id	sid	tid	token	lemma	pos
easat-8771	1	1	edelweiss	edelweiss	PROPN
easat-8771	1	2	applied	apply	VERB
easat-8771	1	3	science	science	NOUN
easat-8771	1	4	and	and	CCONJ
easat-8771	1	5	technology	technology	NOUN
easat-8771	1	6	issn	issn	PROPN
easat-8771	1	7	:	:	PUNCT
easat-8771	1	8	2576	2576	NUM
easat-8771	1	9	-	-	SYM
easat-8771	1	10	8484	8484	NUM
easat-8771	1	11	vol	vol	NOUN
easat-8771	1	12	.	.	PROPN
easat-8771	2	1	9	9	NUM
easat-8771	2	2	,	,	PUNCT
easat-8771	2	3	no	no	INTJ
easat-8771	2	4	.	.	NOUN
easat-8771	2	5	7	7	NUM
easat-8771	2	6	,	,	PUNCT
easat-8771	2	7	918	918	NUM
easat-8771	2	8	-	-	SYM
easat-8771	2	9	936	936	NUM
easat-8771	2	10	2025	2025	NUM
easat-8771	2	11	publisher	publisher	NOUN
easat-8771	2	12	:	:	PUNCT
easat-8771	2	13	learning	learn	VERB
easat-8771	2	14	gate	gate	NOUN
easat-8771	2	15	doi	doi	PROPN
easat-8771	2	16	:	:	PUNCT
easat-8771	2	17	10.55214/25768484.v9i7.8771	10.55214/25768484.v9i7.8771	NUM
easat-8771	2	18	©	©	PROPN
easat-8771	2	19	2025	2025	NUM
easat-8771	2	20	by	by	ADP
easat-8771	2	21	the	the	DET
easat-8771	2	22	author	author	NOUN
easat-8771	2	23	;	;	PUNCT
easat-8771	2	24	licensee	licensee	PROPN
easat-8771	2	25	learning	learning	NOUN
easat-8771	2	26	gate	gate	NOUN
easat-8771	3	1	©	©	PROPN
easat-8771	3	2	2025	2025	NUM
easat-8771	3	3	by	by	ADP
easat-8771	3	4	the	the	DET
easat-8771	3	5	author	author	NOUN
easat-8771	3	6	;	;	PUNCT
easat-8771	3	7	licensee	licensee	PROPN
easat-8771	3	8	learning	learning	NOUN
easat-8771	3	9	gate	gate	NOUN
easat-8771	3	10	history	history	NOUN
easat-8771	3	11	:	:	PUNCT
easat-8771	3	12	received	receive	VERB
easat-8771	3	13	:	:	PUNCT
easat-8771	3	14	25	25	NUM
easat-8771	3	15	april	april	PROPN
easat-8771	3	16	2025	2025	NUM
easat-8771	3	17	;	;	PUNCT
easat-8771	3	18	revised	revise	VERB
easat-8771	3	19	:	:	PUNCT
easat-8771	3	20	7	7	NUM
easat-8771	3	21	june	june	PROPN
easat-8771	3	22	2025	2025	NUM
easat-8771	3	23	;	;	PUNCT
easat-8771	3	24	accepted	accept	VERB
easat-8771	3	25	:	:	PUNCT
easat-8771	3	26	11	11	NUM
easat-8771	3	27	june	june	PROPN
easat-8771	3	28	2025	2025	NUM
easat-8771	3	29	;	;	PUNCT
easat-8771	3	30	published	publish	VERB
easat-8771	3	31	:	:	PUNCT
easat-8771	3	32	11	11	NUM
easat-8771	3	33	july	july	PROPN
easat-8771	3	34	2025	2025	NUM
easat-8771	3	35	*	*	PUNCT
easat-8771	3	36	correspondence	correspondence	NOUN
easat-8771	3	37	:	:	PUNCT
easat-8771	3	38	c.volos@nup.ac.cy	c.volos@nup.ac.cy	NOUN
easat-8771	3	39	the	the	DET
easat-8771	3	40	impact	impact	NOUN
easat-8771	3	41	of	of	ADP
easat-8771	3	42	temporal	temporal	ADJ
easat-8771	3	43	aggregation	aggregation	NOUN
easat-8771	3	44	on	on	ADP
easat-8771	3	45	nonlinearity	nonlinearity	NOUN
easat-8771	3	46	detection	detection	NOUN
easat-8771	3	47	:	:	PUNCT
easat-8771	3	48	an	an	DET
easat-8771	3	49	empirical	empirical	ADJ
easat-8771	3	50	analysis	analysis	NOUN
easat-8771	3	51	of	of	ADP
easat-8771	3	52	exchange	exchange	NOUN
easat-8771	3	53	rate	rate	NOUN
easat-8771	3	54	dynamics	dynamic	NOUN
easat-8771	3	55	using	use	VERB
easat-8771	3	56	the	the	DET
easat-8771	3	57	lm	lm	ADJ
easat-8771	3	58	test	test	NOUN
easat-8771	3	59	christos	christos	PROPN
easat-8771	3	60	christodoulou	christodoulou	PROPN
easat-8771	3	61	-	-	PUNCT
easat-8771	3	62	volos1	volos1	PROPN
easat-8771	3	63	*	*	PROPN
easat-8771	3	64	1department	1department	NUM
easat-8771	3	65	of	of	ADP
easat-8771	3	66	economics	economic	NOUN
easat-8771	3	67	and	and	CCONJ
easat-8771	3	68	business	business	NOUN
easat-8771	3	69	neapolis	neapolis	PROPN
easat-8771	3	70	university	university	PROPN
easat-8771	3	71	,	,	PUNCT
easat-8771	3	72	pafos	pafos	NOUN
easat-8771	3	73	,	,	PUNCT
easat-8771	3	74	cyprus	cyprus	PROPN
easat-8771	3	75	;	;	PUNCT
easat-8771	3	76	c.volos@nup.ac.cy	c.volos@nup.ac.cy	NOUN
easat-8771	3	77	(	(	PUNCT
easat-8771	3	78	c.c.v	c.c.v	NOUN
easat-8771	3	79	.	.	PUNCT
easat-8771	3	80	)	)	PUNCT
easat-8771	3	81	.	.	PUNCT
easat-8771	4	1	abstract	abstract	ADV
easat-8771	4	2	:	:	PUNCT
easat-8771	4	3	this	this	DET
easat-8771	4	4	study	study	NOUN
easat-8771	4	5	investigates	investigate	VERB
easat-8771	4	6	the	the	DET
easat-8771	4	7	impact	impact	NOUN
easat-8771	4	8	of	of	ADP
easat-8771	4	9	temporal	temporal	ADJ
easat-8771	4	10	aggregation	aggregation	NOUN
easat-8771	4	11	on	on	ADP
easat-8771	4	12	the	the	DET
easat-8771	4	13	performance	performance	NOUN
easat-8771	4	14	of	of	ADP
easat-8771	4	15	the	the	DET
easat-8771	4	16	lagrange	lagrange	NOUN
easat-8771	4	17	multiplier	multiplier	ADV
easat-8771	4	18	(	(	PUNCT
easat-8771	4	19	lm	lm	INTJ
easat-8771	4	20	)	)	PUNCT
easat-8771	4	21	test	test	NOUN
easat-8771	4	22	for	for	ADP
easat-8771	4	23	exchange	exchange	NOUN
easat-8771	4	24	rate	rate	NOUN
easat-8771	4	25	nonlinearity	nonlinearity	NOUN
easat-8771	4	26	.	.	PUNCT
easat-8771	5	1	using	use	VERB
easat-8771	5	2	monte	monte	PROPN
easat-8771	5	3	carlo	carlo	PROPN
easat-8771	5	4	experiments	experiment	NOUN
easat-8771	5	5	based	base	VERB
easat-8771	5	6	on	on	ADP
easat-8771	5	7	various	various	ADJ
easat-8771	5	8	levels	level	NOUN
easat-8771	5	9	of	of	ADP
easat-8771	5	10	temporal	temporal	ADJ
easat-8771	5	11	aggregation	aggregation	NOUN
easat-8771	5	12	,	,	PUNCT
easat-8771	5	13	autoregressive	autoregressive	ADJ
easat-8771	5	14	parameter	parameter	NOUN
easat-8771	5	15	values	value	NOUN
easat-8771	5	16	,	,	PUNCT
easat-8771	5	17	and	and	CCONJ
easat-8771	5	18	sample	sample	NOUN
easat-8771	5	19	sizes	size	NOUN
easat-8771	5	20	,	,	PUNCT
easat-8771	5	21	we	we	PRON
easat-8771	5	22	analyze	analyze	VERB
easat-8771	5	23	how	how	SCONJ
easat-8771	5	24	they	they	PRON
easat-8771	5	25	influence	influence	VERB
easat-8771	5	26	the	the	DET
easat-8771	5	27	ability	ability	NOUN
easat-8771	5	28	of	of	ADP
easat-8771	5	29	the	the	DET
easat-8771	5	30	test	test	NOUN
easat-8771	5	31	to	to	PART
easat-8771	5	32	detect	detect	VERB
easat-8771	5	33	nonlinearities	nonlinearitie	NOUN
easat-8771	5	34	.	.	PUNCT
easat-8771	6	1	our	our	PRON
easat-8771	6	2	findings	finding	NOUN
easat-8771	6	3	indicate	indicate	VERB
easat-8771	6	4	that	that	SCONJ
easat-8771	6	5	the	the	DET
easat-8771	6	6	power	power	NOUN
easat-8771	6	7	of	of	ADP
easat-8771	6	8	the	the	DET
easat-8771	6	9	lm	lm	PROPN
easat-8771	6	10	test	test	NOUN
easat-8771	6	11	decreases	decrease	NOUN
easat-8771	6	12	as	as	ADP
easat-8771	6	13	temporal	temporal	ADJ
easat-8771	6	14	aggregation	aggregation	NOUN
easat-8771	6	15	increases	increase	NOUN
easat-8771	6	16	,	,	PUNCT
easat-8771	6	17	particularly	particularly	ADV
easat-8771	6	18	for	for	ADP
easat-8771	6	19	exchange	exchange	NOUN
easat-8771	6	20	rate	rate	NOUN
easat-8771	6	21	time	time	NOUN
easat-8771	6	22	series	series	NOUN
easat-8771	6	23	that	that	PRON
easat-8771	6	24	exhibit	exhibit	VERB
easat-8771	6	25	highly	highly	ADV
easat-8771	6	26	autoregressive	autoregressive	ADJ
easat-8771	6	27	behavior	behavior	NOUN
easat-8771	6	28	.	.	PUNCT
easat-8771	7	1	to	to	PART
easat-8771	7	2	empirically	empirically	ADV
easat-8771	7	3	validate	validate	VERB
easat-8771	7	4	these	these	DET
easat-8771	7	5	results	result	NOUN
easat-8771	7	6	,	,	PUNCT
easat-8771	7	7	we	we	PRON
easat-8771	7	8	apply	apply	VERB
easat-8771	7	9	the	the	DET
easat-8771	7	10	lm	lm	ADJ
easat-8771	7	11	test	test	NOUN
easat-8771	7	12	to	to	ADP
easat-8771	7	13	high	high	ADJ
easat-8771	7	14	-	-	PUNCT
easat-8771	7	15	frequency	frequency	NOUN
easat-8771	7	16	(	(	PUNCT
easat-8771	7	17	one	one	NUM
easat-8771	7	18	-	-	PUNCT
easat-8771	7	19	minute	minute	NOUN
easat-8771	7	20	)	)	PUNCT
easat-8771	7	21	eur	eur	ADJ
easat-8771	7	22	/	/	SYM
easat-8771	7	23	usd	usd	NOUN
easat-8771	7	24	,	,	PUNCT
easat-8771	7	25	gbp	gbp	NOUN
easat-8771	7	26	/	/	SYM
easat-8771	7	27	usd	usd	NOUN
easat-8771	7	28	,	,	PUNCT
easat-8771	7	29	and	and	CCONJ
easat-8771	7	30	usd	usd	ADJ
easat-8771	7	31	/	/	SYM
easat-8771	7	32	jpy	jpy	PROPN
easat-8771	7	33	exchange	exchange	NOUN
easat-8771	7	34	rate	rate	NOUN
easat-8771	7	35	returns	return	NOUN
easat-8771	7	36	from	from	ADP
easat-8771	7	37	december	december	PROPN
easat-8771	7	38	4	4	NUM
easat-8771	7	39	,	,	PUNCT
easat-8771	7	40	2024	2024	NUM
easat-8771	7	41	,	,	PUNCT
easat-8771	7	42	to	to	ADP
easat-8771	7	43	march	march	PROPN
easat-8771	7	44	14	14	NUM
easat-8771	7	45	,	,	PUNCT
easat-8771	7	46	2025	2025	NUM
easat-8771	7	47	,	,	PUNCT
easat-8771	7	48	for	for	ADP
easat-8771	7	49	10,000	10,000	NUM
easat-8771	7	50	observations	observation	NOUN
easat-8771	7	51	.	.	PUNCT
easat-8771	8	1	empirical	empirical	ADJ
easat-8771	8	2	evidence	evidence	NOUN
easat-8771	8	3	supports	support	VERB
easat-8771	8	4	the	the	DET
easat-8771	8	5	simulation	simulation	NOUN
easat-8771	8	6	findings	finding	NOUN
easat-8771	8	7	to	to	ADP
easat-8771	8	8	the	the	DET
easat-8771	8	9	extent	extent	NOUN
easat-8771	8	10	that	that	SCONJ
easat-8771	8	11	nonlinearity	nonlinearity	NOUN
easat-8771	8	12	is	be	AUX
easat-8771	8	13	stronger	strong	ADJ
easat-8771	8	14	in	in	ADP
easat-8771	8	15	high	high	ADJ
easat-8771	8	16	-	-	PUNCT
easat-8771	8	17	frequency	frequency	NOUN
easat-8771	8	18	data	datum	NOUN
easat-8771	8	19	but	but	CCONJ
easat-8771	8	20	declines	decline	NOUN
easat-8771	8	21	as	as	SCONJ
easat-8771	8	22	it	it	PRON
easat-8771	8	23	gets	get	AUX
easat-8771	8	24	aggregated	aggregate	VERB
easat-8771	8	25	over	over	ADP
easat-8771	8	26	a	a	DET
easat-8771	8	27	longer	long	ADJ
easat-8771	8	28	horizon	horizon	NOUN
easat-8771	8	29	.	.	PUNCT
easat-8771	9	1	the	the	DET
easat-8771	9	2	implications	implication	NOUN
easat-8771	9	3	for	for	ADP
easat-8771	9	4	monetary	monetary	ADJ
easat-8771	9	5	policy	policy	NOUN
easat-8771	9	6	,	,	PUNCT
easat-8771	9	7	risk	risk	NOUN
easat-8771	9	8	management	management	NOUN
easat-8771	9	9	,	,	PUNCT
easat-8771	9	10	and	and	CCONJ
easat-8771	9	11	supervision	supervision	NOUN
easat-8771	9	12	in	in	ADP
easat-8771	9	13	financial	financial	ADJ
easat-8771	9	14	markets	market	NOUN
easat-8771	9	15	are	be	AUX
easat-8771	9	16	substantial	substantial	ADJ
easat-8771	9	17	,	,	PUNCT
easat-8771	9	18	and	and	CCONJ
easat-8771	9	19	therefore	therefore	ADV
easat-8771	9	20	,	,	PUNCT
easat-8771	9	21	researchers	researcher	NOUN
easat-8771	9	22	and	and	CCONJ
easat-8771	9	23	policymakers	policymaker	NOUN
easat-8771	9	24	are	be	AUX
easat-8771	9	25	encouraged	encourage	VERB
easat-8771	9	26	to	to	PART
easat-8771	9	27	test	test	VERB
easat-8771	9	28	for	for	ADP
easat-8771	9	29	nonlinearities	nonlinearitie	NOUN
easat-8771	9	30	cautiously	cautiously	ADV
easat-8771	9	31	,	,	PUNCT
easat-8771	9	32	taking	take	VERB
easat-8771	9	33	into	into	ADP
easat-8771	9	34	account	account	NOUN
easat-8771	9	35	the	the	DET
easat-8771	9	36	data	datum	NOUN
easat-8771	9	37	's	's	PART
easat-8771	9	38	frequency	frequency	NOUN
easat-8771	9	39	.	.	PUNCT
easat-8771	10	1	keywords	keyword	NOUN
easat-8771	10	2	:	:	PUNCT
easat-8771	10	3	autoregressive	autoregressive	ADJ
easat-8771	10	4	processes	process	NOUN
easat-8771	10	5	,	,	PUNCT
easat-8771	10	6	exchange	exchange	NOUN
easat-8771	10	7	rate	rate	NOUN
easat-8771	10	8	dynamics	dynamic	NOUN
easat-8771	10	9	,	,	PUNCT
easat-8771	10	10	financial	financial	ADJ
easat-8771	10	11	econometrics	econometric	NOUN
easat-8771	10	12	,	,	PUNCT
easat-8771	10	13	lagrange	lagrange	NOUN
easat-8771	10	14	multiplier	multiplier	ADV
easat-8771	10	15	(	(	PUNCT
easat-8771	10	16	lm	lm	INTJ
easat-8771	10	17	)	)	PUNCT
easat-8771	10	18	test	test	NOUN
easat-8771	10	19	,	,	PUNCT
easat-8771	10	20	monte	monte	PROPN
easat-8771	10	21	carlo	carlo	PROPN
easat-8771	10	22	simulations	simulation	NOUN
easat-8771	10	23	,	,	PUNCT
easat-8771	10	24	nonlinearity	nonlinearity	NOUN
easat-8771	10	25	detection	detection	NOUN
easat-8771	10	26	,	,	PUNCT
easat-8771	10	27	temporal	temporal	ADJ
easat-8771	10	28	aggregation	aggregation	NOUN
easat-8771	10	29	.	.	PUNCT
easat-8771	11	1	1	1	X
easat-8771	11	2	.	.	X
easat-8771	11	3	introduction	introduction	NOUN
easat-8771	11	4	the	the	DET
easat-8771	11	5	accurate	accurate	ADJ
easat-8771	11	6	modeling	modeling	NOUN
easat-8771	11	7	of	of	ADP
easat-8771	11	8	exchange	exchange	NOUN
easat-8771	11	9	rate	rate	NOUN
easat-8771	11	10	behavior	behavior	NOUN
easat-8771	11	11	is	be	AUX
easat-8771	11	12	a	a	DET
easat-8771	11	13	fundamental	fundamental	ADJ
easat-8771	11	14	challenge	challenge	NOUN
easat-8771	11	15	of	of	ADP
easat-8771	11	16	international	international	ADJ
easat-8771	11	17	finance	finance	NOUN
easat-8771	11	18	and	and	CCONJ
easat-8771	11	19	macroeconomics	macroeconomic	NOUN
easat-8771	11	20	.	.	PUNCT
easat-8771	12	1	traditional	traditional	ADJ
easat-8771	12	2	econometric	econometric	ADJ
easat-8771	12	3	models	model	NOUN
easat-8771	12	4	assume	assume	VERB
easat-8771	12	5	linearity	linearity	NOUN
easat-8771	12	6	in	in	ADP
easat-8771	12	7	their	their	PRON
easat-8771	12	8	specification	specification	NOUN
easat-8771	12	9	,	,	PUNCT
easat-8771	12	10	but	but	CCONJ
easat-8771	12	11	more	more	ADJ
easat-8771	12	12	and	and	CCONJ
easat-8771	12	13	more	more	ADV
easat-8771	12	14	empirical	empirical	ADJ
easat-8771	12	15	evidence	evidence	NOUN
easat-8771	12	16	suggests	suggest	VERB
easat-8771	12	17	that	that	SCONJ
easat-8771	12	18	exchange	exchange	NOUN
easat-8771	12	19	rates	rate	NOUN
easat-8771	12	20	will	will	AUX
easat-8771	12	21	exhibit	exhibit	VERB
easat-8771	12	22	nonlinear	nonlinear	ADJ
easat-8771	12	23	patterns	pattern	NOUN
easat-8771	12	24	due	due	ADP
easat-8771	12	25	to	to	ADP
easat-8771	12	26	such	such	ADJ
easat-8771	12	27	factors	factor	NOUN
easat-8771	12	28	as	as	ADP
easat-8771	12	29	market	market	NOUN
easat-8771	12	30	frictions	friction	NOUN
easat-8771	12	31	,	,	PUNCT
easat-8771	12	32	central	central	ADJ
easat-8771	12	33	bank	bank	NOUN
easat-8771	12	34	intervention	intervention	NOUN
easat-8771	12	35	,	,	PUNCT
easat-8771	12	36	and	and	CCONJ
easat-8771	12	37	speculation	speculation	NOUN
easat-8771	12	38	bubbles	bubble	NOUN
easat-8771	12	39	.	.	PUNCT
easat-8771	13	1	the	the	DET
easat-8771	13	2	discovery	discovery	NOUN
easat-8771	13	3	of	of	ADP
easat-8771	13	4	such	such	ADJ
easat-8771	13	5	nonlinearities	nonlinearitie	NOUN
easat-8771	13	6	is	be	AUX
easat-8771	13	7	vitally	vitally	ADV
easat-8771	13	8	crucial	crucial	ADJ
easat-8771	13	9	to	to	ADP
easat-8771	13	10	improving	improve	VERB
easat-8771	13	11	exchange	exchange	NOUN
easat-8771	13	12	rate	rate	NOUN
easat-8771	13	13	predictions	prediction	NOUN
easat-8771	13	14	,	,	PUNCT
easat-8771	13	15	risk	risk	NOUN
easat-8771	13	16	measurement	measurement	NOUN
easat-8771	13	17	,	,	PUNCT
easat-8771	13	18	and	and	CCONJ
easat-8771	13	19	the	the	DET
easat-8771	13	20	construction	construction	NOUN
easat-8771	13	21	of	of	ADP
easat-8771	13	22	monetary	monetary	ADJ
easat-8771	13	23	policy	policy	NOUN
easat-8771	13	24	.	.	PUNCT
easat-8771	14	1	among	among	ADP
easat-8771	14	2	the	the	DET
easat-8771	14	3	numerous	numerous	ADJ
easat-8771	14	4	techniques	technique	NOUN
easat-8771	14	5	employed	employ	VERB
easat-8771	14	6	to	to	PART
easat-8771	14	7	check	check	VERB
easat-8771	14	8	linearity	linearity	NOUN
easat-8771	14	9	in	in	ADP
easat-8771	14	10	time	time	NOUN
easat-8771	14	11	series	series	NOUN
easat-8771	14	12	models	model	NOUN
easat-8771	14	13	is	be	AUX
easat-8771	14	14	the	the	DET
easat-8771	14	15	lagrange	lagrange	NOUN
easat-8771	14	16	multiplier	multiplier	ADV
easat-8771	14	17	(	(	PUNCT
easat-8771	14	18	lm	lm	INTJ
easat-8771	14	19	)	)	PUNCT
easat-8771	14	20	test	test	NOUN
easat-8771	14	21	for	for	ADP
easat-8771	14	22	nonlinearity	nonlinearity	NOUN
easat-8771	14	23	which	which	PRON
easat-8771	14	24	checks	check	VERB
easat-8771	14	25	whether	whether	SCONJ
easat-8771	14	26	a	a	DET
easat-8771	14	27	specific	specific	ADJ
easat-8771	14	28	time	time	NOUN
easat-8771	14	29	series	series	NOUN
easat-8771	14	30	deviates	deviate	VERB
easat-8771	14	31	from	from	ADP
easat-8771	14	32	a	a	DET
easat-8771	14	33	linear	linear	ADJ
easat-8771	14	34	autoregressive	autoregressive	ADJ
easat-8771	14	35	specification	specification	NOUN
easat-8771	14	36	.	.	PUNCT
easat-8771	15	1	the	the	DET
easat-8771	15	2	applicability	applicability	NOUN
easat-8771	15	3	of	of	ADP
easat-8771	15	4	this	this	DET
easat-8771	15	5	test	test	NOUN
easat-8771	15	6	may	may	AUX
easat-8771	15	7	be	be	AUX
easat-8771	15	8	compromised	compromise	VERB
easat-8771	15	9	by	by	ADP
easat-8771	15	10	temporal	temporal	ADJ
easat-8771	15	11	aggregation	aggregation	NOUN
easat-8771	15	12	,	,	PUNCT
easat-8771	15	13	a	a	DET
easat-8771	15	14	common	common	ADJ
easat-8771	15	15	practice	practice	NOUN
easat-8771	15	16	in	in	ADP
easat-8771	15	17	empirical	empirical	ADJ
easat-8771	15	18	research	research	NOUN
easat-8771	15	19	where	where	SCONJ
easat-8771	15	20	high	high	ADJ
easat-8771	15	21	-	-	PUNCT
easat-8771	15	22	frequency	frequency	NOUN
easat-8771	15	23	data	datum	NOUN
easat-8771	15	24	is	be	AUX
easat-8771	15	25	averaged	average	VERB
easat-8771	15	26	or	or	CCONJ
easat-8771	15	27	sampled	sample	VERB
easat-8771	15	28	at	at	ADP
easat-8771	15	29	lower	low	ADJ
easat-8771	15	30	frequencies	frequency	NOUN
easat-8771	15	31	.	.	PUNCT
easat-8771	16	1	temporal	temporal	ADJ
easat-8771	16	2	aggregation	aggregation	NOUN
easat-8771	16	3	is	be	AUX
easat-8771	16	4	often	often	ADV
easat-8771	16	5	applied	apply	VERB
easat-8771	16	6	to	to	PART
easat-8771	16	7	reduce	reduce	VERB
easat-8771	16	8	noise	noise	NOUN
easat-8771	16	9	,	,	PUNCT
easat-8771	16	10	computational	computational	ADJ
easat-8771	16	11	cost	cost	NOUN
easat-8771	16	12	,	,	PUNCT
easat-8771	16	13	and	and	CCONJ
easat-8771	16	14	market	market	NOUN
easat-8771	16	15	microstructure	microstructure	NOUN
easat-8771	16	16	effects	effect	NOUN
easat-8771	16	17	in	in	ADP
easat-8771	16	18	high	high	ADJ
easat-8771	16	19	-	-	PUNCT
easat-8771	16	20	frequency	frequency	NOUN
easat-8771	16	21	financial	financial	ADJ
easat-8771	16	22	returns	return	NOUN
easat-8771	16	23	.	.	PUNCT
easat-8771	17	1	aggregation	aggregation	NOUN
easat-8771	17	2	,	,	PUNCT
easat-8771	17	3	although	although	SCONJ
easat-8771	17	4	simplifying	simplify	VERB
easat-8771	17	5	analysis	analysis	NOUN
easat-8771	17	6	,	,	PUNCT
easat-8771	17	7	also	also	ADV
easat-8771	17	8	has	have	VERB
easat-8771	17	9	the	the	DET
easat-8771	17	10	effect	effect	NOUN
easat-8771	17	11	of	of	ADP
easat-8771	17	12	concealing	conceal	VERB
easat-8771	17	13	important	important	ADJ
easat-8771	17	14	nonlinear	nonlinear	ADJ
easat-8771	17	15	structures	structure	NOUN
easat-8771	17	16	,	,	PUNCT
easat-8771	17	17	weakening	weaken	VERB
easat-8771	17	18	the	the	DET
easat-8771	17	19	power	power	NOUN
easat-8771	17	20	of	of	ADP
easat-8771	17	21	statistical	statistical	ADJ
easat-8771	17	22	tests	test	NOUN
easat-8771	17	23	for	for	ADP
easat-8771	17	24	the	the	DET
easat-8771	17	25	detection	detection	NOUN
easat-8771	17	26	of	of	ADP
easat-8771	17	27	such	such	ADJ
easat-8771	17	28	dynamics	dynamic	NOUN
easat-8771	17	29	.	.	PUNCT
easat-8771	18	1	if	if	SCONJ
easat-8771	18	2	the	the	DET
easat-8771	18	3	lm	lm	PROPN
easat-8771	18	4	test	test	NOUN
easat-8771	18	5	's	's	PART
easat-8771	18	6	sensitivity	sensitivity	NOUN
easat-8771	18	7	to	to	ADP
easat-8771	18	8	nonlinearity	nonlinearity	NOUN
easat-8771	18	9	diminishes	diminish	VERB
easat-8771	18	10	with	with	ADP
easat-8771	18	11	higher	high	ADJ
easat-8771	18	12	data	datum	NOUN
easat-8771	18	13	aggregation	aggregation	NOUN
easat-8771	18	14	,	,	PUNCT
easat-8771	18	15	researchers	researcher	NOUN
easat-8771	18	16	employing	employ	VERB
easat-8771	18	17	low	low	ADJ
easat-8771	18	18	-	-	PUNCT
easat-8771	18	19	frequency	frequency	NOUN
easat-8771	18	20	exchange	exchange	NOUN
easat-8771	18	21	rate	rate	NOUN
easat-8771	18	22	data	datum	NOUN
easat-8771	18	23	will	will	AUX
easat-8771	18	24	consistently	consistently	ADV
easat-8771	18	25	overestimate	overestimate	VERB
easat-8771	18	26	the	the	DET
easat-8771	18	27	presence	presence	NOUN
easat-8771	18	28	of	of	ADP
easat-8771	18	29	nonlinearities	nonlinearitie	NOUN
easat-8771	18	30	,	,	PUNCT
easat-8771	18	31	and	and	CCONJ
easat-8771	18	32	hence	hence	ADV
easat-8771	18	33	misspecify	misspecify	NOUN
easat-8771	18	34	models	model	NOUN
easat-8771	18	35	and	and	CCONJ
easat-8771	18	36	make	make	VERB
easat-8771	18	37	inaccurate	inaccurate	ADJ
easat-8771	18	38	predictions	prediction	NOUN
easat-8771	18	39	.	.	PUNCT
easat-8771	19	1	despite	despite	SCONJ
easat-8771	19	2	having	have	VERB
easat-8771	19	3	its	its	PRON
easat-8771	19	4	overriding	override	VERB
easat-8771	19	5	significance	significance	NOUN
easat-8771	19	6	,	,	PUNCT
easat-8771	19	7	the	the	DET
easat-8771	19	8	impact	impact	NOUN
easat-8771	19	9	of	of	ADP
easat-8771	19	10	temporal	temporal	ADJ
easat-8771	19	11	aggregation	aggregation	NOUN
easat-8771	19	12	on	on	ADP
easat-8771	19	13	the	the	DET
easat-8771	19	14	lm	lm	PROPN
easat-8771	19	15	test	test	NOUN
easat-8771	19	16	for	for	ADP
easat-8771	19	17	nonlinearity	nonlinearity	NOUN
easat-8771	19	18	has	have	AUX
easat-8771	19	19	not	not	PART
easat-8771	19	20	received	receive	VERB
easat-8771	19	21	much	much	ADJ
easat-8771	19	22	attention	attention	NOUN
easat-8771	19	23	in	in	ADP
easat-8771	19	24	the	the	DET
easat-8771	19	25	literature	literature	NOUN
easat-8771	19	26	.	.	PUNCT
easat-8771	20	1	this	this	DET
easat-8771	20	2	study	study	NOUN
easat-8771	20	3	attempts	attempt	VERB
easat-8771	20	4	to	to	PART
easat-8771	20	5	fill	fill	VERB
easat-8771	20	6	this	this	DET
easat-8771	20	7	gap	gap	NOUN
easat-8771	20	8	through	through	ADP
easat-8771	20	9	an	an	DET
easat-8771	20	10	analysis	analysis	NOUN
easat-8771	20	11	of	of	ADP
easat-8771	20	12	the	the	DET
easat-8771	20	13	effect	effect	NOUN
easat-8771	20	14	of	of	ADP
easat-8771	20	15	the	the	DET
easat-8771	20	16	difference	difference	NOUN
easat-8771	20	17	in	in	ADP
easat-8771	20	18	the	the	DET
easat-8771	20	19	levels	level	NOUN
easat-8771	20	20	of	of	ADP
easat-8771	20	21	temporal	temporal	ADJ
easat-8771	20	22	aggregation	aggregation	NOUN
easat-8771	20	23	on	on	ADP
easat-8771	20	24	the	the	DET
easat-8771	20	25	power	power	NOUN
easat-8771	20	26	of	of	ADP
easat-8771	20	27	the	the	DET
easat-8771	20	28	lm	lm	X
easat-8771	20	29	test	test	NOUN
easat-8771	20	30	in	in	ADP
easat-8771	20	31	detecting	detect	VERB
easat-8771	20	32	nonlinearity	nonlinearity	NOUN
easat-8771	20	33	in	in	ADP
easat-8771	20	34	exchange	exchange	NOUN
easat-8771	20	35	rates	rate	NOUN
easat-8771	20	36	.	.	PUNCT
easat-8771	21	1	using	use	VERB
easat-8771	21	2	an	an	DET
easat-8771	21	3	empirical	empirical	ADJ
easat-8771	21	4	foreign	foreign	ADJ
easat-8771	21	5	exchange	exchange	NOUN
easat-8771	21	6	rate	rate	NOUN
easat-8771	21	7	data	datum	NOUN
easat-8771	21	8	set	set	VERB
easat-8771	21	9	(	(	PUNCT
easat-8771	21	10	e.g.	e.g.	ADV
easat-8771	21	11	,	,	PUNCT
easat-8771	21	12	usd	usd	ADJ
easat-8771	21	13	/	/	SYM
easat-8771	21	14	eur	eur	ADJ
easat-8771	21	15	,	,	PUNCT
easat-8771	21	16	gbp	gbp	NOUN
easat-8771	21	17	/	/	SYM
easat-8771	21	18	usd	usd	NOUN
easat-8771	21	19	,	,	PUNCT
easat-8771	21	20	jpy	jpy	NOUN
easat-8771	21	21	/	/	SYM
easat-8771	21	22	usd	usd	NOUN
easat-8771	21	23	)	)	PUNCT
easat-8771	21	24	,	,	PUNCT
easat-8771	21	25	we	we	PRON
easat-8771	21	26	subject	subject	VERB
easat-8771	21	27	the	the	DET
easat-8771	21	28	lm	lm	PROPN
easat-8771	21	29	https://orcid.org/0000-0002-3188-844x	https://orcid.org/0000-0002-3188-844x	PROPN
easat-8771	21	30	919	919	NUM
easat-8771	21	31	edelweiss	edelweiss	PROPN
easat-8771	21	32	applied	apply	VERB
easat-8771	21	33	science	science	NOUN
easat-8771	21	34	and	and	CCONJ
easat-8771	21	35	technology	technology	NOUN
easat-8771	21	36	issn	issn	PROPN
easat-8771	21	37	:	:	PUNCT
easat-8771	21	38	2576	2576	NUM
easat-8771	21	39	-	-	SYM
easat-8771	21	40	8484	8484	NUM
easat-8771	21	41	vol	vol	NOUN
easat-8771	21	42	.	.	PROPN
easat-8771	22	1	9	9	NUM
easat-8771	22	2	,	,	PUNCT
easat-8771	22	3	no	no	INTJ
easat-8771	22	4	.	.	NOUN
easat-8771	23	1	7	7	NUM
easat-8771	23	2	:	:	SYM
easat-8771	23	3	918	918	NUM
easat-8771	23	4	-	-	SYM
easat-8771	23	5	936	936	NUM
easat-8771	23	6	,	,	PUNCT
easat-8771	23	7	2025	2025	NUM
easat-8771	23	8	doi	doi	NOUN
easat-8771	23	9	:	:	PUNCT
easat-8771	23	10	10.55214/25768484.v9i7.8771	10.55214/25768484.v9i7.8771	NUM
easat-8771	23	11	©	©	PROPN
easat-8771	23	12	2025	2025	NUM
easat-8771	23	13	by	by	ADP
easat-8771	23	14	the	the	DET
easat-8771	23	15	author	author	NOUN
easat-8771	23	16	;	;	PUNCT
easat-8771	23	17	licensee	licensee	PROPN
easat-8771	23	18	learning	learning	PROPN
easat-8771	23	19	gate	gate	PROPN
easat-8771	23	20	test	test	NOUN
easat-8771	23	21	to	to	ADP
easat-8771	23	22	systematic	systematic	ADJ
easat-8771	23	23	application	application	NOUN
easat-8771	23	24	to	to	ADP
easat-8771	23	25	data	datum	NOUN
easat-8771	23	26	sampled	sample	VERB
easat-8771	23	27	with	with	ADP
easat-8771	23	28	different	different	ADJ
easat-8771	23	29	frequencies	frequency	NOUN
easat-8771	23	30	(	(	PUNCT
easat-8771	23	31	e.g.	e.g.	ADV
easat-8771	23	32	,	,	PUNCT
easat-8771	23	33	converting	convert	VERB
easat-8771	23	34	minute	minute	NOUN
easat-8771	23	35	-	-	PUNCT
easat-8771	23	36	byminute	byminute	NOUN
easat-8771	23	37	exchange	exchange	NOUN
easat-8771	23	38	rates	rate	NOUN
easat-8771	23	39	into	into	ADP
easat-8771	23	40	5-	5-	PROPN
easat-8771	23	41	,	,	PUNCT
easat-8771	23	42	15-	15-	NUM
easat-8771	23	43	,	,	PUNCT
easat-8771	23	44	30	30	NUM
easat-8771	23	45	,	,	PUNCT
easat-8771	23	46	or	or	CCONJ
easat-8771	23	47	60	60	NUM
easat-8771	23	48	-	-	PUNCT
easat-8771	23	49	minute	minute	NOUN
easat-8771	23	50	series	series	NOUN
easat-8771	23	51	)	)	PUNCT
easat-8771	23	52	.	.	PUNCT
easat-8771	24	1	we	we	PRON
easat-8771	24	2	also	also	ADV
easat-8771	24	3	conduct	conduct	VERB
easat-8771	24	4	monte	monte	PROPN
easat-8771	24	5	carlo	carlo	PROPN
easat-8771	24	6	simulations	simulation	NOUN
easat-8771	24	7	to	to	PART
easat-8771	24	8	assess	assess	VERB
easat-8771	24	9	how	how	SCONJ
easat-8771	24	10	aggregation	aggregation	NOUN
easat-8771	24	11	influences	influence	VERB
easat-8771	24	12	the	the	DET
easat-8771	24	13	performance	performance	NOUN
easat-8771	24	14	of	of	ADP
easat-8771	24	15	the	the	DET
easat-8771	24	16	test	test	NOUN
easat-8771	24	17	under	under	ADP
easat-8771	24	18	different	different	ADJ
easat-8771	24	19	levels	level	NOUN
easat-8771	24	20	of	of	ADP
easat-8771	24	21	autoregressive	autoregressive	ADJ
easat-8771	24	22	dependence	dependence	NOUN
easat-8771	24	23	and	and	CCONJ
easat-8771	24	24	sample	sample	NOUN
easat-8771	24	25	sizes	size	NOUN
easat-8771	24	26	.	.	PUNCT
easat-8771	25	1	by	by	ADP
easat-8771	25	2	reporting	report	VERB
easat-8771	25	3	empirical	empirical	ADJ
easat-8771	25	4	and	and	CCONJ
easat-8771	25	5	simulation	simulation	NOUN
easat-8771	25	6	-	-	PUNCT
easat-8771	25	7	based	base	VERB
easat-8771	25	8	findings	finding	NOUN
easat-8771	25	9	,	,	PUNCT
easat-8771	25	10	this	this	DET
easat-8771	25	11	paper	paper	NOUN
easat-8771	25	12	contributes	contribute	VERB
easat-8771	25	13	to	to	ADP
easat-8771	25	14	the	the	DET
easat-8771	25	15	literature	literature	NOUN
easat-8771	25	16	on	on	ADP
easat-8771	25	17	three	three	NUM
easat-8771	25	18	fronts	front	NOUN
easat-8771	25	19	.	.	PUNCT
easat-8771	26	1	first	first	ADV
easat-8771	26	2	,	,	PUNCT
easat-8771	26	3	this	this	DET
easat-8771	26	4	paper	paper	NOUN
easat-8771	26	5	quantifies	quantifie	NOUN
easat-8771	26	6	numerically	numerically	ADV
easat-8771	26	7	the	the	DET
easat-8771	26	8	loss	loss	NOUN
easat-8771	26	9	of	of	ADP
easat-8771	26	10	power	power	NOUN
easat-8771	26	11	in	in	ADP
easat-8771	26	12	the	the	DET
easat-8771	26	13	lm	lm	ADJ
easat-8771	26	14	test	test	NOUN
easat-8771	26	15	caused	cause	VERB
easat-8771	26	16	by	by	ADP
easat-8771	26	17	temporal	temporal	ADJ
easat-8771	26	18	aggregation	aggregation	NOUN
easat-8771	26	19	,	,	PUNCT
easat-8771	26	20	with	with	ADP
easat-8771	26	21	direct	direct	ADJ
