Original Rule Research Articles

Real-Time Historical Analysis of Monetary Policy Rules

The size of the output gap coefficient is the key determinant of whether quantitative easing since 2009 and continued near-zero interest rates can by justified by a Taylor rule. Fed Chair Ben Bernanke and Vice-Chair Janet Yellen have argued that John Taylor proposed a monetary policy rule with a larger output gap coefficient in his 1999 paper than in his 1993 paper, and have used this argument to justify negative prescribed interest rates in 2009-2010 and near-zero interest rates through 2015. While Taylor neither proposed nor advocated a different rule in 1999 than in 1993, he did not draw a distinction between the implications of the two rules. In accord with common practice at the time, Taylor used revised data. We show that, using real-time data available to policymakers (although not to Taylor when he wrote the paper), there is a sharp difference in the implications of rules with a smaller and a larger output gap coefficient. If John Taylor had been able to use real-time data in his 1999 paper, the importance of the distinction between Taylor’s original rule with a smaller output gap coefficient and other rules with a larger coefficient would have been evident much earlier.

Distressed Debt and the US Original Issue Discount Rules: An Intricate Web for the International Investor

In light of recent changes to the US Regulations concerning what it means for property to be “publicly traded” for purposes of determining the original issue discount of a debt instrument, the authors provide a review of the current rules governing original issue discount.

Global convergence of a general filter algorithm based on an efficiency condition of the step

In this work we discuss global convergence of a general filter algorithm that depends neither on the definition of the forbidden region, which can be given by the original or slanting filter rule, nor on the way in which the step is computed. This algorithm basically consists of calculating a point not forbidden by the filter from the current point. Assuming that this step must be efficient, in the sense that near a feasible non-stationary point the decrease in the objective function is relatively large, we prove the global convergence of the algorithm. We also discuss that such a condition is satisfied if the step is computed by the SQP or Inexact Restoration methods. For SQP we present a general proof of this result that is valid for both the original and the slanting filter criterion. In order to compare the performance of the general filter algorithm according to the method used to calculate the step and the filter rule regarded, we present numerical experiments performed with problems from CUTEr collection.

Rough set theory: a novel approach for extraction of robust decision rules based on incremental attributes

Rough set theory is a new data mining approach to manage vagueness. It is capable to discover important facts hidden in the data. Literature indicate the current rough set based approaches can’t guarantee that classification of a decision table is credible and it is not able to generate robust decision rules when new attributes are incrementally added in. In this study, an incremental attribute oriented rule-extraction algorithm is proposed to solve this deficiency commonly observed in the literature related to decision rule induction. The proposed approach considers incremental attributes based on the alternative rule extraction algorithm (AREA), which was presented for discovering preference-based rules according to the reducts with the maximum of strength index (SI), specifically the case that the desired reducts are not necessarily unique since several reducts could include the same value of SI. Using the AREA, an alternative rule can be defined as the rule which holds identical preference to the original decision rule and may be more attractive to a decision-maker than the original one. Through implementing the proposed approach, it can be effectively operating with new attributes to be added in the database/information systems. It is not required to re-compute the updated data set similar to the first step at the initial stage. The proposed algorithm also excludes these repetitive rules during the solution search stage since most of the rule induction approaches generate the repetitive rules. The proposed approach is capable to efficiently and effectively generate the complete, robust and non-repetitive decision rules. The rules derived from the data set provide an indication of how to effectively study this problem in further investigations.

