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Michael K. Adjemian

Bio: Michael K. Adjemian is an academic researcher from University of Georgia. The author has contributed to research in topics: Futures contract & Volatility (finance). The author has an hindex of 12, co-authored 46 publications receiving 517 citations. Previous affiliations of Michael K. Adjemian include United States Department of Agriculture & University of California, Davis.


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Journal ArticleDOI
TL;DR: For a relatively rare disease, the financial cost of nontuberculous mycobacterial disease is substantial, particularly among older adults, and better data on disease dynamics and more recent prevalence estimates will generate more robust estimates.
Abstract: Rationale: State-specific case numbers and costs are critical for quantifying the burden of pulmonary nontuberculous mycobacterial disease in the United States.Objectives: To estimate and project national and state annual cases of nontuberculous mycobacterial disease and associated direct medical costs.Methods: Available direct cost estimates of nontuberculous mycobacterial disease medical encounters were applied to nontuberculous mycobacterial disease prevalence estimates derived from Medicare beneficiary data (2003–2007). Prevalence was adjusted for International Classification of Diseases, 9th Revision, undercoding and the inclusion of persons younger than 65 years of age. U.S. Census Bureau data identified 2010 and 2014 population counts and 2012 primary insurance-type distribution. Medical costs were reported in constant 2014 dollars. Projected 2014 estimates were adjusted for population growth and assumed a previously published 8% annual growth rate of nontuberculous mycobacterial disease prevalence...

110 citations

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TL;DR: This article used a two-stage GLS model to quantify the World Agricultural Supply and Demand Estimates (WASDE) announcement effect for cotton, soybeans and hard winter wheat, controlling for important factors associated with commodity price volatility.
Abstract: This article uses a two‐stage GLS model to quantify the World Agricultural Supply and Demand Estimates (WASDE) announcement effect for cotton, soybeans and hard winter wheat, controlling for important factors associated with commodity price volatility. The information presented by the overlapping nature of futures contracts is exploited to estimate conditional effects by month, inventory conditions, and delivery horizon. Results in this article show that the WASDE announcement effect persists across contract positions, is not limited to months that include NASS crop survey data, is amplified during low carryover periods for soybeans and wheat,and is rapidly incorporated into futures prices.

86 citations

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TL;DR: It is shown that vehicle type ownership is spatially dependent at both the regional and household-level even after controlling for income and population density, highlighting the importance of spatial relationships in transportation research.
Abstract: In this article, we show that vehicle type ownership is spatially dependent at both the regional and household-level even after controlling for income and population density. We discuss reasons for the existence of spatial effects in vehicle ownership, and note potential implications for policymakers. Our results point to the importance of spatial relationships in transportation research and highlight the hazards of ignoring their role in affecting transportation outcomes. For example, if vehicle type choice is affected by neighborhood spillovers, agencies that regulate traffic flow and road safety could tailor their choice projections and policy tools to account for such interdependence.

46 citations

Journal ArticleDOI
TL;DR: In this article, the general equilibrium price flexibility of demand for corn and soybeans using monthly changes in expected supply published by the USDA is estimated, and the conditions under which their estimates are consistent are derived.
Abstract: We estimate the general equilibrium price flexibility of demand for corn and soybeans using monthly changes in expected supply published by the USDA. Our estimates reflect the demand response to a one-year supply shock and thus correspond to the inverse demand elasticity. We derive the conditions under which our estimates are consistent, and we show how demand flexibility varies by season, inventory, time horizon, and demand composition. At average inventory and without accounting for corn-ethanol use, we obtain price flexibility estimates of - 1.35 and - 1.03 for corn and soybeans, respectively. Current corn-ethanol production levels are associated with much larger absolute flexibilities for both commodities. Copyright 2012, Oxford University Press.

37 citations

Journal ArticleDOI
TL;DR: In this paper, the Chicago Board of Trade eliminated a morning trading halt that coincided with the normal publication time for important USDA commodity reports, and the results showed that without a trading halt, ensuing real-time trading on USDA crop announcements exhibits noticeable volatility spikes in agricultural futures markets, but that this heightened volatility dissipates within the space of a few trading minutes.
Abstract: In 2012, the Chicago Board of Trade eliminated a morning trading halt that coincided with the normal publication time for important USDA commodity reports. Previously, market participants had hours of halted trading time to review the information in the reports and adjust their strategies in advance of market re-opening. We use 2009–2014 intraday grain futures market price and volume data to show that, without a trading halt, ensuing real-time trading on USDA crop announcements exhibits noticeable volatility spikes in agricultural futures markets, but that this heightened volatility dissipates within the space of a few trading minutes. In addition, continuously-traded markets appear to have a more difficult time distinguishing between the newsworthiness of government reports. Nevertheless, continuously traded crop markets take nearly the same time to fully absorb these shocks, following a very similar time path. Re-imposing a timeout would necessarily lengthen the price discovery process.

