Bibliographic record
Abstract
Inflation and exchange rates have great influence on consumer prices especially on imports and exports. Exchange rate fluctuations create inefficiency and distort world prices whereas changes in inflation rates have a direct impact on consumer goods prices which incidentally include exchange rates. There is a direct interdependence between inflation and exchange rates and this paper is aimed at investigating this relationship in dynamic context. It tries to find out how changes in inflation and exchange rates impact on another by adopting the econometric and copula approaches. Both inflation and exchange rates data are susceptible to volatility clustering, possess fat tails and are skewed coupled with conditional heteroskedasticity. Hence we model the univariate distributions by using ARMA$(p,q)$-GARCH$(x,y)$ so as to capture the most important stylized features of inflation and exchange rates. A bivariate model is then constructed by coupling the marginal distributions of inflation and exchange rates using the survival Clayton copula. Empirical results from monthly inflation and exchange rates data show positive correlation between the two based on Kendall $\tau$ test which confirms that a change in inflation results in change of exchange rates an vice versa hence there is co-movement. Furthermore, by the Granger causality test, exchange rates spikes cause changes in inflation rates. The results of the study have implications on economic policy design and hedging strategies for traders on imports and exports.
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How this classification was reachedexpand
Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.002 | 0.000 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.000 | 0.000 |
| Science and technology studies | 0.000 | 0.000 |
| Scholarly communication | 0.000 | 0.000 |
| Open science | 0.000 | 0.001 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.001 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one teacher head, not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".