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This paper confirms that a regime-switching model out-performs a linear VAR model in terms of understanding the system dynamics of asset returns. Impulse responses of REIT returns to either the federal funds rate or the interest rate spread are much larger initially but less persistent. Furthermore, the term structure acts as an amplifier of the impulse response for REIT return, a stabilizer for the housing counterpart under some regime, and, perhaps surprisingly, almost no role for the stock return. In contrast, GDP growth has very marginal effect in the impulse response for all assets.

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Tilted fiber Bragg grating (TFBG) biosensors can be used as a cost-effective and relatively simple-to-implement alternative to well established biosensor platforms for high sensitivity biological sample measurements in situ or possibly in vivo. The fiber biosensor presented in this study utilizes an in-fiber 12° tilted Bragg grating to excite a strong evanescent field on the surface of the sensor over a large range of external medium refractive indices. The devices have minimal cross-sensitivity to temperature and their fabrication does not impact the structural integrity of the fiber and its surface functionalization. Human acute leukemia cells with different intracellular densities and refractive index (RI) ranging from 1.3342 to 1.3344 were clearly discriminated in-situ by using the differential transmission spectrum between two orthogonal polarizations for the last guided mode resonance before "cut-off", with an amplitude variation sensitivity of 1.8 × 10(4) dB/RIU, a wavelength shift sensitivity of 180 nm/RIU, and a limit of detection of 2 × 10(-5)RIU. The detection process was precisely controlled with a micro-fluidic chip which allows the measurement of nL-volumes of bio-samples. The proposed in-fiber polarimetric biosensor is an appealing solution for rapid, sub-microliter dose and highly sensitive detection of analytes at low concentrations in medicine, chemical and environmental monitoring.