The Dow Jones Industrial Average and the birth rates in Scotland: A multifractal view
AbstractThe state of the economy has an influence on the birth rates and vice versa. The Dow Jones Industrial Average (DJIA) is a basic indicator not only of the US economy but also of the world economy and the investigation of its change with the contemporary methods for multifractal analysis such as MDFA is applied to find out multifractal characteristics and to determine the correlations of the index, its amplitude and phase and they are compared to the birth rates in Scotland. Since the DJIA is nonstationary then for the drawing out of the dynamics of the multifractal parameters a modified MDFA is used. The obtained values of the correlation exponent h2 ~ 1.5 +- 0.2 are of the Brownian motion process, related with the economy in this case. Alterations of the multifractal parameters and the births during the world wars, the economical collapses in 1929, 1987 and other years, also after changes in the economical policy have been revealed.
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