35 citations


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Journal ArticleDOI
01 Jun 1931-Nature
TL;DR: Keynes' "Treatise on money" as mentioned in this paper is the most important work on monetary theory published since the War, certainly in England and probably throughout the world, and is divided into seven books.
Abstract: MR. KEYNES'S “Treatise on Money”, the fruit of his study and reflection up to date on the part played by currency and credit in contemporary civilisation, is the most important work on monetary theory published since the War, certainly in England and probably throughout the world. Its two volumes, entitled respectively “The Pure Theory of Money” and “The Applied Theory of Money”, are divided into seven books. The first book is concerned with essential definitions; the second investigates what the value of money really means, and how its fluctuations may best be measured; the third and fourth books—which contain the heart of Mr. Keynes's theory—deal with the factors which determine the value of money and the dynamics of changing price-levels; the fifth and sixth are taken up with a study of the statistical and non-statistical data bearing on changes in the quantity of money and its velocity of circulation, in the volume of production and trade, and in the rate of investment; while the seventh and last book contains Mr. Keynes's proposals for the practical reforms which he would like to see the ultimate monetary authorities of the world adopt in order to achieve the objectives at which, in his opinion, monetary policy should aim. A Treatise, on Money. John Maynard Keynes. Vol. I: The Pure Theory of Money. Pp. xvii + 363. Vol. 2: The Applied Theory of Money. Pp. viii + 424. (London: Macmillan and Co., Ltd., 1930.) 15s. net each vol.

428 citations

Journal ArticleDOI
Anthony F. Gyles1
TL;DR: In this paper, Taylor et al. introduce the concept of asset price dynamics and predictability, and present an e-book with an overview of the current state of the art.
Abstract: Asset Price Dynamics Volatility And Prediction Ebook. Asset Price Dynamics Volatility And Prediction Stephen. Asset Price Dynamics Volatility And Prediction. Asset Price Dynamics Volatility And Prediction By. Asset Price Dynamics Volatility And Prediction Kindle. Stephen J Taylor Asset Price Dynamics Volatility And. 0691134790 Asset Price Dynamics Volatility And. Asset Price Dynamics Volatility And Prediction. Volatility And Prediction Wolleplanet De. Leggere Asset Price Dynamics Volatility And Prediction. Asset Price Dynamics Volatility And Prediction Edition. Asset Price Dynamics Volatility And Prediction Ebook By. Asset Price Dynamics Volatility And Prediction. Asset Price Dynamics Volatility And Prediction Ebook. Asset Price Dynamics Volatility And Prediction Mehrpc De. Asset Price Dynamics Volatility And Prediction Pdf Download. Asset Price Dynamics Volatility And Prediction. Introduction To Asset Price Dynamics Volatility And. Asset Price Dynamics Volatility And Prediction Stephen. Pdf Free Download Asset Price Dynamics Volatility And

235 citations

Journal ArticleDOI
TL;DR: Baumeister and Kilian as mentioned in this paper show that there is no evidence that corn ethanol mandates have created a tight link between oil and agricultural markets and that increases in agricultural commodity prices have contributed little to US retail food price increases, because of the small cost share of agricultural products in food prices.
Abstract: US retail food price increases in recent years may seem large in nominal terms, but after adjusting for inflation have been quite modest even after the change in US biofuel policies in 2006. In contrast, increases in the real prices of corn, soybeans, wheat and rice received by US farmers have been more substantial and can be linked in part to increases in the real price of oil. That link, however, appears largely driven by common macroeconomic determinants of the prices of oil and of agricultural commodities rather than the pass-through from higher oil prices. We show that there is no evidence that corn ethanol mandates have created a tight link between oil and agricultural markets. Moreover, increases in agricultural commodity prices have contributed little to US retail food price increases, because of the small cost share of agricultural products in food prices. In short, there is no evidence that oil price shocks have been associated with more than a negligible increase in US retail food prices in recent years. Nor is there evidence for the prevailing wisdom that oil-price driven increases in the cost of food processing, packaging, transportation and distribution have been responsible for higher retail food prices. Similar results hold for other industrialized countries. There is reason, however, to expect food commodity prices to be more tightly linked to retail food prices in developing countries. — Christiane Baumeister and Lutz Kilian

185 citations

Journal ArticleDOI
TL;DR: The current status of NTM drug development is summarized, knowledge gaps and scientific obstacles are highlighted, and strategies to reduce biological uncertainties and to begin to populate a N TM drug pipeline with attractive leads and drug candidates are proposed.

160 citations

Journal ArticleDOI
TL;DR: This review describes contemporary methods for the laboratory diagnosis of mycobacterial diseases and stresses the laboratory's need to adjust and embrace molecular technologies to provide shorter turnaround times and a higher quality of care for the patients who the authors serve.
Abstract: Mycobacteria are the causative organisms for diseases such as tuberculosis (TB), leprosy, Buruli ulcer, and pulmonary nontuberculous mycobacterial disease, to name the most important ones. In 2015, globally, almost 10 million people developed TB, and almost half a million patients suffered from its multidrug-resistant form. In 2016, a total of 9,287 new TB cases were reported in the United States. In 2015, there were 174,608 new case of leprosy worldwide. India, Brazil, and Indonesia reported the most leprosy cases. In 2015, the World Health Organization reported 2,037 new cases of Buruli ulcer, with most cases being reported in Africa. Pulmonary nontuberculous mycobacterial disease is an emerging public health challenge. The U.S. National Institutes of Health reported an increase from 20 to 47 cases/100,000 persons (or 8.2% per year) of pulmonary nontuberculous mycobacterial disease among adults aged 65 years or older throughout the United States, with 181,037 national annual cases estimated in 2014. This review describes contemporary methods for the laboratory diagnosis of mycobacterial diseases. Furthermore, the review considers the ever-changing health care delivery system and stresses the laboratory's need to adjust and embrace molecular technologies to provide shorter turnaround times and a higher quality of care for the patients who we serve.

152 citations