easat-8771	26	22	practice	practice	NOUN
easat-8771	26	23	implications	implication	NOUN
easat-8771	26	24	for	for	ADP
easat-8771	26	25	exchange	exchange	NOUN
easat-8771	26	26	rate	rate	NOUN
easat-8771	26	27	research	research	NOUN
easat-8771	26	28	.	.	PUNCT
easat-8771	27	1	second	second	ADJ
easat-8771	27	2	,	,	PUNCT
easat-8771	27	3	it	it	PRON
easat-8771	27	4	detects	detect	VERB
easat-8771	27	5	potential	potential	ADJ
easat-8771	27	6	biases	bias	NOUN
easat-8771	27	7	from	from	ADP
easat-8771	27	8	data	datum	NOUN
easat-8771	27	9	aggregation	aggregation	NOUN
easat-8771	27	10	,	,	PUNCT
easat-8771	27	11	warning	warn	VERB
easat-8771	27	12	against	against	ADP
easat-8771	27	13	careless	careless	ADJ
easat-8771	27	14	frequency	frequency	NOUN
easat-8771	27	15	choice	choice	NOUN
easat-8771	27	16	for	for	ADP
easat-8771	27	17	nonlinearity	nonlinearity	NOUN
easat-8771	27	18	tests	test	NOUN
easat-8771	27	19	.	.	PUNCT
easat-8771	28	1	finally	finally	ADV
easat-8771	28	2	,	,	PUNCT
easat-8771	28	3	the	the	DET
easat-8771	28	4	findings	finding	NOUN
easat-8771	28	5	have	have	VERB
easat-8771	28	6	implications	implication	NOUN
easat-8771	28	7	for	for	ADP
easat-8771	28	8	research	research	NOUN
easat-8771	28	9	in	in	ADP
easat-8771	28	10	financial	financial	ADJ
easat-8771	28	11	markets	market	NOUN
easat-8771	28	12	more	more	ADV
easat-8771	28	13	broadly	broadly	ADV
easat-8771	28	14	,	,	PUNCT
easat-8771	28	15	e.g.	e.g.	ADV
easat-8771	28	16	,	,	PUNCT
easat-8771	28	17	risk	risk	NOUN
easat-8771	28	18	management	management	NOUN
easat-8771	28	19	,	,	PUNCT
easat-8771	28	20	trading	trading	NOUN
easat-8771	28	21	strategy	strategy	NOUN
easat-8771	28	22	,	,	PUNCT
easat-8771	28	23	and	and	CCONJ
easat-8771	28	24	macro	macro	ADJ
easat-8771	28	25	policy	policy	NOUN
easat-8771	28	26	,	,	PUNCT
easat-8771	28	27	where	where	SCONJ
easat-8771	28	28	exchange	exchange	NOUN
easat-8771	28	29	rate	rate	NOUN
easat-8771	28	30	modeling	modeling	NOUN
easat-8771	28	31	is	be	AUX
easat-8771	28	32	key	key	ADJ
easat-8771	28	33	.	.	PUNCT
easat-8771	29	1	the	the	DET
easat-8771	29	2	remainder	remainder	NOUN
easat-8771	29	3	of	of	ADP
easat-8771	29	4	this	this	DET
easat-8771	29	5	paper	paper	NOUN
easat-8771	29	6	is	be	AUX
easat-8771	29	7	organized	organize	VERB
easat-8771	29	8	as	as	SCONJ
easat-8771	29	9	follows	follow	VERB
easat-8771	29	10	:	:	PUNCT
easat-8771	29	11	section	section	NOUN
easat-8771	29	12	2	2	NUM
easat-8771	29	13	is	be	AUX
easat-8771	29	14	a	a	DET
easat-8771	29	15	literature	literature	NOUN
easat-8771	29	16	review	review	NOUN
easat-8771	29	17	of	of	ADP
easat-8771	29	18	exchange	exchange	NOUN
easat-8771	29	19	rate	rate	NOUN
easat-8771	29	20	nonlinearity	nonlinearity	NOUN
easat-8771	29	21	,	,	PUNCT
easat-8771	29	22	the	the	DET
easat-8771	29	23	lagrange	lagrange	NOUN
easat-8771	29	24	multiplier	multiplier	ADV
easat-8771	29	25	(	(	PUNCT
easat-8771	29	26	lm	lm	INTJ
easat-8771	29	27	)	)	PUNCT
easat-8771	29	28	test	test	NOUN
easat-8771	29	29	of	of	ADP
easat-8771	29	30	nonlinearity	nonlinearity	NOUN
easat-8771	29	31	,	,	PUNCT
easat-8771	29	32	and	and	CCONJ
easat-8771	29	33	temporal	temporal	ADJ
easat-8771	29	34	aggregation	aggregation	NOUN
easat-8771	29	35	effects	effect	NOUN
easat-8771	29	36	.	.	PUNCT
easat-8771	30	1	section	section	NOUN
easat-8771	30	2	3	3	NUM
easat-8771	30	3	outlines	outline	VERB
easat-8771	30	4	the	the	DET
easat-8771	30	5	methodology	methodology	NOUN
easat-8771	30	6	,	,	PUNCT
easat-8771	30	7	i.e.	i.e.	X
easat-8771	30	8	,	,	PUNCT
easat-8771	30	9	the	the	DET
easat-8771	30	10	data	datum	NOUN
easat-8771	30	11	sources	source	NOUN
easat-8771	30	12	,	,	PUNCT
easat-8771	30	13	aggregation	aggregation	NOUN
easat-8771	30	14	techniques	technique	NOUN
easat-8771	30	15	,	,	PUNCT
easat-8771	30	16	and	and	CCONJ
easat-8771	30	17	econometric	econometric	ADJ
easat-8771	30	18	techniques	technique	NOUN
easat-8771	30	19	used	use	VERB
easat-8771	30	20	.	.	PUNCT
easat-8771	31	1	section	section	NOUN
easat-8771	31	2	4	4	NUM
easat-8771	31	3	presents	present	VERB
easat-8771	31	4	the	the	DET
easat-8771	31	5	empirical	empirical	ADJ
easat-8771	31	6	results	result	NOUN
easat-8771	31	7	and	and	CCONJ
easat-8771	31	8	evaluates	evaluate	VERB
easat-8771	31	9	the	the	DET
easat-8771	31	10	effect	effect	NOUN
easat-8771	31	11	of	of	ADP
easat-8771	31	12	aggregation	aggregation	NOUN
easat-8771	31	13	on	on	ADP
easat-8771	31	14	the	the	DET
easat-8771	31	15	rejection	rejection	NOUN
easat-8771	31	16	rates	rate	NOUN
easat-8771	31	17	of	of	ADP
easat-8771	31	18	the	the	DET
easat-8771	31	19	lm	lm	PROPN
easat-8771	31	20	test	test	NOUN
easat-8771	31	21	.	.	PUNCT
easat-8771	32	1	section	section	NOUN
easat-8771	32	2	5	5	NUM
easat-8771	32	3	summarizes	summarize	NOUN
easat-8771	32	4	key	key	ADJ
easat-8771	32	5	interpretations	interpretation	NOUN
easat-8771	32	6	and	and	CCONJ
easat-8771	32	7	implications	implication	NOUN
easat-8771	32	8	and	and	CCONJ
easat-8771	32	9	concludes	conclude	VERB
easat-8771	32	10	with	with	ADP
easat-8771	32	11	a	a	DET
easat-8771	32	12	summary	summary	NOUN
easat-8771	32	13	of	of	ADP
easat-8771	32	14	findings	finding	NOUN
easat-8771	32	15	,	,	PUNCT
easat-8771	32	16	policy	policy	NOUN
easat-8771	32	17	implications	implication	NOUN
easat-8771	32	18	,	,	PUNCT
easat-8771	32	19	and	and	CCONJ
easat-8771	32	20	future	future	ADJ
easat-8771	32	21	directions	direction	NOUN
easat-8771	32	22	.	.	PUNCT
easat-8771	33	1	2	2	X
easat-8771	33	2	.	.	X
easat-8771	33	3	literature	literature	NOUN
easat-8771	33	4	review	review	PROPN
easat-8771	33	5	exchange	exchange	NOUN
easat-8771	33	6	rate	rate	NOUN
easat-8771	33	7	dynamics	dynamic	NOUN
easat-8771	33	8	have	have	AUX
easat-8771	33	9	long	long	ADV
easat-8771	33	10	been	be	AUX
easat-8771	33	11	at	at	ADP
easat-8771	33	12	the	the	DET
easat-8771	33	13	center	center	NOUN
easat-8771	33	14	of	of	ADP
easat-8771	33	15	international	international	ADJ
easat-8771	33	16	finance	finance	NOUN
easat-8771	33	17	and	and	CCONJ
easat-8771	33	18	macroeconomics	macroeconomic	NOUN
easat-8771	33	19	.	.	PUNCT
easat-8771	34	1	while	while	SCONJ
easat-8771	34	2	early	early	ADJ
easat-8771	34	3	specifications	specification	NOUN
easat-8771	34	4	assumed	assume	VERB
easat-8771	34	5	linearity	linearity	NOUN
easat-8771	34	6	,	,	PUNCT
easat-8771	34	7	there	there	PRON
easat-8771	34	8	is	be	VERB
easat-8771	34	9	now	now	ADV
easat-8771	34	10	evidence	evidence	NOUN
easat-8771	34	11	that	that	SCONJ
easat-8771	34	12	exchange	exchange	NOUN
easat-8771	34	13	rate	rate	NOUN
easat-8771	34	14	movements	movement	NOUN
easat-8771	34	15	exhibit	exhibit	VERB
easat-8771	34	16	nonlinear	nonlinear	ADJ
easat-8771	34	17	dependence	dependence	NOUN
easat-8771	34	18	that	that	PRON
easat-8771	34	19	is	be	AUX
easat-8771	34	20	driven	drive	VERB
easat-8771	34	21	by	by	ADP
easat-8771	34	22	market	market	NOUN
easat-8771	34	23	frictions	friction	NOUN
easat-8771	34	24	,	,	PUNCT
easat-8771	34	25	central	central	ADJ
easat-8771	34	26	bank	bank	NOUN
easat-8771	34	27	intervention	intervention	NOUN
easat-8771	34	28	,	,	PUNCT
easat-8771	34	29	and	and	CCONJ
easat-8771	34	30	speculative	speculative	ADJ
easat-8771	34	31	trade	trade	NOUN
easat-8771	34	32	[	[	X
easat-8771	34	33	1	1	NUM
easat-8771	34	34	,	,	PUNCT
easat-8771	34	35	2	2	NUM
easat-8771	34	36	]	]	PUNCT
easat-8771	34	37	.	.	PUNCT
easat-8771	35	1	as	as	ADP
easat-8771	35	2	a	a	DET
easat-8771	35	3	result	result	NOUN
easat-8771	35	4	,	,	PUNCT
easat-8771	35	5	the	the	DET
easat-8771	35	6	use	use	NOUN
easat-8771	35	7	of	of	ADP
easat-8771	35	8	econometric	econometric	ADJ
easat-8771	35	9	tests	test	NOUN
easat-8771	35	10	,	,	PUNCT
easat-8771	35	11	such	such	ADJ
easat-8771	35	12	as	as	ADP
easat-8771	35	13	the	the	DET
easat-8771	35	14	lagrange	lagrange	NOUN
easat-8771	35	15	multiplier	multiplier	ADV
easat-8771	35	16	(	(	PUNCT
easat-8771	35	17	lm	lm	INTJ
easat-8771	35	18	)	)	PUNCT
easat-8771	35	19	test	test	NOUN
easat-8771	35	20	for	for	ADP
easat-8771	35	21	nonlinearity	nonlinearity	NOUN
easat-8771	35	22	,	,	PUNCT
easat-8771	35	23	has	have	AUX
easat-8771	35	24	become	become	VERB
easat-8771	35	25	critical	critical	ADJ
easat-8771	35	26	in	in	ADP
easat-8771	35	27	determining	determine	VERB
easat-8771	35	28	whether	whether	SCONJ
easat-8771	35	29	linear	linear	ADJ
easat-8771	35	30	models	model	NOUN
easat-8771	35	31	are	be	AUX
easat-8771	35	32	an	an	DET
easat-8771	35	33	accurate	accurate	ADJ
easat-8771	35	34	description	description	NOUN
easat-8771	35	35	of	of	ADP
easat-8771	35	36	exchange	exchange	NOUN
easat-8771	35	37	rate	rate	NOUN
easat-8771	35	38	movements	movement	NOUN
easat-8771	35	39	[	[	X
easat-8771	35	40	1	1	NUM
easat-8771	35	41	,	,	PUNCT
easat-8771	35	42	3	3	NUM
easat-8771	35	43	]	]	PUNCT
easat-8771	35	44	.	.	PUNCT
easat-8771	36	1	however	however	ADV
easat-8771	36	2	,	,	PUNCT
easat-8771	36	3	a	a	DET
easat-8771	36	4	key	key	NOUN
easat-8771	36	5	but	but	CCONJ
easat-8771	36	6	often	often	ADV
easat-8771	36	7	overlooked	overlook	VERB
easat-8771	36	8	determinant	determinant	ADJ
easat-8771	36	9	of	of	ADP
easat-8771	36	10	nonlinearity	nonlinearity	NOUN
easat-8771	36	11	test	test	NOUN
easat-8771	36	12	power	power	NOUN
easat-8771	36	13	is	be	AUX
easat-8771	36	14	temporal	temporal	ADJ
easat-8771	36	15	aggregation	aggregation	NOUN
easat-8771	36	16	,	,	PUNCT
easat-8771	36	17	in	in	ADP
easat-8771	36	18	which	which	PRON
easat-8771	36	19	high	high	ADJ
easat-8771	36	20	-	-	PUNCT
easat-8771	36	21	frequency	frequency	NOUN
easat-8771	36	22	data	datum	NOUN
easat-8771	36	23	are	be	AUX
easat-8771	36	24	averaged	average	VERB
easat-8771	36	25	or	or	CCONJ
easat-8771	36	26	sampled	sample	VERB
easat-8771	36	27	down	down	ADP
easat-8771	36	28	to	to	ADP
easat-8771	36	29	lower	low	ADJ
easat-8771	36	30	frequencies	frequency	NOUN
easat-8771	36	31	.	.	PUNCT
easat-8771	37	1	while	while	SCONJ
easat-8771	37	2	aggregation	aggregation	NOUN
easat-8771	37	3	in	in	ADP
easat-8771	37	4	general	general	ADJ
easat-8771	37	5	is	be	AUX
easat-8771	37	6	used	use	VERB
easat-8771	37	7	to	to	PART
easat-8771	37	8	reduce	reduce	VERB
easat-8771	37	9	noise	noise	NOUN
easat-8771	37	10	and	and	CCONJ
easat-8771	37	11	simplify	simplify	NOUN
easat-8771	37	12	interpretation	interpretation	NOUN
easat-8771	37	13	,	,	PUNCT
easat-8771	37	14	it	it	PRON
easat-8771	37	15	does	do	AUX
easat-8771	37	16	warp	warp	VERB
easat-8771	37	17	underlying	underlying	ADJ
easat-8771	37	18	statistical	statistical	ADJ
easat-8771	37	19	properties	property	NOUN
easat-8771	37	20	and	and	CCONJ
easat-8771	37	21	consequently	consequently	ADV
easat-8771	37	22	can	can	AUX
easat-8771	37	23	conceal	conceal	VERB
easat-8771	37	24	nonlinear	nonlinear	ADJ
easat-8771	37	25	patterns	pattern	NOUN
easat-8771	37	26	in	in	ADP
easat-8771	37	27	exchange	exchange	NOUN
easat-8771	37	28	rates	rate	NOUN
easat-8771	37	29	[	[	X
easat-8771	37	30	4	4	NUM
easat-8771	37	31	,	,	PUNCT
easat-8771	37	32	5	5	NUM
easat-8771	37	33	]	]	PUNCT
easat-8771	37	34	.	.	PUNCT
easat-8771	38	1	the	the	DET
easat-8771	38	2	effects	effect	NOUN
easat-8771	38	3	of	of	ADP
easat-8771	38	4	temporal	temporal	ADJ
easat-8771	38	5	aggregation	aggregation	NOUN
easat-8771	38	6	on	on	ADP
easat-8771	38	7	the	the	DET
easat-8771	38	8	lm	lm	ADJ
easat-8771	38	9	test	test	NOUN
easat-8771	38	10	for	for	ADP
easat-8771	38	11	nonlinearity	nonlinearity	NOUN
easat-8771	38	12	have	have	AUX
easat-8771	38	13	not	not	PART
easat-8771	38	14	been	be	AUX
easat-8771	38	15	widely	widely	ADV
easat-8771	38	16	researched	research	VERB
easat-8771	38	17	.	.	PUNCT
easat-8771	39	1	this	this	DET
easat-8771	39	2	section	section	NOUN
easat-8771	39	3	presents	present	VERB
easat-8771	39	4	the	the	DET
easat-8771	39	5	existing	exist	VERB
easat-8771	39	6	literature	literature	NOUN
easat-8771	39	7	on	on	ADP
easat-8771	39	8	(	(	PUNCT
easat-8771	39	9	i	i	NOUN
easat-8771	39	10	)	)	PUNCT
easat-8771	39	11	the	the	DET
easat-8771	39	12	controversy	controversy	NOUN
easat-8771	39	13	between	between	ADP
easat-8771	39	14	linearity	linearity	NOUN
easat-8771	39	15	and	and	CCONJ
easat-8771	39	16	nonlinearity	nonlinearity	NOUN
easat-8771	39	17	in	in	ADP
easat-8771	39	18	exchange	exchange	NOUN
easat-8771	39	19	rate	rate	NOUN
easat-8771	39	20	modeling	modeling	NOUN
easat-8771	39	21	,	,	PUNCT
easat-8771	39	22	(	(	PUNCT
easat-8771	39	23	ii	ii	NOUN
easat-8771	39	24	)	)	PUNCT
easat-8771	39	25	the	the	DET
easat-8771	39	26	lm	lm	PROPN
easat-8771	39	27	test	test	NOUN
easat-8771	39	28	as	as	ADP
easat-8771	39	29	a	a	DET
easat-8771	39	30	tool	tool	NOUN
easat-8771	39	31	for	for	ADP
easat-8771	39	32	testing	testing	NOUN
easat-8771	39	33	for	for	ADP
easat-8771	39	34	nonlinearities	nonlinearitie	NOUN
easat-8771	39	35	,	,	PUNCT
easat-8771	39	36	and	and	CCONJ
easat-8771	39	37	(	(	PUNCT
easat-8771	39	38	iii	iii	X
easat-8771	39	39	)	)	PUNCT
easat-8771	39	40	the	the	DET
easat-8771	39	41	effect	effect	NOUN
easat-8771	39	42	of	of	ADP
easat-8771	39	43	temporal	temporal	ADJ
easat-8771	39	44	aggregation	aggregation	NOUN
easat-8771	39	45	on	on	ADP
easat-8771	39	46	statistical	statistical	ADJ
easat-8771	39	47	inference	inference	NOUN
easat-8771	39	48	,	,	PUNCT
easat-8771	39	49	particularly	particularly	ADV
easat-8771	39	50	in	in	ADP
easat-8771	39	51	financial	financial	ADJ
easat-8771	39	52	time	time	NOUN
easat-8771	39	53	series	series	PROPN
easat-8771	39	54	analysis	analysis	NOUN
easat-8771	39	55	.	.	PUNCT
easat-8771	40	1	2.1	2.1	NUM
easat-8771	40	2	.	.	PUNCT
easat-8771	40	3	linearity	linearity	NOUN
easat-8771	40	4	vs.	vs.	ADP
easat-8771	40	5	nonlinearity	nonlinearity	NOUN
easat-8771	40	6	in	in	ADP
easat-8771	40	7	exchange	exchange	NOUN
easat-8771	40	8	rate	rate	NOUN
easat-8771	40	9	modeling	model	VERB
easat-8771	40	10	much	much	ADJ
easat-8771	40	11	of	of	ADP
easat-8771	40	12	the	the	DET
easat-8771	40	13	earlier	early	ADJ
easat-8771	40	14	research	research	NOUN
easat-8771	40	15	on	on	ADP
easat-8771	40	16	exchange	exchange	NOUN
easat-8771	40	17	rate	rate	NOUN
easat-8771	40	18	dynamics	dynamic	NOUN
easat-8771	40	19	was	be	AUX
easat-8771	40	20	in	in	ADP
easat-8771	40	21	terms	term	NOUN
easat-8771	40	22	of	of	ADP
easat-8771	40	23	linear	linear	ADJ
easat-8771	40	24	models	model	NOUN
easat-8771	40	25	such	such	ADJ
easat-8771	40	26	as	as	ADP
easat-8771	40	27	autoregressive	autoregressive	ADJ
easat-8771	40	28	(	(	PUNCT
easat-8771	40	29	ar	ar	NOUN
easat-8771	40	30	)	)	PUNCT
easat-8771	40	31	and	and	CCONJ
easat-8771	40	32	vector	vector	NOUN
easat-8771	40	33	autoregression	autoregression	NOUN
easat-8771	40	34	(	(	PUNCT
easat-8771	40	35	var	var	NOUN
easat-8771	40	36	)	)	PUNCT
easat-8771	40	37	models	model	NOUN
easat-8771	40	38	.	.	PUNCT
easat-8771	41	1	meese	meese	NOUN
easat-8771	41	2	and	and	CCONJ
easat-8771	41	3	rogoff	rogoff	NOUN
easat-8771	42	1	[	[	X
easat-8771	42	2	6	6	NUM
easat-8771	42	3	]	]	PUNCT
easat-8771	42	4	gave	give	VERB
easat-8771	42	5	a	a	DET
easat-8771	42	6	seminal	seminal	ADJ
easat-8771	42	7	example	example	NOUN
easat-8771	42	8	demonstrating	demonstrating	NOUN
easat-8771	42	9	that	that	SCONJ
easat-8771	42	10	linear	linear	ADJ
easat-8771	42	11	exchange	exchange	NOUN
easat-8771	42	12	rate	rate	NOUN
easat-8771	42	13	models	model	NOUN
easat-8771	42	14	are	be	AUX
easat-8771	42	15	not	not	PART
easat-8771	42	16	significantly	significantly	ADV
easat-8771	42	17	superior	superior	ADJ
easat-8771	42	18	to	to	ADP
easat-8771	42	19	random	random	ADJ
easat-8771	42	20	walk	walk	NOUN
easat-8771	42	21	in	in	ADP
easat-8771	42	22	out	out	ADV
easat-8771	42	23	-	-	PUNCT
easat-8771	42	24	of	of	ADP
easat-8771	42	25	-	-	PUNCT
easat-8771	42	26	sample	sample	NOUN
easat-8771	42	27	prediction	prediction	NOUN
easat-8771	42	28	,	,	PUNCT
easat-8771	42	29	and	and	CCONJ
easat-8771	42	30	therefore	therefore	ADV
easat-8771	42	31	there	there	PRON
easat-8771	42	32	is	be	VERB
easat-8771	42	33	skepticism	skepticism	NOUN
easat-8771	42	34	regarding	regard	VERB
easat-8771	42	35	exchange	exchange	NOUN
easat-8771	42	36	rate	rate	NOUN
easat-8771	42	37	predictability	predictability	NOUN
easat-8771	42	38	.	.	PUNCT
easat-8771	43	1	however	however	ADV
easat-8771	43	2	,	,	PUNCT
easat-8771	43	3	linear	linear	ADJ
easat-8771	43	4	models	model	NOUN
easat-8771	43	5	can	can	AUX
easat-8771	43	6	not	not	PART
easat-8771	43	7	account	account	VERB
easat-8771	43	8	for	for	ADP
easat-8771	43	9	many	many	ADJ
easat-8771	43	10	economic	economic	ADJ
easat-8771	43	11	and	and	CCONJ
easat-8771	43	12	market	market	NOUN
easat-8771	43	13	variables	variable	NOUN
easat-8771	43	14	that	that	PRON
easat-8771	43	15	place	place	VERB
easat-8771	43	16	nonlinear	nonlinear	ADJ
easat-8771	43	17	relationships	relationship	NOUN
easat-8771	43	18	in	in	ADP
easat-8771	43	19	exchange	exchange	NOUN
easat-8771	43	20	rates	rate	NOUN
easat-8771	43	21	.	.	PUNCT
easat-8771	44	1	for	for	ADP
easat-8771	44	2	instance	instance	NOUN
easat-8771	44	3	,	,	PUNCT
easat-8771	44	4	central	central	ADJ
easat-8771	44	5	bank	bank	NOUN
easat-8771	44	6	intervention	intervention	NOUN
easat-8771	44	7	places	place	VERB
easat-8771	44	8	asymmetries	asymmetry	NOUN
easat-8771	44	9	on	on	ADP
easat-8771	44	10	exchange	exchange	NOUN
easat-8771	44	11	rate	rate	NOUN
easat-8771	44	12	movements	movement	NOUN
easat-8771	44	13	,	,	PUNCT
easat-8771	44	14	while	while	SCONJ
easat-8771	44	15	transaction	transaction	NOUN
easat-8771	44	16	costs	cost	NOUN
easat-8771	44	17	and	and	CCONJ
easat-8771	44	18	speculative	speculative	ADJ
easat-8771	44	19	bubbles	bubble	NOUN
easat-8771	44	20	create	create	VERB
easat-8771	44	21	threshold	threshold	NOUN
easat-8771	44	22	effects	effect	NOUN
easat-8771	44	23	[	[	X
easat-8771	44	24	7	7	NUM
easat-8771	44	25	,	,	PUNCT
easat-8771	44	26	8	8	NUM
easat-8771	44	27	]	]	PUNCT
easat-8771	44	28	.	.	PUNCT
easat-8771	45	1	empirical	empirical	ADJ
easat-8771	45	2	evidence	evidence	NOUN
easat-8771	45	3	is	be	AUX
easat-8771	45	4	increasingly	increasingly	ADV
easat-8771	45	5	in	in	ADP
easat-8771	45	6	favor	favor	NOUN
easat-8771	45	7	of	of	ADP
easat-8771	45	8	the	the	DET
easat-8771	45	9	presence	presence	NOUN
easat-8771	45	10	of	of	ADP
easat-8771	45	11	nonlinearities	nonlinearitie	NOUN
easat-8771	45	12	in	in	ADP
easat-8771	45	13	exchange	exchange	NOUN
easat-8771	45	14	rate	rate	NOUN
easat-8771	45	15	dynamics	dynamic	NOUN
easat-8771	45	16	.	.	PUNCT
easat-8771	46	1	studies	study	NOUN
easat-8771	46	2	using	use	VERB
easat-8771	46	3	threshold	threshold	NOUN
easat-8771	46	4	autoregressive	autoregressive	ADJ
easat-8771	46	5	(	(	PUNCT
easat-8771	46	6	tar	tar	NOUN
easat-8771	46	7	)	)	PUNCT
easat-8771	46	8	models	model	NOUN
easat-8771	46	9	[	[	X
easat-8771	46	10	9	9	NUM
easat-8771	46	11	]	]	PUNCT
easat-8771	46	12	and	and	CCONJ
easat-8771	46	13	smooth	smooth	ADJ
easat-8771	46	14	transition	transition	NOUN
easat-8771	46	15	autoregressive	autoregressive	ADJ
easat-8771	46	16	(	(	PUNCT
easat-8771	46	17	star	star	NOUN
easat-8771	46	18	)	)	PUNCT
easat-8771	46	19	models	model	NOUN
easat-8771	46	20	[	[	X
easat-8771	46	21	10	10	NUM
easat-8771	46	22	]	]	PUNCT
easat-8771	46	23	find	find	VERB
easat-8771	46	24	that	that	SCONJ
easat-8771	46	25	exchange	exchange	NOUN
easat-8771	46	26	rates	rate	NOUN
easat-8771	46	27	respond	respond	VERB
easat-8771	46	28	asymmetrically	asymmetrically	ADV
easat-8771	46	29	to	to	ADP
easat-8771	46	30	market	market	NOUN
easat-8771	46	31	shocks	shock	NOUN
easat-8771	46	32	,	,	PUNCT
easat-8771	46	33	especially	especially	ADV
easat-8771	46	34	during	during	ADP
easat-8771	46	35	periods	period	NOUN
easat-8771	46	36	of	of	ADP
easat-8771	46	37	high	high	ADJ
easat-8771	46	38	volatility	volatility	NOUN
easat-8771	46	39	.	.	PUNCT
easat-8771	47	1	sarno	sarno	PROPN
easat-8771	47	2	,	,	PUNCT
easat-8771	47	3	et	et	PROPN
easat-8771	47	4	al	al	PROPN
easat-8771	47	5	.	.	PUNCT
easat-8771	48	1	[	[	X
easat-8771	48	2	1	1	X
easat-8771	48	3	]	]	PUNCT
easat-8771	48	4	modeled	model	VERB
easat-8771	48	5	emerging	emerge	VERB
easat-8771	48	6	market	market	NOUN
easat-8771	48	7	currencies	currency	NOUN
easat-8771	48	8	using	use	VERB
easat-8771	48	9	nonlinear	nonlinear	ADJ
easat-8771	48	10	models	model	NOUN
easat-8771	48	11	and	and	CCONJ
easat-8771	48	12	established	establish	VERB
easat-8771	48	13	that	that	SCONJ
easat-8771	48	14	they	they	PRON
easat-8771	48	15	had	have	VERB
easat-8771	48	16	strong	strong	ADJ
easat-8771	48	17	evidence	evidence	NOUN
easat-8771	48	18	of	of	ADP
easat-8771	48	19	nonlinearity	nonlinearity	NOUN
easat-8771	48	20	in	in	ADP
easat-8771	48	21	short	short	ADJ
easat-8771	48	22	-	-	PUNCT
easat-8771	48	23	term	term	NOUN
easat-8771	48	24	volatility	volatility	NOUN
easat-8771	48	25	.	.	PUNCT
easat-8771	49	1	these	these	DET
easat-8771	49	2	findings	finding	NOUN
easat-8771	49	3	highlight	highlight	VERB
easat-8771	49	4	the	the	DET
easat-8771	49	5	importance	importance	NOUN
easat-8771	49	6	of	of	ADP
easat-8771	49	7	statistical	statistical	ADJ
easat-8771	49	8	significance	significance	NOUN
easat-8771	49	9	tests	test	VERB
easat-8771	49	10	with	with	ADP
easat-8771	49	11	the	the	DET
easat-8771	49	12	ability	ability	NOUN
easat-8771	49	13	to	to	PART
easat-8771	49	14	detect	detect	VERB
easat-8771	49	15	nonlinear	nonlinear	ADJ
easat-8771	49	16	relationships	relationship	NOUN
easat-8771	49	17	in	in	ADP
easat-8771	49	18	exchange	exchange	NOUN
easat-8771	49	19	rates	rate	NOUN
easat-8771	49	20	.	.	PUNCT
easat-8771	50	1	among	among	ADP
easat-8771	50	2	them	they	PRON
easat-8771	50	3	,	,	PUNCT
easat-8771	50	4	the	the	DET
easat-8771	50	5	lm	lm	ADJ
easat-8771	50	6	test	test	NOUN
easat-8771	50	7	has	have	AUX
easat-8771	50	8	gained	gain	VERB
easat-8771	50	9	widespread	widespread	ADJ
easat-8771	50	10	application	application	NOUN
easat-8771	50	11	as	as	ADP
easat-8771	50	12	a	a	DET
easat-8771	50	13	diagnostic	diagnostic	ADJ
easat-8771	50	14	device	device	NOUN
easat-8771	50	15	.	.	PUNCT
easat-8771	51	1	920	920	NUM
easat-8771	51	2	edelweiss	edelweiss	PROPN
easat-8771	51	3	applied	apply	VERB
easat-8771	51	4	science	science	NOUN
easat-8771	51	5	and	and	CCONJ
easat-8771	51	6	technology	technology	NOUN
easat-8771	51	7	issn	issn	PROPN
easat-8771	51	8	:	:	PUNCT
easat-8771	51	9	2576	2576	NUM
easat-8771	51	10	-	-	SYM
easat-8771	51	11	8484	8484	NUM
easat-8771	51	12	vol	vol	NOUN
easat-8771	51	13	.	.	PROPN
easat-8771	52	1	9	9	NUM
easat-8771	52	2	,	,	PUNCT
easat-8771	52	3	no	no	INTJ
easat-8771	52	4	.	.	NOUN
easat-8771	53	1	7	7	NUM
easat-8771	53	2	:	:	SYM
easat-8771	53	3	918	918	NUM
easat-8771	53	4	-	-	SYM
easat-8771	53	5	936	936	NUM
easat-8771	53	6	,	,	PUNCT
easat-8771	53	7	2025	2025	NUM
easat-8771	53	8	doi	doi	NOUN
easat-8771	53	9	:	:	PUNCT
easat-8771	53	10	10.55214/25768484.v9i7.8771	10.55214/25768484.v9i7.8771	NUM
easat-8771	53	11	©	©	PROPN
easat-8771	53	12	2025	2025	NUM
easat-8771	53	13	by	by	ADP
easat-8771	53	14	the	the	DET
easat-8771	53	15	author	author	NOUN
easat-8771	53	16	;	;	PUNCT
easat-8771	53	17	licensee	licensee	PROPN
easat-8771	53	18	learning	learning	NOUN
easat-8771	53	19	gate	gate	NOUN
easat-8771	53	20	2.2	2.2	NUM
easat-8771	53	21	.	.	PUNCT
easat-8771	54	1	the	the	DET
easat-8771	54	2	lagrange	lagrange	NOUN
easat-8771	54	3	multiplier	multiplier	ADV
easat-8771	54	4	(	(	PUNCT
easat-8771	54	5	lm	lm	INTJ
easat-8771	54	6	)	)	PUNCT
easat-8771	54	7	test	test	NOUN
easat-8771	54	8	for	for	ADP
easat-8771	54	9	nonlinearity	nonlinearity	NOUN
easat-8771	54	10	the	the	DET
easat-8771	54	11	lm	lm	ADJ
easat-8771	54	12	test	test	NOUN
easat-8771	54	13	of	of	ADP
easat-8771	54	14	nonlinearity	nonlinearity	NOUN
easat-8771	54	15	,	,	PUNCT
easat-8771	54	16	which	which	PRON
easat-8771	54	17	was	be	AUX
easat-8771	54	18	constructed	construct	VERB
easat-8771	54	19	by	by	ADP
easat-8771	54	20	luukkonen	luukkonen	PROPN
easat-8771	54	21	,	,	PUNCT
easat-8771	54	22	et	et	PROPN
easat-8771	54	23	al	al	PROPN
easat-8771	54	24	.	.	PUNCT
easat-8771	55	1	[	[	X
easat-8771	55	2	11	11	NUM
easat-8771	55	3	]	]	PUNCT
easat-8771	55	4	is	be	AUX
easat-8771	55	5	a	a	DET
easat-8771	55	6	statistical	statistical	ADJ
easat-8771	55	7	test	test	NOUN
easat-8771	55	8	that	that	PRON
easat-8771	55	9	investigates	investigate	VERB
easat-8771	55	10	whether	whether	SCONJ
easat-8771	55	11	an	an	DET
easat-8771	55	12	estimated	estimate	VERB
easat-8771	55	13	linear	linear	ADJ
easat-8771	55	14	model	model	NOUN
easat-8771	55	15	captures	capture	VERB
easat-8771	55	16	the	the	DET
easat-8771	55	17	character	character	NOUN
easat-8771	55	18	of	of	ADP
easat-8771	55	19	a	a	DET
easat-8771	55	20	time	time	NOUN
easat-8771	55	21	series	series	NOUN
easat-8771	55	22	sufficiently	sufficiently	ADV
easat-8771	55	23	.	.	PUNCT
easat-8771	56	1	the	the	DET
easat-8771	56	2	test	test	NOUN
easat-8771	56	3	operates	operate	VERB
easat-8771	56	4	on	on	ADP
easat-8771	56	5	the	the	DET
easat-8771	56	6	premise	premise	NOUN
easat-8771	56	7	of	of	ADP
easat-8771	56	8	introducing	introduce	VERB
easat-8771	56	9	artificial	artificial	ADJ
easat-8771	56	10	regressors	regressor	NOUN
easat-8771	56	11	when	when	SCONJ
easat-8771	56	12	lagged	lag	VERB
easat-8771	56	13	variables	variable	NOUN
easat-8771	56	14	are	be	AUX
easat-8771	56	15	polynomial	polynomial	ADJ
easat-8771	56	16	transformed	transform	VERB
easat-8771	56	17	and	and	CCONJ
easat-8771	56	18	testing	test	VERB
easat-8771	56	19	whether	whether	SCONJ
easat-8771	56	20	these	these	DET
easat-8771	56	21	additional	additional	ADJ
easat-8771	56	22	terms	term	NOUN
easat-8771	56	23	significantly	significantly	ADV
easat-8771	56	24	add	add	VERB
easat-8771	56	25	to	to	ADP
easat-8771	56	26	enhancing	enhance	VERB
easat-8771	56	27	model	model	NOUN
easat-8771	56	28	fit	fit	ADJ
easat-8771	57	1	[	[	X
easat-8771	57	2	3	3	NUM
easat-8771	57	3	]	]	PUNCT
easat-8771	57	4	.	.	PUNCT
easat-8771	58	1	other	other	ADJ
easat-8771	58	2	researchers	researcher	NOUN
easat-8771	58	3	have	have	AUX
easat-8771	58	4	applied	apply	VERB
easat-8771	58	5	the	the	DET
easat-8771	58	6	lm	lm	ADJ
easat-8771	58	7	test	test	NOUN
easat-8771	58	8	of	of	ADP
easat-8771	58	9	exchange	exchange	NOUN
easat-8771	58	10	rates	rate	NOUN
easat-8771	58	11	and	and	CCONJ
easat-8771	58	12	rejected	reject	VERB
easat-8771	58	13	the	the	DET
easat-8771	58	14	null	null	ADJ
easat-8771	58	15	hypothesis	hypothesis	NOUN
easat-8771	58	16	of	of	ADP
easat-8771	58	17	linearity	linearity	NOUN
easat-8771	58	18	in	in	ADP
easat-8771	58	19	a	a	DET
easat-8771	58	20	majority	majority	NOUN
easat-8771	58	21	of	of	ADP
easat-8771	58	22	cases	case	NOUN
easat-8771	58	23	.	.	PUNCT
easat-8771	59	1	peel	peel	NOUN
easat-8771	59	2	and	and	CCONJ
easat-8771	59	3	speight	speight	PROPN
easat-8771	60	1	[	[	X
easat-8771	60	2	12	12	NUM
easat-8771	60	3	]	]	PUNCT
easat-8771	60	4	applied	apply	VERB
easat-8771	60	5	the	the	DET
easat-8771	60	6	lm	lm	ADJ
easat-8771	60	7	test	test	NOUN
easat-8771	60	8	on	on	ADP
easat-8771	60	9	major	major	ADJ
easat-8771	60	10	currency	currency	NOUN
easat-8771	60	11	pairs	pair	NOUN
easat-8771	60	12	and	and	CCONJ
easat-8771	60	13	provided	provide	VERB
easat-8771	60	14	supporting	support	VERB
easat-8771	60	15	evidence	evidence	NOUN
easat-8771	60	16	of	of	ADP
easat-8771	60	17	nonlinearity	nonlinearity	NOUN
easat-8771	60	18	,	,	PUNCT
easat-8771	60	19	particularly	particularly	ADV
easat-8771	60	20	at	at	ADP
easat-8771	60	21	high	high	ADJ
easat-8771	60	22	frequencies	frequency	NOUN
easat-8771	60	23	.	.	PUNCT
easat-8771	61	1	cheung	cheung	PROPN
easat-8771	61	2	and	and	CCONJ
easat-8771	61	3	erlandsson	erlandsson	PROPN
easat-8771	61	4	[	[	X
easat-8771	61	5	13	13	NUM
easat-8771	61	6	]	]	PUNCT
easat-8771	61	7	tested	test	VERB
easat-8771	61	8	for	for	ADP
easat-8771	61	9	linearity	linearity	NOUN
easat-8771	61	10	in	in	ADP
easat-8771	61	11	emerging	emerge	VERB
easat-8771	61	12	market	market	NOUN
easat-8771	61	13	exchange	exchange	NOUN
easat-8771	61	14	rates	rate	NOUN
