher’s ability to answer questions with time changes. Then, a TSRM based on Short and Long Term Interest for Answering Questions (LSTR) is proposed to address the problem that the current recommendation methods ignore, i.e., the types of questions of student users’ concerns can change. Finally, we combine the TSRM model and LSTR model to build an intelligent recommendation model for answering teachers. The conclusion is that the accuracy rate of TSRM model on the test set is 99.5%, and the recommendation success rate of LSTR model reaches 98.4%, which are better than the other two models. The above results can show that the LSTR model and TSRM model constructed by the study have high performance and can effectively perform the recommendation of answering teachers in the online learning system, thus improving the efficiency of solving students’ problem, improving students’ learning effect, and contributing to the development of university education informatization.

The Implications of A Recessionary Trend in An Economy and The Role That Monetary Policy, Through Government Intervention, Helps Rectify The Same

This paper delves into the different consequences of a recession and economic downturns through different case studies such as the lost decades in Japan and the Stock market crash in the USA in 2007. Moreover through these case studies the paper establishes a link between financial markets and monetary policy as most recent recession have either been caused by financial crisis or have been preceded by them."As such it explores how the prevalent theoretical framework of monetary policy during the times of Friedman, which tasked monetary policy with fluctuating short term interest rates to meet inflation targets and further be stable in the long term to foster economic growth and feed consumer expectation, has now been usurped by governments to act as a stabiliser of economic downturns such as a recession. Through these case studies it offers a critique of recent expansionary policies undertaken in Japan that have often ignored the long time gap inconsistency problem of Japan which has lead to unconventional yet inconsistent monetary actions in Japan being unable to solve the recession. This critique is furthered through its comparison tot he actions of the FED that suggest monetary policy is best used aggressively over the long term to foster consumer expectations and thus return confidence in the economy and the credit system after a recession. This is supported by different IMF investigations discussed in the paper which reveal the importance of aggressive monetary policy with the support of fiscal stimulus to best solve a recession. Finally this paper then seeks to determine the implications of a recessionary trend in an economy and the role that Monetary policy, through government intervention, helps rectify the same.

Internet Search Trends for Common Hand Surgery Diagnoses.

The internet is a common resource for patients seeking health information. Trends in internet search interests for common hand surgery diagnoses and their seasonal variations have not been previously studied. The objectives of this study were (1) to describe the temporal trends in internet search interest for common hand surgery diagnoses in the recent five-year time period and (2) to assess seasonal variations in search term interest. An internet-based study of internet search term interest of 10 common hand surgery diagnoses was performed using Google Trends (Google, Inc., Mountain View, CA) from January 2017 to December 2021. The 10 diagnoses were "carpal tunnel syndrome," "trigger finger," "thumb arthritis," "ganglion cyst," "de Quervain's tenosynovitis," "lateral epicondylitis," "Dupuytren disease," "distal radius fracture," "finger fracture," and "scaphoid fracture." Analysis of variance (ANOVA) was used to assess for seasonal differences in search interest, and temporal trends were assessed using the two-tailed Mann-Kendall trend test. During the study period, there was an increasing trend for search interest for "carpal tunnel syndrome," "trigger finger," "thumb arthritis," "Dupuytren disease," and "finger fracture," both in the United States and worldwide. There was no significant temporal trend for "ganglion cyst," "de Quervain's tenosynovitis," "lateral epicondylitis," and "distal radius fracture." There were no significant temporal trend for "scaphoid fracture" in the United Statesand a decreasing trend worldwide. There was significant seasonal variation in search term interest for "finger fracture" in the United States, "finger fracture" worldwide, and "scaphoid fracture" in the United States, with popularity peaking in the fall. Despite growth in global internet usage, internet search interest has remained stagnant for many common hand surgery conditions, which may represent a shifting preference for patients to obtain health information from other resources. Internet search interest for traumatic hand conditions corresponds to seasonal variations in fracture epidemiology and peaks in the fall season.

Monetary-fiscal policy relations in the euro area: The impact on the primary balance

With this paper, our objective is to empirically study public debt sustainability by estimating a fiscal reaction function where the primary balance relative to GDP is assumed to be a function of the public debt to GDP ratio of the previous year and of other macroeconomic variables. In particular, we take into account the effects of the lagged real long term interest rate and of the lagged inflation rate on the primary budget of the governments to account for monetary policy influences. We resort to the fixed effects and to the random effects models for a panel of 12 euro area economies from 1996 to 2020. We find statistical evidence for sustainable debt policies and detect that both monetary policy variables are positively correlated with the primary balance to GDP ratio. This holds both for the fixed and for the random effects estimation, when those variables are included simultaneously.