Preferential Rules of Origin in Regional Trade Agreements

This study surveys preferential rules of origin applied by 192 regional trade agreements (RTAs) covering trade in goods notified to the GATT/WTO up to 1 November 2010. It takes into account the preferential rules of origin that were notified to the WTO; whenever known and available, modifications to the original rules of origin have been updated. This study contains two basic features: a description of some key elements of preferential rules of origin in RTAs, followed by an attempt to provide a reality-check of how these rules affect actual trade. That is done by an ex-post examination of data on the use of RTAs' preferences and, in their absence, of their margins of preference (MOPs). While the raison d'etre of preferential rules of origin is the avoidance of trade deflection, the practice in RTAs has diluted this objective and it would seem that preferential rules of origin are increasingly becoming an economic, political and trade instrument. In its descriptive part, the study identifies what seems to be a tendency to design stricter rules of origin, while detecting concomitantly the inclusion in modern preferential rules of origin of flexibilities that provide, through the rules of origin themselves, a preference beyond the lower tariff rate resulting from the preferential treatment and mechanisms that allow the integration of third-parties into preferential rules of origin regimes. The reality-check part of the study points to the fact that much beyond the coverage of RTAs, it is their effective implementation that poses a challenge to economic operators. Though data on the use of preferences is either not disclosed or inexistent, they are nevertheless available for some economies. On the basis of existing data of preference utilization, the analysis of the effects of rules of origin on preferential trade flows appears to give rise to a dual reality - namely a relatively high use of preferences in certain instances coexisting with preferences failing to attain their potential in other cases. As regards RTAs for which utilization rate is not available, the paper analysis preferential rules of origin from a MOPS perspective, assuming that MOPs of at least 5 percentage points would offset compliance costs and thus provide a stimulus to comply with rules of origin in order to benefit from preferences. The analysis, made for 68 out of 192 RTAs, do not allow any conclusion regarding that generally presented hypothesis. Finally, the paper briefly outlines some suggestions for further action, including the launching in the WTO of exploratory work on preferential rules of origin within an open regionalism scenario.

Britannia Rules the Atom: The James Bond Phenomenon and Postwar British Nuclear Culture

The Journal of Popular CultureVolume 46, Issue 2 p. 358-377 Original Article Britannia Rules the Atom: The James Bond Phenomenon and Postwar British Nuclear Culture Christoph Laucht, Christoph LauchtSearch for more papers by this author Christoph Laucht, Christoph LauchtSearch for more papers by this author First published: 14 April 2013 https://doi.org/10.1111/jpcu.12030Citations: 2Read the full textAboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onFacebookTwitterLinked InRedditWechat Citing Literature Volume46, Issue2April 2013Pages 358-377 RelatedInformation

Transculturation in Art: Sculpture in the Posa Chapels at the Monastery of Calpan, Mexico

Transculturation in Art: Sculpture in the Posa Chapels at the Monastery of Calpan, Mexico

Incomplete fusion studies near Coulomb barrier: a modified sum rule model

The excitation functions of the evaporation residues, produced via complete fusion and incomplete fusion reactions of 11B + 122Sn, were measured for the projectile energy of around 6 MeV/A by the off-line gamma spectrometry. The cross sections have been compared with the statistical model code Projected Angular Momentum Coupled Evaporation (PACE4). The original sum rule model underestimated the ICF cross sections. We therefore made modification in the model mainly to incorporate the energy dependence in the definition of critical angular momentum. Using this modified sum rule model, we found a significant improvement in the results.

Taylor Rule Exchange Rate Forecasting during the Financial Crisis

Taylor Rule Exchange Rate Forecasting during the Financial Crisis

Taylor's Rule Versus Taylor Rules

AbstractDoes the Taylor rule prescribe negative interest rates for 2009–11? This question is important because negative prescribed interest rates provide a justification for quantitative easing once actual policy rates hit the zero lower bound. We answer the question by analyzing Fed policy following the recessions of the early‐to‐mid‐1970s, the early 1990s and the early 2000s, in the context of both Taylor's original rule and latter variants of Taylor rules. While Taylor's original rule, which can be justified by historical experience during and following the recessions, does not produce negative prescribed interest rates for 2009–11, variants of Taylor rules with larger output gap coefficients, which do produce negative interest rates, cannot be justified by the same historical experience. We conclude that the Taylor rule does not provide a rationale for quantitative easing.

Total cross sections for electron scattering from sulfur compounds

The original additivity rule method cannot give good results for electron scattering from SO, SO2, SO2Cl2, SO2ClF, and SO2F2 molecules at low energy, because the electron—molecule scattering is simply reduced to electron—atom scattering. Considering the difference between the bound atom in a molecule and the corresponding free atom, the original additivity rule is revised. With the revised additivity rule, the total cross sections for electron scattering from these molecules are calculated over a wide energy range below 3000 eV and compared with the available experimental and theoretical data. A better agreement between them is obtained.