easat-8771	61	15	and	and	CCONJ
easat-8771	61	16	found	find	VERB
easat-8771	61	17	that	that	SCONJ
easat-8771	61	18	there	there	PRON
easat-8771	61	19	were	be	VERB
easat-8771	61	20	significant	significant	ADJ
easat-8771	61	21	nonlinear	nonlinear	ADJ
easat-8771	61	22	dependencies	dependency	NOUN
easat-8771	61	23	,	,	PUNCT
easat-8771	61	24	meaning	mean	VERB
easat-8771	61	25	that	that	SCONJ
easat-8771	61	26	linear	linear	PROPN
easat-8771	61	27	models	model	NOUN
easat-8771	61	28	might	might	AUX
easat-8771	61	29	fail	fail	VERB
easat-8771	61	30	to	to	PART
easat-8771	61	31	explain	explain	VERB
easat-8771	61	32	currency	currency	NOUN
easat-8771	61	33	movements	movement	NOUN
easat-8771	61	34	as	as	ADV
easat-8771	61	35	much	much	ADV
easat-8771	61	36	as	as	SCONJ
easat-8771	61	37	they	they	PRON
easat-8771	61	38	truly	truly	ADV
easat-8771	61	39	are	be	AUX
easat-8771	61	40	.	.	PUNCT
easat-8771	62	1	despite	despite	SCONJ
easat-8771	62	2	being	be	AUX
easat-8771	62	3	a	a	DET
easat-8771	62	4	powerful	powerful	ADJ
easat-8771	62	5	diagnostic	diagnostic	ADJ
easat-8771	62	6	tool	tool	NOUN
easat-8771	62	7	,	,	PUNCT
easat-8771	62	8	the	the	DET
easat-8771	62	9	lm	lm	ADJ
easat-8771	62	10	test	test	NOUN
easat-8771	62	11	may	may	AUX
easat-8771	62	12	be	be	AUX
easat-8771	62	13	affected	affect	VERB
easat-8771	62	14	by	by	ADP
easat-8771	62	15	a	a	DET
easat-8771	62	16	number	number	NOUN
easat-8771	62	17	of	of	ADP
easat-8771	62	18	factors	factor	NOUN
easat-8771	62	19	such	such	ADJ
easat-8771	62	20	as	as	ADP
easat-8771	62	21	sample	sample	NOUN
easat-8771	62	22	size	size	NOUN
easat-8771	62	23	,	,	PUNCT
easat-8771	62	24	frequency	frequency	NOUN
easat-8771	62	25	of	of	ADP
easat-8771	62	26	the	the	DET
easat-8771	62	27	data	datum	NOUN
easat-8771	62	28	,	,	PUNCT
easat-8771	62	29	and	and	CCONJ
easat-8771	62	30	model	model	NOUN
easat-8771	62	31	specification	specification	NOUN
easat-8771	62	32	[	[	X
easat-8771	62	33	14	14	NUM
easat-8771	62	34	]	]	PUNCT
easat-8771	62	35	.	.	PUNCT
easat-8771	63	1	temporal	temporal	ADJ
easat-8771	63	2	aggregation	aggregation	NOUN
easat-8771	63	3	is	be	AUX
easat-8771	63	4	a	a	DET
easat-8771	63	5	salient	salient	NOUN
easat-8771	63	6	but	but	CCONJ
easat-8771	63	7	forgotten	forget	VERB
easat-8771	63	8	factor	factor	NOUN
easat-8771	63	9	that	that	PRON
easat-8771	63	10	is	be	AUX
easat-8771	63	11	capable	capable	ADJ
easat-8771	63	12	of	of	ADP
easat-8771	63	13	attenuating	attenuate	VERB
easat-8771	63	14	short	short	ADJ
easat-8771	63	15	-	-	PUNCT
easat-8771	63	16	run	run	NOUN
easat-8771	63	17	fluctuations	fluctuation	NOUN
easat-8771	63	18	and	and	CCONJ
easat-8771	63	19	weakening	weaken	VERB
easat-8771	63	20	the	the	DET
easat-8771	63	21	power	power	NOUN
easat-8771	63	22	of	of	ADP
easat-8771	63	23	statistical	statistical	ADJ
easat-8771	63	24	tests	test	NOUN
easat-8771	63	25	in	in	ADP
easat-8771	63	26	detecting	detect	VERB
easat-8771	63	27	nonlinearities	nonlinearitie	NOUN
easat-8771	63	28	.	.	PUNCT
easat-8771	64	1	2.3	2.3	NUM
easat-8771	64	2	.	.	PUNCT
easat-8771	64	3	temporal	temporal	ADJ
easat-8771	64	4	aggregation	aggregation	NOUN
easat-8771	64	5	in	in	ADP
easat-8771	64	6	financial	financial	ADJ
easat-8771	64	7	time	time	NOUN
easat-8771	64	8	series	series	PROPN
easat-8771	64	9	temporal	temporal	ADJ
easat-8771	64	10	aggregation	aggregation	NOUN
easat-8771	64	11	is	be	AUX
easat-8771	64	12	the	the	DET
easat-8771	64	13	process	process	NOUN
easat-8771	64	14	of	of	ADP
easat-8771	64	15	transforming	transform	VERB
easat-8771	64	16	high	high	ADJ
easat-8771	64	17	-	-	PUNCT
easat-8771	64	18	frequency	frequency	NOUN
easat-8771	64	19	data	datum	NOUN
easat-8771	64	20	into	into	ADP
easat-8771	64	21	lower	low	ADJ
easat-8771	64	22	-	-	PUNCT
easat-8771	64	23	frequency	frequency	NOUN
easat-8771	64	24	observations	observation	NOUN
easat-8771	64	25	through	through	ADP
easat-8771	64	26	averaging	averaging	NOUN
easat-8771	64	27	or	or	CCONJ
easat-8771	64	28	periodic	periodic	ADJ
easat-8771	64	29	sampling	sampling	NOUN
easat-8771	64	30	[	[	X
easat-8771	64	31	5	5	NUM
easat-8771	64	32	]	]	PUNCT
easat-8771	64	33	.	.	PUNCT
easat-8771	65	1	this	this	PRON
easat-8771	65	2	is	be	AUX
easat-8771	65	3	commonly	commonly	ADV
easat-8771	65	4	done	do	VERB
easat-8771	65	5	in	in	ADP
easat-8771	65	6	exchange	exchange	NOUN
easat-8771	65	7	rate	rate	NOUN
easat-8771	65	8	research	research	NOUN
easat-8771	65	9	to	to	PART
easat-8771	65	10	mitigate	mitigate	VERB
easat-8771	65	11	market	market	NOUN
easat-8771	65	12	microstructure	microstructure	NOUN
easat-8771	65	13	noise	noise	NOUN
easat-8771	65	14	and	and	CCONJ
easat-8771	65	15	facilitate	facilitate	VERB
easat-8771	65	16	long	long	ADJ
easat-8771	65	17	-	-	PUNCT
easat-8771	65	18	term	term	NOUN
easat-8771	65	19	analysis	analysis	NOUN
easat-8771	65	20	[	[	X
easat-8771	65	21	15	15	NUM
easat-8771	65	22	]	]	PUNCT
easat-8771	65	23	.	.	PUNCT
easat-8771	66	1	aggregation	aggregation	NOUN
easat-8771	66	2	has	have	AUX
easat-8771	66	3	,	,	PUNCT
easat-8771	66	4	however	however	ADV
easat-8771	66	5	,	,	PUNCT
easat-8771	66	6	been	be	AUX
easat-8771	66	7	shown	show	VERB
easat-8771	66	8	to	to	PART
easat-8771	66	9	alter	alter	VERB
easat-8771	66	10	fundamental	fundamental	ADJ
easat-8771	66	11	statistical	statistical	ADJ
easat-8771	66	12	properties	property	NOUN
easat-8771	66	13	of	of	ADP
easat-8771	66	14	time	time	NOUN
easat-8771	66	15	series	series	NOUN
easat-8771	66	16	.	.	PUNCT
easat-8771	67	1	working	work	VERB
easat-8771	67	2	[	[	X
easat-8771	67	3	16	16	NUM
easat-8771	67	4	]	]	PUNCT
easat-8771	67	5	demonstrated	demonstrate	VERB
easat-8771	67	6	that	that	SCONJ
easat-8771	67	7	aggregation	aggregation	NOUN
easat-8771	67	8	induces	induce	VERB
easat-8771	67	9	spurious	spurious	ADJ
easat-8771	67	10	autocorrelation	autocorrelation	NOUN
easat-8771	67	11	,	,	PUNCT
easat-8771	67	12	while	while	SCONJ
easat-8771	67	13	amemiya	amemiya	NOUN
easat-8771	67	14	and	and	CCONJ
easat-8771	67	15	wu	wu	PROPN
easat-8771	68	1	[	[	X
easat-8771	68	2	17	17	NUM
easat-8771	68	3	]	]	PUNCT
easat-8771	68	4	demonstrated	demonstrate	VERB
easat-8771	68	5	that	that	SCONJ
easat-8771	68	6	aggregation	aggregation	NOUN
easat-8771	68	7	induces	induce	VERB
easat-8771	68	8	biased	biased	ADJ
easat-8771	68	9	coefficient	coefficient	NOUN
easat-8771	68	10	estimates	estimate	NOUN
easat-8771	68	11	in	in	ADP
easat-8771	68	12	autoregressive	autoregressive	ADJ
easat-8771	68	13	models	model	NOUN
easat-8771	68	14	.	.	PUNCT
easat-8771	69	1	for	for	ADP
easat-8771	69	2	volatility	volatility	NOUN
easat-8771	69	3	models	model	NOUN
easat-8771	69	4	,	,	PUNCT
easat-8771	69	5	bollerslev	bollerslev	ADJ
easat-8771	69	6	and	and	CCONJ
easat-8771	69	7	wright	wright	PROPN
easat-8771	69	8	[	[	X
easat-8771	69	9	18	18	NUM
easat-8771	69	10	]	]	PUNCT
easat-8771	69	11	demonstrated	demonstrate	VERB
easat-8771	69	12	that	that	SCONJ
easat-8771	69	13	aggregation	aggregation	NOUN
easat-8771	69	14	reduces	reduce	VERB
easat-8771	69	15	the	the	DET
easat-8771	69	16	persistence	persistence	NOUN
easat-8771	69	17	of	of	ADP
easat-8771	69	18	conditional	conditional	ADJ
easat-8771	69	19	heteroskedasticity	heteroskedasticity	NOUN
easat-8771	69	20	,	,	PUNCT
easat-8771	69	21	thus	thus	ADV
easat-8771	69	22	short	short	ADJ
easat-8771	69	23	-	-	PUNCT
easat-8771	69	24	term	term	NOUN
easat-8771	69	25	movements	movement	NOUN
easat-8771	69	26	appear	appear	VERB
easat-8771	69	27	less	less	ADV
easat-8771	69	28	extreme	extreme	ADJ
easat-8771	69	29	.	.	PUNCT
easat-8771	70	1	temporal	temporal	ADJ
easat-8771	70	2	aggregation	aggregation	NOUN
easat-8771	70	3	's	's	PART
easat-8771	70	4	impact	impact	NOUN
easat-8771	70	5	on	on	ADP
easat-8771	70	6	detecting	detect	VERB
easat-8771	70	7	nonlinearity	nonlinearity	NOUN
easat-8771	70	8	has	have	AUX
easat-8771	70	9	not	not	PART
easat-8771	70	10	been	be	AUX
easat-8771	70	11	explored	explore	VERB
easat-8771	70	12	.	.	PUNCT
easat-8771	71	1	granger	granger	PROPN
easat-8771	71	2	and	and	CCONJ
easat-8771	71	3	newbold	newbold	PROPN
easat-8771	72	1	[	[	X
easat-8771	72	2	19	19	NUM
easat-8771	72	3	]	]	PUNCT
easat-8771	72	4	argued	argue	VERB
easat-8771	72	5	that	that	SCONJ
easat-8771	72	6	aggregation	aggregation	NOUN
easat-8771	72	7	hides	hide	VERB
easat-8771	72	8	nonlinear	nonlinear	ADJ
easat-8771	72	9	relations	relation	NOUN
easat-8771	72	10	by	by	ADP
easat-8771	72	11	abolishing	abolish	VERB
easat-8771	72	12	short	short	ADJ
easat-8771	72	13	-	-	PUNCT
easat-8771	72	14	term	term	NOUN
easat-8771	72	15	dependences	dependence	NOUN
easat-8771	72	16	in	in	ADP
easat-8771	72	17	the	the	DET
easat-8771	72	18	form	form	NOUN
easat-8771	72	19	of	of	ADP
easat-8771	72	20	averaging	average	VERB
easat-8771	72	21	.	.	PUNCT
easat-8771	73	1	silvapulle	silvapulle	NOUN
easat-8771	73	2	and	and	CCONJ
easat-8771	73	3	granger	granger	NOUN
easat-8771	74	1	[	[	X
easat-8771	74	2	20	20	NUM
easat-8771	74	3	]	]	PUNCT
easat-8771	74	4	demonstrated	demonstrate	VERB
easat-8771	74	5	that	that	SCONJ
easat-8771	74	6	aggregation	aggregation	NOUN
easat-8771	74	7	dampens	dampen	VERB
easat-8771	74	8	the	the	DET
easat-8771	74	9	power	power	NOUN
easat-8771	74	10	of	of	ADP
easat-8771	74	11	tests	test	NOUN
easat-8771	74	12	of	of	ADP
easat-8771	74	13	structural	structural	ADJ
easat-8771	74	14	breaks	break	NOUN
easat-8771	74	15	as	as	ADV
easat-8771	74	16	well	well	ADV
easat-8771	74	17	as	as	ADP
easat-8771	74	18	of	of	ADP
easat-8771	74	19	regime	regime	NOUN
easat-8771	74	20	shifts	shift	NOUN
easat-8771	74	21	.	.	PUNCT
easat-8771	75	1	terasvirta	terasvirta	PROPN
easat-8771	75	2	and	and	CCONJ
easat-8771	75	3	anderson	anderson	PROPN
easat-8771	76	1	[	[	X
easat-8771	76	2	14	14	NUM
easat-8771	76	3	]	]	PUNCT
easat-8771	76	4	noted	note	VERB
easat-8771	76	5	that	that	SCONJ
easat-8771	76	6	aggregation	aggregation	NOUN
easat-8771	76	7	reduces	reduce	VERB
easat-8771	76	8	variation	variation	NOUN
easat-8771	76	9	in	in	ADP
easat-8771	76	10	the	the	DET
easat-8771	76	11	explanatory	explanatory	ADJ
easat-8771	76	12	variables	variable	NOUN
easat-8771	76	13	and	and	CCONJ
easat-8771	76	14	hence	hence	ADV
easat-8771	76	15	it	it	PRON
easat-8771	76	16	becomes	become	VERB
easat-8771	76	17	more	more	ADV
easat-8771	76	18	difficult	difficult	ADJ
easat-8771	76	19	to	to	PART
easat-8771	76	20	identify	identify	VERB
easat-8771	76	21	nonlinear	nonlinear	ADJ
easat-8771	76	22	dependencies	dependency	NOUN
easat-8771	76	23	through	through	ADP
easat-8771	76	24	the	the	DET
easat-8771	76	25	use	use	NOUN
easat-8771	76	26	of	of	ADP
easat-8771	76	27	the	the	DET
easat-8771	76	28	lm	lm	PROPN
easat-8771	76	29	test	test	NOUN
easat-8771	76	30	.	.	PUNCT
easat-8771	77	1	similarly	similarly	ADV
easat-8771	77	2	,	,	PUNCT
easat-8771	77	3	barnett	barnett	PROPN
easat-8771	77	4	and	and	CCONJ
easat-8771	77	5	chen	chen	PROPN
easat-8771	78	1	[	[	X
easat-8771	78	2	21	21	NUM
easat-8771	78	3	]	]	PUNCT
easat-8771	78	4	found	find	VERB
easat-8771	78	5	that	that	SCONJ
easat-8771	78	6	aggregation	aggregation	NOUN
easat-8771	78	7	reduces	reduce	VERB
easat-8771	78	8	the	the	DET
easat-8771	78	9	power	power	NOUN
easat-8771	78	10	of	of	ADP
easat-8771	78	11	nonlinear	nonlinear	ADJ
easat-8771	78	12	models	model	NOUN
easat-8771	78	13	relative	relative	ADJ
easat-8771	78	14	to	to	ADP
easat-8771	78	15	linear	linear	ADJ
easat-8771	78	16	models	model	NOUN
easat-8771	78	17	when	when	SCONJ
easat-8771	78	18	it	it	PRON
easat-8771	78	19	is	be	AUX
easat-8771	78	20	used	use	VERB
easat-8771	78	21	to	to	PART
easat-8771	78	22	forecast	forecast	VERB
easat-8771	78	23	macroeconomic	macroeconomic	ADJ
easat-8771	78	24	time	time	NOUN
easat-8771	78	25	series	series	NOUN
easat-8771	78	26	.	.	PUNCT
easat-8771	79	1	in	in	ADP
easat-8771	79	2	the	the	DET
easat-8771	79	3	context	context	NOUN
easat-8771	79	4	of	of	ADP
easat-8771	79	5	exchange	exchange	NOUN
easat-8771	79	6	rates	rate	NOUN
easat-8771	79	7	,	,	PUNCT
easat-8771	79	8	beine	beine	NOUN
easat-8771	79	9	,	,	PUNCT
easat-8771	79	10	et	et	PROPN
easat-8771	79	11	al	al	PROPN
easat-8771	79	12	.	.	PUNCT
easat-8771	80	1	[	[	X
easat-8771	80	2	22	22	NUM
easat-8771	80	3	]	]	PUNCT
easat-8771	80	4	illustrated	illustrate	VERB
easat-8771	80	5	that	that	SCONJ
easat-8771	80	6	high	high	ADJ
easat-8771	80	7	-	-	PUNCT
easat-8771	80	8	frequency	frequency	NOUN
easat-8771	80	9	information	information	NOUN
easat-8771	80	10	is	be	AUX
easat-8771	80	11	more	more	ADV
easat-8771	80	12	highly	highly	ADV
easat-8771	80	13	nonlinearly	nonlinearly	ADV
easat-8771	80	14	dependent	dependent	ADJ
easat-8771	80	15	,	,	PUNCT
easat-8771	80	16	whereas	whereas	SCONJ
easat-8771	80	17	low	low	ADJ
easat-8771	80	18	-	-	PUNCT
easat-8771	80	19	frequency	frequency	NOUN
easat-8771	80	20	information	information	NOUN
easat-8771	80	21	appears	appear	VERB
easat-8771	80	22	more	more	ADJ
easat-8771	80	23	linear	linear	ADJ
easat-8771	80	24	in	in	ADP
easat-8771	80	25	the	the	DET
easat-8771	80	26	sense	sense	NOUN
easat-8771	80	27	that	that	SCONJ
easat-8771	80	28	they	they	PRON
easat-8771	80	29	have	have	AUX
easat-8771	80	30	fewer	few	ADJ
easat-8771	80	31	signs	sign	NOUN
easat-8771	80	32	of	of	ADP
easat-8771	80	33	nonlinearity	nonlinearity	NOUN
easat-8771	80	34	stemming	stem	VERB
easat-8771	80	35	from	from	ADP
easat-8771	80	36	the	the	DET
easat-8771	80	37	effect	effect	NOUN
easat-8771	80	38	of	of	ADP
easat-8771	80	39	aggregation	aggregation	NOUN
easat-8771	80	40	averaging	averaging	NOUN
easat-8771	80	41	.	.	PUNCT
easat-8771	81	1	implications	implication	NOUN
easat-8771	81	2	are	be	AUX
easat-8771	81	3	that	that	DET
easat-8771	81	4	temporal	temporal	ADJ
easat-8771	81	5	aggregation	aggregation	NOUN
easat-8771	81	6	can	can	AUX
easat-8771	81	7	minimize	minimize	VERB
easat-8771	81	8	the	the	DET
easat-8771	81	9	power	power	NOUN
easat-8771	81	10	of	of	ADP
easat-8771	81	11	the	the	DET
easat-8771	81	12	lm	lm	X
easat-8771	81	13	test	test	NOUN
easat-8771	81	14	for	for	ADP
easat-8771	81	15	detecting	detect	VERB
easat-8771	81	16	nonlinearities	nonlinearitie	NOUN
easat-8771	81	17	in	in	ADP
easat-8771	81	18	exchange	exchange	NOUN
easat-8771	81	19	rate	rate	NOUN
easat-8771	81	20	information	information	NOUN
easat-8771	81	21	systematically	systematically	ADV
easat-8771	81	22	.	.	PUNCT
easat-8771	82	1	2.4	2.4	NUM
easat-8771	82	2	.	.	PUNCT
easat-8771	83	1	empirical	empirical	ADJ
easat-8771	83	2	evidence	evidence	NOUN
easat-8771	83	3	and	and	CCONJ
easat-8771	83	4	research	research	NOUN
easat-8771	83	5	gaps	gap	NOUN
easat-8771	83	6	while	while	SCONJ
easat-8771	83	7	the	the	DET
easat-8771	83	8	literature	literature	NOUN
easat-8771	83	9	created	create	VERB
easat-8771	83	10	solid	solid	ADJ
easat-8771	83	11	evidence	evidence	NOUN
easat-8771	83	12	on	on	ADP
easat-8771	83	13	nonlinear	nonlinear	ADJ
easat-8771	83	14	exchange	exchange	NOUN
easat-8771	83	15	rate	rate	NOUN
easat-8771	83	16	behavior	behavior	NOUN
easat-8771	83	17	,	,	PUNCT
easat-8771	83	18	comparatively	comparatively	ADV
easat-8771	83	19	few	few	ADJ
easat-8771	83	20	studies	study	NOUN
easat-8771	83	21	have	have	AUX
easat-8771	83	22	thoroughly	thoroughly	ADV
easat-8771	83	23	examined	examine	VERB
easat-8771	83	24	the	the	DET
easat-8771	83	25	influence	influence	NOUN
easat-8771	83	26	of	of	ADP
easat-8771	83	27	temporal	temporal	ADJ
easat-8771	83	28	aggregation	aggregation	NOUN
easat-8771	83	29	on	on	ADP
easat-8771	83	30	the	the	DET
easat-8771	83	31	lm	lm	PROPN
easat-8771	83	32	test	test	NOUN
easat-8771	83	33	for	for	ADP
easat-8771	83	34	nonlinearity	nonlinearity	NOUN
easat-8771	83	35	.	.	PUNCT
easat-8771	84	1	much	much	ADJ
easat-8771	84	2	of	of	ADP
easat-8771	84	3	the	the	DET
easat-8771	84	4	research	research	NOUN
easat-8771	84	5	that	that	PRON
easat-8771	84	6	accounts	account	VERB
easat-8771	84	7	for	for	ADP
easat-8771	84	8	temporal	temporal	ADJ
easat-8771	84	9	aggregation	aggregation	NOUN
easat-8771	84	10	has	have	AUX
easat-8771	84	11	focused	focus	VERB
easat-8771	84	12	on	on	ADP
easat-8771	84	13	its	its	PRON
easat-8771	84	14	influence	influence	NOUN
easat-8771	84	15	on	on	ADP
easat-8771	84	16	volatility	volatility	NOUN
easat-8771	84	17	modeling	model	VERB
easat-8771	84	18	[	[	X
easat-8771	84	19	15	15	NUM
easat-8771	84	20	]	]	PUNCT
easat-8771	84	21	or	or	CCONJ
easat-8771	84	22	macroeconomic	macroeconomic	ADJ
easat-8771	84	23	forecasting	forecasting	NOUN
easat-8771	84	24	[	[	X
easat-8771	84	25	21	21	NUM
easat-8771	84	26	]	]	PUNCT
easat-8771	84	27	without	without	ADP
easat-8771	84	28	filling	fill	VERB
easat-8771	84	29	the	the	DET
easat-8771	84	30	void	void	NOUN
easat-8771	84	31	in	in	ADP
easat-8771	84	32	examining	examine	VERB
easat-8771	84	33	its	its	PRON
easat-8771	84	34	influence	influence	NOUN
easat-8771	84	35	on	on	ADP
easat-8771	84	36	linearity	linearity	NOUN
easat-8771	84	37	testing	testing	NOUN
easat-8771	84	38	.	.	PUNCT
easat-8771	85	1	this	this	DET
easat-8771	85	2	study	study	NOUN
easat-8771	85	3	will	will	AUX
easat-8771	85	4	fill	fill	VERB
easat-8771	85	5	this	this	DET
easat-8771	85	6	gap	gap	NOUN
easat-8771	85	7	by	by	ADP
easat-8771	85	8	implementing	implement	VERB
easat-8771	85	9	the	the	DET
easat-8771	85	10	lm	lm	ADJ
easat-8771	85	11	test	test	NOUN
easat-8771	85	12	for	for	ADP
easat-8771	85	13	nonlinearity	nonlinearity	NOUN
easat-8771	85	14	in	in	ADP
easat-8771	85	15	a	a	DET
easat-8771	85	16	systematic	systematic	ADJ
easat-8771	85	17	way	way	NOUN
easat-8771	85	18	on	on	ADP
easat-8771	85	19	exchange	exchange	NOUN
easat-8771	85	20	rate	rate	NOUN
easat-8771	85	21	data	datum	NOUN
easat-8771	85	22	aggregated	aggregate	VERB
easat-8771	85	23	at	at	ADP
easat-8771	85	24	different	different	ADJ
easat-8771	85	25	levels	level	NOUN
easat-8771	85	26	.	.	PUNCT
easat-8771	86	1	additionally	additionally	ADV
easat-8771	86	2	,	,	PUNCT
easat-8771	86	3	using	use	VERB
easat-8771	86	4	monte	monte	PROPN
easat-8771	86	5	carlo	carlo	PROPN
easat-8771	86	6	simulations	simulation	NOUN
easat-8771	86	7	,	,	PUNCT
easat-8771	86	8	this	this	DET
easat-8771	86	9	research	research	NOUN
easat-8771	86	10	will	will	AUX
easat-8771	86	11	determine	determine	VERB
easat-8771	86	12	if	if	SCONJ
easat-8771	86	13	the	the	DET
easat-8771	86	14	behavior	behavior	NOUN
easat-8771	86	15	is	be	AUX
easat-8771	86	16	still	still	ADV
easat-8771	86	17	present	present	ADJ
easat-8771	86	18	under	under	ADP
easat-8771	86	19	controlled	control	VERB
easat-8771	86	20	conditions	condition	NOUN
easat-8771	86	21	,	,	PUNCT
easat-8771	86	22	providing	provide	VERB
easat-8771	86	23	further	further	ADJ
easat-8771	86	24	empirical	empirical	ADJ
easat-8771	86	25	evidence	evidence	NOUN
easat-8771	86	26	.	.	PUNCT
easat-8771	87	1	in	in	ADP
easat-8771	87	2	doing	do	VERB
easat-8771	87	3	so	so	ADV
easat-8771	87	4	,	,	PUNCT
easat-8771	87	5	this	this	DET
easat-8771	87	6	paper	paper	NOUN
easat-8771	87	7	has	have	VERB
easat-8771	87	8	three	three	NUM
easat-8771	87	9	significant	significant	ADJ
easat-8771	87	10	contributions	contribution	NOUN
easat-8771	87	11	:	:	PUNCT
easat-8771	87	12	1	1	X
easat-8771	87	13	)	)	PUNCT
easat-8771	87	14	assessing	assess	VERB
easat-8771	87	15	the	the	DET
easat-8771	87	16	921	921	NUM
easat-8771	87	17	edelweiss	edelweiss	PROPN
easat-8771	87	18	applied	apply	VERB
easat-8771	87	19	science	science	NOUN
easat-8771	87	20	and	and	CCONJ
easat-8771	87	21	technology	technology	NOUN
easat-8771	87	22	issn	issn	PROPN
easat-8771	87	23	:	:	PUNCT
easat-8771	87	24	2576	2576	NUM
easat-8771	87	25	-	-	SYM
easat-8771	87	26	8484	8484	NUM
easat-8771	87	27	vol	vol	NOUN
easat-8771	87	28	.	.	PROPN
easat-8771	88	1	9	9	NUM
easat-8771	88	2	,	,	PUNCT
easat-8771	88	3	no	no	INTJ
easat-8771	88	4	.	.	NOUN
easat-8771	89	1	7	7	NUM
easat-8771	89	2	:	:	SYM
easat-8771	89	3	918	918	NUM
easat-8771	89	4	-	-	SYM
easat-8771	89	5	936	936	NUM
easat-8771	89	6	,	,	PUNCT
easat-8771	89	7	2025	2025	NUM
easat-8771	89	8	doi	doi	NOUN
easat-8771	89	9	:	:	PUNCT
easat-8771	89	10	10.55214/25768484.v9i7.8771	10.55214/25768484.v9i7.8771	NUM
easat-8771	89	11	©	©	PROPN
easat-8771	89	12	2025	2025	NUM
easat-8771	89	13	by	by	ADP
easat-8771	89	14	the	the	DET
easat-8771	89	15	author	author	NOUN
easat-8771	89	16	;	;	PUNCT
easat-8771	90	1	licensee	licensee	NOUN
easat-8771	90	2	learning	learn	VERB
easat-8771	90	3	gate	gate	NOUN
easat-8771	90	4	robustness	robustness	NOUN
easat-8771	90	5	of	of	ADP
easat-8771	90	6	the	the	DET
easat-8771	90	7	lm	lm	ADJ
easat-8771	90	8	test	test	NOUN
easat-8771	90	9	in	in	ADP
easat-8771	90	10	a	a	DET
easat-8771	90	11	wide	wide	ADJ
easat-8771	90	12	range	range	NOUN
easat-8771	90	13	of	of	ADP
easat-8771	90	14	temporal	temporal	ADJ
easat-8771	90	15	aggregations	aggregation	NOUN
easat-8771	90	16	.	.	PUNCT
easat-8771	91	1	2	2	X
easat-8771	91	2	)	)	PUNCT
easat-8771	91	3	offering	offer	VERB
easat-8771	91	4	new	new	ADJ
easat-8771	91	5	empirical	empirical	ADJ
easat-8771	91	6	evidence	evidence	NOUN
easat-8771	91	7	on	on	ADP
easat-8771	91	8	how	how	SCONJ
easat-8771	91	9	aggregation	aggregation	NOUN
easat-8771	91	10	influences	influence	VERB
easat-8771	91	11	nonlinearity	nonlinearity	NOUN
easat-8771	91	12	detection	detection	NOUN
easat-8771	91	13	in	in	ADP
easat-8771	91	14	exchange	exchange	NOUN
easat-8771	91	15	rates	rate	NOUN
easat-8771	91	16	.	.	PUNCT
easat-8771	92	1	3	3	X
easat-8771	92	2	)	)	PUNCT
easat-8771	92	3	offering	offer	VERB
easat-8771	92	4	practical	practical	ADJ
easat-8771	92	5	advice	advice	NOUN
easat-8771	92	6	to	to	ADP
easat-8771	92	7	researchers	researcher	NOUN
easat-8771	92	8	in	in	ADP
easat-8771	92	9	selecting	select	VERB
easat-8771	92	10	data	datum	NOUN
easat-8771	92	11	frequency	frequency	NOUN
easat-8771	92	12	in	in	ADP
easat-8771	92	13	econometric	econometric	ADJ
easat-8771	92	14	analysis	analysis	NOUN
easat-8771	92	15	.	.	PUNCT
easat-8771	93	1	theoretical	theoretical	ADJ
easat-8771	93	2	research	research	NOUN
easat-8771	93	3	suggests	suggest	VERB
easat-8771	93	4	that	that	SCONJ
easat-8771	93	5	exchange	exchange	NOUN
easat-8771	93	6	rates	rate	NOUN
easat-8771	93	7	are	be	AUX
easat-8771	93	8	nonlinear	nonlinear	ADJ
easat-8771	93	9	in	in	ADP
easat-8771	93	10	their	their	PRON
easat-8771	93	11	behavior	behavior	NOUN
easat-8771	93	12	,	,	PUNCT
easat-8771	93	13	but	but	CCONJ
easat-8771	93	14	temporal	temporal	ADJ
easat-8771	93	15	aggregation	aggregation	NOUN
easat-8771	93	16	may	may	AUX
easat-8771	93	17	suppress	suppress	VERB
easat-8771	93	18	these	these	DET
easat-8771	93	19	characteristics	characteristic	NOUN
easat-8771	93	20	and	and	CCONJ
easat-8771	93	21	affect	affect	VERB
easat-8771	93	22	the	the	DET
easat-8771	93	23	power	power	NOUN
easat-8771	93	24	of	of	ADP
easat-8771	93	25	econometric	econometric	ADJ
easat-8771	93	26	tests	test	NOUN
easat-8771	93	27	such	such	ADJ
easat-8771	93	28	as	as	ADP
easat-8771	93	29	the	the	DET
easat-8771	93	30	lm	lm	PROPN
easat-8771	93	31	test	test	NOUN
easat-8771	93	32	.	.	PUNCT
easat-8771	94	1	although	although	SCONJ
easat-8771	94	2	having	have	VERB
easat-8771	94	3	important	important	ADJ
easat-8771	94	4	implications	implication	NOUN
easat-8771	94	5	,	,	PUNCT
easat-8771	94	6	the	the	DET
easat-8771	94	7	interaction	interaction	NOUN
easat-8771	94	8	between	between	ADP
easat-8771	94	9	temporal	temporal	ADJ
easat-8771	94	10	aggregation	aggregation	NOUN
easat-8771	94	11	and	and	CCONJ
easat-8771	94	12	testing	testing	NOUN
easat-8771	94	13	for	for	ADP
easat-8771	94	14	nonlinearity	nonlinearity	NOUN
easat-8771	94	15	is	be	AUX
easat-8771	94	16	not	not	PART
easat-8771	94	17	well	well	ADV
easat-8771	94	18	researched	research	VERB
easat-8771	94	19	.	.	PUNCT
easat-8771	95	1	this	this	DET
easat-8771	95	2	study	study	NOUN
easat-8771	95	3	aims	aim	VERB
easat-8771	95	4	to	to	PART
easat-8771	95	5	address	address	VERB
easat-8771	95	6	this	this	DET
easat-8771	95	7	shortcoming	shortcoming	NOUN
easat-8771	95	8	by	by	ADP
easat-8771	95	9	carefully	carefully	ADV
easat-8771	95	10	investigating	investigate	VERB
easat-8771	95	11	how	how	SCONJ
easat-8771	95	12	the	the	DET
easat-8771	95	13	performance	performance	NOUN
easat-8771	95	14	of	of	ADP
easat-8771	95	15	the	the	DET
easat-8771	95	16	lm	lm	PROPN
easat-8771	95	17	test	test	NOUN
easat-8771	95	18	varies	vary	VERB
easat-8771	95	19	with	with	ADP
easat-8771	95	20	different	different	ADJ
easat-8771	95	21	aggregation	aggregation	NOUN
easat-8771	95	22	levels	level	NOUN
easat-8771	95	23	,	,	PUNCT
easat-8771	95	24	which	which	PRON
easat-8771	95	25	contributes	contribute	VERB
easat-8771	95	26	to	to	ADP
easat-8771	95	27	better	well	ADJ
easat-8771	95	28	knowledge	knowledge	NOUN
easat-8771	95	29	of	of	ADP
easat-8771	95	30	exchange	exchange	NOUN
easat-8771	95	31	rate	rate	NOUN
easat-8771	95	32	modeling	modeling	NOUN
easat-8771	95	33	and	and	CCONJ
easat-8771	95	34	statistical	statistical	ADJ
easat-8771	95	35	inference	inference	NOUN
easat-8771	95	36	in	in	ADP
easat-8771	95	37	financial	financial	ADJ
easat-8771	95	38	econometrics	econometric	NOUN
easat-8771	95	39	.	.	PUNCT
easat-8771	96	1	3	3	X
easat-8771	96	2	.	.	X
easat-8771	96	3	methodology	methodology	NOUN
easat-8771	96	4	the	the	DET
easat-8771	96	5	objective	objective	NOUN
easat-8771	96	6	of	of	ADP
easat-8771	96	7	this	this	DET
easat-8771	96	8	study	study	NOUN
easat-8771	96	9	is	be	AUX
easat-8771	96	10	to	to	PART
easat-8771	96	11	investigate	investigate	VERB
easat-8771	96	12	the	the	DET
easat-8771	96	13	impact	impact	NOUN
easat-8771	96	14	of	of	ADP
easat-8771	96	15	temporal	temporal	ADJ
easat-8771	96	16	aggregation	aggregation	NOUN
easat-8771	96	17	on	on	ADP
easat-8771	96	18	the	the	DET
easat-8771	96	19	performance	performance	NOUN
easat-8771	96	20	of	of	ADP
easat-8771	96	21	the	the	DET
easat-8771	96	22	lagrange	lagrange	NOUN
easat-8771	96	23	multiplier	multiplier	ADV
easat-8771	96	24	(	(	PUNCT
easat-8771	96	25	lm	lm	INTJ
easat-8771	96	26	)	)	PUNCT
easat-8771	96	27	test	test	NOUN
easat-8771	96	28	for	for	ADP
easat-8771	96	29	nonlinearity	nonlinearity	NOUN
easat-8771	96	30	when	when	SCONJ
easat-8771	96	31	used	use	VERB
easat-8771	96	32	to	to	PART
easat-8771	96	33	model	model	VERB
easat-8771	96	34	exchange	exchange	NOUN
easat-8771	96	35	rate	rate	NOUN
easat-8771	96	36	dynamics	dynamic	NOUN
easat-8771	96	37	.	.	PUNCT
easat-8771	97	1	this	this	DET
easat-8771	97	2	overview	overview	NOUN
easat-8771	97	3	includes	include	VERB
easat-8771	97	4	a	a	DET
easat-8771	97	5	description	description	NOUN
easat-8771	97	6	of	of	ADP
easat-8771	97	7	the	the	DET
easat-8771	97	8	research	research	NOUN
easat-8771	97	9	design	design	NOUN
easat-8771	97	10	,	,	PUNCT
easat-8771	97	11	including	include	VERB
easat-8771	97	12	data	data	NOUN
easat-8771	97	13	selection	selection	NOUN
easat-8771	97	14	,	,	PUNCT
easat-8771	97	15	aggregation	aggregation	NOUN
easat-8771	97	16	methods	method	NOUN
easat-8771	97	17	,	,	PUNCT
easat-8771	97	18	empirical	empirical	ADJ
easat-8771	97	19	modeling	modeling	NOUN
easat-8771	97	20	,	,	PUNCT
easat-8771	97	21	and	and	CCONJ
easat-8771	97	22	monte	monte	PROPN
easat-8771	97	23	carlo	carlo	PROPN
easat-8771	97	24	simulations	simulation	NOUN
easat-8771	97	25	.	.	PUNCT
easat-8771	98	1	the	the	DET
easat-8771	98	2	methodology	methodology	NOUN
easat-8771	98	3	maintains	maintain	VERB
easat-8771	98	4	best	good	ADJ
easat-8771	98	5	practice	practice	NOUN
easat-8771	98	6	in	in	ADP
easat-8771	98	7	time	time	NOUN
easat-8771	98	8	series	series	PROPN
easat-8771	98	9	econometrics	econometrics	PROPN
easat-8771	98	10	,	,	PUNCT
easat-8771	98	11	ensuring	ensure	VERB
easat-8771	98	12	strong	strong	ADJ
easat-8771	98	13	statistical	statistical	ADJ
easat-8771	98	14	inference	inference	NOUN
easat-8771	98	15	[	[	X
easat-8771	98	16	1	1	NUM
easat-8771	98	17	,	,	PUNCT
easat-8771	98	18	3	3	NUM
easat-8771	98	19	]	]	PUNCT
easat-8771	98	20	.	.	PUNCT
easat-8771	99	1	because	because	SCONJ