Neural TV program recommendation based on dynamic long-short term interest

TV program recommendation can help user find interested programs and improve user experience. The heterogeneous information of programs is important for alleviating the problem of data sparsity. In addition, the existing TV program recommendation methods are lacking in dynamics. This paper proposes a neural TV program recommendation based on dynamic long-short term interest (NPR-DLSTI), which mainly includes two modules: program and user encoder. In the program encoder module, we use convolutional neural network and attention mechanism to learn the heterogeneous information of the program and realize program representation. In the user encoder module, we use gated recurrent unit and personalized attention to learn the dynamic change law of users’ interests. Experiments on real data sets show that our method can effectively improve the effectiveness and dynamics of TV program recommendation than other existing models.

Gibson Paradox: Panel Data Analysis on ASEAN-T Countries

The existence of a long-term positive relationship between the nominal interest rate and the general price level is called the Gibson paradox in the economics literature. In other words, according to this paradox, high prices are the result of high interest rates. Studies on this paradox in the literature gained momentum after the work of Gibson (1923). The main purpose of this study is to test whether Gibson paradox is valid for ASEAN-T countries with quarterly data of 1993:Q1-2019:Q4. In this context, short and long term interest rates and consumer price index variables were used in the study. In the study, in which panel data analysis was carried out, it was first analyzed whether there was a cross-section dependency. Because of the cross-section dependency in the series, the CADF unit root test, one of the second generation panel unit root tests, was used. Panel ARDL (Autoregressive Distributed Lag) bounds test was carried out due to the different stationarity levels of the series. According to the panel ARDL bounds test findings, there is a positive relationship between the long-term interest rate and the consumer price index in both the short and long run. Therefore, the Gibson paradox is valid in the ASEAN-T countries in the examined period.

Deposit Interest Rates and Amount of Time Deposit Funds

This study aims to determine the effect of deposit interest rates on the amount of time deposits at PT Bank Rakyat Indonesia Makassar Branch. The data source used is secondary data, in this case the data and financial statements of PT Bank Rakyat Indonesia Makassar Branch for a year, including reports on deposit interest rates of PT Bank Rakyat Indonesia Makassar Branch. This research uses data collection techniques through field studies. The analysis method used is simple linear regression using the SPSS 16.0 for Windows program. Based on hypothesis testing using the F test it is concluded that the term interest rate does not have a positive influence on time deposit funds. And based on the partial test (t) it is concluded that the term interest rate has no significant effect on time deposit funds.

Towards a macroprudential regulatory framework for mutual funds?

AbstractThis paper highlights the procyclical and unstable behaviour of mutual funds, characterized by a varying sensitivity on common asset pricing factors. It proposes a novel factor model that allows for regime changes associated with macroeconomic and financial state variables. Estimated on a panel covering 825 US equity mutual funds over a period of 30 years, it appears that the yield curve, the dividend yield, short term interest rates and the industrial production coincide with regimes switches in the Fama–French factors. Furthermore, the estimated regimes coincide with financial crises and economic downturns, thus confirming the procyclical behaviour of mutual funds' returns. These findings, coupled with the emerging systemic role of mutual funds, promote the consideration for a specific macroprudential regulatory framework targeted at the mutual fund industry.

Differences in Unconventional Monetary Policy of Both the Federal Reserve Board and the Bank of Japan

This article consists of two dimensions. First, to draw the historically penetrating nature of money-supply, monetary policy, and central banks, to clarify what “conventional” monetary policy is. Conventional monetary policy doesn’t mean the direct control of the base money, but the monetary policy by operating short term interest rate. Therefore, money supply is regulated endogenously. I point out here that we can find in Capital by Karl Marx some basic conceptions required to consider the definition of conventional monetary policy. Second, to define “unconventional policy.” Unconventional monetary policy is the policy which directly controls the amount of base money (simply applying quantitative monetary theory). It is the Bank of Japan (BOJ)’s unconventional monetary policy. However, the Federal Reserve Board (Fed)’s is not the case. The Fed tried to influence the market movement or business cycle by the control of monetary means exclusive of interest rate. Amounts of base money was not the target, but its result. Therefore, I could conclude that the Fed remained in the framework of conventional monetary policy, even though its policy looked like an “unconventional” and “quantitative” one. It is the reason why the Fed could adopt an “exit strategy” flexibly. However, the BOJ has fallen into “monetization” without an “exit strategy” so far.

