Don Kim

Term Structure Estimation with Survey Data on Interest Rate Forecasts

The estimation of dynamic no-arbitrage term structure models with a flexible specification of the market price of risk is beset by a severe small-sample problem arising from the highly persistent nature of interest rates. We propose using survey forecasts of a short-term interest rate as an additional input to the estimation to overcome the problem. The three-factor pure-Gaussian model thus estimated with the U.S. Treasury term structure for the 1990-2003 period generates a stable estimate of the expected path of the short rate, reproduces the well-known stylized patterns in the expectations hypothesis tests, and captures some of the short-run variations in the survey forecast of the changes in longer-term interest rates.

Term Structure Models and the Zero Bound: An Empirical Investigation of Japanese Yields

When Japanese short-term bond yields were near their zero bound, yields on long-term bonds showed substantial fluctuation, and there was a strong positive relationship between the level of interest rates and yield volatilities/risk premiums. We explore whether several families of dynamic term structure models that enforce a zero lower bound on short rates imply conditional distributions of Japanese bond yields consistent with these patterns. Multi-factor “shadow-rate” and quadratic-Gaussian models, evaluated at their maximum likelihood estimates, capture many features of the data. Furthermore, model-implied risk premiums track realized excess returns during extended periods of near-zero short rates. In contrast, the conditional distributions implied by non-negative affine models do not match their sample counterparts, and standard Gaussian affine models generate implausibly large negative risk premiums.

Characterization of BiSrCaCuO superconducting materials by Raman spectroscopy

Abstract A series of high T c superconducting materials, BiSrCaCu x O y , x = 1, 2 and 3, with a variable amount of copper were prepared and their Raman spectra recorded and analysed. Characteristic Raman frequencies were obtained using a Raman microprobe. With single microcrystals, selective extinction of the Raman bands was recorded. Four distinct spectra were obtained which correspond to four scattering configurations of the crystals. These results indicate some deviation from a tetragonal structure.

Crystal structure, and thermal and magnetic properties of 2,4-dinitrobenzoatoterbium(III) complex

The Tb(III) complex containing 2,4-dinitrobenzoate (2,4-DNB), Tb(2,4-DNB)3(H2O)2]u2009·u2009C2H5OH has been synthesized and its crystal structure analyzed by X-ray diffraction methods. The complex crystallizes in the triclinic space group P 1, as a linear polymeric chain in which terbium ions are bridged by carboxylate groups. The eight-coordinate Tb ion with six carboxylate groups and two water molecules forms a slightly distorted square antiprism. Thermal and magnetic properties of the terbium complex were also studied.

Electrical conductivity of the solid solutions XTm2O3 + (1 − X)ThO2; 0.01 ⩽ X ⩽ 0.15

Abstract Tm2O3-doped ThO2 systems containing 1, 3, 5, 8, 10 and 15 mol.% Tm2O3 were found to be solid solutions by XRD techniques. The lattice parameter (a) was obtained by the Nelson-Riley method, and the value decreased with increasing dopant content. The residual factor (R) obtained from X-ray intensity analysis ranged from 0.0389 to 0.1293 based on the oxygen vacancy model. Thermal analysis showed that no phase transition occurred in the temperature range covered in this experiment. The electrical conductivity was measured as a function of temperature from 550 to 1100°C and at oxygen partial pressures from 1 × 10-5 to 2 times; 10-1 atm. The electrical conductivity increases with increasing temperature, and the activation energy decreases with increasing dopant content. The exponential dependence of the conductivity on the oxygen pressure (σ ∞ PO2 1 n ) is 1 n = 1 4 , and the main defects are the oxygen vacancies for oxygen pressures above 10−4 atm. Below 10−4 atm, the ionic conductivities increase with increasing dopant mol.%. The suggested conduction mechanisms for the TDT system are mixed ionic and electronic conductions due to oxygen ions and holes.

Effect of Anodic Gas Compositions on the Overpotential in a Molten Carbonate Fuel Cell

Anodic overpotential has been investigated with gas composition changes in a class molten carbonate fuel cell. The overpotential was measured with steady state polarization, reactant gas addition (RA), inert gas step addition (ISA), and electrochemical impedance spectroscopy (EIS) methods at different anodic inlet gas compositions, i.e.,

Characterization of YBa2Cu3O7−xFy superconducting materials by Raman spectroscopy

H_2:CO_2:H_2O

Defect structure and transport properties of CuxNb2-xO5-1.5x solid solutions

Abstract A series of high-T c superconducting materials, YBa 2 Cu 3 O 7− x F y , x ⩽ 0.33 and 0.10 ⩽ y ⩽ 0.20, were prepared and their Raman spectra recorded and analyzed. Under given conditions, reproducible Raman spectra can be obtained and coherent assignments can be suggested for the YBa 2 Cu 3 O 7− x and YBa 2 Cu 3 O 7− x F y spectra. Several distinct spectra were obtained which corresponded to different scattering configurations of the micro-crystals. The fluorine atoms introduced were found to be localized in pyramidal CuO units rather than in CuO chains. This result helps us in the assignment of the vibrational modes in these materials.

Term structure estimation with survey data on interest rate forecasts

Abstract CuxNb2 − xO5 − 1.5x solid solutions containing 1, 4 and 8mol% CuO were synthesized. XRD showed that all had the monoclinic structure, i.r. spectroscopy revealed that some i.r. bands were simplified with increasing amounts of CuO doping, but other bands at 510 and 750 cm−1 did not change. These results indicate that in the CuxNb2 − xO5 − 1.5x solid solutions, Cu atoms occupy octahedral sites in the lattice. The defect structure and transport property were studied by measuring electrical conductivity as a function of temperature from 600 to 1100°C and of P02 from 1 × 10−6 to 2 × 10−1 atm. The doubly ionized oxygen vacancy and the electronic conduction mechanism are suggested from the P02 dependence of order − 1 4 and the activation energies, 1.70–1.80 eV.