easat-8771	99	2	previous	previous	ADJ
easat-8771	99	3	studies	study	NOUN
easat-8771	99	4	have	have	AUX
easat-8771	99	5	shown	show	VERB
easat-8771	99	6	that	that	SCONJ
easat-8771	99	7	exchange	exchange	NOUN
easat-8771	99	8	rates	rate	NOUN
easat-8771	99	9	have	have	VERB
easat-8771	99	10	nonlinear	nonlinear	ADJ
easat-8771	99	11	relationships	relationship	NOUN
easat-8771	99	12	at	at	ADP
easat-8771	99	13	high	high	ADJ
easat-8771	99	14	frequencies	frequency	NOUN
easat-8771	99	15	[	[	X
easat-8771	99	16	8	8	NUM
easat-8771	99	17	,	,	PUNCT
easat-8771	99	18	13	13	NUM
easat-8771	99	19	,	,	PUNCT
easat-8771	99	20	23	23	NUM
easat-8771	99	21	]	]	PUNCT
easat-8771	99	22	this	this	DET
easat-8771	99	23	paper	paper	NOUN
easat-8771	99	24	examines	examine	VERB
easat-8771	99	25	systematically	systematically	ADV
easat-8771	99	26	whether	whether	SCONJ
easat-8771	99	27	the	the	DET
easat-8771	99	28	ability	ability	NOUN
easat-8771	99	29	of	of	ADP
easat-8771	99	30	the	the	DET
easat-8771	99	31	lm	lm	X
easat-8771	99	32	test	test	NOUN
easat-8771	99	33	for	for	ADP
easat-8771	99	34	capturing	capture	VERB
easat-8771	99	35	nonlinearity	nonlinearity	NOUN
easat-8771	99	36	diminishes	diminish	VERB
easat-8771	99	37	as	as	SCONJ
easat-8771	99	38	data	data	NOUN
easat-8771	99	39	frequency	frequency	NOUN
easat-8771	99	40	is	be	AUX
easat-8771	99	41	reduced	reduce	VERB
easat-8771	99	42	.	.	PUNCT
easat-8771	100	1	3.1	3.1	NUM
easat-8771	100	2	.	.	PUNCT
easat-8771	100	3	data	datum	NOUN
easat-8771	100	4	selection	selection	NOUN
easat-8771	100	5	and	and	CCONJ
easat-8771	100	6	temporal	temporal	ADJ
easat-8771	100	7	aggregation	aggregation	NOUN
easat-8771	100	8	the	the	DET
easat-8771	100	9	dataset	dataset	NOUN
easat-8771	100	10	contains	contain	VERB
easat-8771	100	11	intraday	intraday	NOUN
easat-8771	100	12	exchange	exchange	NOUN
easat-8771	100	13	rate	rate	NOUN
easat-8771	100	14	observations	observation	NOUN
easat-8771	100	15	(	(	PUNCT
easat-8771	100	16	e.g.	e.g.	ADV
easat-8771	100	17	,	,	PUNCT
easat-8771	100	18	every	every	DET
easat-8771	100	19	1	1	NUM
easat-8771	100	20	minute	minute	NOUN
easat-8771	100	21	)	)	PUNCT
easat-8771	100	22	,	,	PUNCT
easat-8771	100	23	which	which	PRON
easat-8771	100	24	are	be	AUX
easat-8771	100	25	subsequently	subsequently	ADV
easat-8771	100	26	aggregated	aggregate	VERB
easat-8771	100	27	to	to	ADP
easat-8771	100	28	lower	low	ADJ
easat-8771	100	29	frequencies	frequency	NOUN
easat-8771	100	30	(	(	PUNCT
easat-8771	100	31	i.e.	i.e.	X
easat-8771	100	32	,	,	PUNCT
easat-8771	100	33	5-	5-	NOUN
easat-8771	100	34	,	,	PUNCT
easat-8771	100	35	15-	15-	NUM
easat-8771	100	36	,	,	PUNCT
easat-8771	100	37	and	and	CCONJ
easat-8771	100	38	60	60	NUM
easat-8771	100	39	-	-	PUNCT
easat-8771	100	40	minute	minute	NOUN
easat-8771	100	41	)	)	PUNCT
easat-8771	100	42	.	.	PUNCT
easat-8771	101	1	high	high	ADJ
easat-8771	101	2	-	-	PUNCT
easat-8771	101	3	frequency	frequency	NOUN
easat-8771	101	4	exchange	exchange	NOUN
easat-8771	101	5	rate	rate	NOUN
easat-8771	101	6	data	datum	NOUN
easat-8771	101	7	for	for	ADP
easat-8771	101	8	the	the	DET
easat-8771	101	9	major	major	ADJ
easat-8771	101	10	currency	currency	NOUN
easat-8771	101	11	pairs	pair	NOUN
easat-8771	101	12	,	,	PUNCT
easat-8771	101	13	such	such	ADJ
easat-8771	101	14	as	as	ADP
easat-8771	101	15	eur	eur	ADJ
easat-8771	101	16	/	/	SYM
easat-8771	101	17	usd	usd	NOUN
easat-8771	101	18	(	(	PUNCT
easat-8771	101	19	euro	euro	NOUN
easat-8771	101	20	vs.	vs.	CCONJ
easat-8771	101	21	us	us	PROPN
easat-8771	101	22	dollar	dollar	NOUN
easat-8771	101	23	)	)	PUNCT
easat-8771	101	24	,	,	PUNCT
easat-8771	101	25	gbp	gbp	NOUN
easat-8771	101	26	/	/	SYM
easat-8771	101	27	usd	usd	NOUN
easat-8771	101	28	(	(	PUNCT
easat-8771	101	29	british	british	ADJ
easat-8771	101	30	pound	pound	NOUN
easat-8771	101	31	vs.	vs.	ADP
easat-8771	101	32	us	us	PROPN
easat-8771	101	33	dollar	dollar	NOUN
easat-8771	101	34	)	)	PUNCT
easat-8771	101	35	,	,	PUNCT
easat-8771	101	36	and	and	CCONJ
easat-8771	101	37	usd	usd	NOUN
easat-8771	101	38	/	/	SYM
easat-8771	101	39	jpy	jpy	PROPN
easat-8771	101	40	(	(	PUNCT
easat-8771	101	41	us	we	PRON
easat-8771	101	42	dollar	dollar	NOUN
easat-8771	101	43	vs.	vs.	ADP
easat-8771	101	44	japanese	japanese	ADJ
easat-8771	101	45	yen	yen	NOUN
easat-8771	101	46	)	)	PUNCT
easat-8771	101	47	,	,	PUNCT
easat-8771	101	48	are	be	AUX
easat-8771	101	49	employed	employ	VERB
easat-8771	101	50	in	in	ADP
easat-8771	101	51	this	this	DET
easat-8771	101	52	paper	paper	NOUN
easat-8771	101	53	.	.	PUNCT
easat-8771	102	1	these	these	DET
easat-8771	102	2	exchange	exchange	NOUN
easat-8771	102	3	rates	rate	NOUN
easat-8771	102	4	are	be	AUX
easat-8771	102	5	chosen	choose	VERB
easat-8771	102	6	due	due	ADP
easat-8771	102	7	to	to	ADP
easat-8771	102	8	high	high	ADJ
easat-8771	102	9	liquidity	liquidity	NOUN
easat-8771	102	10	and	and	CCONJ
easat-8771	102	11	volumes	volume	NOUN
easat-8771	102	12	of	of	ADP
easat-8771	102	13	active	active	ADJ
easat-8771	102	14	trading	trading	NOUN
easat-8771	102	15	,	,	PUNCT
easat-8771	102	16	thus	thus	ADV
easat-8771	102	17	,	,	PUNCT
easat-8771	102	18	they	they	PRON
easat-8771	102	19	are	be	AUX
easat-8771	102	20	most	most	ADV
easat-8771	102	21	appropriate	appropriate	ADJ
easat-8771	102	22	for	for	ADP
easat-8771	102	23	the	the	DET
easat-8771	102	24	investigation	investigation	NOUN
easat-8771	102	25	of	of	ADP
easat-8771	102	26	nonlinear	nonlinear	ADJ
easat-8771	102	27	interdependencies	interdependency	NOUN
easat-8771	102	28	[	[	X
easat-8771	102	29	22	22	NUM
easat-8771	102	30	]	]	PUNCT
easat-8771	102	31	.	.	PUNCT
easat-8771	103	1	the	the	DET
easat-8771	103	2	sample	sample	NOUN
easat-8771	103	3	includes	include	VERB
easat-8771	103	4	10,000	10,000	NUM
easat-8771	103	5	observations	observation	NOUN
easat-8771	103	6	(	(	PUNCT
easat-8771	103	7	for	for	ADP
easat-8771	103	8	example	example	NOUN
easat-8771	103	9	,	,	PUNCT
easat-8771	103	10	2013–2023	2013–2023	NUM
easat-8771	103	11	)	)	PUNCT
easat-8771	103	12	and	and	CCONJ
easat-8771	103	13	is	be	AUX
easat-8771	103	14	received	receive	VERB
easat-8771	103	15	from	from	ADP
easat-8771	103	16	forexsbsoftware	forexsbsoftware	PROPN
easat-8771	103	17	’s	’s	PART
easat-8771	103	18	financial	financial	ADJ
easat-8771	103	19	database	database	NOUN
easat-8771	103	20	(	(	PUNCT
easat-8771	103	21	https://forexsb.com/financial	https://forexsb.com/financial	PROPN
easat-8771	103	22	data	data	PROPN
easat-8771	103	23	)	)	PUNCT
easat-8771	103	24	.	.	PUNCT
easat-8771	104	1	temporal	temporal	ADJ
easat-8771	104	2	aggregation	aggregation	NOUN
easat-8771	104	3	adopts	adopt	VERB
easat-8771	104	4	standard	standard	ADJ
easat-8771	104	5	econometric	econometric	ADJ
easat-8771	104	6	practice	practice	NOUN
easat-8771	104	7	[	[	X
easat-8771	104	8	5	5	NUM
easat-8771	104	9	]	]	PUNCT
easat-8771	104	10	.	.	PUNCT
easat-8771	105	1	specifically	specifically	ADV
easat-8771	105	2	,	,	PUNCT
easat-8771	105	3	the	the	DET
easat-8771	105	4	investigation	investigation	NOUN
easat-8771	105	5	employs	employ	VERB
easat-8771	105	6	three	three	NUM
easat-8771	105	7	types	type	NOUN
easat-8771	105	8	of	of	ADP
easat-8771	105	9	aggregation	aggregation	NOUN
easat-8771	105	10	:	:	PUNCT
easat-8771	105	11	averaging	average	VERB
easat-8771	105	12	aggregation	aggregation	NOUN
easat-8771	105	13	and	and	CCONJ
easat-8771	105	14	endpoint	endpoint	NOUN
easat-8771	105	15	sampling	sample	VERB
easat-8771	105	16	aggregation	aggregation	NOUN
easat-8771	105	17	.	.	PUNCT
easat-8771	106	1	the	the	DET
easat-8771	106	2	averaging	averaging	NOUN
easat-8771	106	3	method	method	NOUN
easat-8771	106	4	computes	compute	VERB
easat-8771	106	5	the	the	DET
easat-8771	106	6	arithmetic	arithmetic	ADJ
easat-8771	106	7	mean	mean	NOUN
easat-8771	106	8	of	of	ADP
easat-8771	106	9	all	all	DET
easat-8771	106	10	the	the	DET
easat-8771	106	11	observations	observation	NOUN
easat-8771	106	12	for	for	ADP
easat-8771	106	13	each	each	DET
easat-8771	106	14	day	day	NOUN
easat-8771	106	15	in	in	ADP
easat-8771	106	16	a	a	DET
easat-8771	106	17	specified	specify	VERB
easat-8771	106	18	time	time	NOUN
easat-8771	106	19	interval	interval	NOUN
easat-8771	106	20	to	to	PART
easat-8771	106	21	build	build	VERB
easat-8771	106	22	a	a	DET
easat-8771	106	23	lower	low	ADJ
easat-8771	106	24	-	-	PUNCT
easat-8771	106	25	frequency	frequency	NOUN
easat-8771	106	26	series	series	NOUN
easat-8771	106	27	.	.	PUNCT
easat-8771	107	1	the	the	DET
easat-8771	107	2	method	method	NOUN
easat-8771	107	3	captures	capture	VERB
easat-8771	107	4	the	the	DET
easat-8771	107	5	overall	overall	ADJ
easat-8771	107	6	trend	trend	NOUN
easat-8771	107	7	and	and	CCONJ
easat-8771	107	8	may	may	AUX
easat-8771	107	9	smooth	smooth	VERB
easat-8771	107	10	out	out	ADP
easat-8771	107	11	short	short	ADJ
easat-8771	107	12	-	-	PUNCT
easat-8771	107	13	run	run	NOUN
easat-8771	107	14	fluctuations	fluctuation	NOUN
easat-8771	107	15	.	.	PUNCT
easat-8771	108	1	the	the	DET
easat-8771	108	2	end	end	NOUN
easat-8771	108	3	-	-	PUNCT
easat-8771	108	4	point	point	NOUN
easat-8771	108	5	sampling	sampling	NOUN
easat-8771	108	6	method	method	NOUN
easat-8771	108	7	,	,	PUNCT
easat-8771	108	8	on	on	ADP
easat-8771	108	9	the	the	DET
easat-8771	108	10	other	other	ADJ
easat-8771	108	11	hand	hand	NOUN
easat-8771	108	12	,	,	PUNCT
easat-8771	108	13	selects	select	VERB
easat-8771	108	14	the	the	DET
easat-8771	108	15	latest	late	ADJ
easat-8771	108	16	available	available	ADJ
easat-8771	108	17	observation	observation	NOUN
easat-8771	108	18	in	in	ADP
easat-8771	108	19	every	every	DET
easat-8771	108	20	aggregation	aggregation	NOUN
easat-8771	108	21	period	period	NOUN
easat-8771	108	22	such	such	ADJ
easat-8771	108	23	that	that	SCONJ
easat-8771	108	24	the	the	DET
easat-8771	108	25	original	original	ADJ
easat-8771	108	26	data	datum	NOUN
easat-8771	108	27	path	path	NOUN
easat-8771	108	28	is	be	AUX
easat-8771	108	29	preserved	preserve	VERB
easat-8771	108	30	without	without	ADP
easat-8771	108	31	averaging	average	VERB
easat-8771	108	32	intermediate	intermediate	ADJ
easat-8771	108	33	fluctuations	fluctuation	NOUN
easat-8771	108	34	.	.	PUNCT
easat-8771	109	1	by	by	ADP
easat-8771	109	2	systematically	systematically	ADV
easat-8771	109	3	applying	apply	VERB
easat-8771	109	4	these	these	DET
easat-8771	109	5	aggregation	aggregation	NOUN
easat-8771	109	6	techniques	technique	NOUN
easat-8771	109	7	,	,	PUNCT
easat-8771	109	8	we	we	PRON
easat-8771	109	9	examine	examine	VERB
easat-8771	109	10	their	their	PRON
easat-8771	109	11	effect	effect	NOUN
easat-8771	109	12	on	on	ADP
easat-8771	109	13	the	the	DET
easat-8771	109	14	distributional	distributional	ADJ
easat-8771	109	15	properties	property	NOUN
easat-8771	109	16	of	of	ADP
easat-8771	109	17	central	central	ADJ
easat-8771	109	18	relevance	relevance	NOUN
easat-8771	109	19	,	,	PUNCT
easat-8771	109	20	like	like	ADP
easat-8771	109	21	skewness	skewness	NOUN
easat-8771	109	22	and	and	CCONJ
easat-8771	109	23	kurtosis	kurtosis	NOUN
easat-8771	109	24	,	,	PUNCT
easat-8771	109	25	of	of	ADP
easat-8771	109	26	particular	particular	ADJ
easat-8771	109	27	interest	interest	NOUN
easat-8771	109	28	to	to	ADP
easat-8771	109	29	the	the	DET
easat-8771	109	30	detection	detection	NOUN
easat-8771	109	31	of	of	ADP
easat-8771	109	32	normality	normality	NOUN
easat-8771	109	33	deviations	deviation	NOUN
easat-8771	109	34	.	.	PUNCT
easat-8771	110	1	by	by	ADP
easat-8771	110	2	transforming	transform	VERB
easat-8771	110	3	the	the	DET
easat-8771	110	4	data	datum	NOUN
easat-8771	110	5	across	across	ADP
easat-8771	110	6	different	different	ADJ
easat-8771	110	7	time	time	NOUN
easat-8771	110	8	scales	scale	NOUN
easat-8771	110	9	,	,	PUNCT
easat-8771	110	10	we	we	PRON
easat-8771	110	11	are	be	AUX
easat-8771	110	12	able	able	ADJ
easat-8771	110	13	to	to	PART
easat-8771	110	14	verify	verify	VERB
easat-8771	110	15	whether	whether	SCONJ
easat-8771	110	16	the	the	DET
easat-8771	110	17	lm	lm	ADJ
easat-8771	110	18	test	test	NOUN
easat-8771	110	19	remains	remain	VERB
easat-8771	110	20	sensitive	sensitive	ADJ
easat-8771	110	21	to	to	ADP
easat-8771	110	22	nonlinearities	nonlinearitie	NOUN
easat-8771	110	23	or	or	CCONJ
easat-8771	110	24	whether	whether	SCONJ
easat-8771	110	25	the	the	DET
easat-8771	110	26	aggregation	aggregation	NOUN
easat-8771	110	27	warps	warp	VERB
easat-8771	110	28	the	the	DET
easat-8771	110	29	statistical	statistical	ADJ
easat-8771	110	30	properties	property	NOUN
easat-8771	110	31	in	in	ADP
easat-8771	110	32	a	a	DET
easat-8771	110	33	way	way	NOUN
easat-8771	110	34	that	that	PRON
easat-8771	110	35	reduces	reduce	VERB
easat-8771	110	36	its	its	PRON
easat-8771	110	37	reliability	reliability	NOUN
easat-8771	110	38	.	.	PUNCT
easat-8771	111	1	the	the	DET
easat-8771	111	2	results	result	NOUN
easat-8771	111	3	derived	derive	VERB
easat-8771	111	4	from	from	ADP
easat-8771	111	5	different	different	ADJ
easat-8771	111	6	levels	level	NOUN
easat-8771	111	7	of	of	ADP
easat-8771	111	8	aggregation	aggregation	NOUN
easat-8771	111	9	are	be	AUX
easat-8771	111	10	essential	essential	ADJ
easat-8771	111	11	for	for	ADP
easat-8771	111	12	determining	determine	VERB
easat-8771	111	13	the	the	DET
easat-8771	111	14	impact	impact	NOUN
easat-8771	111	15	of	of	ADP
easat-8771	111	16	observation	observation	NOUN
easat-8771	111	17	frequency	frequency	NOUN
easat-8771	111	18	on	on	ADP
easat-8771	111	19	nonlinear	nonlinear	ADJ
easat-8771	111	20	dynamics	dynamic	NOUN
easat-8771	111	21	detection	detection	NOUN
easat-8771	111	22	in	in	ADP
easat-8771	111	23	exchange	exchange	NOUN
easat-8771	111	24	rates	rate	NOUN
easat-8771	111	25	.	.	PUNCT
easat-8771	112	1	3.2	3.2	NUM
easat-8771	112	2	.	.	PUNCT
easat-8771	112	3	empirical	empirical	ADJ
easat-8771	112	4	strategy	strategy	NOUN
easat-8771	112	5	this	this	DET
easat-8771	112	6	study	study	NOUN
easat-8771	112	7	tests	test	VERB
easat-8771	112	8	nonlinearity	nonlinearity	NOUN
easat-8771	112	9	by	by	ADP
easat-8771	112	10	first	first	ADV
easat-8771	112	11	estimating	estimate	VERB
easat-8771	112	12	a	a	DET
easat-8771	112	13	linear	linear	ADJ
easat-8771	112	14	autoregressive	autoregressive	ADJ
easat-8771	112	15	(	(	PUNCT
easat-8771	112	16	ar	ar	NOUN
easat-8771	112	17	)	)	PUNCT
easat-8771	112	18	model	model	NOUN
easat-8771	112	19	for	for	ADP
easat-8771	112	20	a	a	DET
easat-8771	112	21	specific	specific	ADJ
easat-8771	112	22	exchange	exchange	NOUN
easat-8771	112	23	rate	rate	NOUN
easat-8771	112	24	series	series	NOUN
easat-8771	112	25	:	:	PUNCT
easat-8771	112	26	𝑦𝑡	𝑦𝑡	NOUN
easat-8771	112	27	=	=	SYM
easat-8771	112	28	𝛼	𝛼	PROPN
easat-8771	112	29	+	+	NOUN
easat-8771	112	30	∑	∑	PROPN
easat-8771	112	31	𝛽𝑖𝑦𝑡−𝑖	𝛽𝑖𝑦𝑡−𝑖	PROPN
easat-8771	112	32	+	+	CCONJ
easat-8771	112	33	𝜀𝑖	𝜀𝑖	PROPN
easat-8771	112	34	𝑝	𝑝	PROPN
easat-8771	112	35	𝑖=1	𝑖=1	PROPN
easat-8771	112	36	(	(	PUNCT
easat-8771	112	37	1	1	X
easat-8771	112	38	)	)	PUNCT
easat-8771	112	39	922	922	NUM
easat-8771	112	40	edelweiss	edelweiss	PROPN
easat-8771	112	41	applied	apply	VERB
easat-8771	112	42	science	science	NOUN
easat-8771	112	43	and	and	CCONJ
easat-8771	112	44	technology	technology	NOUN
easat-8771	112	45	issn	issn	PROPN
easat-8771	112	46	:	:	PUNCT
easat-8771	112	47	2576	2576	NUM
easat-8771	112	48	-	-	SYM
easat-8771	112	49	8484	8484	NUM
easat-8771	112	50	vol	vol	NOUN
easat-8771	112	51	.	.	PROPN
easat-8771	113	1	9	9	NUM
easat-8771	113	2	,	,	PUNCT
easat-8771	113	3	no	no	INTJ
easat-8771	113	4	.	.	NOUN
easat-8771	114	1	7	7	NUM
easat-8771	114	2	:	:	SYM
easat-8771	114	3	918	918	NUM
easat-8771	114	4	-	-	SYM
easat-8771	114	5	936	936	NUM
easat-8771	114	6	,	,	PUNCT
easat-8771	114	7	2025	2025	NUM
easat-8771	114	8	doi	doi	NOUN
easat-8771	114	9	:	:	PUNCT
easat-8771	114	10	10.55214/25768484.v9i7.8771	10.55214/25768484.v9i7.8771	NUM
easat-8771	114	11	©	©	PROPN
easat-8771	114	12	2025	2025	NUM
easat-8771	114	13	by	by	ADP
easat-8771	114	14	the	the	DET
easat-8771	114	15	author	author	NOUN
easat-8771	114	16	;	;	PUNCT
easat-8771	114	17	licensee	licensee	PROPN
easat-8771	114	18	learning	learning	NOUN
easat-8771	114	19	gate	gate	NOUN
easat-8771	114	20	where	where	SCONJ
easat-8771	114	21	:	:	PUNCT
easat-8771	114	22	yt	yt	PROPN
easat-8771	114	23	is	be	AUX
easat-8771	114	24	the	the	DET
easat-8771	114	25	exchange	exchange	NOUN
easat-8771	114	26	rate	rate	NOUN
easat-8771	114	27	at	at	ADP
easat-8771	114	28	time	time	NOUN
easat-8771	114	29	t	t	PROPN
easat-8771	114	30	,	,	PUNCT
easat-8771	114	31	p	p	PROPN
easat-8771	114	32	is	be	AUX
easat-8771	114	33	the	the	DET
easat-8771	114	34	number	number	NOUN
easat-8771	114	35	of	of	ADP
easat-8771	114	36	lags	lag	NOUN
easat-8771	114	37	,	,	PUNCT
easat-8771	114	38	determined	determine	VERB
easat-8771	114	39	using	use	VERB
easat-8771	114	40	the	the	DET
easat-8771	114	41	akaike	akaike	ADJ
easat-8771	114	42	information	information	NOUN
easat-8771	114	43	criterion	criterion	NOUN
easat-8771	114	44	(	(	PUNCT
easat-8771	114	45	aic	aic	PROPN
easat-8771	114	46	)	)	PUNCT
easat-8771	114	47	and	and	CCONJ
easat-8771	114	48	bayesian	bayesian	NOUN
easat-8771	114	49	information	information	NOUN
easat-8771	114	50	criterion	criterion	NOUN
easat-8771	114	51	(	(	PUNCT
easat-8771	114	52	bic	bic	PROPN
easat-8771	114	53	)	)	PUNCT
easat-8771	114	54	,	,	PUNCT
easat-8771	114	55	εi	εi	VERB
easat-8771	114	56	is	be	AUX
easat-8771	114	57	the	the	DET
easat-8771	114	58	white	white	ADJ
easat-8771	114	59	noise	noise	NOUN
easat-8771	114	60	error	error	NOUN
easat-8771	114	61	term	term	NOUN
easat-8771	114	62	.	.	PUNCT
easat-8771	115	1	the	the	DET
easat-8771	115	2	lagrange	lagrange	PROPN
easat-8771	115	3	multiplier	multiplier	ADV
easat-8771	115	4	(	(	PUNCT
easat-8771	115	5	lm	lm	INTJ
easat-8771	115	6	)	)	PUNCT
easat-8771	115	7	test	test	NOUN
easat-8771	115	8	for	for	ADP
easat-8771	115	9	nonlinearity	nonlinearity	NOUN
easat-8771	115	10	[	[	X
easat-8771	115	11	3	3	NUM
easat-8771	115	12	,	,	PUNCT
easat-8771	115	13	11	11	NUM
easat-8771	115	14	]	]	PUNCT
easat-8771	115	15	examines	examine	VERB
easat-8771	115	16	whether	whether	SCONJ
easat-8771	115	17	an	an	DET
easat-8771	115	18	exchange	exchange	NOUN
easat-8771	115	19	rate	rate	NOUN
easat-8771	115	20	series	series	PROPN
easat-8771	115	21	follows	follow	VERB
easat-8771	115	22	a	a	DET
easat-8771	115	23	linear	linear	ADJ
easat-8771	115	24	or	or	CCONJ
easat-8771	115	25	nonlinear	nonlinear	ADJ
easat-8771	115	26	process	process	NOUN
easat-8771	115	27	.	.	PUNCT
easat-8771	116	1	the	the	DET
easat-8771	116	2	test	test	NOUN
easat-8771	116	3	introduces	introduce	VERB
easat-8771	116	4	auxiliary	auxiliary	ADJ
easat-8771	116	5	regressors	regressor	NOUN
easat-8771	116	6	by	by	ADP
easat-8771	116	7	replacing	replace	VERB
easat-8771	116	8	the	the	DET
easat-8771	116	9	error	error	NOUN
easat-8771	116	10	term	term	NOUN
easat-8771	116	11	with	with	ADP
easat-8771	116	12	a	a	DET
easat-8771	116	13	quadratic	quadratic	ADJ
easat-8771	116	14	function	function	NOUN
easat-8771	116	15	:	:	PUNCT
easat-8771	116	16	𝑦𝑡	𝑦𝑡	NOUN
easat-8771	116	17	=	=	PUNCT
easat-8771	116	18	𝛼	𝛼	PROPN
easat-8771	117	1	+	+	NOUN
easat-8771	117	2	∑	∑	PROPN
easat-8771	117	3	𝛽𝑖𝑦𝑡−𝑖	𝛽𝑖𝑦𝑡−𝑖	PROPN
easat-8771	117	4	+	+	PROPN
easat-8771	117	5	𝑝	𝑝	NOUN
easat-8771	117	6	𝑖=1	𝑖=1	PUNCT
easat-8771	117	7	∑	∑	PUNCT
easat-8771	117	8	𝛾𝑗𝑦𝑡−𝑗	𝛾𝑗𝑦𝑡−𝑗	PROPN
easat-8771	117	9	2	2	NUM
easat-8771	117	10	+	+	CCONJ
easat-8771	117	11	𝑣𝑡	𝑣𝑡	ADP
easat-8771	117	12	𝑝	𝑝	PROPN
easat-8771	117	13	𝑖=1	𝑖=1	PROPN
easat-8771	117	14	(	(	PUNCT
easat-8771	117	15	2	2	NUM
easat-8771	117	16	)	)	PUNCT
easat-8771	117	17	where	where	SCONJ
easat-8771	117	18	the	the	DET
easat-8771	117	19	null	null	ADJ
easat-8771	117	20	hypothesis	hypothesis	NOUN
easat-8771	117	21	is	be	AUX
easat-8771	117	22	:	:	PUNCT
easat-8771	117	23	h0	h0	NOUN
easat-8771	117	24	:	:	PUNCT
easat-8771	117	25	γj=	γj=	NOUN
easat-8771	117	26	0	0	NUM
easat-8771	117	27	for	for	ADP
easat-8771	117	28	all	all	DET
easat-8771	117	29	j	j	PROPN
easat-8771	117	30	if	if	SCONJ
easat-8771	117	31	the	the	DET
easat-8771	117	32	null	null	ADJ
easat-8771	117	33	hypothesis	hypothesis	NOUN
easat-8771	117	34	is	be	AUX
easat-8771	117	35	rejected	reject	VERB
easat-8771	117	36	,	,	PUNCT
easat-8771	117	37	the	the	DET
easat-8771	117	38	process	process	NOUN
easat-8771	117	39	is	be	AUX
easat-8771	117	40	nonlinear	nonlinear	ADJ
easat-8771	117	41	,	,	PUNCT
easat-8771	117	42	and	and	CCONJ
easat-8771	117	43	a	a	DET
easat-8771	117	44	more	more	ADV
easat-8771	117	45	complex	complex	ADJ
easat-8771	117	46	model	model	NOUN
easat-8771	117	47	(	(	PUNCT
easat-8771	117	48	e.g.	e.g.	ADV
easat-8771	117	49	,	,	PUNCT
easat-8771	117	50	a	a	DET
easat-8771	117	51	smooth	smooth	ADJ
easat-8771	117	52	transition	transition	NOUN
easat-8771	117	53	autoregressive	autoregressive	ADJ
easat-8771	117	54	(	(	PUNCT
easat-8771	117	55	star	star	NOUN
easat-8771	117	56	)	)	PUNCT
easat-8771	117	57	model	model	NOUN
easat-8771	117	58	)	)	PUNCT
easat-8771	117	59	is	be	AUX
easat-8771	117	60	needed	need	VERB
easat-8771	117	61	[	[	X
easat-8771	117	62	14	14	NUM
easat-8771	117	63	]	]	PUNCT
easat-8771	117	64	.	.	PUNCT
easat-8771	118	1	the	the	DET
easat-8771	118	2	lm	lm	PROPN
easat-8771	118	3	test	test	NOUN
easat-8771	118	4	is	be	AUX
easat-8771	118	5	applied	apply	VERB
easat-8771	118	6	at	at	ADP
easat-8771	118	7	each	each	DET
easat-8771	118	8	level	level	NOUN
easat-8771	118	9	of	of	ADP
easat-8771	118	10	temporal	temporal	ADJ
easat-8771	118	11	aggregation	aggregation	NOUN
easat-8771	118	12	and	and	CCONJ
easat-8771	118	13	its	its	PRON
easat-8771	118	14	power	power	NOUN
easat-8771	118	15	is	be	AUX
easat-8771	118	16	evaluated	evaluate	VERB
easat-8771	118	17	by	by	ADP
easat-8771	118	18	the	the	DET
easat-8771	118	19	rejection	rejection	NOUN
easat-8771	118	20	frequencies	frequency	NOUN
easat-8771	118	21	at	at	ADP
easat-8771	118	22	different	different	ADJ
easat-8771	118	23	significance	significance	NOUN
easat-8771	118	24	levels	level	NOUN
easat-8771	118	25	(	(	PUNCT
easat-8771	118	26	1	1	NUM
easat-8771	118	27	%	%	NOUN
easat-8771	118	28	,	,	PUNCT
easat-8771	118	29	5	5	NUM
easat-8771	118	30	%	%	NOUN
easat-8771	118	31	,	,	PUNCT
easat-8771	118	32	and	and	CCONJ
easat-8771	118	33	10	10	NUM
easat-8771	118	34	%	%	NOUN
easat-8771	118	35	)	)	PUNCT
easat-8771	118	36	.	.	PUNCT
easat-8771	119	1	3.3	3.3	NUM
easat-8771	119	2	.	.	PUNCT
easat-8771	120	1	monte	monte	PROPN
easat-8771	120	2	carlo	carlo	PROPN
easat-8771	120	3	simulation	simulation	PROPN
easat-8771	120	4	design	design	NOUN
easat-8771	120	5	to	to	PART
easat-8771	120	6	validate	validate	VERB
easat-8771	120	7	the	the	DET
easat-8771	120	8	robustness	robustness	NOUN
easat-8771	120	9	of	of	ADP
easat-8771	120	10	the	the	DET
easat-8771	120	11	analysis	analysis	NOUN
easat-8771	120	12	,	,	PUNCT
easat-8771	120	13	a	a	DET
easat-8771	120	14	monte	monte	PROPN
easat-8771	120	15	carlo	carlo	PROPN
easat-8771	120	16	simulation	simulation	PROPN
easat-8771	120	17	is	be	AUX
easat-8771	120	18	performed	perform	VERB
easat-8771	120	19	to	to	PART
easat-8771	120	20	examine	examine	VERB
easat-8771	120	21	the	the	DET
easat-8771	120	22	performance	performance	NOUN
easat-8771	120	23	of	of	ADP
easat-8771	120	24	the	the	DET
easat-8771	120	25	lagrange	lagrange	NOUN
easat-8771	120	26	multiplier	multiplier	ADV
easat-8771	120	27	(	(	PUNCT
easat-8771	120	28	lm	lm	INTJ
easat-8771	120	29	)	)	PUNCT
easat-8771	120	30	test	test	NOUN
easat-8771	120	31	for	for	ADP
easat-8771	120	32	nonlinearity	nonlinearity	NOUN
easat-8771	120	33	at	at	ADP
easat-8771	120	34	varying	vary	VERB
easat-8771	120	35	degrees	degree	NOUN
easat-8771	120	36	of	of	ADP
easat-8771	120	37	temporal	temporal	ADJ
easat-8771	120	38	aggregation	aggregation	NOUN
easat-8771	120	39	.	.	PUNCT
easat-8771	121	1	the	the	DET
easat-8771	121	2	simulation	simulation	NOUN
easat-8771	121	3	is	be	AUX
easat-8771	121	4	constructed	construct	VERB
easat-8771	121	5	systematically	systematically	ADV
easat-8771	121	6	to	to	PART
easat-8771	121	7	replicate	replicate	VERB
easat-8771	121	8	the	the	DET
easat-8771	121	9	dynamics	dynamic	NOUN
easat-8771	121	10	of	of	ADP
easat-8771	121	11	actual	actual	ADJ
easat-8771	121	12	exchange	exchange	NOUN
easat-8771	121	13	rate	rate	NOUN
easat-8771	121	14	dynamics	dynamic	NOUN
easat-8771	121	15	and	and	CCONJ
easat-8771	121	16	examine	examine	VERB
easat-8771	121	17	the	the	DET
easat-8771	121	18	sensitivity	sensitivity	NOUN
easat-8771	121	19	of	of	ADP
easat-8771	121	20	the	the	DET
easat-8771	121	21	test	test	NOUN
easat-8771	121	22	to	to	ADP
easat-8771	121	23	critical	critical	ADJ
easat-8771	121	24	variables	variable	NOUN
easat-8771	121	25	.	.	PUNCT
easat-8771	122	1	initially	initially	ADV
easat-8771	122	2	,	,	PUNCT
easat-8771	122	3	artificial	artificial	ADJ
easat-8771	122	4	exchange	exchange	NOUN
easat-8771	122	5	rate	rate	NOUN
easat-8771	122	6	data	datum	NOUN
easat-8771	122	7	are	be	AUX
easat-8771	122	8	constructed	construct	VERB
easat-8771	122	9	by	by	ADP
easat-8771	122	10	generating	generate	VERB
easat-8771	122	11	linear	linear	ADJ
easat-8771	122	12	and	and	CCONJ
easat-8771	122	13	nonlinear	nonlinear	ADJ
easat-8771	122	14	dynamics	dynamic	NOUN
easat-8771	122	15	from	from	ADP
easat-8771	122	16	typical	typical	ADJ
easat-8771	122	17	estimates	estimate	NOUN
easat-8771	122	18	of	of	ADP
easat-8771	122	19	parameters	parameter	NOUN
easat-8771	122	20	seen	see	VERB
easat-8771	122	21	in	in	ADP
easat-8771	122	22	empirical	empirical	ADJ
easat-8771	122	23	literature	literature	NOUN
easat-8771	122	24	.	.	PUNCT
easat-8771	123	1	the	the	DET
easat-8771	123	2	simulations	simulation	NOUN
easat-8771	123	3	involve	involve	VERB
easat-8771	123	4	significant	significant	ADJ
easat-8771	123	5	aspects	aspect	NOUN
easat-8771	123	6	such	such	ADJ
easat-8771	123	7	as	as	ADP
easat-8771	123	8	regimeswitching	regimeswitching	NOUN
easat-8771	123	9	and	and	CCONJ
easat-8771	123	10	heteroskedasticity	heteroskedasticity	NOUN
easat-8771	123	11	as	as	SCONJ
easat-8771	123	12	suggested	suggest	VERB
easat-8771	123	13	by	by	ADP
easat-8771	123	14	van	van	PROPN
easat-8771	123	15	dijk	dijk	PROPN
easat-8771	123	16	,	,	PUNCT
easat-8771	123	17	et	et	PROPN
easat-8771	123	18	al	al	PROPN
easat-8771	123	19	.	.	PUNCT
easat-8771	124	1	[	[	X
easat-8771	124	2	10	10	NUM
easat-8771	124	3	]	]	PUNCT
easat-8771	124	4	to	to	PART
easat-8771	124	5	make	make	VERB
easat-8771	124	6	data	datum	NOUN
easat-8771	124	7	more	more	ADV
easat-8771	124	8	realistic	realistic	ADJ
easat-8771	124	9	.	.	PUNCT
easat-8771	125	1	second	second	ADJ
easat-8771	125	2	,	,	PUNCT
easat-8771	125	3	simulated	simulated	ADJ
easat-8771	125	4	data	datum	NOUN
easat-8771	125	5	is	be	AUX
easat-8771	125	6	then	then	ADV
easat-8771	125	7	temporally	temporally	ADV
easat-8771	125	8	aggregated	aggregate	VERB
easat-8771	125	9	with	with	ADP
easat-8771	125	10	the	the	DET
easat-8771	125	11	aid	aid	NOUN
easat-8771	125	12	of	of	ADP
easat-8771	125	13	the	the	DET
easat-8771	125	14	mentioned	mention	VERB
easat-8771	125	15	methods	method	NOUN
easat-8771	125	16	so	so	SCONJ
easat-8771	125	17	that	that	SCONJ
easat-8771	125	18	the	the	DET
easat-8771	125	19	impact	impact	NOUN
easat-8771	125	20	of	of	ADP
easat-8771	125	21	aggregation	aggregation	NOUN
easat-8771	125	22	on	on	ADP
easat-8771	125	23	statistical	statistical	ADJ
easat-8771	125	24	properties	property	NOUN
easat-8771	125	25	can	can	AUX
easat-8771	125	26	be	be	AUX
easat-8771	125	27	examined	examine	VERB
easat-8771	125	28	systematically	systematically	ADV
easat-8771	125	29	.	.	PUNCT
easat-8771	126	1	next	next	ADV
easat-8771	126	2	,	,	PUNCT
easat-8771	126	3	the	the	DET
easat-8771	126	4	lm	lm	ADJ
easat-8771	126	5	test	test	NOUN
easat-8771	126	6	is	be	AUX
easat-8771	126	7	applied	apply	VERB
easat-8771	126	8	to	to	PART
easat-8771	126	9	estimate	estimate	VERB
easat-8771	126	10	changes	change	NOUN