Testing the Effectiveness of Unconventional Monetary Policy in Japan and the United States

The effective lower bound (ELB) on a short term interest rate may not constrain a central bank's capacity to achieve its objectives if unconventional monetary policy (UMP) is powerful enough. We formalize this 'irrelevance hypothesis' using a dynamic stochastic general equilibrium model with UMP and test it empirically for the United States and Japan using a structural vector autoregressive model that includes variables subject to occasionally binding constraints. The hypothesis is strongly rejected for both countries. However, a comparison of the impulse responses to a monetary policy shock across regimes shows that UMP has had strong delayed effects in each country.

AI-News Personalization System Combining Complete Content Characterization and Full Term Interest Portrayal in the Big Data Era

AI-News Personalization System Combining Complete Content Characterization and Full Term Interest Portrayal in the Big Data Era

THE CONTRACT AND THE MODEL OF INTEREST

This research applies a model that explains and governs the contractual transaction between the individuals. The Model justifies the contractual conduct, explains the relationship between the free individual and the public values, and is being used to better apply provisions of law by the two limits of the model: the Will and Interest, the Will matched by the privilege of human being to do whatever he desires as long as it is being legal, and the commitment matched by the Interest as justification of being entering such commitment. The meaning of the term Interest and its relation to the consideration and equilibrium of the contract have been mooted a great attention in the courts. Thus, we have designed a Model of Interest that governs the due balance between parties’ commitments and selected to apply the Model to the contract, as it is the most dynamic reference. Through the influence of the equality between the parties of the contract, the doctrine became established that both parties’ contract obligations were in the same effect, except regarding donations. The Model replaces the legal terms on the basis of the contract, as Will versus Interest, instead of Obligation versus Right, whereas the model has adopted the Will as a ruling model for the contractual relationship and considers the obligation as a result of the Will the individuals make. It is the objective of this article to consider the meaning of the term Interest so far as it concerns the law of contract. The Model is intended for all members of the judges, practicing lawyers, and academics. The Model of Interest explains and governs the contract. The Model rationalizes the contractual conduct and clarifies the relationship between the autonomy of the will and the public considerations, especially the public values. We recommend rationally reconsidering a contemporary liberal conceptualization of contract, along with social approaches.

Monetary Conditions Index: A Composite Measure of Monetary Policy in Pakistan

Accurate measures of the size and direction of changes in monetary policy are very important. A number of variables/indicators have been used as a measure of the stance of monetary policy the world over. These include growth rates of monetary aggregates and credit aggregates, short-term interest rate as used by Sims (1992), index of minutes of Federal Open Market Committee (FOMC), as suggested by Friedman and Schwartz (1963) and reintroduced by Romer and Romer (1989), monetary policy index constructed by employing Vector Autoregression (VAR) estimation technique with prior information from Central Bank such as Bernanke and Blinder (1992) and Bernanke and Mihov (1998), and Monetary Conditions Index (MCI)—which is the focus of this paper—constructed by and used by Bank of Canada [Freedman (1995)], taking into consideration the interest rate and exchange rate channel of monetary policy transmission mechanism in a small open economy. In case of open economy it is assumed that the monetary policy affects the economy and the prime objective of monetary policy, rate of inflation, through two important transmission mechanisms. These transmission channels are; interest rate channel and exchange rate channel. The working of the first channel is that the interest rate influences the level of expenditures, investment and subsequently domestic demand. The change in official interest rate effects the market rates of interest both short term as well as long term interest rates. This change in market rates of interest is transmitted to the bank lending rates and saving rates. The change in saving rate effects the spending behaviour of individuals (consumption) whereas the change in bank lending rate effects the investment behaviour of firms (investment). The change in aggregate consumption and investment has direct link to the gross domestic product (GDP).

Dynamic Effects of Changes in Government Spending in Pakistan’s Economy.

