Forecasting trend output in the Euro area

This paper is an applied study about forecasting trend output and the output gap in the Euro area. The need for trend output forecasts is justified by an analysis of the monetary strategy of the European Central Bank. Trend output serves as a direct inflation indicator and helps to determine the reference value for money. For both purposes, trend output has to be forecasted. A permanent–transitory decomposition based on cointegration restrictions gives an estimate of trend output in the Euro area. Ex‐ante point forecasts of trend output are computed and bootstrap simulation is employed to construct prediction intervals that take estimation uncertainty into consideration. The uncertainty of trend output and the output gap is quite large and raises questions about their usefulness as indicators for monetary policy. Copyright © 2002 John Wiley & Sons, Ltd.     

A small GTP-binding protein dissociates from synaptic vesicles during exocytosis.

Low-molecular-weight GTP-binding proteins are strong candidates for regulators of membrane traffic. In yeast, mutations in the sec4 or ypt1 genes encoding small GTP-binding proteins inhibit constitutive membrane flow at the plasma membrane or Golgi complex, respectively. It has been suggested that membrane fusion-fission events are regulated by cycling of small GTP-binding proteins between a membrane-bound and free state, but although most of these small proteins are found in both soluble and tightly membrane-bound forms, there is no direct evidence to support such cycling. In rat brain a small GTP-binding protein, rab3A, is exclusively associated with synaptic vesicles, the secretory organelles of nerve terminals. Here we use isolated nerve terminals to study the fate of rab3A during synaptic vesicle exocytosis. We find that rab3A dissociates quantitatively from the vesicle membrane after Ca2(+)-dependent exocytosis and that this dissociation is partially reversible during recovery after stimulation. These results are direct evidence for an association-dissociation cycle of a small GTP-binding protein during traffic of its host membrane.     

Variation in FTO contributes to childhood obesity and severe adult obesity

We identified a set of SNPs in the first intron of the FTO (fat mass and obesity associated) gene on chromosome 16q12.2 that is consistently strongly associated with early-onset and severe obesity in both adults and children of European ancestry with an experiment-wise P value of 1.67 x 10(-26) in 2,900 affected individuals and 5,100 controls. The at-risk haplotype yields a proportion of attributable risk of 22% for common obesity. We conclude that FTO contributes to human obesity and hence may be a target for subsequent functional analyses.     

Forecasting Government Bond Yields with Neural Networks Considering Cointegration

This paper discusses techniques that might be helpful in predicting interest rates and tries to evaluate a new hybrid forecasting approach. Results of examining government bond yields in Germany and France reported in this study indicate that a hybrid forecasting approach which combines techniques of cointegration analysis with neural network (NN) forecasting models can produce superior results to the use of NN forecasting models alone. The findings documented in this paper could be a consequence of the fact that examining differenced data under certain conditions will lead to a loss of information and that the inclusion of the error correction term from the cointegration model can help to cope with this problem. The paper also discusses some possibly interesting directions for further research. Copyright © 2015 John Wiley & Sons, Ltd.     

The Role of Survey Data in Nowcasting Euro Area GDP Growth

This paper evaluates the impact of new releases of financial, real activity and survey data on nowcasting euro area gross domestic product (GDP). We show that all three data categories positively impact on the accuracy of GDP nowcasts, whereby the effect is largest in the case of real activity data. When treating variables as if they were all published at the same time and without any time lag, financial series lose all their significance, while survey data remain an important ingredient for the nowcasting exercise. The subsequent analysis shows that the sectoral coverage of survey data, which is broader than that of timely available real activity data, as well as their information content stemming from questions focusing on agents' expectations, are the main sources of the ‘genuine’ predictive power of survey data. When the forecast period is restricted to the 2008–09 financial crisis, the main change is an enhanced forecasting role for financial data. Copyright © 2015 John Wiley & Sons, Ltd.     

The Dynamics of Change in Everyday Life: Final Response

Due to Swedish history, to date there has been a common understanding of the meaning of volunteering in Sweden. However, it seems as if the meaning of volunteering is changing in Sweden, at least in some atypical hybrid organizations. However, this change presupposes that there is a conception of volunteering that has been institutionalized by tradition. Hence, to understand this change, one has to capture the institutionalized meaning of volunteering. In the academic debate there is sometimes an implied opposition between conceptual meaning and existential meaning. It is argued that this divide is unfortunate, the existential aspect presupposes the conceptual aspect of meaning. The study of the meaning of volunteering is an attempt to uncover existential meaning in everyday life. Neither the cognitive meaning nor the existential meaning of volunteering is an objective fact but fragile and dependent upon contextual factors.