easat-8771	126	11	in	in	ADP
easat-8771	126	12	rejection	rejection	NOUN
easat-8771	126	13	rates	rate	NOUN
easat-8771	126	14	at	at	ADP
easat-8771	126	15	different	different	ADJ
easat-8771	126	16	frequencies	frequency	NOUN
easat-8771	126	17	to	to	PART
easat-8771	126	18	directly	directly	ADV
easat-8771	126	19	compare	compare	VERB
easat-8771	126	20	simulated	simulated	ADJ
easat-8771	126	21	and	and	CCONJ
easat-8771	126	22	real	real	ADJ
easat-8771	126	23	exchange	exchange	NOUN
easat-8771	126	24	rate	rate	NOUN
easat-8771	126	25	data	datum	NOUN
easat-8771	126	26	.	.	PUNCT
easat-8771	127	1	finally	finally	ADV
easat-8771	127	2	,	,	PUNCT
easat-8771	127	3	the	the	DET
easat-8771	127	4	test	test	NOUN
easat-8771	127	5	sensitivity	sensitivity	NOUN
easat-8771	127	6	is	be	AUX
easat-8771	127	7	tested	test	VERB
easat-8771	127	8	by	by	ADP
easat-8771	127	9	varying	vary	VERB
easat-8771	127	10	the	the	DET
easat-8771	127	11	autoregressive	autoregressive	ADJ
easat-8771	127	12	parameter	parameter	NOUN
easat-8771	127	13	(	(	PUNCT
easat-8771	127	14	ρ	ρ	NOUN
easat-8771	127	15	)	)	PUNCT
easat-8771	127	16	from	from	ADP
easat-8771	127	17	0.1	0.1	NUM
easat-8771	127	18	to	to	ADP
easat-8771	127	19	0.9	0.9	NUM
easat-8771	127	20	and	and	CCONJ
easat-8771	127	21	running	run	VERB
easat-8771	127	22	simulations	simulation	NOUN
easat-8771	127	23	with	with	ADP
easat-8771	127	24	varying	vary	VERB
easat-8771	127	25	sample	sample	NOUN
easat-8771	127	26	sizes	size	NOUN
easat-8771	127	27	(	(	PUNCT
easat-8771	127	28	250	250	NUM
easat-8771	127	29	,	,	PUNCT
easat-8771	127	30	500	500	NUM
easat-8771	127	31	,	,	PUNCT
easat-8771	127	32	1000	1000	NUM
easat-8771	127	33	,	,	PUNCT
easat-8771	127	34	and	and	CCONJ
easat-8771	127	35	5000	5000	NUM
easat-8771	127	36	observations	observation	NOUN
easat-8771	127	37	)	)	PUNCT
easat-8771	127	38	.	.	PUNCT
easat-8771	128	1	this	this	DET
easat-8771	128	2	entire	entire	ADJ
easat-8771	128	3	setup	setup	NOUN
easat-8771	128	4	provides	provide	VERB
easat-8771	128	5	valuable	valuable	ADJ
easat-8771	128	6	information	information	NOUN
easat-8771	128	7	on	on	ADP
easat-8771	128	8	the	the	DET
easat-8771	128	9	extent	extent	NOUN
easat-8771	128	10	to	to	PART
easat-8771	128	11	which	which	PRON
easat-8771	128	12	temporal	temporal	ADJ
easat-8771	128	13	aggregation	aggregation	NOUN
easat-8771	128	14	impacts	impact	VERB
easat-8771	128	15	the	the	DET
easat-8771	128	16	ability	ability	NOUN
easat-8771	128	17	of	of	ADP
easat-8771	128	18	the	the	DET
easat-8771	128	19	lm	lm	PROPN
easat-8771	128	20	test	test	NOUN
easat-8771	128	21	to	to	PART
easat-8771	128	22	detect	detect	VERB
easat-8771	128	23	nonlinearity	nonlinearity	NOUN
easat-8771	128	24	in	in	ADP
easat-8771	128	25	exchange	exchange	NOUN
easat-8771	128	26	rate	rate	NOUN
easat-8771	128	27	fluctuations	fluctuation	NOUN
easat-8771	128	28	.	.	PUNCT
easat-8771	129	1	3.4	3.4	NUM
easat-8771	129	2	.	.	PUNCT
easat-8771	129	3	expected	expect	VERB
easat-8771	129	4	outcomes	outcome	NOUN
easat-8771	129	5	and	and	CCONJ
easat-8771	129	6	hypothesis	hypothesis	NOUN
easat-8771	129	7	testing	testing	NOUN
easat-8771	129	8	if	if	SCONJ
easat-8771	129	9	the	the	DET
easat-8771	129	10	lm	lm	ADJ
easat-8771	129	11	test	test	NOUN
easat-8771	129	12	can	can	AUX
easat-8771	129	13	not	not	PART
easat-8771	129	14	detect	detect	VERB
easat-8771	129	15	nonlinearity	nonlinearity	NOUN
easat-8771	129	16	as	as	ADP
easat-8771	129	17	data	data	NOUN
easat-8771	129	18	frequency	frequency	NOUN
easat-8771	129	19	decreases	decrease	VERB
easat-8771	129	20	,	,	PUNCT
easat-8771	129	21	then	then	ADV
easat-8771	129	22	temporal	temporal	ADJ
easat-8771	129	23	aggregation	aggregation	NOUN
easat-8771	129	24	dampens	dampen	VERB
easat-8771	129	25	nonlinear	nonlinear	ADJ
easat-8771	129	26	dependencies	dependency	NOUN
easat-8771	129	27	,	,	PUNCT
easat-8771	129	28	making	make	VERB
easat-8771	129	29	them	they	PRON
easat-8771	129	30	harder	hard	ADJ
easat-8771	129	31	to	to	PART
easat-8771	129	32	find	find	VERB
easat-8771	129	33	.	.	PUNCT
easat-8771	130	1	this	this	DET
easat-8771	130	2	study	study	NOUN
easat-8771	130	3	also	also	ADV
easat-8771	130	4	tests	test	VERB
easat-8771	130	5	whether	whether	SCONJ
easat-8771	130	6	or	or	CCONJ
easat-8771	130	7	not	not	PART
easat-8771	130	8	spurious	spurious	ADJ
easat-8771	130	9	linearity	linearity	NOUN
easat-8771	130	10	ensues	ensue	VERB
easat-8771	130	11	from	from	ADP
easat-8771	130	12	aggregation	aggregation	NOUN
easat-8771	130	13	,	,	PUNCT
easat-8771	130	14	i.e.	i.e.	X
easat-8771	130	15	,	,	PUNCT
easat-8771	130	16	a	a	DET
easat-8771	130	17	naturally	naturally	ADV
easat-8771	130	18	nonlinear	nonlinear	ADJ
easat-8771	130	19	process	process	NOUN
easat-8771	130	20	is	be	AUX
easat-8771	130	21	made	make	VERB
easat-8771	130	22	linear	linear	ADJ
easat-8771	130	23	due	due	ADP
easat-8771	130	24	to	to	ADP
easat-8771	130	25	the	the	DET
easat-8771	130	26	loss	loss	NOUN
easat-8771	130	27	of	of	ADP
easat-8771	130	28	high	high	ADJ
easat-8771	130	29	-	-	PUNCT
easat-8771	130	30	frequency	frequency	NOUN
easat-8771	130	31	information	information	NOUN
easat-8771	130	32	.	.	PUNCT
easat-8771	131	1	table	table	NOUN
easat-8771	131	2	1	1	NUM
easat-8771	131	3	reports	report	VERB
easat-8771	131	4	the	the	DET
easat-8771	131	5	rejection	rejection	NOUN
easat-8771	131	6	frequencies	frequency	NOUN
easat-8771	131	7	(	(	PUNCT
easat-8771	131	8	proportion	proportion	NOUN
easat-8771	131	9	of	of	ADP
easat-8771	131	10	times	time	NOUN
easat-8771	131	11	the	the	DET
easat-8771	131	12	lm	lm	PROPN
easat-8771	131	13	test	test	NOUN
easat-8771	131	14	rejects	reject	VERB
easat-8771	131	15	linearity	linearity	NOUN
easat-8771	131	16	at	at	ADP
easat-8771	131	17	a	a	DET
easat-8771	131	18	5	5	NUM
easat-8771	131	19	%	%	NOUN
easat-8771	131	20	significance	significance	NOUN
easat-8771	131	21	level	level	NOUN
easat-8771	131	22	)	)	PUNCT
easat-8771	131	23	for	for	ADP
easat-8771	131	24	some	some	DET
easat-8771	131	25	sample	sample	NOUN
easat-8771	131	26	sizes	size	NOUN
easat-8771	131	27	,	,	PUNCT
easat-8771	131	28	autoregressive	autoregressive	ADJ
easat-8771	131	29	(	(	PUNCT
easat-8771	131	30	ar	ar	NOUN
easat-8771	131	31	)	)	PUNCT
easat-8771	131	32	parameter	parameter	NOUN
easat-8771	131	33	values	value	NOUN
easat-8771	131	34	,	,	PUNCT
easat-8771	131	35	and	and	CCONJ
easat-8771	131	36	levels	level	NOUN
easat-8771	131	37	of	of	ADP
easat-8771	131	38	temporal	temporal	ADJ
easat-8771	131	39	aggregation	aggregation	NOUN
easat-8771	131	40	.	.	PUNCT
easat-8771	132	1	923	923	NUM
easat-8771	132	2	edelweiss	edelweiss	PROPN
easat-8771	132	3	applied	apply	VERB
easat-8771	132	4	science	science	NOUN
easat-8771	132	5	and	and	CCONJ
easat-8771	132	6	technology	technology	NOUN
easat-8771	132	7	issn	issn	PROPN
easat-8771	132	8	:	:	PUNCT
easat-8771	132	9	2576	2576	NUM
easat-8771	132	10	-	-	SYM
easat-8771	132	11	8484	8484	NUM
easat-8771	132	12	vol	vol	NOUN
easat-8771	132	13	.	.	PROPN
easat-8771	133	1	9	9	NUM
easat-8771	133	2	,	,	PUNCT
easat-8771	133	3	no	no	INTJ
easat-8771	133	4	.	.	NOUN
easat-8771	134	1	7	7	NUM
easat-8771	134	2	:	:	SYM
easat-8771	134	3	918	918	NUM
easat-8771	134	4	-	-	SYM
easat-8771	134	5	936	936	NUM
easat-8771	134	6	,	,	PUNCT
easat-8771	134	7	2025	2025	NUM
easat-8771	134	8	doi	doi	NOUN
easat-8771	134	9	:	:	PUNCT
easat-8771	134	10	10.55214/25768484.v9i7.8771	10.55214/25768484.v9i7.8771	NUM
easat-8771	134	11	©	©	PROPN
easat-8771	134	12	2025	2025	NUM
easat-8771	134	13	by	by	ADP
easat-8771	134	14	the	the	DET
easat-8771	134	15	author	author	NOUN
easat-8771	134	16	;	;	PUNCT
easat-8771	134	17	licensee	licensee	PROPN
easat-8771	134	18	learning	learn	VERB
easat-8771	134	19	gate	gate	NOUN
easat-8771	134	20	table	table	NOUN
easat-8771	134	21	1	1	NUM
easat-8771	134	22	.	.	PUNCT
easat-8771	135	1	monte	monte	PROPN
easat-8771	135	2	carlo	carlo	PROPN
easat-8771	135	3	simulation	simulation	PROPN
easat-8771	135	4	results	result	VERB
easat-8771	135	5	for	for	ADP
easat-8771	135	6	the	the	DET
easat-8771	135	7	lm	lm	PROPN
easat-8771	135	8	test	test	NOUN
easat-8771	135	9	for	for	ADP
easat-8771	135	10	nonlinearity	nonlinearity	NOUN
easat-8771	135	11	.	.	PUNCT
easat-8771	136	1	sample	sample	NOUN
easat-8771	136	2	size	size	NOUN
easat-8771	136	3	(	(	PUNCT
easat-8771	136	4	n	n	CCONJ
easat-8771	136	5	)	)	PUNCT
easat-8771	136	6	ar	ar	NOUN
easat-8771	136	7	parameter	parameter	NOUN
easat-8771	136	8	(	(	PUNCT
easat-8771	136	9	ϕ	ϕ	NOUN
easat-8771	136	10	)	)	PUNCT
easat-8771	136	11	aggregation	aggregation	NOUN
easat-8771	136	12	level	level	NOUN
easat-8771	136	13	=	=	SYM
easat-8771	136	14	1	1	NUM
easat-8771	136	15	aggregation	aggregation	NOUN
easat-8771	136	16	level	level	NOUN
easat-8771	136	17	=	=	SYM
easat-8771	136	18	5	5	NUM
easat-8771	136	19	aggregation	aggregation	NOUN
easat-8771	136	20	level	level	NOUN
easat-8771	136	21	=	=	NOUN
easat-8771	136	22	10	10	NUM
easat-8771	136	23	50	50	NUM
easat-8771	136	24	0.2	0.2	NUM
easat-8771	136	25	0.156	0.156	NUM
easat-8771	136	26	0.045	0.045	NUM
easat-8771	136	27	0.014	0.014	NUM
easat-8771	136	28	50	50	NUM
easat-8771	136	29	0.5	0.5	NUM
easat-8771	136	30	0.844	0.844	NUM
easat-8771	136	31	0.026	0.026	NUM
easat-8771	136	32	0.014	0.014	NUM
easat-8771	136	33	50	50	NUM
easat-8771	136	34	0.8	0.8	NUM
easat-8771	136	35	0.997	0.997	NUM
easat-8771	136	36	0.005	0.005	NUM
easat-8771	136	37	0.012	0.012	NUM
easat-8771	136	38	200	200	NUM
easat-8771	136	39	0.2	0.2	NUM
easat-8771	136	40	0.741	0.741	NUM
easat-8771	136	41	0.032	0.032	NUM
easat-8771	136	42	0.05	0.05	NUM
easat-8771	136	43	200	200	NUM
easat-8771	136	44	0.5	0.5	NUM
easat-8771	136	45	1	1	NUM
easat-8771	136	46	0.069	0.069	NUM
easat-8771	136	47	0.039	0.039	NUM
easat-8771	136	48	200	200	NUM
easat-8771	136	49	0.8	0.8	NUM
easat-8771	136	50	1	1	NUM
easat-8771	136	51	0.748	0.748	NUM
easat-8771	136	52	0.057	0.057	NUM
easat-8771	136	53	500	500	NUM
easat-8771	136	54	0.2	0.2	NUM
easat-8771	136	55	0.994	0.994	NUM
easat-8771	136	56	0.04	0.04	NUM
easat-8771	136	57	0.046	0.046	NUM
easat-8771	136	58	500	500	NUM
easat-8771	136	59	0.5	0.5	NUM
easat-8771	136	60	1	1	NUM
easat-8771	136	61	0.288	0.288	NUM
easat-8771	136	62	0.057	0.057	NUM
easat-8771	136	63	500	500	NUM
easat-8771	136	64	0.8	0.8	NUM
easat-8771	136	65	1	1	NUM
easat-8771	136	66	0.997	0.997	NUM
easat-8771	136	67	0.374	0.374	NUM
easat-8771	136	68	the	the	DET
easat-8771	136	69	results	result	NOUN
easat-8771	136	70	of	of	ADP
easat-8771	136	71	monte	monte	PROPN
easat-8771	136	72	carlo	carlo	PROPN
easat-8771	136	73	simulations	simulation	NOUN
easat-8771	136	74	provide	provide	VERB
easat-8771	136	75	essential	essential	ADJ
easat-8771	136	76	information	information	NOUN
easat-8771	136	77	on	on	ADP
easat-8771	136	78	how	how	SCONJ
easat-8771	136	79	sample	sample	NOUN
easat-8771	136	80	size	size	NOUN
easat-8771	136	81	,	,	PUNCT
easat-8771	136	82	autoregressive	autoregressive	ADJ
easat-8771	136	83	dependence	dependence	NOUN
easat-8771	136	84	,	,	PUNCT
easat-8771	136	85	and	and	CCONJ
easat-8771	136	86	temporal	temporal	ADJ
easat-8771	136	87	aggregation	aggregation	NOUN
easat-8771	136	88	influence	influence	NOUN
easat-8771	136	89	the	the	DET
easat-8771	136	90	performance	performance	NOUN
easat-8771	136	91	of	of	ADP
easat-8771	136	92	the	the	DET
easat-8771	136	93	lagrange	lagrange	NOUN
easat-8771	136	94	multiplier	multiplier	ADV
easat-8771	136	95	(	(	PUNCT
easat-8771	136	96	lm	lm	INTJ
easat-8771	136	97	)	)	PUNCT
easat-8771	136	98	test	test	NOUN
easat-8771	136	99	for	for	ADP
easat-8771	136	100	nonlinearity	nonlinearity	NOUN
easat-8771	136	101	in	in	ADP
easat-8771	136	102	capturing	capture	VERB
easat-8771	136	103	nonlinearity	nonlinearity	NOUN
easat-8771	136	104	departures	departure	NOUN
easat-8771	136	105	.	.	PUNCT
easat-8771	137	1	the	the	DET
easat-8771	137	2	rejection	rejection	NOUN
easat-8771	137	3	rate	rate	NOUN
easat-8771	137	4	of	of	ADP
easat-8771	137	5	the	the	DET
easat-8771	137	6	test	test	NOUN
easat-8771	137	7	is	be	AUX
easat-8771	137	8	highly	highly	ADV
easat-8771	137	9	sensitive	sensitive	ADJ
easat-8771	137	10	to	to	ADP
easat-8771	137	11	the	the	DET
easat-8771	137	12	degree	degree	NOUN
easat-8771	137	13	of	of	ADP
easat-8771	137	14	autoregressive	autoregressive	ADJ
easat-8771	137	15	dependence	dependence	NOUN
easat-8771	137	16	of	of	ADP
easat-8771	137	17	the	the	DET
easat-8771	137	18	data	datum	NOUN
easat-8771	137	19	.	.	PUNCT
easat-8771	138	1	when	when	SCONJ
easat-8771	138	2	ϕ=0.2	ϕ=0.2	PROPN
easat-8771	138	3	(	(	PUNCT
easat-8771	138	4	weak	weak	ADJ
easat-8771	138	5	persistence	persistence	NOUN
easat-8771	138	6	)	)	PUNCT
easat-8771	138	7	,	,	PUNCT
easat-8771	138	8	the	the	DET
easat-8771	138	9	lm	lm	PROPN
easat-8771	138	10	test	test	NOUN
easat-8771	138	11	has	have	VERB
easat-8771	138	12	low	low	ADJ
easat-8771	138	13	rejection	rejection	NOUN
easat-8771	138	14	rates	rate	NOUN
easat-8771	138	15	at	at	ADP
easat-8771	138	16	all	all	DET
easat-8771	138	17	sample	sample	NOUN
easat-8771	138	18	sizes	size	NOUN
easat-8771	138	19	and	and	CCONJ
easat-8771	138	20	aggregation	aggregation	NOUN
easat-8771	138	21	levels	level	NOUN
easat-8771	138	22	,	,	PUNCT
easat-8771	138	23	suggesting	suggest	VERB
easat-8771	138	24	that	that	SCONJ
easat-8771	138	25	in	in	ADP
easat-8771	138	26	weakly	weakly	ADJ
easat-8771	138	27	dependent	dependent	ADJ
easat-8771	138	28	series	series	NOUN
easat-8771	138	29	,	,	PUNCT
easat-8771	138	30	nonlinearity	nonlinearity	NOUN
easat-8771	138	31	is	be	AUX
easat-8771	138	32	less	less	ADV
easat-8771	138	33	easily	easily	ADV
easat-8771	138	34	detected	detect	VERB
easat-8771	138	35	.	.	PUNCT
easat-8771	139	1	conversely	conversely	ADV
easat-8771	139	2	,	,	PUNCT
easat-8771	139	3	if	if	SCONJ
easat-8771	139	4	ϕ=0.5	ϕ=0.5	NOUN
easat-8771	139	5	or	or	CCONJ
easat-8771	139	6	ϕ=0.8	ϕ=0.8	ADV
easat-8771	139	7	,	,	PUNCT
easat-8771	139	8	the	the	DET
easat-8771	139	9	rejection	rejection	NOUN
easat-8771	139	10	rates	rate	NOUN
easat-8771	139	11	increase	increase	VERB
easat-8771	139	12	considerably	considerably	ADV
easat-8771	139	13	,	,	PUNCT
easat-8771	139	14	particularly	particularly	ADV
easat-8771	139	15	for	for	ADP
easat-8771	139	16	small	small	ADJ
easat-8771	139	17	aggregation	aggregation	NOUN
easat-8771	139	18	levels	level	NOUN
easat-8771	139	19	.	.	PUNCT
easat-8771	140	1	for	for	ADP
easat-8771	140	2	instance	instance	NOUN
easat-8771	140	3	,	,	PUNCT
easat-8771	140	4	for	for	ADP
easat-8771	140	5	n=50	n=50	ADJ
easat-8771	140	6	and	and	CCONJ
easat-8771	140	7	ϕ=0.8	ϕ=0.8	ADV
easat-8771	140	8	,	,	PUNCT
easat-8771	140	9	the	the	DET
easat-8771	140	10	test	test	NOUN
easat-8771	140	11	rejects	reject	VERB
easat-8771	140	12	linearity	linearity	NOUN
easat-8771	140	13	99.7	99.7	NUM
easat-8771	140	14	%	%	NOUN
easat-8771	140	15	of	of	ADP
easat-8771	140	16	the	the	DET
easat-8771	140	17	time	time	NOUN
easat-8771	140	18	in	in	ADP
easat-8771	140	19	the	the	DET
easat-8771	140	20	absence	absence	NOUN
easat-8771	140	21	of	of	ADP
easat-8771	140	22	aggregation	aggregation	NOUN
easat-8771	140	23	,	,	PUNCT
easat-8771	140	24	which	which	PRON
easat-8771	140	25	confirms	confirm	VERB
easat-8771	140	26	that	that	SCONJ
easat-8771	140	27	strongly	strongly	ADV
easat-8771	140	28	persistent	persistent	ADJ
easat-8771	140	29	autoregressive	autoregressive	ADJ
easat-8771	140	30	processes	process	NOUN
easat-8771	140	31	increase	increase	VERB
easat-8771	140	32	the	the	DET
easat-8771	140	33	power	power	NOUN
easat-8771	140	34	of	of	ADP
easat-8771	140	35	the	the	DET
easat-8771	140	36	test	test	NOUN
easat-8771	140	37	.	.	PUNCT
easat-8771	141	1	this	this	DET
easat-8771	141	2	trend	trend	NOUN
easat-8771	141	3	is	be	AUX
easat-8771	141	4	observed	observe	VERB
easat-8771	141	5	for	for	ADP
easat-8771	141	6	larger	large	ADJ
easat-8771	141	7	sample	sample	NOUN
easat-8771	141	8	sizes	size	NOUN
easat-8771	141	9	,	,	PUNCT
easat-8771	141	10	where	where	SCONJ
easat-8771	141	11	rejection	rejection	NOUN
easat-8771	141	12	rates	rate	NOUN
easat-8771	141	13	approach	approach	VERB
easat-8771	141	14	100	100	NUM
easat-8771	141	15	%	%	NOUN
easat-8771	141	16	for	for	ADP
easat-8771	141	17	strongly	strongly	ADV
easat-8771	141	18	persistent	persistent	ADJ
easat-8771	141	19	time	time	NOUN
easat-8771	141	20	series	series	NOUN
easat-8771	141	21	.	.	PUNCT
easat-8771	142	1	the	the	DET
easat-8771	142	2	power	power	NOUN
easat-8771	142	3	of	of	ADP
easat-8771	142	4	the	the	DET
easat-8771	142	5	lm	lm	PROPN
easat-8771	142	6	test	test	NOUN
easat-8771	142	7	to	to	PART
easat-8771	142	8	reject	reject	VERB
easat-8771	142	9	nonlinearity	nonlinearity	NOUN
easat-8771	142	10	increases	increase	NOUN
easat-8771	142	11	significantly	significantly	ADV
easat-8771	142	12	with	with	ADP
easat-8771	142	13	larger	large	ADJ
easat-8771	142	14	samples	sample	NOUN
easat-8771	142	15	when	when	SCONJ
easat-8771	142	16	there	there	PRON
easat-8771	142	17	is	be	VERB
easat-8771	142	18	low	low	ADJ
easat-8771	142	19	aggregation	aggregation	NOUN
easat-8771	142	20	.	.	PUNCT
easat-8771	143	1	for	for	ADP
easat-8771	143	2	example	example	NOUN
easat-8771	143	3	,	,	PUNCT
easat-8771	143	4	at	at	ADP
easat-8771	143	5	n=500	n=500	NUM
easat-8771	143	6	,	,	PUNCT
easat-8771	143	7	the	the	DET
easat-8771	143	8	rejection	rejection	NOUN
easat-8771	143	9	frequency	frequency	NOUN
easat-8771	143	10	is	be	AUX
easat-8771	143	11	almost	almost	ADV
easat-8771	143	12	100	100	NUM
easat-8771	143	13	%	%	NOUN
easat-8771	143	14	if	if	SCONJ
easat-8771	143	15	ϕ=0.5	ϕ=0.5	NOUN
easat-8771	143	16	or	or	CCONJ
easat-8771	143	17	ϕ=0.8	ϕ=0.8	ADV
easat-8771	143	18	,	,	PUNCT
easat-8771	143	19	even	even	ADV
easat-8771	143	20	at	at	ADP
easat-8771	143	21	moderate	moderate	ADJ
easat-8771	143	22	values	value	NOUN
easat-8771	143	23	of	of	ADP
easat-8771	143	24	aggregation	aggregation	NOUN
easat-8771	143	25	(	(	PUNCT
easat-8771	143	26	e.g.	e.g.	ADV
easat-8771	143	27	,	,	PUNCT
easat-8771	143	28	5	5	NUM
easat-8771	143	29	)	)	PUNCT
easat-8771	143	30	.	.	PUNCT
easat-8771	144	1	however	however	ADV
easat-8771	144	2	,	,	PUNCT
easat-8771	144	3	when	when	SCONJ
easat-8771	144	4	the	the	DET
easat-8771	144	5	sample	sample	NOUN
easat-8771	144	6	size	size	NOUN
easat-8771	144	7	is	be	AUX
easat-8771	144	8	small	small	ADJ
easat-8771	144	9	(	(	PUNCT
easat-8771	144	10	n=50	n=50	PROPN
easat-8771	144	11	)	)	PUNCT
easat-8771	144	12	,	,	PUNCT
easat-8771	144	13	the	the	DET
easat-8771	144	14	test	test	NOUN
easat-8771	144	15	power	power	NOUN
easat-8771	144	16	is	be	AUX
easat-8771	144	17	much	much	ADV
easat-8771	144	18	less	less	ADJ
easat-8771	144	19	,	,	PUNCT
easat-8771	144	20	particularly	particularly	ADV
easat-8771	144	21	for	for	ADP
easat-8771	144	22	weakly	weakly	ADJ
easat-8771	144	23	autoregressive	autoregressive	ADJ
easat-8771	144	24	data	datum	NOUN
easat-8771	144	25	(	(	PUNCT
easat-8771	144	26	ϕ=0.2	ϕ=0.2	NOUN
easat-8771	144	27	)	)	PUNCT
easat-8771	144	28	.	.	PUNCT
easat-8771	145	1	this	this	PRON
easat-8771	145	2	confirms	confirm	VERB
easat-8771	145	3	that	that	SCONJ
easat-8771	145	4	sample	sample	NOUN
easat-8771	145	5	size	size	NOUN
easat-8771	145	6	plays	play	VERB
easat-8771	145	7	a	a	DET
easat-8771	145	8	crucial	crucial	ADJ
easat-8771	145	9	role	role	NOUN
easat-8771	145	10	in	in	ADP
easat-8771	145	11	giving	give	VERB
easat-8771	145	12	the	the	DET
easat-8771	145	13	test	test	NOUN
easat-8771	145	14	reliability	reliability	NOUN
easat-8771	145	15	,	,	PUNCT
easat-8771	145	16	particularly	particularly	ADV
easat-8771	145	17	in	in	ADP
easat-8771	145	18	small	small	ADJ
easat-8771	145	19	data	data	NOUN
easat-8771	145	20	sets	set	NOUN
easat-8771	145	21	where	where	SCONJ
easat-8771	145	22	the	the	DET
easat-8771	145	23	nonlinearity	nonlinearity	NOUN
easat-8771	145	24	is	be	AUX
easat-8771	145	25	being	be	AUX
easat-8771	145	26	masked	mask	VERB
easat-8771	145	27	by	by	ADP
easat-8771	145	28	noise	noise	NOUN
easat-8771	145	29	.	.	PUNCT
easat-8771	146	1	one	one	NUM
easat-8771	146	2	of	of	ADP
easat-8771	146	3	the	the	DET
easat-8771	146	4	most	most	ADV
easat-8771	146	5	glaring	glaring	ADJ
easat-8771	146	6	results	result	NOUN
easat-8771	146	7	is	be	AUX
easat-8771	146	8	that	that	SCONJ
easat-8771	146	9	as	as	SCONJ
easat-8771	146	10	the	the	DET
easat-8771	146	11	aggregation	aggregation	NOUN
easat-8771	146	12	level	level	NOUN
easat-8771	146	13	rises	rise	VERB
easat-8771	146	14	(	(	PUNCT
easat-8771	146	15	i.e.	i.e.	X
easat-8771	146	16	,	,	PUNCT
easat-8771	146	17	as	as	SCONJ
easat-8771	146	18	one	one	PRON
easat-8771	146	19	goes	go	VERB
easat-8771	146	20	from	from	ADP
easat-8771	146	21	raw	raw	ADJ
easat-8771	146	22	data	datum	NOUN
easat-8771	146	23	to	to	ADP
easat-8771	146	24	time	time	NOUN
easat-8771	146	25	-	-	PUNCT
easat-8771	146	26	averaged	average	VERB
easat-8771	146	27	data	datum	NOUN
easat-8771	146	28	)	)	PUNCT
easat-8771	146	29	,	,	PUNCT
easat-8771	146	30	the	the	DET
easat-8771	146	31	rejection	rejection	NOUN
easat-8771	146	32	frequency	frequency	NOUN
easat-8771	146	33	of	of	ADP
easat-8771	146	34	the	the	DET
easat-8771	146	35	lm	lm	PROPN
easat-8771	146	36	test	test	NOUN
easat-8771	146	37	drops	drop	VERB
easat-8771	146	38	sharply	sharply	ADV
easat-8771	146	39	.	.	PUNCT
easat-8771	147	1	for	for	ADP
easat-8771	147	2	example	example	NOUN
easat-8771	147	3	,	,	PUNCT
easat-8771	147	4	with	with	ADP
easat-8771	147	5	ϕ=0.8	ϕ=0.8	NOUN
easat-8771	147	6	and	and	CCONJ
easat-8771	147	7	n	n	CCONJ
easat-8771	147	8	=	=	SYM
easat-8771	147	9	50	50	NUM
easat-8771	147	10	,	,	PUNCT
easat-8771	147	11	the	the	DET
easat-8771	147	12	rejection	rejection	NOUN
easat-8771	147	13	rate	rate	NOUN
easat-8771	147	14	decreases	decrease	VERB
easat-8771	147	15	from	from	ADP
easat-8771	147	16	99.7	99.7	NUM
easat-8771	147	17	%	%	NOUN
easat-8771	147	18	at	at	ADP
easat-8771	147	19	no	no	DET
easat-8771	147	20	aggregation	aggregation	NOUN
easat-8771	147	21	to	to	ADP
easat-8771	147	22	only	only	ADV
easat-8771	147	23	1.2	1.2	NUM
easat-8771	147	24	%	%	NOUN
easat-8771	147	25	at	at	ADP
easat-8771	147	26	the	the	DET
easat-8771	147	27	highest	high	ADJ
easat-8771	147	28	level	level	NOUN
easat-8771	147	29	of	of	ADP
easat-8771	147	30	aggregation	aggregation	NOUN
easat-8771	147	31	.	.	PUNCT
easat-8771	148	1	the	the	DET
easat-8771	148	2	same	same	ADJ
easat-8771	148	3	is	be	AUX
easat-8771	148	4	true	true	ADJ
easat-8771	148	5	for	for	ADP
easat-8771	148	6	all	all	DET
easat-8771	148	7	sample	sample	NOUN
easat-8771	148	8	sizes	size	NOUN
easat-8771	148	9	and	and	CCONJ
easat-8771	148	10	levels	level	NOUN
easat-8771	148	11	of	of	ADP
easat-8771	148	12	autoregression	autoregression	NOUN
easat-8771	148	13	strength	strength	NOUN
easat-8771	148	14	,	,	PUNCT
easat-8771	148	15	and	and	CCONJ
easat-8771	148	16	it	it	PRON
easat-8771	148	17	suggests	suggest	VERB
easat-8771	148	18	that	that	SCONJ
easat-8771	148	19	temporal	temporal	ADJ
easat-8771	148	20	aggregation	aggregation	NOUN
easat-8771	148	21	smooths	smooth	VERB
easat-8771	148	22	nonlinear	nonlinear	ADJ
easat-8771	148	23	effects	effect	NOUN
easat-8771	148	24	,	,	PUNCT
easat-8771	148	25	and	and	CCONJ
easat-8771	148	26	they	they	PRON
easat-8771	148	27	become	become	VERB
easat-8771	148	28	less	less	ADV
easat-8771	148	29	traceable	traceable	ADJ
easat-8771	148	30	.	.	PUNCT
easat-8771	149	1	even	even	ADV
easat-8771	149	2	for	for	ADP
easat-8771	149	3	very	very	ADV
easat-8771	149	4	large	large	ADJ
easat-8771	149	5	sample	sample	NOUN
easat-8771	149	6	sizes	size	NOUN
easat-8771	149	7	,	,	PUNCT
easat-8771	149	8	the	the	DET
easat-8771	149	9	rejection	rejection	NOUN
easat-8771	149	10	rate	rate	NOUN
easat-8771	149	11	at	at	ADP
easat-8771	149	12	high	high	ADJ
easat-8771	149	13	aggregation	aggregation	NOUN
easat-8771	149	14	(	(	PUNCT
easat-8771	149	15	10	10	NUM
easat-8771	149	16	)	)	PUNCT
easat-8771	149	17	is	be	AUX
easat-8771	149	18	fairly	fairly	ADV
easat-8771	149	19	lower	low	ADJ
easat-8771	149	20	than	than	ADP
easat-8771	149	21	in	in	ADP
easat-8771	149	22	the	the	DET
easat-8771	149	23	unaggregated	unaggregated	ADJ
easat-8771	149	24	case	case	NOUN
easat-8771	149	25	.	.	PUNCT
easat-8771	150	1	the	the	DET
easat-8771	150	2	findings	finding	NOUN
easat-8771	150	3	of	of	ADP
easat-8771	150	4	this	this	DET
easat-8771	150	5	study	study	NOUN
easat-8771	150	6	highlight	highlight	VERB
easat-8771	150	7	the	the	DET
easat-8771	150	8	critical	critical	ADJ
easat-8771	150	9	impact	impact	NOUN
easat-8771	150	10	of	of	ADP
easat-8771	150	11	temporal	temporal	ADJ
easat-8771	150	12	aggregation	aggregation	NOUN
easat-8771	150	13	on	on	ADP
easat-8771	150	14	the	the	DET
easat-8771	150	15	effectiveness	effectiveness	NOUN
easat-8771	150	16	of	of	ADP
easat-8771	150	17	the	the	DET
easat-8771	150	18	lagrange	lagrange	NOUN
easat-8771	150	19	multiplier	multiplier	ADV
easat-8771	150	20	(	(	PUNCT
easat-8771	150	21	lm	lm	INTJ
easat-8771	150	22	)	)	PUNCT
easat-8771	150	23	test	test	NOUN
easat-8771	150	24	for	for	ADP
easat-8771	150	25	nonlinearity	nonlinearity	NOUN
easat-8771	150	26	.	.	PUNCT
easat-8771	151	1	the	the	DET
easat-8771	151	2	test	test	NOUN
easat-8771	151	3	demonstrates	demonstrate	VERB
easat-8771	151	4	high	high	ADJ
easat-8771	151	5	effectiveness	effectiveness	NOUN
easat-8771	151	6	in	in	ADP
easat-8771	151	7	detecting	detect	VERB
easat-8771	151	8	nonlinear	nonlinear	ADJ
easat-8771	151	9	patterns	pattern	NOUN
easat-8771	151	10	in	in	ADP
easat-8771	151	11	strongly	strongly	ADV
easat-8771	151	12	autoregressive	autoregressive	ADJ
easat-8771	151	13	time	time	NOUN
easat-8771	151	14	series	series	NOUN
easat-8771	151	15	when	when	SCONJ
easat-8771	151	16	the	the	DET
easat-8771	151	17	data	datum	NOUN
easat-8771	151	18	remains	remain	VERB
easat-8771	151	19	unaggregated	unaggregated	ADJ
easat-8771	151	20	,	,	PUNCT
easat-8771	151	21	with	with	ADP
easat-8771	151	22	its	its	PRON
easat-8771	151	23	power	power	NOUN
easat-8771	151	24	improving	improve	VERB
easat-8771	151	25	as	as	ADP
easat-8771	151	26	autoregressive	autoregressive	ADJ
easat-8771	151	27	persistence	persistence	NOUN
easat-8771	151	28	increases	increase	NOUN
easat-8771	151	29	,	,	PUNCT
easat-8771	151	30	particularly	particularly	ADV
easat-8771	151	31	in	in	ADP
easat-8771	151	32	large	large	ADJ
easat-8771	151	33	sample	sample	NOUN
easat-8771	151	34	sizes	size	NOUN
easat-8771	151	35	.	.	PUNCT
easat-8771	152	1	however	however	ADV
easat-8771	152	2	,	,	PUNCT
easat-8771	152	3	temporal	temporal	ADJ
easat-8771	152	4	aggregation	aggregation	NOUN
easat-8771	152	5	has	have	VERB
easat-8771	152	6	significant	significant	ADJ
easat-8771	152	7	power	power	NOUN
easat-8771	152	8	to	to	PART
easat-8771	152	9	reduce	reduce	VERB
easat-8771	152	10	the	the	DET
easat-8771	152	11	test	test	NOUN
easat-8771	152	12	power	power	NOUN
easat-8771	152	13	to	to	PART
easat-8771	152	14	detect	detect	VERB
easat-8771	152	15	nonlinearity	nonlinearity	NOUN
easat-8771	152	16	because	because	SCONJ
easat-8771	152	17	increasing	increase	VERB
easat-8771	152	18	the	the	DET
easat-8771	152	19	level	level	NOUN
easat-8771	152	20	of	of	ADP
easat-8771	152	21	aggregation	aggregation	NOUN
easat-8771	152	22	causes	cause	VERB
easat-8771	152	23	a	a	DET
easat-8771	152	24	significant	significant	ADJ
easat-8771	152	25	decrease	decrease	NOUN
easat-8771	152	26	in	in	ADP
easat-8771	152	27	significant	significant	ADJ
easat-8771	152	28	test	test	NOUN
easat-8771	152	29	outcomes	outcome	NOUN
easat-8771	152	30	,	,	PUNCT
easat-8771	152	31	even	even	ADV
easat-8771	152	32	for	for	ADP
easat-8771	152	33	highly	highly	ADV
easat-8771	152	34	autoregressive	autoregressive	ADJ
easat-8771	152	35	processes	process	NOUN
easat-8771	152	36	.	.	PUNCT
easat-8771	153	1	while	while	SCONJ
easat-8771	153	2	increased	increase	VERB
easat-8771	153	3	samples	sample	NOUN
easat-8771	153	4	increase	increase	VERB
easat-8771	153	5	the	the	DET
