Search

Dynamic face stimuli are increasingly used in face perception research, as increasing evidence shows they are perceived differently from static photographs. One popular method for creating dynamic faces is the dynamic morph, which can animate the transition between expressions by blending two photographs together. Although morphs offer increased experimental control, their unnatural motion differs from the biological facial motion captured in video recordings. This study aimed to compare ratings of emotion intensity and genuineness in video recordings, dynamic morphs, and static photographs of happy, sad, fearful, and angry expressions. We found that video recordings were perceived to have greater emotional intensity than dynamic morphs, and video recordings of happy expressions were perceived as more genuine compared to happy dynamic morphs. Unexpectedly, static photographs and video recordings had similar ratings for genuineness and intensity. Overall, these results suggest that dynamic morphs may be an inappropriate substitute for video recordings, as they may elicit misleading dynamic effects. [ABSTRACT FROM AUTHOR]

This paper extends previous work on the information content of the term structure of interest rates using a newly constructed dataset for the United States, Japan, Germany, Switzerland, France, Belgium and the Netherlands (1982-1991). Results significantly differ from Jorion and Mishkin (1991). Apparently, the relation between the term structure of interest rates and future inflation is highly period- and country-dependent. We provide new evidence that these results may be due to the inability of financial markets to accurately predict a term structure of inflation in combination with the conduct of monetary policy. This probably accounts for large variation in ex post real interest rate levels and the term structure of real interest rates. Consequently, it is unlikely that the term structure of nominal interest rates wilt serve as a good indicator of future inflationary developments. [ABSTRACT FROM AUTHOR]

In this paper the dynamic relationship between short term interest rates and inflation is analyzed for five countries (U.S.A., UK, France, Germany and Switzerland), covering the period 1974-1980. The framework of analysis is the bivariate autoregressive representation of the interest and the inflation rate, which allows to test the traditional approach (interest rate as distributed lag of inflation) as well as the novel approach of Fama (the inflation rate as function of the one period lagged interest rate). In general, the hypotheses of both approaches are rejected by the data. An analysis of the variability of the real interest rate suggests that it contributes strongly to the variation of the nominal interest rate and that the nominal interest rate and inflation help to predict the ex ante real interest rate. [ABSTRACT FROM AUTHOR]