Study on the optimal hydropower generation of Zhelin reservoir

Zhelin reservoir, a multi-purpose reservoir designed mainly for hydropower generation, is located in Xiushui watershed in Jiangxi Province, China. As the rainfall has a decreasing trend in recent years, the reservoir storage capacity cannot be fully filled and the original operation rule can no longer fulfill the desired target for power production. In order to ensure the dam safety and produce more economic benefits from hydropower generation, the original operation rule of the reservoir needs to be evaluated for possible improvement to yield optimal benefits. In this study three optimization algorithms including progressive optimization algorithm (POA), particle swarm optimization (PSO) and genetic algorithm (GA) are applied. According to a long discharge data series, the minimization of water consumption rate is chosen as the objective function, along with several physical and operational constraints. After comparing the results of the three methods, POA is found more suitable for Zhelin reservoir. Sensitivity of the optimization algorithms is also analyzed, of which, the step size of water level of the reservoir for POA, the initial population sizes for PSO and GA are also explored to search for the most suitable parameters. The investigation further reveals that step size 0.01 m, population size 50 and 30 are the best choice for POA, PSO and GA, respectively.

Improved mixing rules for description of the permittivity of mixtures

Different mixing rules (Looyenga, Bottcher–Bordewijk, Mehrotra, Peon-Iglesias and Ideal relative permittivity of the mixture) were improved by considering the modification of volume fraction due to aggregation of solvent and solute molecules in the mixture for the calculation of effective permittivity of mixtures. The improved mixing rules were compared with experimental data and fitting residual was found lower than the original mixing rules. Among the improved mixing rules, the modified Looyenga mixing rule fits better than the others with an overall average absolute deviation percent (AAD %) of 1.10%.

Mining Meta-Actions for Action Rules Reduction

Meta-actions effect and selection are the fundamental core for a successful action rule execution. All atomic action terms on the left-hand side of an action rule have to be covered by well chosen meta-actions in order for it to be executed. The choice of meta-actions depends on the antecedent side of action rules; however, it also depends on their list of atomic actions that are outside of the action rule scope, seen as side effects. In this paper, we strive to minimize the side effects by decomposing the left-hand side of an action rule into executable action rules covered by a minimal number of meta-actions and resulting in a cascading effect. This process was tested and compared to original action rules. Experimental results show that side effects are diminished in comparison with the original meta-actions applied while keeping a good execution confidence. ding effect. This process was tested and compared to original action rules. Experimental results show that side effects are diminished in comparison with the original meta-actions applied while keeping a good execution confidence.

Some numerical integration methods based on interpolation polynomials

In this paper we have considered the asymptotic expressions for remainder term of quadrature formulas of the interpolator type. We derive some corrected versions of the quadrature formulas of interpolatory type, which provide a better approximation accuracy than the original rules. A method to improve the degree of exactness of the quadrature formulas is also considered. A numerical example of the proposed method is given.

Carmelites and Crusading in the Later Middle Ages

In contrast with their larger competitors, the Franciscans and Dominicans, the Carmelites seemed to eschew the Holy Land after its loss to the Mamluks in 1291. At first sight, the apparent lack of interest on the part of Carmelites in crusading and the Holy Land is surprising. Founded on Mount Carmel as an eremitical and contemplative community in the first decade of the thirteenth century, by the 1240s the Carmelites had begun to spread westward via Cyprus to England, France and Sicily, where they adapted their original Rule in order to become mendicants. In 1291 they left the Holy Land altogether, but unlike the Franciscans, who negotiated a return in the 1330s through their custody of the Holy Places, and the Dominicans, who maintained missions in Mongol and Turkish territories, the Carmelites seemed to show little interest in returning to their original homeland. Nor have they been generally associated with preaching the crusade in the systematic fashion of the larger mendicant orders. In fact, one could be excused for assuming that the order willingly lost touch with its geographical roots.