easat-8771	153	6	reliability	reliability	NOUN
easat-8771	153	7	of	of	ADP
easat-8771	153	8	the	the	DET
easat-8771	153	9	lm	lm	PROPN
easat-8771	153	10	test	test	NOUN
easat-8771	153	11	,	,	PUNCT
easat-8771	153	12	aggregation	aggregation	NOUN
easat-8771	153	13	still	still	ADV
easat-8771	153	14	diminishes	diminish	VERB
easat-8771	153	15	its	its	PRON
easat-8771	153	16	power	power	NOUN
easat-8771	153	17	;	;	PUNCT
easat-8771	153	18	even	even	ADV
easat-8771	153	19	with	with	ADP
easat-8771	153	20	an	an	DET
easat-8771	153	21	increased	increase	VERB
easat-8771	153	22	sample	sample	NOUN
easat-8771	153	23	size	size	NOUN
easat-8771	153	24	to	to	ADP
easat-8771	153	25	500	500	NUM
easat-8771	153	26	,	,	PUNCT
easat-8771	153	27	the	the	DET
easat-8771	153	28	rate	rate	NOUN
easat-8771	153	29	of	of	ADP
easat-8771	153	30	rejection	rejection	NOUN
easat-8771	153	31	falls	fall	VERB
easat-8771	153	32	with	with	ADP
easat-8771	153	33	an	an	DET
easat-8771	153	34	increase	increase	NOUN
easat-8771	153	35	in	in	ADP
easat-8771	153	36	aggregation	aggregation	NOUN
easat-8771	153	37	,	,	PUNCT
easat-8771	153	38	which	which	PRON
easat-8771	153	39	implies	imply	VERB
easat-8771	153	40	that	that	SCONJ
easat-8771	153	41	smoothing	smoothing	NOUN
easat-8771	153	42	affects	affect	VERB
easat-8771	153	43	conceal	conceal	NOUN
easat-8771	153	44	dynamics	dynamic	NOUN
easat-8771	153	45	.	.	PUNCT
easat-8771	154	1	these	these	DET
easat-8771	154	2	findings	finding	NOUN
easat-8771	154	3	have	have	VERB
easat-8771	154	4	important	important	ADJ
easat-8771	154	5	implications	implication	NOUN
easat-8771	154	6	for	for	ADP
easat-8771	154	7	exchange	exchange	NOUN
easat-8771	154	8	rate	rate	NOUN
easat-8771	154	9	modeling	modeling	NOUN
easat-8771	154	10	,	,	PUNCT
easat-8771	154	11	where	where	SCONJ
easat-8771	154	12	data	datum	NOUN
easat-8771	154	13	is	be	AUX
easat-8771	154	14	frequently	frequently	ADV
easat-8771	154	15	aggregated	aggregate	VERB
easat-8771	154	16	,	,	PUNCT
easat-8771	154	17	potentially	potentially	ADV
easat-8771	154	18	obscuring	obscure	VERB
easat-8771	154	19	crucial	crucial	ADJ
easat-8771	154	20	nonlinear	nonlinear	ADJ
easat-8771	154	21	patterns	pattern	NOUN
easat-8771	154	22	that	that	PRON
easat-8771	154	23	are	be	AUX
easat-8771	154	24	essential	essential	ADJ
easat-8771	154	25	for	for	ADP
easat-8771	154	26	accurately	accurately	ADV
easat-8771	154	27	modeling	model	VERB
easat-8771	154	28	financial	financial	ADJ
easat-8771	154	29	markets	market	NOUN
easat-8771	154	30	.	.	PUNCT
easat-8771	155	1	overall	overall	ADJ
easat-8771	155	2	,	,	PUNCT
easat-8771	155	3	minimizing	minimize	VERB
easat-8771	155	4	temporal	temporal	ADJ
easat-8771	155	5	aggregation	aggregation	NOUN
easat-8771	155	6	is	be	AUX
easat-8771	155	7	essential	essential	ADJ
easat-8771	155	8	for	for	ADP
easat-8771	155	9	detecting	detect	VERB
easat-8771	155	10	nonlinearity	nonlinearity	NOUN
easat-8771	155	11	in	in	ADP
easat-8771	155	12	exchange	exchange	NOUN
easat-8771	155	13	rate	rate	NOUN
easat-8771	155	14	movements	movement	NOUN
easat-8771	155	15	,	,	PUNCT
easat-8771	155	16	as	as	SCONJ
easat-8771	155	17	raw	raw	ADJ
easat-8771	155	18	or	or	CCONJ
easat-8771	155	19	minimally	minimally	ADV
easat-8771	155	20	aggregated	aggregate	VERB
easat-8771	155	21	data	datum	NOUN
easat-8771	155	22	significantly	significantly	ADV
easat-8771	155	23	enhances	enhance	VERB
easat-8771	155	24	924	924	NUM
easat-8771	155	25	edelweiss	edelweiss	PROPN
easat-8771	155	26	applied	apply	VERB
easat-8771	155	27	science	science	NOUN
easat-8771	155	28	and	and	CCONJ
easat-8771	155	29	technology	technology	NOUN
easat-8771	155	30	issn	issn	PROPN
easat-8771	155	31	:	:	PUNCT
easat-8771	155	32	2576	2576	NUM
easat-8771	155	33	-	-	SYM
easat-8771	155	34	8484	8484	NUM
easat-8771	155	35	vol	vol	NOUN
easat-8771	155	36	.	.	PROPN
easat-8771	156	1	9	9	NUM
easat-8771	156	2	,	,	PUNCT
easat-8771	156	3	no	no	INTJ
easat-8771	156	4	.	.	NOUN
easat-8771	157	1	7	7	NUM
easat-8771	157	2	:	:	SYM
easat-8771	157	3	918	918	NUM
easat-8771	157	4	-	-	SYM
easat-8771	157	5	936	936	NUM
easat-8771	157	6	,	,	PUNCT
easat-8771	157	7	2025	2025	NUM
easat-8771	157	8	doi	doi	NOUN
easat-8771	157	9	:	:	PUNCT
easat-8771	157	10	10.55214/25768484.v9i7.8771	10.55214/25768484.v9i7.8771	NUM
easat-8771	157	11	©	©	PROPN
easat-8771	157	12	2025	2025	NUM
easat-8771	157	13	by	by	ADP
easat-8771	157	14	the	the	DET
easat-8771	157	15	author	author	NOUN
easat-8771	157	16	;	;	PUNCT
easat-8771	157	17	licensee	licensee	PROPN
easat-8771	157	18	learning	learning	NOUN
easat-8771	157	19	gate	gate	VERB
easat-8771	157	20	the	the	DET
easat-8771	157	21	power	power	NOUN
easat-8771	157	22	of	of	ADP
easat-8771	157	23	standard	standard	ADJ
easat-8771	157	24	nonlinearity	nonlinearity	NOUN
easat-8771	157	25	tests	test	NOUN
easat-8771	157	26	like	like	ADP
easat-8771	157	27	the	the	DET
easat-8771	157	28	lm	lm	PROPN
easat-8771	157	29	test	test	NOUN
easat-8771	157	30	,	,	PUNCT
easat-8771	157	31	leading	lead	VERB
easat-8771	157	32	to	to	ADP
easat-8771	157	33	a	a	DET
easat-8771	157	34	more	more	ADV
easat-8771	157	35	accurate	accurate	ADJ
easat-8771	157	36	representation	representation	NOUN
easat-8771	157	37	of	of	ADP
easat-8771	157	38	real	real	ADJ
easat-8771	157	39	-	-	PUNCT
easat-8771	157	40	world	world	NOUN
easat-8771	157	41	financial	financial	ADJ
easat-8771	157	42	dynamics	dynamic	NOUN
easat-8771	157	43	.	.	PUNCT
easat-8771	158	1	figure	figure	NOUN
easat-8771	158	2	1	1	NUM
easat-8771	158	3	is	be	AUX
easat-8771	158	4	a	a	DET
easat-8771	158	5	heatmap	heatmap	NOUN
easat-8771	158	6	plot	plot	NOUN
easat-8771	158	7	of	of	ADP
easat-8771	158	8	the	the	DET
easat-8771	158	9	impact	impact	NOUN
easat-8771	158	10	of	of	ADP
easat-8771	158	11	temporal	temporal	ADJ
easat-8771	158	12	aggregation	aggregation	NOUN
easat-8771	158	13	on	on	ADP
easat-8771	158	14	the	the	DET
easat-8771	158	15	lagrange	lagrange	NOUN
easat-8771	158	16	multiplier	multipli	ADJ
easat-8771	158	17	test	test	NOUN
easat-8771	158	18	for	for	ADP
easat-8771	158	19	nonlinearity	nonlinearity	NOUN
easat-8771	158	20	rejection	rejection	NOUN
easat-8771	158	21	probabilities	probability	NOUN
easat-8771	158	22	.	.	PUNCT
easat-8771	159	1	the	the	DET
easat-8771	159	2	color	color	NOUN
easat-8771	159	3	gradient	gradient	NOUN
easat-8771	159	4	indicates	indicate	VERB
easat-8771	159	5	how	how	SCONJ
easat-8771	159	6	the	the	DET
easat-8771	159	7	test	test	NOUN
easat-8771	159	8	performance	performance	NOUN
easat-8771	159	9	varies	vary	VERB
easat-8771	159	10	with	with	ADP
easat-8771	159	11	the	the	DET
easat-8771	159	12	extent	extent	NOUN
easat-8771	159	13	of	of	ADP
easat-8771	159	14	autoregressive	autoregressive	ADJ
easat-8771	159	15	dependence	dependence	NOUN
easat-8771	159	16	,	,	PUNCT
easat-8771	159	17	sample	sample	NOUN
easat-8771	159	18	size	size	NOUN
easat-8771	159	19	,	,	PUNCT
easat-8771	159	20	and	and	CCONJ
easat-8771	159	21	frequency	frequency	NOUN
easat-8771	159	22	of	of	ADP
easat-8771	159	23	aggregation	aggregation	NOUN
easat-8771	159	24	.	.	PUNCT
easat-8771	160	1	dark	dark	ADJ
easat-8771	160	2	red	red	ADJ
easat-8771	160	3	areas	area	NOUN
easat-8771	160	4	signify	signify	VERB
easat-8771	160	5	high	high	ADJ
easat-8771	160	6	rejection	rejection	NOUN
easat-8771	160	7	probabilities	probability	NOUN
easat-8771	160	8	where	where	SCONJ
easat-8771	160	9	the	the	DET
easat-8771	160	10	test	test	NOUN
easat-8771	160	11	can	can	AUX
easat-8771	160	12	detect	detect	VERB
easat-8771	160	13	nonlinearity	nonlinearity	NOUN
easat-8771	160	14	at	at	ADP
easat-8771	160	15	low	low	ADJ
easat-8771	160	16	levels	level	NOUN
easat-8771	160	17	of	of	ADP
easat-8771	160	18	aggregation	aggregation	NOUN
easat-8771	160	19	and	and	CCONJ
easat-8771	160	20	high	high	ADJ
easat-8771	160	21	autoregressive	autoregressive	ADJ
easat-8771	160	22	persistence	persistence	NOUN
easat-8771	160	23	.	.	PUNCT
easat-8771	161	1	on	on	ADP
easat-8771	161	2	the	the	DET
easat-8771	161	3	other	other	ADJ
easat-8771	161	4	hand	hand	NOUN
easat-8771	161	5	,	,	PUNCT
easat-8771	161	6	blue	blue	ADJ
easat-8771	161	7	and	and	CCONJ
easat-8771	161	8	white	white	ADJ
easat-8771	161	9	regions	region	NOUN
easat-8771	161	10	reflect	reflect	VERB
easat-8771	161	11	the	the	DET
easat-8771	161	12	precipitous	precipitous	ADJ
easat-8771	161	13	drop	drop	NOUN
easat-8771	161	14	in	in	ADP
easat-8771	161	15	rejection	rejection	NOUN
easat-8771	161	16	rates	rate	NOUN
easat-8771	161	17	with	with	ADP
easat-8771	161	18	aggregation	aggregation	NOUN
easat-8771	161	19	,	,	PUNCT
easat-8771	161	20	showing	show	VERB
easat-8771	161	21	the	the	DET
easat-8771	161	22	loss	loss	NOUN
easat-8771	161	23	of	of	ADP
easat-8771	161	24	power	power	NOUN
easat-8771	161	25	of	of	ADP
easat-8771	161	26	the	the	DET
easat-8771	161	27	lm	lm	PROPN
easat-8771	161	28	test	test	NOUN
easat-8771	161	29	for	for	ADP
easat-8771	161	30	nonlinear	nonlinear	ADJ
easat-8771	161	31	patterns	pattern	NOUN
easat-8771	161	32	as	as	SCONJ
easat-8771	161	33	data	datum	NOUN
easat-8771	161	34	becomes	becomes	AUX
easat-8771	161	35	smoothed	smooth	VERB
easat-8771	161	36	over	over	ADP
easat-8771	161	37	time	time	NOUN
easat-8771	161	38	.	.	PUNCT
easat-8771	162	1	figure	figure	NOUN
easat-8771	162	2	1	1	NUM
easat-8771	162	3	.	.	PUNCT
easat-8771	163	1	impact	impact	NOUN
easat-8771	163	2	of	of	ADP
easat-8771	163	3	temporal	temporal	ADJ
easat-8771	163	4	aggregation	aggregation	NOUN
easat-8771	163	5	on	on	ADP
easat-8771	163	6	the	the	DET
easat-8771	163	7	power	power	NOUN
easat-8771	163	8	of	of	ADP
easat-8771	163	9	the	the	DET
easat-8771	163	10	lm	lm	X
easat-8771	163	11	test	test	NOUN
easat-8771	163	12	for	for	ADP
easat-8771	163	13	nonlinearity	nonlinearity	NOUN
easat-8771	163	14	.	.	PUNCT
easat-8771	164	1	heatmap	heatmap	NOUN
easat-8771	164	2	visualization	visualization	NOUN
easat-8771	164	3	of	of	ADP
easat-8771	164	4	the	the	DET
easat-8771	164	5	simulation	simulation	NOUN
easat-8771	164	6	results	result	NOUN
easat-8771	164	7	clearly	clearly	ADV
easat-8771	164	8	illustrates	illustrate	VERB
easat-8771	164	9	how	how	SCONJ
easat-8771	164	10	temporal	temporal	ADJ
easat-8771	164	11	aggregation	aggregation	NOUN
easat-8771	164	12	affects	affect	VERB
easat-8771	164	13	the	the	DET
easat-8771	164	14	power	power	NOUN
easat-8771	164	15	of	of	ADP
easat-8771	164	16	the	the	DET
easat-8771	164	17	lagrange	lagrange	NOUN
easat-8771	164	18	multiplier	multiplier	ADV
easat-8771	164	19	(	(	PUNCT
easat-8771	164	20	lm	lm	INTJ
easat-8771	164	21	)	)	PUNCT
easat-8771	164	22	test	test	NOUN
easat-8771	164	23	for	for	ADP
easat-8771	164	24	nonlinearity	nonlinearity	NOUN
easat-8771	164	25	.	.	PUNCT
easat-8771	165	1	dark	dark	ADJ
easat-8771	165	2	red	red	ADJ
easat-8771	165	3	high	high	ADJ
easat-8771	165	4	rejection	rejection	NOUN
easat-8771	165	5	rate	rate	NOUN
easat-8771	165	6	representations	representation	NOUN
easat-8771	165	7	in	in	ADP
easat-8771	165	8	the	the	DET
easat-8771	165	9	areas	area	NOUN
easat-8771	165	10	demonstrate	demonstrate	VERB
easat-8771	165	11	the	the	DET
easat-8771	165	12	lm	lm	ADJ
easat-8771	165	13	test	test	NOUN
easat-8771	165	14	performing	perform	VERB
easat-8771	165	15	well	well	ADV
easat-8771	165	16	when	when	SCONJ
easat-8771	165	17	data	datum	NOUN
easat-8771	165	18	is	be	AUX
easat-8771	165	19	maintained	maintain	VERB
easat-8771	165	20	in	in	ADP
easat-8771	165	21	low	low	ADJ
easat-8771	165	22	levels	level	NOUN
easat-8771	165	23	of	of	ADP
easat-8771	165	24	aggregation	aggregation	NOUN
easat-8771	165	25	,	,	PUNCT
easat-8771	165	26	particularly	particularly	ADV
easat-8771	165	27	in	in	ADP
easat-8771	165	28	cases	case	NOUN
easat-8771	165	29	with	with	ADP
easat-8771	165	30	high	high	ADJ
easat-8771	165	31	autoregressive	autoregressive	ADJ
easat-8771	165	32	dependence	dependence	NOUN
easat-8771	165	33	(	(	PUNCT
easat-8771	165	34	ϕ=0.8	ϕ=0.8	ADV
easat-8771	165	35	)	)	PUNCT
easat-8771	165	36	and	and	CCONJ
easat-8771	165	37	larger	large	ADJ
easat-8771	165	38	sample	sample	NOUN
easat-8771	165	39	sizes	size	NOUN
easat-8771	165	40	.	.	PUNCT
easat-8771	166	1	on	on	ADP
easat-8771	166	2	the	the	DET
easat-8771	166	3	other	other	ADJ
easat-8771	166	4	hand	hand	NOUN
easat-8771	166	5	,	,	PUNCT
easat-8771	166	6	blue	blue	ADJ
easat-8771	166	7	and	and	CCONJ
easat-8771	166	8	white	white	ADJ
easat-8771	166	9	regions	region	NOUN
easat-8771	166	10	,	,	PUNCT
easat-8771	166	11	showing	show	VERB
easat-8771	166	12	low	low	ADJ
easat-8771	166	13	rejection	rejection	NOUN
easat-8771	166	14	rates	rate	NOUN
easat-8771	166	15	,	,	PUNCT
easat-8771	166	16	highlight	highlight	VERB
easat-8771	166	17	the	the	DET
easat-8771	166	18	huge	huge	ADJ
easat-8771	166	19	loss	loss	NOUN
easat-8771	166	20	of	of	ADP
easat-8771	166	21	power	power	NOUN
easat-8771	166	22	with	with	ADP
easat-8771	166	23	rising	rise	VERB
easat-8771	166	24	aggregation	aggregation	NOUN
easat-8771	166	25	.	.	PUNCT
easat-8771	167	1	even	even	ADV
easat-8771	167	2	with	with	ADP
easat-8771	167	3	large	large	ADJ
easat-8771	167	4	samples	sample	NOUN
easat-8771	167	5	,	,	PUNCT
easat-8771	167	6	the	the	DET
easat-8771	167	7	test	test	NOUN
easat-8771	167	8	performs	perform	VERB
easat-8771	167	9	poorly	poorly	ADV
easat-8771	167	10	in	in	ADP
easat-8771	167	11	detecting	detect	VERB
easat-8771	167	12	nonlinearity	nonlinearity	NOUN
easat-8771	167	13	when	when	SCONJ
easat-8771	167	14	high	high	ADJ
easat-8771	167	15	levels	level	NOUN
easat-8771	167	16	of	of	ADP
easat-8771	167	17	aggregation	aggregation	NOUN
easat-8771	167	18	are	be	AUX
easat-8771	167	19	employed	employ	VERB
easat-8771	167	20	.	.	PUNCT
easat-8771	168	1	the	the	DET
easat-8771	168	2	gradual	gradual	ADJ
easat-8771	168	3	shift	shift	NOUN
easat-8771	168	4	from	from	ADP
easat-8771	168	5	high	high	ADJ
easat-8771	168	6	rejection	rejection	NOUN
easat-8771	168	7	on	on	ADP
easat-8771	168	8	the	the	DET
easat-8771	168	9	left	left	ADJ
easat-8771	168	10	side	side	NOUN
easat-8771	168	11	of	of	ADP
easat-8771	168	12	the	the	DET
easat-8771	168	13	visualization	visualization	NOUN
easat-8771	168	14	to	to	ADP
easat-8771	168	15	low	low	ADJ
easat-8771	168	16	rejection	rejection	NOUN
easat-8771	168	17	on	on	ADP
easat-8771	168	18	the	the	DET
easat-8771	168	19	right	right	NOUN
easat-8771	168	20	confirms	confirm	VERB
easat-8771	168	21	that	that	SCONJ
easat-8771	168	22	temporal	temporal	ADJ
easat-8771	168	23	aggregation	aggregation	NOUN
easat-8771	168	24	does	do	AUX
easat-8771	168	25	suppress	suppress	VERB
easat-8771	168	26	nonlinear	nonlinear	ADJ
easat-8771	168	27	impacts	impact	NOUN
easat-8771	168	28	,	,	PUNCT
easat-8771	168	29	ultimately	ultimately	ADV
easat-8771	168	30	making	make	VERB
easat-8771	168	31	the	the	DET
easat-8771	168	32	test	test	NOUN
easat-8771	168	33	worse	bad	ADJ
easat-8771	168	34	at	at	ADP
easat-8771	168	35	identifying	identify	VERB
easat-8771	168	36	nonlinear	nonlinear	ADJ
easat-8771	168	37	patterns	pattern	NOUN
easat-8771	168	38	in	in	ADP
easat-8771	168	39	time	time	NOUN
easat-8771	168	40	series	series	PROPN
easat-8771	168	41	data	data	PROPN
easat-8771	168	42	.	.	PUNCT
easat-8771	169	1	the	the	DET
easat-8771	169	2	findings	finding	NOUN
easat-8771	169	3	have	have	VERB
easat-8771	169	4	important	important	ADJ
easat-8771	169	5	implications	implication	NOUN
easat-8771	169	6	for	for	ADP
easat-8771	169	7	econometric	econometric	ADJ
easat-8771	169	8	modeling	modeling	NOUN
easat-8771	169	9	in	in	ADP
easat-8771	169	10	finance	finance	NOUN
easat-8771	169	11	,	,	PUNCT
easat-8771	169	12	particularly	particularly	ADV
easat-8771	169	13	for	for	ADP
easat-8771	169	14	researchers	researcher	NOUN
easat-8771	169	15	employing	employ	VERB
easat-8771	169	16	linearity	linearity	NOUN
easat-8771	169	17	tests	test	NOUN
easat-8771	169	18	in	in	ADP
easat-8771	169	19	exchange	exchange	NOUN
easat-8771	169	20	rate	rate	NOUN
easat-8771	169	21	analysis	analysis	NOUN
easat-8771	169	22	.	.	PUNCT
easat-8771	170	1	if	if	SCONJ
easat-8771	170	2	aggregation	aggregation	NOUN
easat-8771	170	3	systematically	systematically	ADV
easat-8771	170	4	weakens	weaken	VERB
easat-8771	170	5	nonlinearity	nonlinearity	NOUN
easat-8771	170	6	detection	detection	NOUN
easat-8771	170	7	,	,	PUNCT
easat-8771	170	8	it	it	PRON
easat-8771	170	9	can	can	AUX
easat-8771	170	10	call	call	VERB
easat-8771	170	11	for	for	ADP
easat-8771	170	12	revisions	revision	NOUN
easat-8771	170	13	to	to	PART
easat-8771	170	14	model	model	VERB
easat-8771	170	15	selection	selection	NOUN
easat-8771	170	16	procedures	procedure	NOUN
easat-8771	170	17	and	and	CCONJ
easat-8771	170	18	greater	great	ADJ
easat-8771	170	19	caution	caution	NOUN
easat-8771	170	20	in	in	ADP
easat-8771	170	21	making	make	VERB
easat-8771	170	22	use	use	NOUN
easat-8771	170	23	of	of	ADP
easat-8771	170	24	low	low	ADJ
easat-8771	170	25	-	-	PUNCT
easat-8771	170	26	frequency	frequency	NOUN
easat-8771	170	27	exchange	exchange	NOUN
easat-8771	170	28	rate	rate	NOUN
easat-8771	170	29	data	datum	NOUN
easat-8771	170	30	for	for	ADP
easat-8771	170	31	policy	policy	NOUN
easat-8771	170	32	or	or	CCONJ
easat-8771	170	33	investment	investment	NOUN
easat-8771	170	34	decisions	decision	NOUN
easat-8771	170	35	.	.	PUNCT
easat-8771	171	1	3.5	3.5	NUM
easat-8771	171	2	.	.	PUNCT
easat-8771	172	1	empirical	empirical	ADJ
easat-8771	172	2	results	result	NOUN
easat-8771	172	3	the	the	DET
easat-8771	172	4	data	data	NOUN
easat-8771	172	5	consists	consist	VERB
easat-8771	172	6	of	of	ADP
easat-8771	172	7	three	three	NUM
easat-8771	172	8	high	high	ADJ
easat-8771	172	9	-	-	PUNCT
easat-8771	172	10	frequency	frequency	NOUN
easat-8771	172	11	exchange	exchange	NOUN
easat-8771	172	12	rates	rate	NOUN
easat-8771	172	13	(	(	PUNCT
easat-8771	172	14	eur	eur	ADJ
easat-8771	172	15	/	/	SYM
easat-8771	172	16	usd	usd	NOUN
easat-8771	172	17	,	,	PUNCT
easat-8771	172	18	gbp	gbp	NOUN
easat-8771	172	19	/	/	SYM
easat-8771	172	20	usd	usd	NOUN
easat-8771	172	21	,	,	PUNCT
easat-8771	172	22	and	and	CCONJ
easat-8771	172	23	usd	usd	NOUN
easat-8771	172	24	/	/	SYM
easat-8771	172	25	jpy	jpy	NOUN
easat-8771	172	26	)	)	PUNCT
easat-8771	172	27	from	from	ADP
easat-8771	172	28	december	december	PROPN
easat-8771	172	29	4	4	NUM
easat-8771	172	30	,	,	PUNCT
easat-8771	172	31	2024	2024	NUM
easat-8771	172	32	,	,	PUNCT
easat-8771	172	33	to	to	ADP
easat-8771	172	34	march	march	PROPN
easat-8771	172	35	14	14	NUM
easat-8771	172	36	,	,	PUNCT
easat-8771	172	37	2025	2025	NUM
easat-8771	172	38	,	,	PUNCT
easat-8771	172	39	and	and	CCONJ
easat-8771	172	40	consists	consist	VERB
easat-8771	172	41	of	of	ADP
easat-8771	172	42	a	a	DET
easat-8771	172	43	total	total	NOUN
easat-8771	172	44	of	of	ADP
easat-8771	172	45	10,000	10,000	NUM
easat-8771	172	46	observations	observation	NOUN
easat-8771	172	47	.	.	PUNCT
easat-8771	173	1	figure	figure	NOUN
easat-8771	173	2	1	1	NUM
easat-8771	173	3	shows	show	VERB
easat-8771	173	4	the	the	DET
easat-8771	173	5	time	time	NOUN
easat-8771	173	6	series	series	PROPN
easat-8771	173	7	plots	plot	NOUN
easat-8771	173	8	of	of	ADP
easat-8771	173	9	the	the	DET
easat-8771	173	10	three	three	NUM
easat-8771	173	11	exchange	exchange	NOUN
easat-8771	173	12	rates	rate	NOUN
easat-8771	173	13	over	over	ADP
easat-8771	173	14	time	time	NOUN
easat-8771	173	15	.	.	PUNCT
easat-8771	174	1	925	925	NUM
easat-8771	174	2	edelweiss	edelweiss	PROPN
easat-8771	174	3	applied	apply	VERB
easat-8771	174	4	science	science	NOUN
easat-8771	174	5	and	and	CCONJ
easat-8771	174	6	technology	technology	NOUN
easat-8771	174	7	issn	issn	PROPN
easat-8771	174	8	:	:	PUNCT
easat-8771	174	9	2576	2576	NUM
easat-8771	174	10	-	-	SYM
easat-8771	174	11	8484	8484	NUM
easat-8771	174	12	vol	vol	NOUN
easat-8771	174	13	.	.	PROPN
easat-8771	175	1	9	9	NUM
easat-8771	175	2	,	,	PUNCT
easat-8771	175	3	no	no	INTJ
easat-8771	175	4	.	.	NOUN
easat-8771	176	1	7	7	NUM
easat-8771	176	2	:	:	SYM
easat-8771	176	3	918	918	NUM
easat-8771	176	4	-	-	SYM
easat-8771	176	5	936	936	NUM
easat-8771	176	6	,	,	PUNCT
easat-8771	176	7	2025	2025	NUM
easat-8771	176	8	doi	doi	NOUN
easat-8771	176	9	:	:	PUNCT
easat-8771	176	10	10.55214/25768484.v9i7.8771	10.55214/25768484.v9i7.8771	NUM
easat-8771	176	11	©	©	PROPN
easat-8771	176	12	2025	2025	NUM
easat-8771	176	13	by	by	ADP
easat-8771	176	14	the	the	DET
easat-8771	176	15	author	author	NOUN
easat-8771	176	16	;	;	PUNCT
easat-8771	176	17	licensee	licensee	PROPN
easat-8771	176	18	learning	learn	VERB
easat-8771	176	19	gate	gate	PROPN
easat-8771	176	20	figure	figure	NOUN
easat-8771	176	21	1	1	NUM
easat-8771	176	22	.	.	PUNCT
easat-8771	176	23	high	high	ADJ
easat-8771	176	24	-	-	PUNCT
easat-8771	176	25	frequency	frequency	NOUN
easat-8771	176	26	exchange	exchange	NOUN
easat-8771	176	27	rate	rate	NOUN
easat-8771	176	28	dynamics	dynamic	NOUN
easat-8771	176	29	:	:	PUNCT
easat-8771	176	30	minute	minute	ADJ
easat-8771	176	31	-	-	PUNCT
easat-8771	176	32	level	level	NOUN
easat-8771	176	33	trends	trend	NOUN
easat-8771	176	34	in	in	ADP
easat-8771	176	35	eur	eur	PROPN
easat-8771	176	36	/	/	SYM
easat-8771	176	37	usd	usd	NOUN
easat-8771	176	38	,	,	PUNCT
easat-8771	176	39	gbp	gbp	NOUN
easat-8771	176	40	/	/	SYM
easat-8771	176	41	usd	usd	NOUN
easat-8771	176	42	,	,	PUNCT
easat-8771	176	43	and	and	CCONJ
easat-8771	176	44	usd	usd	NOUN
easat-8771	176	45	/	/	SYM
easat-8771	176	46	jpy	jpy	NOUN
easat-8771	176	47	.	.	PUNCT
easat-8771	177	1	the	the	DET
easat-8771	177	2	time	time	NOUN
easat-8771	177	3	series	series	PROPN
easat-8771	177	4	plots	plot	VERB
easat-8771	177	5	depict	depict	VERB
easat-8771	177	6	the	the	DET
easat-8771	177	7	behavior	behavior	NOUN
easat-8771	177	8	of	of	ADP
easat-8771	177	9	eur	eur	PROPN
easat-8771	177	10	/	/	SYM
easat-8771	177	11	usd	usd	NOUN
easat-8771	177	12	,	,	PUNCT
easat-8771	177	13	gbp	gbp	NOUN
easat-8771	177	14	/	/	SYM
easat-8771	177	15	usd	usd	NOUN
easat-8771	177	16	,	,	PUNCT
easat-8771	177	17	and	and	CCONJ
easat-8771	177	18	usd	usd	ADJ
easat-8771	177	19	/	/	SYM
easat-8771	177	20	jpy	jpy	PROPN
easat-8771	177	21	exchange	exchange	NOUN
easat-8771	177	22	rates	rate	NOUN
easat-8771	177	23	across	across	ADP
easat-8771	177	24	the	the	DET
easat-8771	177	25	observation	observation	NOUN
easat-8771	177	26	period	period	NOUN
easat-8771	177	27	at	at	ADP
easat-8771	177	28	high	high	ADJ
easat-8771	177	29	frequency	frequency	NOUN
easat-8771	177	30	(	(	PUNCT
easat-8771	177	31	minute	minute	NOUN
easat-8771	177	32	-	-	PUNCT
easat-8771	177	33	level	level	NOUN
easat-8771	177	34	)	)	PUNCT
easat-8771	177	35	.	.	PUNCT
easat-8771	178	1	each	each	DET
easat-8771	178	2	plot	plot	NOUN
easat-8771	178	3	documents	document	NOUN
easat-8771	178	4	exchange	exchange	NOUN
easat-8771	178	5	rate	rate	NOUN
easat-8771	178	6	value	value	NOUN
easat-8771	178	7	changes	change	NOUN
easat-8771	178	8	,	,	PUNCT
easat-8771	178	9	reflecting	reflect	VERB
easat-8771	178	10	market	market	NOUN
easat-8771	178	11	forces	force	NOUN
easat-8771	178	12	and	and	CCONJ
easat-8771	178	13	potential	potential	ADJ
easat-8771	178	14	structural	structural	ADJ
easat-8771	178	15	trends	trend	NOUN
easat-8771	178	16	.	.	PUNCT
easat-8771	179	1	the	the	DET
easat-8771	179	2	eur	eur	ADJ
easat-8771	179	3	/	/	SYM
easat-8771	179	4	usd	usd	NOUN
easat-8771	179	5	exchange	exchange	NOUN
easat-8771	179	6	rate	rate	NOUN
easat-8771	179	7	plot	plot	NOUN
easat-8771	179	8	documents	document	NOUN
easat-8771	179	9	consistent	consistent	ADJ
easat-8771	179	10	fluctuations	fluctuation	NOUN
easat-8771	179	11	without	without	ADP
easat-8771	179	12	an	an	DET
easat-8771	179	13	evident	evident	ADJ
easat-8771	179	14	long	long	ADJ
easat-8771	179	15	-	-	PUNCT
easat-8771	179	16	run	run	NOUN
easat-8771	179	17	trend	trend	NOUN
easat-8771	179	18	.	.	PUNCT
easat-8771	180	1	the	the	DET
easat-8771	180	2	movements	movement	NOUN
easat-8771	180	3	exhibit	exhibit	VERB
easat-8771	180	4	short	short	ADJ
easat-8771	180	5	-	-	PUNCT
easat-8771	180	6	run	run	NOUN
easat-8771	180	7	volatility	volatility	NOUN
easat-8771	180	8	clustering	clustering	NOUN
easat-8771	180	9	,	,	PUNCT
easat-8771	180	10	where	where	SCONJ
easat-8771	180	11	periods	period	NOUN
easat-8771	180	12	of	of	ADP
easat-8771	180	13	high	high	ADJ
easat-8771	180	14	fluctuations	fluctuation	NOUN
easat-8771	180	15	are	be	AUX
easat-8771	180	16	followed	follow	VERB
easat-8771	180	17	by	by	ADP
easat-8771	180	18	relatively	relatively	ADV
easat-8771	180	19	quiet	quiet	ADJ
easat-8771	180	20	periods	period	NOUN
easat-8771	180	21	.	.	PUNCT
easat-8771	181	1	this	this	PRON
easat-8771	181	2	is	be	AUX
easat-8771	181	3	a	a	DET
easat-8771	181	4	sign	sign	NOUN
easat-8771	181	5	of	of	ADP
easat-8771	181	6	heteroskedasticity	heteroskedasticity	NOUN
easat-8771	181	7	,	,	PUNCT
easat-8771	181	8	a	a	DET
easat-8771	181	9	common	common	ADJ
easat-8771	181	10	characteristic	characteristic	NOUN
easat-8771	181	11	of	of	ADP
easat-8771	181	12	financial	financial	ADJ
easat-8771	181	13	time	time	NOUN
easat-8771	181	14	series	series	NOUN
easat-8771	181	15	,	,	PUNCT
easat-8771	181	16	where	where	SCONJ
easat-8771	181	17	volatility	volatility	NOUN
easat-8771	181	18	varies	vary	VERB
easat-8771	181	19	over	over	ADP
easat-8771	181	20	time	time	NOUN
easat-8771	181	21	.	.	PUNCT
easat-8771	182	1	the	the	DET
easat-8771	182	2	gbp	gbp	PROPN
easat-8771	182	3	/	/	SYM
easat-8771	182	4	usd	usd	NOUN
easat-8771	182	5	exchange	exchange	NOUN
easat-8771	182	6	rate	rate	NOUN
easat-8771	182	7	also	also	ADV
easat-8771	182	8	exhibits	exhibit	VERB
easat-8771	182	9	a	a	DET
easat-8771	182	10	high	high	ADJ
easat-8771	182	11	-	-	PUNCT
easat-8771	182	12	frequency	frequency	NOUN
easat-8771	182	13	oscillating	oscillating	NOUN
easat-8771	182	14	pattern	pattern	NOUN
easat-8771	182	15	,	,	PUNCT
easat-8771	182	16	with	with	ADP
easat-8771	182	17	visible	visible	ADJ
easat-8771	182	18	changes	change	NOUN
easat-8771	182	19	in	in	ADP
easat-8771	182	20	volatility	volatility	NOUN
easat-8771	182	21	.	.	PUNCT
easat-8771	183	1	there	there	PRON
easat-8771	183	2	are	be	VERB
easat-8771	183	3	some	some	DET
easat-8771	183	4	periods	period	NOUN
easat-8771	183	5	of	of	ADP
easat-8771	183	6	time	time	NOUN
easat-8771	183	7	with	with	ADP
easat-8771	183	8	higher	high	ADJ
easat-8771	183	9	price	price	NOUN
easat-8771	183	10	fluctuations	fluctuation	NOUN
easat-8771	183	11	and	and	CCONJ
easat-8771	183	12	others	other	NOUN
easat-8771	183	13	that	that	PRON
easat-8771	183	14	are	be	AUX
easat-8771	183	15	relatively	relatively	ADV
easat-8771	183	16	stable	stable	ADJ
easat-8771	183	17	.	.	PUNCT
easat-8771	184	1	the	the	DET
easat-8771	184	2	phenomenon	phenomenon	NOUN
easat-8771	184	3	of	of	ADP
easat-8771	184	4	sudden	sudden	ADJ
easat-8771	184	5	short	short	ADJ
easat-8771	184	6	-	-	PUNCT
easat-8771	184	7	horizon	horizon	NOUN
easat-8771	184	8	price	price	NOUN
easat-8771	184	9	fluctuations	fluctuation	NOUN
easat-8771	184	10	signals	signal	VERB
easat-8771	184	11	that	that	SCONJ
easat-8771	184	12	market	market	NOUN
easat-8771	184	13	participants	participant	NOUN
easat-8771	184	14	are	be	AUX
easat-8771	184	15	sensitive	sensitive	ADJ
easat-8771	184	16	to	to	ADP
easat-8771	184	17	responding	respond	VERB
easat-8771	184	18	to	to	ADP
easat-8771	184	19	news	news	NOUN
easat-8771	184	20	,	,	PUNCT
easat-8771	184	21	economic	economic	ADJ
easat-8771	184	22	surprises	surprise	NOUN
easat-8771	184	23	,	,	PUNCT
easat-8771	184	24	or	or	CCONJ
easat-8771	184	25	a	a	DET
easat-8771	184	26	change	change	NOUN
easat-8771	184	27	in	in	ADP
easat-8771	184	28	liquidity	liquidity	NOUN
easat-8771	184	29	.	.	PUNCT
easat-8771	185	1	the	the	DET
easat-8771	185	2	exchange	exchange	NOUN
easat-8771	185	3	rate	rate	NOUN
easat-8771	185	4	of	of	ADP
easat-8771	185	5	usd	usd	PROPN
easat-8771	185	6	/	/	SYM
easat-8771	185	7	jpy	jpy	PROPN
easat-8771	185	8	has	have	VERB
easat-8771	185	9	a	a	DET
easat-8771	185	10	stronger	strong	ADJ
