Empirical analyses of interest rate parity

McBrady, Matthew Richard Harvard University 2002 해외박사(DDOD)

Interest parity is central to most theories of international finance. Surprisingly, it enjoys limited support in the data. For short-term interest rates, covered interest parity (CIP) holds but <italic>uncovered</italic> interest parity (UIP) is summarily rejected. For long-term bond yields, even <italic> covered</italic> interest parity rests on shaky empirical ground. This thesis offers a comprehensive examination of the evidence for parity among short-term interest rates and long-term bond yields. It considers virtually all major currencies: Australian dollars, British pounds, Canadian dollars, ECU, Euros, German marks, Japanese yen, Swiss francs, and US dollars. For bond yields, the data include a number of yields and yield indices—all obtained from market sources—that have not previously been examined. All analyses are motivated by a simple observation: if markets are integrated, <italic> someone</italic> must integrate them. Individual chapters adopt the perspective of various market participants each seeking to exploit deviations from parity. Chapter 1 investigates failures of UIP for short-term interest rates. It develops a simple equilibrium model of foreign exchange dealers and risk-averse “carry traders.” Dealers hedge sales of high interest rate currencies. So, neither agent incurs local interest rate costs. To boost sales, dealers discount high interest rate currencies in the spot market. The model offers a simple explanation for previous findings of forward discount “bias”—an explanation strongly supported in regression analyses. Chapter 2 illustrates the use of currency swaps in covered interest arbitrage transactions. It then establishes new empirical facts about bond market CIP. Contrary to previous findings, it demonstrates 3-month eurocurrency markets are less integrated than highly-rated 1-year eurobond markets. They are more integrated than 10 year eurobond markets. For corporate eurobond markets, integration increases with credit quality and decreases with maturity. Interestingly, markets for risk-free government bonds are the <italic>least</italic> integrated of all. Finally, chapter 3 zeroes in on deviations from CIP for 5-year benchmark government bonds, or “industrial country sovereign spreads.” They are surprisingly large and variable, and confirm many stylized facts established for Emerging Market sovereign spreads. Simple panel regressions explain nearly three-quarters of the variation in de-meaned spreads, and offer some indication of their underlying determinants. Even these bond markets, among the most liquid in the world, appear to be segmented.

Teaching to Teach History: A Study of a University-Based System of Teacher Preparation

McBrady, Jared T ProQuest Dissertations & Theses University of Mich 2017 해외박사(DDOD)

Both history and education courses comprise a significant portion of certification requirements for prospective history teachers. Teaching ambitiously requires mastery of many practices and bodies of knowledge, including disciplinary, pedagogical, and pedagogical content knowledge, learned in that history and education coursework. However, researchers have often treated history and education coursework separately. Missing from our understanding is how history and education courses impact each other's depictions of teaching history, and what prospective teachers learn about history and teaching history in each setting. This study examines the intersection of history and education coursework by investigating what prospective teachers learn about how to teach history in different contexts. It follows instructors and prospective teachers in three courses offered in one semester at Indiana University: an American history survey, a social studies methods course, and a writing-intensive history seminar. Indiana University has a long history of historians interested in teaching, a School of Education with strong commitments to disciplinary literacy, and active cooperation across these two departments. As such, it presents a telling case for effective practices of preparing prospective history teachers across history and education courses. While at Indiana University, I observed and filmed courses, collected instructional materials, and regularly interviewed instructors and focal prospective teachers. I asked prospective teachers what they noticed from the courses and what they could imagine using from courses in their teaching. I coded transcripts of interviews and class sessions for the types of knowledge and practices presented by instructors and recognized by prospective teachers. I employed three frameworks of apprenticeship to analyze how instructors presented knowledge and practices: apprenticeship of observation, cognitive apprenticeship, and the framework of representation, decomposition, and approximation for teaching practice. In analyzing patterns of what prospective teachers noticed, I found that they often fell into a pitfall of experience: over-contextualizing based on the type of course. Even though historians used and discussed many laudable pedagogical practices, prospective teachers tended to focus on disciplinary knowledge in history courses, not viewing historians' pedagogical practices as something they could or should adopt for their own classroom. Conversely, education instructors frequently presented disciplinary knowledge. However, in the context of an education course, prospective teachers tended to focus on pedagogical moves, while not focusing on the disciplinary knowledge. Additionally, I found actions that supported broadening prospective teachers' professional vision to notice more in each type of course. Instructors employed metacognition in their teaching, explaining reasons for presenting instructional activities and how they aligned with instructional goals. Instructors reminded students frequently of their future careers as teachers. Education instructors thoughtfully selected historical knowledge to demonstrate pedagogical techniques and reinforced its importance. Finally, regularly asking prospective teachers what they noticed from courses led them to notice more. These findings suggest practices other institutions could use to strengthen teacher training and collaboration between schools of education and history departments, as well as practices that could improve history instruction at elementary, secondary, and collegiate levels.

Microfabricated chromatographic instrumentation for micro total analysis systems

McBrady, Adam Dewey University of Washington 2006 해외박사(DDOD)

Analytical chromatography is concerned with acquiring sample specific data during the separation process. This dissertation focuses on analytical chromatography as it applies to microscale total analysis systems mu-TAS). Chapters two and three describe two novel microfluidic mu-TAS compatible detectors based on the laminar fluid diffusion interface (LFDI). The first detector, the micro refractive index gradient (mu-RIG) detector, is shown to be a universal gradient capable reversed-phase detector for high performance liquid chromatographic. Example separations of a protein/polymer mixture are given. The results from a quantitative study of viscosity induced LFDI changes are given. The mu-RIG also has a dual beam version allowing for diffusion coefficient measurement. The dual beam mu-RIG detector's tuning capability is discussed briefly. The second detector, the H-Sensor, is also microfluidic and mu-TAS compatible, but absorbance based. The H-Sensor records the absorbance signal of two streams. The ratio of these absorbance signals is proportional to the diffusion coefficient of the analyte being detected. A theoretical description for the H-Sensor's detection principles is given and qualitatively evaluated. The H-Sensor is shown to be capable of providing higher order data allowing for mixture deconvolution. The H-Sensor data for a mixture of analytes is easily deconvolved via classical least squares. H-Sensor data is compatible with the generalized rank annihilation method of chromatographic peak deconvolution with just one injection. The final chapter describes the use of novel injection and temperature programming technologies to evaluate microfabricated gas chromatography columns for use is a gas phase mu-TAS. The first set has a single walled carbon nanotube stationary phase and on-chip heater. Ultra-fast separations examine the stationary phase's and column's performance. The second set of columns was designed for a monolayer protected gold nanoparticle stationary phase. The final chapter of this dissertation concludes with microfabrication strategies for future micro-GC columns.