HIPAA Privacy Rule 2.0

On January 25, 2013, theFederal Registerpublished the Department of Health and Human Services (HHS) omnibus amendments to the Health Insurance Portability and Accountability Act (HIPAA) Privacy, Security, Enforcement, and Breach Notification Rules. These modifications also include the final versions of the HIPAA regulation amendments mandated by the Health Information Technology for Economic and Clinical Health Act (HITECH Act) and the Genetic Information Nondiscrimination Act (GINA). Although the amended rules were effective on March 26, 2013, covered entities and their business associates (which now have direct liability for violations of the regulations) have a compliance date of September 23, 2013.It has been 10 years since the April 14, 2003 compliance date for the original HIPAA Privacy Rule. Despite HHS’ clarification of some issues by posting answers to frequently asked questions (FAQs), there have been no significant amendments to the Privacy Rule since 2003.

Ed Cooper, Rule 56, and Charles E. Clark's Fountain of Youth

Nobody had a greater impact on the formulation of the original Civil Rules than Clark. His role as both the principal architect and the principal draftsman of the Civil Rules is well known. As Professor Wright once put it, although the Civil Rules were a joint effort, "the end product bears the unmistakable Clark stamp." But Clark started shaping the Civil Rules even before drafting began. Initially, Chief Justice Hughes thought the civil rules project should be limited to creating rules for actions at law (leaving in place-and separate-the existing equity rules). A passionate advocate for merging law and equity procedure, Clark mounted a multi-front campaign to get the Court to change its course. His campaign succeeded. Clark also succeeded in persuading the Court to adopt a centralized drafting process, with the work to be done by a select group of experts, many of whom Clark himself recommended. Finally, Clark maneuvered to be named Reporter, a position that no doubt contributed to the Civil Rules bearing his stamp. In this Essay, however, I want to focus not on the events that led up to the 1938 rules but on what happened after they took effect. Was the work of the Advisory Committee done? Did the Advisory Committee even exist anymore? If so, what was the Committee's assignment? It should come as no surprise that, just as Clark had strong views about the initial drafting of the rules, he also had strong views about how they should be superintended. Clark lobbied for the creation of a standing Advisory Committee, and he wrote extensively about what the work of the Committee should be. In one capacity or another, Clark continued to toil in the rulemaking fields for another twenty-four years until his death in 1963. This Essay proceeds in three parts. Part I looks back at the development of the institution of the standing Advisory Committee. It tells two stories. First, it provides a quick history of what the Advisory Committee did after 1938 and how it came to be in its current form. Second, it sets forth Clark's very influential views about what role a standing Advisory Committee should play. Part II returns us to modern times. It analyzes the most recent set of major amendments to the Civil Rules-the 2010 amendments to Rule 56-to see how that project relates to Clark's views on the continuing rulemaking process. Part III concludes with a few reflections on Ed's role in advancing some of the rulemaking values that Clark held so dear.

Simple estimators of false discovery rates given as few as one or two p-values without strong parametric assumptions

Multiple comparison procedures that control a family-wise error rate or false discovery rate provide an achieved error rate as the adjusted p-value or q-value for each hypothesis tested. However, since achieved error rates are not understood as probabilities that the null hypotheses are true, empirical Bayes methods have been employed to estimate such posterior probabilities, called local false discovery rates (LFDRs) to emphasize that their priors are unknown and of the frequency type. The main approaches to LFDR estimation, relying either on fully parametric models to maximize likelihood or on the presence of enough hypotheses for nonparametric density estimation, lack the simplicity and generality of adjusted p-values. To begin filling the gap, this paper introduces simple methods of LFDR estimation with proven asymptotic conservatism without assuming the parameter distribution is in a parametric family. Simulations indicate that they remain conservative even for very small numbers of hypotheses. One of the proposed procedures enables interpreting the original FDR control rule in terms of LFDR estimation, thereby facilitating practical use of the former. The most conservative of the new procedures is applied to measured abundance levels of 20 proteins.

Fixing the Froward Court

A lesson in constitutional interpretation can be learned from baseball. Suppose that umpires were divided between strict constructionists and liberal constructionists of the Official Baseball Rules of major-league baseball. Under that circumstance, there would be Original Rules umpires (e.g., Scalia; Thomas), and there would be Living Rules umpires (e.g., Kagan; Sotomayor).An Original Rules umpire would consider himself bound by the Official Baseball Rules. A Living Rules umpire would allow himself to interpret the Official Baseball Rules dynamically.The United States Supreme Court is, and will continue to be, a political institution which decides policy questions. Therefore, it is necessary to curb the decision-making authority of that court. Two proposals are made.