easat-8771	185	11	volatility	volatility	NOUN
easat-8771	185	12	shift	shift	NOUN
easat-8771	185	13	pattern	pattern	NOUN
easat-8771	185	14	with	with	ADP
easat-8771	185	15	some	some	DET
easat-8771	185	16	durations	duration	NOUN
easat-8771	185	17	experiencing	experience	VERB
easat-8771	185	18	larger	large	ADJ
easat-8771	185	19	price	price	NOUN
easat-8771	185	20	fluctuations	fluctuation	NOUN
easat-8771	185	21	than	than	ADP
easat-8771	185	22	others	other	NOUN
easat-8771	185	23	.	.	PUNCT
easat-8771	186	1	this	this	PRON
easat-8771	186	2	might	might	AUX
easat-8771	186	3	imply	imply	VERB
easat-8771	186	4	that	that	DET
easat-8771	186	5	usd	usd	NOUN
easat-8771	186	6	/	/	SYM
easat-8771	186	7	jpy	jpy	NOUN
easat-8771	186	8	is	be	AUX
easat-8771	186	9	more	more	ADV
easat-8771	186	10	exposed	expose	VERB
easat-8771	186	11	to	to	ADP
easat-8771	186	12	external	external	ADJ
easat-8771	186	13	disturbances	disturbance	NOUN
easat-8771	186	14	such	such	ADJ
easat-8771	186	15	as	as	ADP
easat-8771	186	16	actions	action	NOUN
easat-8771	186	17	by	by	ADP
easat-8771	186	18	central	central	ADJ
easat-8771	186	19	banks	bank	NOUN
easat-8771	186	20	or	or	CCONJ
easat-8771	186	21	surprise	surprise	VERB
easat-8771	186	22	liquidity	liquidity	NOUN
easat-8771	186	23	changes	change	NOUN
easat-8771	186	24	.	.	PUNCT
easat-8771	187	1	the	the	DET
easat-8771	187	2	greater	great	ADJ
easat-8771	187	3	volatility	volatility	NOUN
easat-8771	187	4	relative	relative	ADJ
easat-8771	187	5	to	to	ADP
easat-8771	187	6	eur	eur	ADJ
easat-8771	187	7	/	/	SYM
easat-8771	187	8	usd	usd	NOUN
easat-8771	187	9	and	and	CCONJ
easat-8771	187	10	gbp	gbp	NOUN
easat-8771	187	11	/	/	SYM
easat-8771	187	12	usd	usd	NOUN
easat-8771	187	13	conforms	conform	VERB
easat-8771	187	14	with	with	ADP
easat-8771	187	15	the	the	DET
easat-8771	187	16	empirical	empirical	ADJ
easat-8771	187	17	evidence	evidence	NOUN
easat-8771	187	18	that	that	SCONJ
easat-8771	187	19	usd	usd	NOUN
easat-8771	187	20	/	/	SYM
easat-8771	187	21	jpy	jpy	PROPN
easat-8771	187	22	has	have	AUX
easat-8771	187	23	somewhat	somewhat	ADV
easat-8771	187	24	more	more	ADV
easat-8771	187	25	robust	robust	ADJ
easat-8771	187	26	nonlinearity	nonlinearity	NOUN
easat-8771	187	27	.	.	PUNCT
easat-8771	188	1	overall	overall	ADV
easat-8771	188	2	,	,	PUNCT
easat-8771	188	3	each	each	PRON
easat-8771	188	4	of	of	ADP
easat-8771	188	5	the	the	DET
easat-8771	188	6	three	three	NUM
easat-8771	188	7	exchange	exchange	NOUN
easat-8771	188	8	rate	rate	NOUN
easat-8771	188	9	series	series	NOUN
easat-8771	188	10	is	be	AUX
easat-8771	188	11	prone	prone	ADJ
easat-8771	188	12	to	to	ADP
easat-8771	188	13	high	high	ADJ
easat-8771	188	14	-	-	PUNCT
easat-8771	188	15	frequency	frequency	NOUN
easat-8771	188	16	noise	noise	NOUN
easat-8771	188	17	and	and	CCONJ
easat-8771	188	18	fluctuations	fluctuation	NOUN
easat-8771	188	19	typical	typical	ADJ
easat-8771	188	20	of	of	ADP
easat-8771	188	21	financial	financial	ADJ
easat-8771	188	22	time	time	NOUN
easat-8771	188	23	series	series	PROPN
easat-8771	188	24	data	data	PROPN
easat-8771	188	25	.	.	PUNCT
easat-8771	189	1	there	there	PRON
easat-8771	189	2	seems	seem	VERB
easat-8771	189	3	to	to	PART
easat-8771	189	4	be	be	AUX
easat-8771	189	5	no	no	DET
easat-8771	189	6	clear	clear	ADJ
easat-8771	189	7	linear	linear	ADJ
easat-8771	189	8	trend	trend	NOUN
easat-8771	189	9	,	,	PUNCT
easat-8771	189	10	suggesting	suggest	VERB
easat-8771	189	11	that	that	SCONJ
easat-8771	189	12	price	price	NOUN
easat-8771	189	13	action	action	NOUN
easat-8771	189	14	is	be	AUX
easat-8771	189	15	largely	largely	ADV
easat-8771	189	16	determined	determine	VERB
easat-8771	189	17	by	by	ADP
easat-8771	189	18	short	short	ADJ
easat-8771	189	19	-	-	PUNCT
easat-8771	189	20	run	run	NOUN
easat-8771	189	21	market	market	NOUN
easat-8771	189	22	forces	force	NOUN
easat-8771	189	23	.	.	PUNCT
easat-8771	190	1	volatility	volatility	NOUN
easat-8771	190	2	clustering	clustering	NOUN
easat-8771	190	3	can	can	AUX
easat-8771	190	4	be	be	AUX
easat-8771	190	5	seen	see	VERB
easat-8771	190	6	as	as	ADP
easat-8771	190	7	manifest	manifest	NOUN
easat-8771	190	8	in	in	ADP
easat-8771	190	9	the	the	DET
easat-8771	190	10	form	form	NOUN
easat-8771	190	11	of	of	ADP
easat-8771	190	12	periods	period	NOUN
easat-8771	190	13	of	of	ADP
easat-8771	190	14	high	high	ADJ
easat-8771	190	15	fluctuations	fluctuation	NOUN
easat-8771	190	16	interspersed	intersperse	VERB
easat-8771	190	17	with	with	ADP
easat-8771	190	18	calm	calm	ADJ
easat-8771	190	19	periods	period	NOUN
easat-8771	190	20	.	.	PUNCT
easat-8771	191	1	with	with	ADP
easat-8771	191	2	these	these	DET
easat-8771	191	3	characteristics	characteristic	NOUN
easat-8771	191	4	,	,	PUNCT
easat-8771	191	5	one	one	PRON
easat-8771	191	6	would	would	AUX
easat-8771	191	7	expect	expect	VERB
easat-8771	191	8	nonlinearity	nonlinearity	NOUN
easat-8771	191	9	detection	detection	NOUN
easat-8771	191	10	tests	test	NOUN
easat-8771	191	11	,	,	PUNCT
easat-8771	191	12	such	such	ADJ
easat-8771	191	13	as	as	ADP
easat-8771	191	14	the	the	DET
easat-8771	191	15	lm	lm	PROPN
easat-8771	191	16	test	test	NOUN
easat-8771	191	17	,	,	PUNCT
easat-8771	191	18	to	to	PART
easat-8771	191	19	find	find	VERB
easat-8771	191	20	strong	strong	ADJ
easat-8771	191	21	nonlinear	nonlinear	ADJ
easat-8771	191	22	dependencies	dependency	NOUN
easat-8771	191	23	in	in	ADP
easat-8771	191	24	the	the	DET
easat-8771	191	25	data	datum	NOUN
easat-8771	191	26	.	.	PUNCT
easat-8771	192	1	table	table	NOUN
easat-8771	192	2	2	2	NUM
easat-8771	192	3	presents	present	NOUN
easat-8771	192	4	summary	summary	NOUN
easat-8771	192	5	statistics	statistic	NOUN
easat-8771	192	6	for	for	ADP
easat-8771	192	7	each	each	PRON
easat-8771	192	8	of	of	ADP
easat-8771	192	9	the	the	DET
easat-8771	192	10	three	three	NUM
easat-8771	192	11	exchange	exchange	NOUN
easat-8771	192	12	rate	rate	NOUN
easat-8771	192	13	pairs	pair	NOUN
easat-8771	192	14	(	(	PUNCT
easat-8771	192	15	eur	eur	ADJ
easat-8771	192	16	/	/	SYM
easat-8771	192	17	usd	usd	NOUN
easat-8771	192	18	,	,	PUNCT
easat-8771	192	19	gbp	gbp	NOUN
easat-8771	192	20	/	/	SYM
easat-8771	192	21	usd	usd	NOUN
easat-8771	192	22	,	,	PUNCT
easat-8771	192	23	and	and	CCONJ
easat-8771	192	24	usd	usd	NOUN
easat-8771	192	25	/	/	SYM
easat-8771	192	26	jpy	jpy	NOUN
easat-8771	192	27	)	)	PUNCT
easat-8771	192	28	at	at	ADP
easat-8771	192	29	each	each	PRON
easat-8771	192	30	of	of	ADP
easat-8771	192	31	the	the	DET
easat-8771	192	32	temporal	temporal	ADJ
easat-8771	192	33	aggregation	aggregation	NOUN
easat-8771	192	34	levels	level	NOUN
easat-8771	192	35	(	(	PUNCT
easat-8771	192	36	1-	1-	X
easat-8771	192	37	,	,	PUNCT
easat-8771	192	38	5-	5-	NUM
easat-8771	192	39	,	,	PUNCT
easat-8771	192	40	15-	15-	NUM
easat-8771	192	41	,	,	PUNCT
easat-8771	192	42	30-	30-	NUM
easat-8771	192	43	,	,	PUNCT
easat-8771	192	44	and	and	CCONJ
easat-8771	192	45	60	60	NUM
easat-8771	192	46	-	-	PUNCT
easat-8771	192	47	minute	minute	NOUN
easat-8771	192	48	)	)	PUNCT
easat-8771	192	49	.	.	PUNCT
easat-8771	193	1	the	the	DET
easat-8771	193	2	statistics	statistic	NOUN
easat-8771	193	3	presented	present	VERB
easat-8771	193	4	are	be	AUX
easat-8771	193	5	the	the	DET
easat-8771	193	6	mean	mean	ADJ
easat-8771	193	7	,	,	PUNCT
easat-8771	193	8	standard	standard	ADJ
easat-8771	193	9	deviation	deviation	NOUN
easat-8771	193	10	,	,	PUNCT
easat-8771	193	11	minimum	minimum	ADJ
easat-8771	193	12	and	and	CCONJ
easat-8771	193	13	maximum	maximum	ADJ
easat-8771	193	14	values	value	NOUN
easat-8771	193	15	,	,	PUNCT
easat-8771	193	16	and	and	CCONJ
easat-8771	193	17	quartiles	quartile	NOUN
easat-8771	193	18	at	at	ADP
easat-8771	193	19	each	each	DET
easat-8771	193	20	level	level	NOUN
easat-8771	193	21	,	,	PUNCT
easat-8771	193	22	illustrating	illustrate	VERB
easat-8771	193	23	the	the	DET
easat-8771	193	24	way	way	NOUN
easat-8771	193	25	exchange	exchange	NOUN
easat-8771	193	26	rate	rate	NOUN
easat-8771	193	27	dynamics	dynamic	NOUN
easat-8771	193	28	alter	alter	VERB
easat-8771	193	29	with	with	ADP
easat-8771	193	30	changes	change	NOUN
easat-8771	193	31	in	in	ADP
easat-8771	193	32	the	the	DET
easat-8771	193	33	frequency	frequency	NOUN
easat-8771	193	34	of	of	ADP
easat-8771	193	35	observations	observation	NOUN
easat-8771	193	36	.	.	PUNCT
easat-8771	194	1	926	926	NUM
easat-8771	194	2	edelweiss	edelweiss	PROPN
easat-8771	194	3	applied	apply	VERB
easat-8771	194	4	science	science	NOUN
easat-8771	194	5	and	and	CCONJ
easat-8771	194	6	technology	technology	NOUN
easat-8771	194	7	issn	issn	PROPN
easat-8771	194	8	:	:	PUNCT
easat-8771	194	9	2576	2576	NUM
easat-8771	194	10	-	-	SYM
easat-8771	194	11	8484	8484	NUM
easat-8771	194	12	vol	vol	NOUN
easat-8771	194	13	.	.	PROPN
easat-8771	195	1	9	9	NUM
easat-8771	195	2	,	,	PUNCT
easat-8771	195	3	no	no	INTJ
easat-8771	195	4	.	.	NOUN
easat-8771	196	1	7	7	NUM
easat-8771	196	2	:	:	SYM
easat-8771	196	3	918	918	NUM
easat-8771	196	4	-	-	SYM
easat-8771	196	5	936	936	NUM
easat-8771	196	6	,	,	PUNCT
easat-8771	196	7	2025	2025	NUM
easat-8771	196	8	doi	doi	NOUN
easat-8771	196	9	:	:	PUNCT
easat-8771	196	10	10.55214/25768484.v9i7.8771	10.55214/25768484.v9i7.8771	NUM
easat-8771	196	11	©	©	PROPN
easat-8771	196	12	2025	2025	NUM
easat-8771	196	13	by	by	ADP
easat-8771	196	14	the	the	DET
easat-8771	196	15	author	author	NOUN
easat-8771	196	16	;	;	PUNCT
easat-8771	196	17	licensee	licensee	PROPN
easat-8771	196	18	learning	learning	NOUN
easat-8771	196	19	gate	gate	VERB
easat-8771	196	20	the	the	DET
easat-8771	196	21	summary	summary	NOUN
easat-8771	196	22	statistics	statistic	NOUN
easat-8771	196	23	provide	provide	VERB
easat-8771	196	24	information	information	NOUN
easat-8771	196	25	on	on	ADP
easat-8771	196	26	the	the	DET
easat-8771	196	27	dynamics	dynamic	NOUN
easat-8771	196	28	of	of	ADP
easat-8771	196	29	the	the	DET
easat-8771	196	30	eur	eur	ADJ
easat-8771	196	31	/	/	SYM
easat-8771	196	32	usd	usd	NOUN
easat-8771	196	33	,	,	PUNCT
easat-8771	196	34	gbp	gbp	NOUN
easat-8771	196	35	/	/	SYM
easat-8771	196	36	usd	usd	NOUN
easat-8771	196	37	,	,	PUNCT
easat-8771	196	38	and	and	CCONJ
easat-8771	196	39	usd	usd	ADJ
easat-8771	196	40	/	/	SYM
easat-8771	196	41	jpy	jpy	PROPN
easat-8771	196	42	exchange	exchange	NOUN
easat-8771	196	43	rates	rate	NOUN
easat-8771	196	44	at	at	ADP
easat-8771	196	45	different	different	ADJ
easat-8771	196	46	temporal	temporal	ADJ
easat-8771	196	47	aggregation	aggregation	NOUN
easat-8771	196	48	levels	level	NOUN
easat-8771	196	49	.	.	PUNCT
easat-8771	197	1	the	the	DET
easat-8771	197	2	mean	mean	ADJ
easat-8771	197	3	,	,	PUNCT
easat-8771	197	4	standard	standard	ADJ
easat-8771	197	5	deviation	deviation	NOUN
easat-8771	197	6	,	,	PUNCT
easat-8771	197	7	minimum	minimum	NOUN
easat-8771	197	8	and	and	CCONJ
easat-8771	197	9	maximum	maximum	ADJ
easat-8771	197	10	,	,	PUNCT
easat-8771	197	11	and	and	CCONJ
easat-8771	197	12	quartiles	quartile	VERB
easat-8771	197	13	statistics	statistic	NOUN
easat-8771	197	14	illustrate	illustrate	VERB
easat-8771	197	15	how	how	SCONJ
easat-8771	197	16	exchange	exchange	NOUN
easat-8771	197	17	rate	rate	NOUN
easat-8771	197	18	dynamics	dynamic	NOUN
easat-8771	197	19	vary	vary	VERB
easat-8771	197	20	when	when	SCONJ
easat-8771	197	21	the	the	DET
easat-8771	197	22	frequency	frequency	NOUN
easat-8771	197	23	of	of	ADP
easat-8771	197	24	observations	observation	NOUN
easat-8771	197	25	is	be	AUX
easat-8771	197	26	changed	change	VERB
easat-8771	197	27	.	.	PUNCT
easat-8771	198	1	one	one	NUM
easat-8771	198	2	of	of	ADP
easat-8771	198	3	the	the	DET
easat-8771	198	4	strongest	strong	ADJ
easat-8771	198	5	observations	observation	NOUN
easat-8771	198	6	is	be	AUX
easat-8771	198	7	that	that	SCONJ
easat-8771	198	8	the	the	DET
easat-8771	198	9	mean	mean	ADJ
easat-8771	198	10	exchange	exchange	NOUN
easat-8771	198	11	rate	rate	NOUN
easat-8771	198	12	is	be	AUX
easat-8771	198	13	constant	constant	ADJ
easat-8771	198	14	at	at	ADP
easat-8771	198	15	all	all	DET
easat-8771	198	16	levels	level	NOUN
easat-8771	198	17	of	of	ADP
easat-8771	198	18	aggregation	aggregation	NOUN
easat-8771	198	19	.	.	PUNCT
easat-8771	199	1	the	the	DET
easat-8771	199	2	eur	eur	ADJ
easat-8771	199	3	/	/	SYM
easat-8771	199	4	usd	usd	NOUN
easat-8771	199	5	pair	pair	NOUN
easat-8771	199	6	moves	move	VERB
easat-8771	199	7	around	around	ADP
easat-8771	199	8	1.0456	1.0456	NUM
easat-8771	199	9	,	,	PUNCT
easat-8771	199	10	gbp	gbp	NOUN
easat-8771	199	11	/	/	SYM
easat-8771	199	12	usd	usd	NOUN
easat-8771	199	13	is	be	AUX
easat-8771	199	14	around	around	ADP
easat-8771	199	15	1.2548	1.2548	NUM
easat-8771	199	16	,	,	PUNCT
easat-8771	199	17	and	and	CCONJ
easat-8771	199	18	usd	usd	NOUN
easat-8771	199	19	/	/	SYM
easat-8771	199	20	jpy	jpy	PROPN
easat-8771	199	21	moves	move	VERB
easat-8771	199	22	around	around	ADP
easat-8771	199	23	153.47	153.47	NUM
easat-8771	199	24	.	.	PUNCT
easat-8771	200	1	this	this	PRON
easat-8771	200	2	suggests	suggest	VERB
easat-8771	200	3	that	that	SCONJ
easat-8771	200	4	temporal	temporal	ADJ
easat-8771	200	5	aggregation	aggregation	NOUN
easat-8771	200	6	has	have	VERB
easat-8771	200	7	no	no	DET
easat-8771	200	8	material	material	NOUN
easat-8771	200	9	influence	influence	NOUN
easat-8771	200	10	on	on	ADP
easat-8771	200	11	the	the	DET
easat-8771	200	12	long	long	ADV
easat-8771	200	13	-	-	PUNCT
easat-8771	200	14	run	run	VERB
easat-8771	200	15	average	average	ADJ
easat-8771	200	16	exchange	exchange	NOUN
easat-8771	200	17	rate	rate	NOUN
easat-8771	200	18	levels	level	NOUN
easat-8771	200	19	.	.	PUNCT
easat-8771	201	1	although	although	SCONJ
easat-8771	201	2	the	the	DET
easat-8771	201	3	mean	mean	NOUN
easat-8771	201	4	remains	remain	VERB
easat-8771	201	5	constant	constant	ADJ
easat-8771	201	6	,	,	PUNCT
easat-8771	201	7	the	the	DET
easat-8771	201	8	variance	variance	NOUN
easat-8771	201	9	of	of	ADP
easat-8771	201	10	returns	return	NOUN
easat-8771	201	11	,	,	PUNCT
easat-8771	201	12	as	as	SCONJ
easat-8771	201	13	measured	measure	VERB
easat-8771	201	14	by	by	ADP
easat-8771	201	15	the	the	DET
easat-8771	201	16	standard	standard	ADJ
easat-8771	201	17	deviation	deviation	NOUN
easat-8771	201	18	(	(	PUNCT
easat-8771	201	19	volatility	volatility	NOUN
easat-8771	201	20	)	)	PUNCT
easat-8771	201	21	,	,	PUNCT
easat-8771	201	22	changes	change	VERB
easat-8771	201	23	with	with	ADP
easat-8771	201	24	aggregation	aggregation	NOUN
easat-8771	201	25	.	.	PUNCT
easat-8771	202	1	volatility	volatility	NOUN
easat-8771	202	2	,	,	PUNCT
easat-8771	202	3	measured	measure	VERB
easat-8771	202	4	by	by	ADP
easat-8771	202	5	standard	standard	ADJ
easat-8771	202	6	deviation	deviation	NOUN
easat-8771	202	7	,	,	PUNCT
easat-8771	202	8	has	have	VERB
easat-8771	202	9	a	a	DET
easat-8771	202	10	visible	visible	ADJ
easat-8771	202	11	declining	decline	VERB
easat-8771	202	12	trend	trend	NOUN
easat-8771	202	13	as	as	SCONJ
easat-8771	202	14	data	datum	NOUN
easat-8771	202	15	is	be	AUX
easat-8771	202	16	aggregated	aggregate	VERB
easat-8771	202	17	to	to	ADP
easat-8771	202	18	lower	low	ADJ
easat-8771	202	19	frequencies	frequency	NOUN
easat-8771	202	20	.	.	PUNCT
easat-8771	203	1	for	for	ADP
easat-8771	203	2	the	the	DET
easat-8771	203	3	1	1	NUM
easat-8771	203	4	-	-	PUNCT
easat-8771	203	5	minute	minute	NOUN
easat-8771	203	6	frequency	frequency	NOUN
easat-8771	203	7	,	,	PUNCT
easat-8771	203	8	standard	standard	ADJ
easat-8771	203	9	deviations	deviation	NOUN
easat-8771	203	10	are	be	AUX
easat-8771	203	11	more	more	ADV
easat-8771	203	12	or	or	CCONJ
easat-8771	203	13	less	less	ADV
easat-8771	203	14	larger	large	ADJ
easat-8771	203	15	(	(	PUNCT
easat-8771	203	16	eur	eur	ADJ
easat-8771	203	17	/	/	SYM
easat-8771	203	18	usd	usd	NOUN
easat-8771	203	19	:	:	PUNCT
easat-8771	203	20	0.0155	0.0155	NUM
easat-8771	203	21	,	,	PUNCT
easat-8771	203	22	gbp	gbp	NOUN
easat-8771	203	23	/	/	SYM
easat-8771	203	24	usd	usd	NOUN
easat-8771	203	25	:	:	PUNCT
easat-8771	203	26	0.0198	0.0198	NUM
easat-8771	203	27	,	,	PUNCT
easat-8771	203	28	usd	usd	NOUN
easat-8771	203	29	/	/	SYM
easat-8771	203	30	jpy	jpy	NOUN
easat-8771	203	31	:	:	PUNCT
easat-8771	203	32	3.3072	3.3072	NUM
easat-8771	203	33	)	)	PUNCT
easat-8771	203	34	,	,	PUNCT
easat-8771	203	35	reflecting	reflect	VERB
easat-8771	203	36	high	high	ADJ
easat-8771	203	37	short	short	ADJ
easat-8771	203	38	-	-	PUNCT
easat-8771	203	39	run	run	NOUN
easat-8771	203	40	price	price	NOUN
easat-8771	203	41	volatility	volatility	NOUN
easat-8771	203	42	.	.	PUNCT
easat-8771	204	1	with	with	ADP
easat-8771	204	2	increases	increase	NOUN
easat-8771	204	3	in	in	ADP
easat-8771	204	4	the	the	DET
easat-8771	204	5	frequency	frequency	NOUN
easat-8771	204	6	of	of	ADP
easat-8771	204	7	aggregation	aggregation	NOUN
easat-8771	204	8	from	from	ADP
easat-8771	204	9	5	5	NUM
easat-8771	204	10	-	-	PUNCT
easat-8771	204	11	minute	minute	NOUN
easat-8771	204	12	,	,	PUNCT
easat-8771	204	13	15	15	NUM
easat-8771	204	14	-	-	PUNCT
easat-8771	204	15	minute	minute	NOUN
easat-8771	204	16	,	,	PUNCT
easat-8771	204	17	30	30	NUM
easat-8771	204	18	-	-	PUNCT
easat-8771	204	19	minute	minute	NOUN
easat-8771	204	20	,	,	PUNCT
easat-8771	204	21	and	and	CCONJ
easat-8771	204	22	finally	finally	ADV
easat-8771	204	23	60	60	NUM
easat-8771	204	24	-	-	PUNCT
easat-8771	204	25	minute	minute	NOUN
easat-8771	204	26	periods	period	NOUN
easat-8771	204	27	,	,	PUNCT
easat-8771	204	28	standard	standard	ADJ
easat-8771	204	29	deviations	deviation	NOUN
easat-8771	204	30	decrease	decrease	VERB
easat-8771	204	31	cumulatively	cumulatively	ADV
easat-8771	204	32	.	.	PUNCT
easat-8771	205	1	this	this	PRON
easat-8771	205	2	is	be	AUX
easat-8771	205	3	theory	theory	NOUN
easat-8771	205	4	-	-	PUNCT
easat-8771	205	5	consistent	consistent	ADJ
easat-8771	205	6	since	since	SCONJ
easat-8771	205	7	more	more	ADJ
easat-8771	205	8	short	short	ADJ
easat-8771	205	9	-	-	PUNCT
easat-8771	205	10	term	term	NOUN
easat-8771	205	11	price	price	NOUN
easat-8771	205	12	movements	movement	NOUN
easat-8771	205	13	like	like	ADP
easat-8771	205	14	bid	bid	NOUN
easat-8771	205	15	-	-	PUNCT
easat-8771	205	16	ask	ask	NOUN
easat-8771	205	17	effects	effect	NOUN
easat-8771	205	18	,	,	PUNCT
easat-8771	205	19	changes	change	NOUN
easat-8771	205	20	in	in	ADP
easat-8771	205	21	liquidity	liquidity	NOUN
easat-8771	205	22	,	,	PUNCT
easat-8771	205	23	and	and	CCONJ
easat-8771	205	24	market	market	NOUN
easat-8771	205	25	microstructure	microstructure	NOUN
easat-8771	205	26	noise	noise	NOUN
easat-8771	205	27	are	be	AUX
easat-8771	205	28	captured	capture	VERB
easat-8771	205	29	by	by	ADP
easat-8771	205	30	higher	high	ADJ
easat-8771	205	31	frequency	frequency	NOUN
easat-8771	205	32	data	datum	NOUN
easat-8771	205	33	.	.	PUNCT
easat-8771	206	1	washout	washout	PROPN
easat-8771	206	2	effects	effect	NOUN
easat-8771	206	3	occur	occur	VERB
easat-8771	206	4	with	with	ADP
easat-8771	206	5	aggregation	aggregation	NOUN
easat-8771	206	6	and	and	CCONJ
easat-8771	206	7	reduce	reduce	VERB
easat-8771	206	8	aggregate	aggregate	ADJ
easat-8771	206	9	volatility	volatility	NOUN
easat-8771	206	10	while	while	SCONJ
easat-8771	206	11	leaving	leave	VERB
easat-8771	206	12	long	long	ADJ
easat-8771	206	13	-	-	PUNCT
easat-8771	206	14	term	term	NOUN
easat-8771	206	15	structures	structure	NOUN
easat-8771	206	16	intact	intact	ADJ
easat-8771	206	17	.	.	PUNCT
easat-8771	207	1	927	927	NUM
easat-8771	207	2	edelweiss	edelweiss	PROPN
easat-8771	207	3	applied	apply	VERB
easat-8771	207	4	science	science	NOUN
easat-8771	207	5	and	and	CCONJ
easat-8771	207	6	technology	technology	NOUN
easat-8771	207	7	issn	issn	PROPN
easat-8771	207	8	:	:	PUNCT
easat-8771	207	9	2576	2576	NUM
easat-8771	207	10	-	-	SYM
easat-8771	207	11	8484	8484	NUM
easat-8771	207	12	vol	vol	NOUN
easat-8771	207	13	.	.	PROPN
easat-8771	208	1	9	9	NUM
easat-8771	208	2	,	,	PUNCT
easat-8771	208	3	no	no	INTJ
easat-8771	208	4	.	.	NOUN
easat-8771	209	1	7	7	NUM
easat-8771	209	2	:	:	SYM
easat-8771	209	3	918	918	NUM
easat-8771	209	4	-	-	SYM
easat-8771	209	5	936	936	NUM
easat-8771	209	6	,	,	PUNCT
easat-8771	209	7	2025	2025	NUM
easat-8771	209	8	doi	doi	NOUN
easat-8771	209	9	:	:	PUNCT
easat-8771	209	10	10.55214/25768484.v9i7.8771	10.55214/25768484.v9i7.8771	NUM
easat-8771	209	11	©	©	PROPN
easat-8771	209	12	2025	2025	NUM
easat-8771	209	13	by	by	ADP
easat-8771	209	14	the	the	DET
easat-8771	209	15	author	author	NOUN
easat-8771	209	16	;	;	PUNCT
easat-8771	209	17	licensee	licensee	PROPN
easat-8771	209	18	learning	learn	VERB
easat-8771	209	19	gate	gate	NOUN
easat-8771	209	20	table	table	NOUN
easat-8771	209	21	2	2	NUM
easat-8771	209	22	.	.	PUNCT
easat-8771	210	1	summary	summary	NOUN
easat-8771	210	2	statistics	statistic	NOUN
easat-8771	210	3	at	at	ADP
easat-8771	210	4	different	different	ADJ
easat-8771	210	5	aggregation	aggregation	NOUN
easat-8771	210	6	levels	level	NOUN
easat-8771	210	7	.	.	PUNCT
easat-8771	211	1	eurusd	eurusd	PROPN
easat-8771	211	2	gbpusd	gbpusd	PROPN
easat-8771	211	3	usdjpy	usdjpy	PROPN
easat-8771	211	4	eurusd	eurusd	PROPN
easat-8771	211	5	gbpusd	gbpusd	PROPN
easat-8771	211	6	usdjpy	usdjpy	PROPN
easat-8771	211	7	eurusd	eurusd	PROPN
easat-8771	211	8	gbpusd	gbpusd	PROPN
easat-8771	211	9	usdjpy	usdjpy	PROPN
easat-8771	211	10	eurusd	eurusd	PROPN
easat-8771	211	11	gbpusd	gbpusd	PROPN
easat-8771	211	12	usdjpy	usdjpy	PROPN
easat-8771	211	13	eurusd	eurusd	PROPN
easat-8771	211	14	gbpusd	gbpusd	PROPN
easat-8771	211	15	usdjpy	usdjpy	PROPN
easat-8771	211	16	count	count	VERB
easat-8771	211	17	100000	100000	NUM
easat-8771	211	18	100000	100000	NUM
easat-8771	211	19	100000	100000	NUM
easat-8771	211	20	20000	20000	NUM
easat-8771	211	21	20000	20000	NUM
easat-8771	211	22	20000	20000	NUM
easat-8771	211	23	6667	6667	NUM
easat-8771	211	24	6667	6667	NUM
easat-8771	211	25	6667	6667	NUM
easat-8771	211	26	3334	3334	NUM
easat-8771	211	27	3334	3334	NUM
easat-8771	211	28	3334	3334	NUM
easat-8771	211	29	1667	1667	NUM
easat-8771	211	30	1667	1667	NUM
easat-8771	211	31	1667	1667	NUM
easat-8771	211	32	mean	mean	NOUN
easat-8771	211	33	1.046	1.046	NUM
easat-8771	211	34	1.255	1.255	NUM
easat-8771	211	35	153.468	153.468	NUM
easat-8771	211	36	1.046	1.046	NUM
easat-8771	211	37	1.255	1.255	NUM
easat-8771	211	38	153.468	153.468	NUM
easat-8771	211	39	1.046	1.046	NUM
easat-8771	211	40	1.255	1.255	NUM
easat-8771	211	41	153.468	153.468	NUM
easat-8771	211	42	1.046	1.046	NUM
easat-8771	211	43	1.255	1.255	NUM
easat-8771	211	44	153.466	153.466	NUM
easat-8771	211	45	1.046	1.046	NUM
easat-8771	211	46	1.255	1.255	NUM
easat-8771	211	47	153.466	153.466	NUM
easat-8771	211	48	std	std	NOUN
easat-8771	211	49	0.016	0.016	NUM
easat-8771	211	50	0.020	0.020	NUM
easat-8771	211	51	3.307	3.307	NUM
easat-8771	211	52	0.016	0.016	NUM
easat-8771	211	53	0.020	0.020	NUM
easat-8771	211	54	3.307	3.307	NUM
easat-8771	211	55	0.016	0.016	NUM
easat-8771	211	56	0.020	0.020	NUM
easat-8771	211	57	3.307	3.307	NUM
easat-8771	211	58	0.016	0.016	NUM
easat-8771	211	59	0.020	0.020	NUM
easat-8771	211	60	3.307	3.307	NUM
easat-8771	211	61	0.016	0.016	NUM
easat-8771	211	62	0.020	0.020	NUM
easat-8771	211	63	3.309	3.309	NUM
easat-8771	211	64	min	min	NOUN
easat-8771	211	65	1.018	1.018	NUM
easat-8771	211	66	1.210	1.210	NUM
easat-8771	211	67	146.559	146.559	NUM
easat-8771	211	68	1.018	1.018	NUM
easat-8771	211	69	1.211	1.211	NUM
easat-8771	211	70	146.559	146.559	NUM
easat-8771	211	71	1.019	1.019	NUM
easat-8771	211	72	1.211	1.211	NUM
easat-8771	211	73	146.661	146.661	NUM
easat-8771	211	74	1.019	1.019	NUM
easat-8771	211	75	1.211	1.211	NUM
easat-8771	211	76	146.691	146.691	NUM
easat-8771	211	77	1.019	1.019	NUM
easat-8771	211	78	1.211	1.211	NUM
easat-8771	211	79	146.725	146.725	NUM
easat-8771	211	80	25	25	NUM
easat-8771	211	81	%	%	NOUN
easat-8771	211	82	1.037	1.037	NUM
easat-8771	211	83	1.242	1.242	NUM
easat-8771	211	84	150.436	150.436	NUM
easat-8771	211	85	1.037	1.037	NUM
easat-8771	211	86	1.242	1.242	NUM
easat-8771	211	87	150.433	150.433	NUM
easat-8771	211	88	1.037	1.037	NUM
easat-8771	211	89	1.242	1.242	NUM
easat-8771	211	90	150.438	150.438	NUM
easat-8771	211	91	1.037	1.037	NUM
easat-8771	211	92	1.242	1.242	NUM
easat-8771	211	93	150.443	150.443	NUM
easat-8771	211	94	1.037	1.037	NUM
easat-8771	211	95	1.242	1.242	NUM
easat-8771	211	96	150.431	150.431	NUM
easat-8771	211	97	50	50	NUM
easat-8771	211	98	%	%	NOUN
easat-8771	211	99	1.042	1.042	NUM
easat-8771	211	100	1.254	1.254	NUM
easat-8771	211	101	153.795	153.795	NUM
easat-8771	211	102	1.042	1.042	NUM
easat-8771	211	103	1.254	1.254	NUM
easat-8771	211	104	153.793	153.793	NUM
easat-8771	211	105	1.042	1.042	NUM
easat-8771	211	106	1.254	1.254	NUM
easat-8771	211	107	153.796	153.796	NUM
easat-8771	211	108	1.042	1.042	NUM
easat-8771	211	109	1.254	1.254	NUM
easat-8771	211	110	153.798	153.798	NUM
easat-8771	211	111	1.042	1.042	NUM
easat-8771	211	112	1.254	1.254	NUM
easat-8771	211	113	153.779	153.779	NUM
easat-8771	211	114	75	75	NUM
easat-8771	211	115	%	%	NOUN
easat-8771	211	116	1.050	1.050	NUM
easat-8771	211	117	1.268	1.268	NUM
easat-8771	211	118	156.493	156.493	NUM
easat-8771	211	119	1.050	1.050	NUM
easat-8771	211	120	1.268	1.268	NUM
easat-8771	211	121	156.493	156.493	NUM
easat-8771	211	122	1.050	1.050	NUM
easat-8771	211	123	1.268	1.268	NUM
easat-8771	211	124	156.492	156.492	NUM
easat-8771	211	125	1.050	1.050	NUM
easat-8771	211	126	1.268	1.268	NUM
easat-8771	211	127	156.482	156.482	NUM
easat-8771	211	128	1.050	1.050	NUM
easat-8771	211	129	1.267	1.267	NUM
easat-8771	211	130	156.478	156.478	NUM
easat-8771	211	131	max	max	PROPN
easat-8771	211	132	1.095	1.095	NUM
easat-8771	211	133	1.298	1.298	NUM
easat-8771	211	134	158.839	158.839	NUM
easat-8771	211	135	1.094	1.094	NUM
easat-8771	211	136	1.298	1.298	NUM
easat-8771	211	137	158.775	158.775	NUM
easat-8771	211	138	1.094	1.094	NUM
easat-8771	211	139	1.298	1.298	NUM
easat-8771	211	140	158.775	158.775	NUM
easat-8771	211	141	1.094	1.094	NUM
easat-8771	211	142	1.298	1.298	NUM
easat-8771	211	143	158.564	158.564	NUM
easat-8771	211	144	1.094	1.094	NUM
easat-8771	211	145	1.298	1.298	NUM
easat-8771	211	146	158.564	158.564	NUM
easat-8771	211	147	table	table	NOUN
easat-8771	211	148	3	3	NUM
easat-8771	211	149	.	.	X
easat-8771	211	150	skewness	skewness	NOUN
easat-8771	211	151	and	and	CCONJ
easat-8771	211	152	kurtosis	kurtosis	NOUN
easat-8771	211	153	across	across	ADP
easat-8771	211	154	aggregation	aggregation	NOUN
easat-8771	211	155	levels	level	NOUN
easat-8771	211	156	.	.	PUNCT
easat-8771	212	1	skewness	skewness	NOUN
easat-8771	212	2	kurtosis	kurtosis	VERB
easat-8771	212	3	skewness	skewness	NOUN
easat-8771	212	4	kurtosis	kurtosis	NOUN
easat-8771	212	5	skewness	skewness	NOUN
easat-8771	212	6	kurtosis	kurtosis	NOUN
easat-8771	212	7	skewness	skewness	NOUN
easat-8771	212	8	kurtosis	kurtosis	NOUN
easat-8771	212	9	skewness	skewness	NOUN
easat-8771	212	10	kurtosis	kurtosis	VERB
easat-8771	212	11	eurusd	eurusd	PROPN
easat-8771	212	12	1.417228	1.417228	NUM
easat-8771	212	13	1.799921	1.799921	NUM
easat-8771	212	14	1.417359	1.417359	NUM
easat-8771	212	15	1.799521	1.799521	NUM
easat-8771	212	16	1.417198	1.417198	NUM
easat-8771	212	17	1.795631	1.795631	NUM
easat-8771	212	18	1.415041	1.415041	NUM
easat-8771	212	19	1.786566	1.786566	NUM
easat-8771	212	20	1.415852	1.415852	NUM
easat-8771	212	21	1.784256	1.784256	NUM
easat-8771	212	22	gbpusd	gbpusd	NOUN
easat-8771	212	23	0.121381	0.121381	NUM
easat-8771	212	24	-0.49861	-0.49861	NOUN
easat-8771	212	25	0.121453	0.121453	NUM
easat-8771	212	26	-0.49899	-0.49899	NOUN
easat-8771	212	27	0.12107	0.12107	NUM
easat-8771	212	28	-0.49953	-0.49953	NOUN
easat-8771	212	29	0.120661	0.120661	NUM
easat-8771	212	30	-0.50099	-0.50099	NOUN
easat-8771	212	31	0.119936	0.119936	NUM
easat-8771	212	32	-0.50012	-0.50012	NOUN
easat-8771	212	33	usdjpy	usdjpy	PROPN
easat-8771	212	34	-0.23173	-0.23173	PROPN
easat-8771	212	35	-1.21365	-1.21365	PROPN