This study analyses the effects of changes in government spending on aggregate economic activity and the way these effects are transmitted in case of Pakistan for the period 1971-2008. To analyse the transmission mechanism of government spending innovations, the Vector Autoregressive Model is estimated for following five variables: government spending per capita, GDP per capita, consumption per capita, debt to GDP ratio, long term interest rate and real exchange rate. The consumption and output respond negatively to the innovation in government spending which is consistent with the standard neoclassical model. The interest rates increase in the face of expansionary fiscal spending. As government debt builds up with fiscal expansion, the rising risk of default or increasing inflation risk reinforce crowding out through interest rates. The real exchange rate tends to appreciate in response to rise in government spending. This finding is according to the open economy literature and also with the conventional literature. JEL classification: E21, E62, E63 Keywords: Government Spending, Vector Autoregressive Model, Impulse Response Function, Neoclassical Model

Macroeconomic Factors and Equity Prices: An Empirical Investigation by Using ARDL Approach

The relationship between macroeconomic variables and the equity prices has attracted the curiosity of academicians and practitioners since the publication of seminal paper of Chen, et al. (1986). Many empirical studies those tested the relationship reveal that asset pricing theories do not properly identify macroeconomic factors that influence equity prices [Roll and Ross (1980); Fama (1981); Chen, et al. (1986); Hamao (1986); Faff (1988); Chen (1991); Maysami and Koh (2000) and Paul and Mallik (2001)]. In most of these studies, variable selection and empirical analyses is based on economic rationale, financial theory and investors’ intuition. These studies generally apply Eagle and Granger (1987) procedure or Johanson and Jusilieus (1990, 1991) approach in Vector Auto Regressor (VAR) Framework. In Pakistan, Fazal (2006) and Nishat (2001) explored the relationship between macroeconomic factors and equity prices by using Johanson and Jusilieus (1990, 1991) procedure. The present study tests the relationship between macroeconomic variables such as inflation, industrial production, oil prices, short term interest rate, exchange rates, foreign portfolio investment, money supply and equity prices by using Auto Regressive Distributive Lag (ARDL) bounds testing procedure proposed by Pesaran, Shin, and Smith (1996, 2001). The ARDL approach in an errorcorrection setting has been widely applied to examine the impact of macroeconomic factors on economic growth but it is strongly underutilised in the capital market filament of literature. This methodology has a number of advantages over the other models. First, determining the order of integration of macroeconomic factors and equity market returns is not an important issue here because the Pesaran ARDL approach yields consistent estimates of the long-run coefficients that are asymptotically normal irrespective of whether the underlying regressors are I(0) or I(1) and of the extent of cointegration. Secondly, the ARDL approach allows exploring correct dynamic structure while many econometric procedures do not allow to clearly distinguish between long run and short run relationships.

The Impact of ECB’s Unconventional Monetary Policy on the German Stock Market Volatility

Abstract This study investigated the reaction of German stock market volatility (Dax index) to the European Central Bank (ECB)’s unconventional monetary policy (UMP) announcements. The financial crisis of 2008 proved that the traditional monetary policy’s tool (the short -term interest rate) has lost its effectiveness to meet the new challenges. So, the key central banks, ECB included, had to implement the new, untested and nonstandard monetary policy which so called unconventional monetary policy. In this study, we used the ECB’s shadow policy rate approach to extract unconventional monetary policy. Also, We employed GJR GARCH (p,o,q) model to estimate the volatility in the German stock market. Then we calibrated both OLS (linear regression) and Markov-switching (probability-matrix of regime changes) models to examine the reaction of German stock returns volatility to UMP announcement by ECB for a period from January 2006 to December 2019. The results delivered by both models showed that the ECB’s UMP had a strong and negative effect on the volatility of the German stock market. Also, both models showed that the past German stock volatility has a significant and negative effect on the dependent variable, while the volatility of the German stock returns is a function of the global volatility estimated by the VIX index. Moreover, the results showed that the Markov-switching regression model provides a better illustration of the stock market volatility impact of UMP than the OLS model because it can represent the changes into the two different regimes named ordinary regime and quantitative easing (crisis) regime. Furthermore, under the Markov-switching regression model, we can see how the output gap and the inflation gap influence the volatility of the Dax index, while the results of the OLS regression model showed that there is no significant relationship between the output gap and the inflation gap with the German stock market volatility.