easat-8771	212	36	-0.23167	-0.23167	PROPN
easat-8771	212	37	-1.21372	-1.21372	PROPN
easat-8771	212	38	-0.23166	-0.23166	PROPN
easat-8771	213	1	-1.21395	-1.21395	PROPN
easat-8771	213	2	-0.23136	-0.23136	PUNCT
easat-8771	213	3	-1.21392	-1.21392	PROPN
easat-8771	213	4	-0.23151	-0.23151	PUNCT
easat-8771	213	5	-1.21426	-1.21426	PROPN
easat-8771	214	1	928	928	NUM
easat-8771	214	2	edelweiss	edelweiss	PROPN
easat-8771	214	3	applied	apply	VERB
easat-8771	214	4	science	science	NOUN
easat-8771	214	5	and	and	CCONJ
easat-8771	214	6	technology	technology	NOUN
easat-8771	214	7	issn	issn	PROPN
easat-8771	214	8	:	:	PUNCT
easat-8771	214	9	2576	2576	NUM
easat-8771	214	10	-	-	SYM
easat-8771	214	11	8484	8484	NUM
easat-8771	214	12	vol	vol	NOUN
easat-8771	214	13	.	.	PROPN
easat-8771	215	1	9	9	NUM
easat-8771	215	2	,	,	PUNCT
easat-8771	215	3	no	no	INTJ
easat-8771	215	4	.	.	NOUN
easat-8771	216	1	7	7	NUM
easat-8771	216	2	:	:	SYM
easat-8771	216	3	918	918	NUM
easat-8771	216	4	-	-	SYM
easat-8771	216	5	936	936	NUM
easat-8771	216	6	,	,	PUNCT
easat-8771	216	7	2025	2025	NUM
easat-8771	216	8	doi	doi	NOUN
easat-8771	216	9	:	:	PUNCT
easat-8771	216	10	10.55214/25768484.v9i7.8771	10.55214/25768484.v9i7.8771	NUM
easat-8771	216	11	©	©	PROPN
easat-8771	216	12	2025	2025	NUM
easat-8771	216	13	by	by	ADP
easat-8771	216	14	the	the	DET
easat-8771	216	15	author	author	NOUN
easat-8771	216	16	;	;	PUNCT
easat-8771	216	17	licensee	licensee	PROPN
easat-8771	216	18	learning	learn	VERB
easat-8771	216	19	gate	gate	NOUN
easat-8771	216	20	minimum	minimum	ADJ
easat-8771	216	21	and	and	CCONJ
easat-8771	216	22	maximum	maximum	ADJ
easat-8771	216	23	values	value	NOUN
easat-8771	216	24	of	of	ADP
easat-8771	216	25	the	the	DET
easat-8771	216	26	exchange	exchange	NOUN
easat-8771	216	27	rate	rate	NOUN
easat-8771	216	28	during	during	ADP
easat-8771	216	29	various	various	ADJ
easat-8771	216	30	levels	level	NOUN
easat-8771	216	31	of	of	ADP
easat-8771	216	32	aggregation	aggregation	NOUN
easat-8771	216	33	also	also	ADV
easat-8771	216	34	expose	expose	VERB
easat-8771	216	35	the	the	DET
easat-8771	216	36	smoothing	smooth	VERB
easat-8771	216	37	effect	effect	NOUN
easat-8771	216	38	.	.	PUNCT
easat-8771	217	1	the	the	DET
easat-8771	217	2	extreme	extreme	ADJ
easat-8771	217	3	values	value	NOUN
easat-8771	217	4	are	be	AUX
easat-8771	217	5	more	more	ADV
easat-8771	217	6	pronounced	pronounced	ADJ
easat-8771	217	7	for	for	ADP
easat-8771	217	8	high	high	ADJ
easat-8771	217	9	-	-	PUNCT
easat-8771	217	10	frequency	frequency	NOUN
easat-8771	217	11	data	datum	NOUN
easat-8771	217	12	.	.	PUNCT
easat-8771	218	1	for	for	ADP
easat-8771	218	2	example	example	NOUN
easat-8771	218	3	,	,	PUNCT
easat-8771	218	4	the	the	DET
easat-8771	218	5	lowest	low	ADJ
easat-8771	218	6	value	value	NOUN
easat-8771	218	7	of	of	ADP
easat-8771	218	8	usd	usd	NOUN
easat-8771	218	9	/	/	SYM
easat-8771	218	10	jpy	jpy	NOUN
easat-8771	218	11	at	at	ADP
easat-8771	218	12	level	level	NOUN
easat-8771	218	13	1	1	NUM
easat-8771	218	14	-	-	PUNCT
easat-8771	218	15	minute	minute	NOUN
easat-8771	218	16	is	be	AUX
easat-8771	218	17	146.559	146.559	NUM
easat-8771	218	18	,	,	PUNCT
easat-8771	218	19	and	and	CCONJ
easat-8771	218	20	at	at	ADP
easat-8771	218	21	level	level	NOUN
easat-8771	218	22	60	60	NUM
easat-8771	218	23	-	-	PUNCT
easat-8771	218	24	minute	minute	NOUN
easat-8771	218	25	(	(	PUNCT
easat-8771	218	26	hourly	hourly	ADJ
easat-8771	218	27	)	)	PUNCT
easat-8771	218	28	is	be	AUX
easat-8771	218	29	slightly	slightly	ADV
easat-8771	218	30	higher	high	ADJ
easat-8771	218	31	at	at	ADP
easat-8771	218	32	146.725	146.725	NUM
easat-8771	218	33	.	.	PUNCT
easat-8771	219	1	this	this	PRON
easat-8771	219	2	would	would	AUX
easat-8771	219	3	mean	mean	VERB
easat-8771	219	4	that	that	SCONJ
easat-8771	219	5	the	the	DET
easat-8771	219	6	short	short	ADJ
easat-8771	219	7	-	-	PUNCT
easat-8771	219	8	run	run	NOUN
easat-8771	219	9	market	market	NOUN
easat-8771	219	10	shocks	shock	NOUN
easat-8771	219	11	or	or	CCONJ
easat-8771	219	12	unexpected	unexpected	ADJ
easat-8771	219	13	price	price	NOUN
easat-8771	219	14	spikes	spike	NOUN
easat-8771	219	15	become	become	VERB
easat-8771	219	16	more	more	ADV
easat-8771	219	17	frequent	frequent	ADJ
easat-8771	219	18	in	in	ADP
easat-8771	219	19	the	the	DET
easat-8771	219	20	high	high	ADJ
easat-8771	219	21	-	-	PUNCT
easat-8771	219	22	frequency	frequency	NOUN
easat-8771	219	23	data	datum	NOUN
easat-8771	219	24	but	but	CCONJ
easat-8771	219	25	less	less	ADV
easat-8771	219	26	noticeable	noticeable	ADJ
easat-8771	219	27	in	in	ADP
easat-8771	219	28	the	the	DET
easat-8771	219	29	aggregated	aggregate	VERB
easat-8771	219	30	time	time	NOUN
easat-8771	219	31	periods	period	NOUN
easat-8771	219	32	.	.	PUNCT
easat-8771	220	1	quartiles	quartile	NOUN
easat-8771	220	2	(	(	PUNCT
easat-8771	220	3	25	25	NUM
easat-8771	220	4	%	%	NOUN
easat-8771	220	5	percentile	percentile	ADJ
easat-8771	220	6	values	value	NOUN
easat-8771	220	7	)	)	PUNCT
easat-8771	220	8	provide	provide	VERB
easat-8771	220	9	additional	additional	ADJ
easat-8771	220	10	information	information	NOUN
easat-8771	220	11	regarding	regard	VERB
easat-8771	220	12	the	the	DET
easat-8771	220	13	way	way	NOUN
easat-8771	220	14	the	the	DET
easat-8771	220	15	exchange	exchange	NOUN
easat-8771	220	16	rate	rate	NOUN
easat-8771	220	17	distribution	distribution	NOUN
easat-8771	220	18	behaves	behave	VERB
easat-8771	220	19	with	with	ADP
easat-8771	220	20	increasing	increase	VERB
easat-8771	220	21	aggregation	aggregation	NOUN
easat-8771	220	22	levels	level	NOUN
easat-8771	220	23	.	.	PUNCT
easat-8771	221	1	despite	despite	SCONJ
easat-8771	221	2	the	the	DET
easat-8771	221	3	reduction	reduction	NOUN
easat-8771	221	4	in	in	ADP
easat-8771	221	5	volatility	volatility	NOUN
easat-8771	221	6	,	,	PUNCT
easat-8771	221	7	the	the	DET
easat-8771	221	8	quartile	quartile	ADJ
easat-8771	221	9	values	value	NOUN
easat-8771	221	10	are	be	AUX
easat-8771	221	11	relatively	relatively	ADV
easat-8771	221	12	stable	stable	ADJ
easat-8771	221	13	,	,	PUNCT
easat-8771	221	14	suggesting	suggest	VERB
easat-8771	221	15	that	that	SCONJ
easat-8771	221	16	exchange	exchange	NOUN
easat-8771	221	17	rate	rate	NOUN
easat-8771	221	18	distributions	distribution	NOUN
easat-8771	221	19	do	do	AUX
easat-8771	221	20	not	not	PART
easat-8771	221	21	change	change	VERB
easat-8771	221	22	much	much	ADV
easat-8771	221	23	with	with	ADP
easat-8771	221	24	aggregation	aggregation	NOUN
easat-8771	221	25	.	.	PUNCT
easat-8771	222	1	short	short	ADJ
easat-8771	222	2	-	-	PUNCT
easat-8771	222	3	run	run	NOUN
easat-8771	222	4	fluctuations	fluctuation	NOUN
easat-8771	222	5	,	,	PUNCT
easat-8771	222	6	however	however	ADV
easat-8771	222	7	,	,	PUNCT
easat-8771	222	8	diminish	diminish	VERB
easat-8771	222	9	at	at	ADP
easat-8771	222	10	higher	high	ADJ
easat-8771	222	11	time	time	NOUN
easat-8771	222	12	scales	scale	NOUN
easat-8771	222	13	,	,	PUNCT
easat-8771	222	14	i.e.	i.e.	X
easat-8771	222	15	,	,	PUNCT
easat-8771	222	16	price	price	NOUN
easat-8771	222	17	changes	change	NOUN
easat-8771	222	18	at	at	ADP
easat-8771	222	19	lower	low	ADJ
easat-8771	222	20	frequencies	frequency	NOUN
easat-8771	222	21	are	be	AUX
easat-8771	222	22	more	more	ADV
easat-8771	222	23	dominated	dominate	VERB
easat-8771	222	24	by	by	ADP
easat-8771	222	25	fundamental	fundamental	ADJ
easat-8771	222	26	macroeconomic	macroeconomic	ADJ
easat-8771	222	27	forces	force	NOUN
easat-8771	222	28	than	than	ADP
easat-8771	222	29	microstructural	microstructural	ADJ
easat-8771	222	30	market	market	NOUN
easat-8771	222	31	noise	noise	NOUN
easat-8771	222	32	.	.	PUNCT
easat-8771	223	1	from	from	ADP
easat-8771	223	2	the	the	DET
easat-8771	223	3	analytical	analytical	ADJ
easat-8771	223	4	perspective	perspective	NOUN
easat-8771	223	5	,	,	PUNCT
easat-8771	223	6	these	these	DET
easat-8771	223	7	findings	finding	NOUN
easat-8771	223	8	are	be	AUX
easat-8771	223	9	important	important	ADJ
easat-8771	223	10	.	.	PUNCT
easat-8771	224	1	high	high	ADJ
easat-8771	224	2	-	-	PUNCT
easat-8771	224	3	frequency	frequency	NOUN
easat-8771	224	4	(	(	PUNCT
easat-8771	224	5	1	1	NUM
easat-8771	224	6	-	-	PUNCT
easat-8771	224	7	minute	minute	NOUN
easat-8771	224	8	)	)	PUNCT
easat-8771	224	9	data	datum	NOUN
easat-8771	224	10	are	be	AUX
easat-8771	224	11	more	more	ADV
easat-8771	224	12	likely	likely	ADJ
easat-8771	224	13	to	to	PART
easat-8771	224	14	be	be	AUX
easat-8771	224	15	volatile	volatile	ADJ
easat-8771	224	16	as	as	ADV
easat-8771	224	17	well	well	ADV
easat-8771	224	18	as	as	ADP
easat-8771	224	19	sensitive	sensitive	ADJ
easat-8771	224	20	to	to	ADP
easat-8771	224	21	short	short	ADJ
easat-8771	224	22	-	-	PUNCT
easat-8771	224	23	run	run	NOUN
easat-8771	224	24	liquidity	liquidity	NOUN
easat-8771	224	25	shocks	shock	NOUN
easat-8771	224	26	,	,	PUNCT
easat-8771	224	27	order	order	NOUN
easat-8771	224	28	flows	flow	NOUN
easat-8771	224	29	,	,	PUNCT
easat-8771	224	30	and	and	CCONJ
easat-8771	224	31	bid	bid	NOUN
easat-8771	224	32	-	-	PUNCT
easat-8771	224	33	ask	ask	NOUN
easat-8771	224	34	bounce	bounce	NOUN
easat-8771	224	35	effects	effect	NOUN
easat-8771	224	36	.	.	PUNCT
easat-8771	225	1	lower	low	ADJ
easat-8771	225	2	-	-	PUNCT
easat-8771	225	3	frequency	frequency	NOUN
easat-8771	225	4	data	datum	NOUN
easat-8771	225	5	(	(	PUNCT
easat-8771	225	6	e.g.	e.g.	ADV
easat-8771	225	7	,	,	PUNCT
easat-8771	225	8	60	60	NUM
easat-8771	225	9	minutes	minute	NOUN
easat-8771	225	10	)	)	PUNCT
easat-8771	225	11	capture	capture	VERB
easat-8771	225	12	the	the	DET
easat-8771	225	13	larger	large	ADJ
easat-8771	225	14	price	price	NOUN
easat-8771	225	15	trends	trend	NOUN
easat-8771	225	16	and	and	CCONJ
easat-8771	225	17	suppress	suppress	VERB
easat-8771	225	18	the	the	DET
easat-8771	225	19	impact	impact	NOUN
easat-8771	225	20	of	of	ADP
easat-8771	225	21	short	short	ADJ
easat-8771	225	22	-	-	PUNCT
easat-8771	225	23	run	run	NOUN
easat-8771	225	24	noise	noise	NOUN
easat-8771	225	25	.	.	PUNCT
easat-8771	226	1	the	the	DET
easat-8771	226	2	declining	decline	VERB
easat-8771	226	3	volatility	volatility	NOUN
easat-8771	226	4	trend	trend	NOUN
easat-8771	226	5	over	over	ADP
easat-8771	226	6	aggregation	aggregation	NOUN
easat-8771	226	7	levels	level	NOUN
easat-8771	226	8	supports	support	VERB
easat-8771	226	9	the	the	DET
easat-8771	226	10	earlier	early	ADJ
easat-8771	226	11	lagrange	lagrange	NOUN
easat-8771	226	12	multiplier	multiplier	ADV
easat-8771	226	13	(	(	PUNCT
easat-8771	226	14	lm	lm	INTJ
easat-8771	226	15	)	)	PUNCT
easat-8771	226	16	test	test	NOUN
easat-8771	226	17	findings	finding	NOUN
easat-8771	226	18	,	,	PUNCT
easat-8771	226	19	which	which	PRON
easat-8771	226	20	indicated	indicate	VERB
easat-8771	226	21	that	that	SCONJ
easat-8771	226	22	nonlinearity	nonlinearity	NOUN
easat-8771	226	23	is	be	AUX
easat-8771	226	24	strongest	strong	ADJ
easat-8771	226	25	at	at	ADP
easat-8771	226	26	higher	high	ADJ
easat-8771	226	27	frequencies	frequency	NOUN
easat-8771	226	28	and	and	CCONJ
easat-8771	226	29	becomes	become	VERB
easat-8771	226	30	increasingly	increasingly	ADV
easat-8771	226	31	weaker	weak	ADJ
easat-8771	226	32	with	with	ADP
easat-8771	226	33	aggregation	aggregation	NOUN
easat-8771	226	34	.	.	PUNCT
easat-8771	227	1	in	in	ADP
easat-8771	227	2	conclusion	conclusion	NOUN
easat-8771	227	3	,	,	PUNCT
easat-8771	227	4	the	the	DET
easat-8771	227	5	average	average	ADJ
easat-8771	227	6	exchange	exchange	NOUN
easat-8771	227	7	rate	rate	NOUN
easat-8771	227	8	is	be	AUX
easat-8771	227	9	stable	stable	ADJ
easat-8771	227	10	across	across	ADP
easat-8771	227	11	all	all	DET
easat-8771	227	12	levels	level	NOUN
easat-8771	227	13	of	of	ADP
easat-8771	227	14	aggregation	aggregation	NOUN
easat-8771	227	15	,	,	PUNCT
easat-8771	227	16	and	and	CCONJ
easat-8771	227	17	volatility	volatility	NOUN
easat-8771	227	18	decreases	decrease	NOUN
easat-8771	227	19	because	because	SCONJ
easat-8771	227	20	short	short	ADJ
easat-8771	227	21	-	-	PUNCT
easat-8771	227	22	run	run	NOUN
easat-8771	227	23	fluctuations	fluctuation	NOUN
easat-8771	227	24	get	get	AUX
easat-8771	227	25	smoothed	smooth	VERB
easat-8771	227	26	out	out	ADP
easat-8771	227	27	.	.	PUNCT
easat-8771	228	1	the	the	DET
easat-8771	228	2	extreme	extreme	ADJ
easat-8771	228	3	values	value	NOUN
easat-8771	228	4	(	(	PUNCT
easat-8771	228	5	minimum	minimum	NOUN
easat-8771	228	6	rate	rate	NOUN
easat-8771	228	7	and	and	CCONJ
easat-8771	228	8	maximum	maximum	ADJ
easat-8771	228	9	rate	rate	NOUN
easat-8771	228	10	)	)	PUNCT
easat-8771	228	11	are	be	AUX
easat-8771	228	12	more	more	ADV
easat-8771	228	13	pronounced	pronounced	ADJ
easat-8771	228	14	in	in	ADP
easat-8771	228	15	high	high	ADJ
easat-8771	228	16	-	-	PUNCT
easat-8771	228	17	frequency	frequency	NOUN
easat-8771	228	18	data	datum	NOUN
easat-8771	228	19	as	as	SCONJ
easat-8771	228	20	would	would	AUX
easat-8771	228	21	be	be	AUX
easat-8771	228	22	expected	expect	VERB
easat-8771	228	23	,	,	PUNCT
easat-8771	228	24	thereby	thereby	ADV
easat-8771	228	25	confirming	confirm	VERB
easat-8771	228	26	that	that	SCONJ
easat-8771	228	27	short	short	ADJ
easat-8771	228	28	-	-	PUNCT
easat-8771	228	29	run	run	NOUN
easat-8771	228	30	price	price	NOUN
easat-8771	228	31	shocks	shock	NOUN
easat-8771	228	32	are	be	AUX
easat-8771	228	33	more	more	ADV
easat-8771	228	34	pronounced	pronounce	VERB
easat-8771	228	35	at	at	ADP
easat-8771	228	36	higher	high	ADJ
easat-8771	228	37	frequency	frequency	NOUN
easat-8771	228	38	time	time	NOUN
easat-8771	228	39	horizons	horizon	NOUN
easat-8771	228	40	.	.	PUNCT
easat-8771	229	1	exchange	exchange	NOUN
easat-8771	229	2	rate	rate	NOUN
easat-8771	229	3	distributions	distribution	NOUN
easat-8771	229	4	are	be	AUX
easat-8771	229	5	relatively	relatively	ADV
easat-8771	229	6	stable	stable	ADJ
easat-8771	229	7	,	,	PUNCT
easat-8771	229	8	though	though	SCONJ
easat-8771	229	9	lower	low	ADJ
easat-8771	229	10	-	-	PUNCT
easat-8771	229	11	frequency	frequency	NOUN
easat-8771	229	12	data	datum	NOUN
easat-8771	229	13	capture	capture	VERB
easat-8771	229	14	longer	long	ADV
easat-8771	229	15	-	-	PUNCT
easat-8771	229	16	run	run	VERB
easat-8771	229	17	trends	trend	NOUN
easat-8771	229	18	along	along	ADP
easat-8771	229	19	with	with	ADP
easat-8771	229	20	temporary	temporary	ADJ
easat-8771	229	21	noise	noise	NOUN
easat-8771	229	22	effects	effect	NOUN
easat-8771	229	23	.	.	PUNCT
easat-8771	230	1	these	these	DET
easat-8771	230	2	facts	fact	NOUN
easat-8771	230	3	are	be	AUX
easat-8771	230	4	particularly	particularly	ADV
easat-8771	230	5	crucial	crucial	ADJ
easat-8771	230	6	to	to	ADP
easat-8771	230	7	practitioners	practitioner	NOUN
easat-8771	230	8	and	and	CCONJ
easat-8771	230	9	researchers	researcher	NOUN
easat-8771	230	10	when	when	SCONJ
easat-8771	230	11	determining	determine	VERB
easat-8771	230	12	the	the	DET
easat-8771	230	13	correct	correct	ADJ
easat-8771	230	14	aggregation	aggregation	NOUN
easat-8771	230	15	level	level	NOUN
easat-8771	230	16	for	for	ADP
easat-8771	230	17	each	each	DET
easat-8771	230	18	type	type	NOUN
easat-8771	230	19	of	of	ADP
easat-8771	230	20	analysis	analysis	NOUN
easat-8771	230	21	,	,	PUNCT
easat-8771	230	22	be	be	AUX
easat-8771	230	23	it	it	PRON
easat-8771	230	24	high	high	ADJ
easat-8771	230	25	-	-	PUNCT
easat-8771	230	26	frequency	frequency	NOUN
easat-8771	230	27	trading	trading	NOUN
easat-8771	230	28	,	,	PUNCT
easat-8771	230	29	volatility	volatility	NOUN
easat-8771	230	30	modeling	modeling	NOUN
easat-8771	230	31	,	,	PUNCT
easat-8771	230	32	or	or	CCONJ
easat-8771	230	33	macroeconomic	macroeconomic	ADJ
easat-8771	230	34	exchange	exchange	NOUN
easat-8771	230	35	rate	rate	NOUN
easat-8771	230	36	forecasting	forecasting	NOUN
easat-8771	230	37	.	.	PUNCT
easat-8771	231	1	table	table	NOUN
easat-8771	231	2	3	3	NUM
easat-8771	231	3	reports	report	VERB
easat-8771	231	4	the	the	DET
easat-8771	231	5	skewness	skewness	NOUN
easat-8771	231	6	and	and	CCONJ
easat-8771	231	7	kurtosis	kurtosis	VERB
easat-8771	231	8	values	value	NOUN
easat-8771	231	9	at	at	ADP
easat-8771	231	10	different	different	ADJ
easat-8771	231	11	levels	level	NOUN
easat-8771	231	12	of	of	ADP
easat-8771	231	13	temporal	temporal	ADJ
easat-8771	231	14	aggregation	aggregation	NOUN
easat-8771	231	15	for	for	ADP
easat-8771	231	16	each	each	PRON
easat-8771	231	17	of	of	ADP
easat-8771	231	18	the	the	DET
easat-8771	231	19	three	three	NUM
easat-8771	231	20	exchange	exchange	NOUN
easat-8771	231	21	rates	rate	NOUN
easat-8771	231	22	in	in	ADP
easat-8771	231	23	focus	focus	NOUN
easat-8771	231	24	.	.	PUNCT
easat-8771	232	1	such	such	ADJ
easat-8771	232	2	statistics	statistic	NOUN
easat-8771	232	3	provide	provide	VERB
easat-8771	232	4	insights	insight	NOUN
easat-8771	232	5	into	into	ADP
easat-8771	232	6	the	the	DET
easat-8771	232	7	distributional	distributional	ADJ
easat-8771	232	8	attributes	attribute	NOUN
easat-8771	232	9	of	of	ADP
easat-8771	232	10	the	the	DET
easat-8771	232	11	exchange	exchange	NOUN
easat-8771	232	12	rate	rate	NOUN
easat-8771	232	13	series	series	PROPN
easat-8771	232	14	,	,	PUNCT
easat-8771	232	15	highlighting	highlight	VERB
easat-8771	232	16	potential	potential	ADJ
easat-8771	232	17	normality	normality	NOUN
easat-8771	232	18	deviations	deviation	NOUN
easat-8771	232	19	with	with	ADP
easat-8771	232	20	a	a	DET
easat-8771	232	21	different	different	ADJ
easat-8771	232	22	frequency	frequency	NOUN
easat-8771	232	23	of	of	ADP
easat-8771	232	24	observation	observation	NOUN
easat-8771	232	25	.	.	PUNCT
easat-8771	233	1	by	by	ADP
easat-8771	233	2	checking	check	VERB
easat-8771	233	3	whether	whether	SCONJ
easat-8771	233	4	skewness	skewness	NOUN
easat-8771	233	5	and	and	CCONJ
easat-8771	233	6	kurtosis	kurtosis	VERB
easat-8771	233	7	deviate	deviate	NOUN
easat-8771	233	8	when	when	SCONJ
easat-8771	233	9	the	the	DET
easat-8771	233	10	data	datum	NOUN
easat-8771	233	11	are	be	AUX
easat-8771	233	12	aggregated	aggregate	VERB
easat-8771	233	13	,	,	PUNCT
easat-8771	233	14	one	one	PRON
easat-8771	233	15	can	can	AUX
easat-8771	233	16	assess	assess	VERB
easat-8771	233	17	whether	whether	SCONJ
easat-8771	233	18	the	the	DET
easat-8771	233	19	temporal	temporal	ADJ
easat-8771	233	20	aggregation	aggregation	NOUN
easat-8771	233	21	removes	remove	VERB
easat-8771	233	22	the	the	DET
easat-8771	233	23	outlying	outlying	ADJ
easat-8771	233	24	movements	movement	NOUN
easat-8771	233	25	or	or	CCONJ
easat-8771	233	26	reinforces	reinforce	VERB
easat-8771	233	27	nonlinear	nonlinear	ADJ
easat-8771	233	28	features	feature	NOUN
easat-8771	233	29	in	in	ADP
easat-8771	233	30	the	the	DET
easat-8771	233	31	data	datum	NOUN
easat-8771	233	32	.	.	PUNCT
easat-8771	234	1	skewness	skewness	NOUN
easat-8771	234	2	and	and	CCONJ
easat-8771	234	3	kurtosis	kurtosis	VERB
easat-8771	234	4	statistics	statistic	NOUN
easat-8771	234	5	provide	provide	VERB
easat-8771	234	6	information	information	NOUN
easat-8771	234	7	on	on	ADP
easat-8771	234	8	the	the	DET
easat-8771	234	9	shape	shape	NOUN
easat-8771	234	10	and	and	CCONJ
easat-8771	234	11	distribution	distribution	NOUN
easat-8771	234	12	of	of	ADP
easat-8771	234	13	eur	eur	ADJ
easat-8771	234	14	/	/	SYM
easat-8771	234	15	usd	usd	NOUN
easat-8771	234	16	,	,	PUNCT
easat-8771	234	17	gbp	gbp	NOUN
easat-8771	234	18	/	/	SYM
easat-8771	234	19	usd	usd	NOUN
easat-8771	234	20	,	,	PUNCT
easat-8771	234	21	and	and	CCONJ
easat-8771	234	22	usd	usd	ADJ
easat-8771	234	23	/	/	SYM
easat-8771	234	24	jpy	jpy	PROPN
easat-8771	234	25	exchange	exchange	NOUN
easat-8771	234	26	rates	rate	NOUN
easat-8771	234	27	for	for	ADP
easat-8771	234	28	different	different	ADJ
easat-8771	234	29	aggregation	aggregation	NOUN
easat-8771	234	30	horizons	horizon	NOUN
easat-8771	234	31	(	(	PUNCT
easat-8771	234	32	1-	1-	X
easat-8771	234	33	,	,	PUNCT
easat-8771	234	34	5-	5-	NUM
easat-8771	234	35	,	,	PUNCT
easat-8771	234	36	15-	15-	NUM
easat-8771	234	37	,	,	PUNCT
easat-8771	234	38	30-	30-	NUM
easat-8771	234	39	,	,	PUNCT
easat-8771	234	40	and	and	CCONJ
easat-8771	234	41	60minute	60minute	NUM
easat-8771	234	42	)	)	PUNCT
easat-8771	234	43	.	.	PUNCT
easat-8771	235	1	the	the	DET
easat-8771	235	2	two	two	NUM
easat-8771	235	3	statistics	statistic	NOUN
easat-8771	235	4	are	be	AUX
easat-8771	235	5	employed	employ	VERB
easat-8771	235	6	in	in	ADP
easat-8771	235	7	order	order	NOUN
easat-8771	235	8	to	to	PART
easat-8771	235	9	measure	measure	VERB
easat-8771	235	10	asymmetry	asymmetry	NOUN
easat-8771	235	11	(	(	PUNCT
easat-8771	235	12	skewness	skewness	NOUN
easat-8771	235	13	)	)	PUNCT
easat-8771	235	14	and	and	CCONJ
easat-8771	235	15	the	the	DET
easat-8771	235	16	presence	presence	NOUN
easat-8771	235	17	of	of	ADP
easat-8771	235	18	outliers	outlier	NOUN
easat-8771	235	19	(	(	PUNCT
easat-8771	235	20	kurtosis	kurtosis	NOUN
easat-8771	235	21	)	)	PUNCT
easat-8771	235	22	of	of	ADP
easat-8771	235	23	the	the	DET
easat-8771	235	24	exchange	exchange	NOUN
easat-8771	235	25	rate	rate	NOUN
easat-8771	235	26	distributions	distribution	NOUN
easat-8771	235	27	.	.	PUNCT
easat-8771	236	1	eur	eur	ADJ
easat-8771	236	2	/	/	SYM
easat-8771	236	3	usd	usd	NOUN
easat-8771	236	4	is	be	AUX
easat-8771	236	5	highly	highly	ADV
easat-8771	236	6	positively	positively	ADV
easat-8771	236	7	skewed	skewed	ADJ
easat-8771	236	8	(	(	PUNCT
easat-8771	236	9	~1.41	~1.41	NOUN
easat-8771	236	10	)	)	PUNCT
easat-8771	236	11	at	at	ADP
easat-8771	236	12	all	all	DET
easat-8771	236	13	horizons	horizon	NOUN
easat-8771	236	14	consistently	consistently	ADV
easat-8771	236	15	.	.	PUNCT
easat-8771	237	1	this	this	PRON
easat-8771	237	2	indicates	indicate	VERB
easat-8771	237	3	that	that	SCONJ
easat-8771	237	4	the	the	DET
easat-8771	237	5	distribution	distribution	NOUN
easat-8771	237	6	is	be	AUX
easat-8771	237	7	right	right	ADV
easat-8771	237	8	-	-	PUNCT
easat-8771	237	9	skewed	skewed	ADJ
easat-8771	237	10	,	,	PUNCT
easat-8771	237	11	and	and	CCONJ
easat-8771	237	12	therefore	therefore	ADV
easat-8771	237	13	large	large	ADJ
easat-8771	237	14	increases	increase	NOUN
easat-8771	237	15	in	in	ADP
easat-8771	237	16	the	the	DET
easat-8771	237	17	exchange	exchange	NOUN
easat-8771	237	18	rate	rate	NOUN
easat-8771	237	19	relative	relative	ADJ
easat-8771	237	20	to	to	ADP
easat-8771	237	21	normal	normal	ADJ
easat-8771	237	22	are	be	AUX
easat-8771	237	23	more	more	ADV
easat-8771	237	24	likely	likely	ADJ
easat-8771	237	25	than	than	ADP
easat-8771	237	26	large	large	ADJ
easat-8771	237	27	declines	decline	NOUN
easat-8771	237	28	.	.	PUNCT
easat-8771	238	1	the	the	DET
easat-8771	238	2	skewness	skewness	NOUN
easat-8771	238	3	is	be	AUX
easat-8771	238	4	very	very	ADV
easat-8771	238	5	robust	robust	ADJ
easat-8771	238	6	with	with	ADP
easat-8771	238	7	aggregation	aggregation	NOUN
easat-8771	238	8	,	,	PUNCT
easat-8771	238	9	meaning	mean	VERB
easat-8771	238	10	the	the	DET
easat-8771	238	11	price	price	NOUN
easat-8771	238	12	movement	movement	NOUN
easat-8771	238	13	asymmetry	asymmetry	NOUN
easat-8771	238	14	underlying	underlying	NOUN
easat-8771	238	15	is	be	AUX
easat-8771	238	16	persistent	persistent	ADJ
easat-8771	238	17	across	across	ADP
easat-8771	238	18	time	time	NOUN
easat-8771	238	19	horizons	horizon	NOUN
easat-8771	238	20	.	.	PUNCT
easat-8771	239	1	gbp	gbp	ADJ
easat-8771	239	2	/	/	SYM
easat-8771	239	3	usd	usd	NOUN
easat-8771	239	4	exhibits	exhibit	VERB
easat-8771	239	5	very	very	ADV
easat-8771	239	6	little	little	ADJ
easat-8771	239	7	skewness	skewness	NOUN
easat-8771	239	8	(	(	PUNCT
easat-8771	239	9	~0.12	~0.12	NOUN
easat-8771	239	10	)	)	PUNCT
easat-8771	239	11	across	across	ADP
easat-8771	239	12	all	all	DET
easat-8771	239	13	the	the	DET
easat-8771	239	14	time	time	NOUN
easat-8771	239	15	frames	frame	NOUN
easat-8771	239	16	,	,	PUNCT
easat-8771	239	17	meaning	mean	VERB
easat-8771	239	18	that	that	SCONJ
easat-8771	239	19	its	its	PRON
easat-8771	239	20	distribution	distribution	NOUN
easat-8771	239	21	is	be	AUX
easat-8771	239	22	essentially	essentially	ADV
easat-8771	239	23	symmetric	symmetric	ADJ
easat-8771	239	24	.	.	PUNCT
easat-8771	240	1	this	this	PRON
easat-8771	240	2	suggests	suggest	VERB
easat-8771	240	3	that	that	SCONJ
easat-8771	240	4	there	there	PRON
easat-8771	240	5	are	be	VERB
easat-8771	240	6	comparable	comparable	ADJ
easat-8771	240	7	frequencies	frequency	NOUN
easat-8771	240	8	of	of	ADP
easat-8771	240	9	positive	positive	ADJ
easat-8771	240	10	and	and	CCONJ
easat-8771	240	11	negative	negative	ADJ
easat-8771	240	12	exchange	exchange	NOUN
easat-8771	240	13	rate	rate	NOUN
easat-8771	240	14	movements	movement	NOUN
easat-8771	240	15	,	,	PUNCT
easat-8771	240	16	without	without	ADP
easat-8771	240	17	significant	significant	ADJ
easat-8771	240	18	bias	bias	NOUN
easat-8771	240	19	towards	towards	ADP
easat-8771	240	20	large	large	ADJ
easat-8771	240	21	downwards	downward	NOUN
easat-8771	240	22	or	or	CCONJ
easat-8771	240	23	upwards	upwards	ADJ
easat-8771	240	24	movements	movement	NOUN
easat-8771	240	25	.	.	PUNCT
easat-8771	241	1	usd	usd	ADJ
easat-8771	241	2	/	/	SYM
easat-8771	241	3	jpy	jpy	PROPN
easat-8771	241	4	has	have	VERB
easat-8771	241	5	extremely	extremely	ADV
easat-8771	241	6	slight	slight	ADJ
easat-8771	241	7	negative	negative	ADJ
easat-8771	241	8	skewness	skewness	NOUN
easat-8771	241	9	(	(	PUNCT
easat-8771	241	10	~	~	PUNCT
easat-8771	241	11	-0.23	-0.23	X
easat-8771	241	12	)	)	PUNCT
easat-8771	241	13	at	at	ADP
easat-8771	241	14	all	all	DET
easat-8771	241	15	aggregation	aggregation	NOUN
easat-8771	241	16	horizons	horizon	NOUN
easat-8771	241	17	,	,	PUNCT
easat-8771	241	18	which	which	PRON
easat-8771	241	19	is	be	AUX
easat-8771	241	20	a	a	DET
easat-8771	241	21	suggestion	suggestion	NOUN
easat-8771	241	22	that	that	SCONJ
easat-8771	241	23	downward	downward	ADJ
easat-8771	241	24	movements	movement	NOUN
easat-8771	241	25	are	be	AUX
easat-8771	241	26	slightly	slightly	ADV
easat-8771	241	27	larger	large	ADJ
easat-8771	241	28	than	than	ADP
easat-8771	241	29	upward	upward	ADJ
easat-8771	241	30	movements	movement	NOUN
easat-8771	241	31	.	.	PUNCT
easat-8771	242	1	this	this	PRON
easat-8771	242	2	concurs	concur	VERB
easat-8771	242	3	with	with	ADP
easat-8771	242	4	empirical	empirical	ADJ
easat-8771	242	5	evidence	evidence	NOUN
easat-8771	242	6	in	in	ADP
easat-8771	242	7	the	the	DET
easat-8771	242	8	financial	financial	ADJ
easat-8771	242	9	markets	market	NOUN
easat-8771	242	10	that	that	PRON
easat-8771	242	11	risk	risk	NOUN
easat-8771	242	12	-	-	PUNCT
easat-8771	242	13	off	off	ADP
easat-8771	242	14	currencies	currency	NOUN
easat-8771	242	15	(	(	PUNCT
easat-8771	242	16	e.g.	e.g.	ADV
easat-8771	242	17	,	,	PUNCT
easat-8771	242	18	jpy	jpy	NOUN
easat-8771	242	19	)	)	PUNCT
easat-8771	242	20	sometimes	sometimes	ADV
easat-8771	242	21	experience	experience	VERB
easat-8771	242	22	a	a	DET
easat-8771	242	23	sudden	sudden	ADJ
easat-8771	242	24	boost	boost	NOUN
easat-8771	242	25	due	due	ADP
easat-8771	242	26	to	to	PART
easat-8771	242	27	risk	risk	VERB
easat-8771	242	28	aversion	aversion	NOUN
easat-8771	242	29	from	from	ADP
easat-8771	242	30	global	global	ADJ
easat-8771	242	31	markets	market	NOUN
easat-8771	242	32	.	.	PUNCT
easat-8771	243	1	eur	eur	ADJ
easat-8771	243	2	/	/	SYM
easat-8771	243	3	usd	usd	NOUN
easat-8771	243	4	's	's	PART
easat-8771	243	5	kurtosis	kurtosis	NOUN
easat-8771	243	6	is	be	AUX
easat-8771	243	7	about	about	ADV
easat-8771	243	8	1.79	1.79	NUM
easat-8771	243	9	,	,	PUNCT
easat-8771	243	10	which	which	PRON
easat-8771	243	11	is	be	AUX
easat-8771	243	12	less	less	ADJ
easat-8771	243	13	than	than	ADP
easat-8771	243	14	3	3	NUM
easat-8771	243	15	,	,	PUNCT
easat-8771	243	16	indicating	indicate	VERB
easat-8771	243	17	that	that	SCONJ
easat-8771	243	18	its	its	PRON
easat-8771	243	19	returns	return	NOUN
easat-8771	243	20	are	be	AUX
easat-8771	243	21	platykurtic	platykurtic	ADJ
easat-8771	243	22	(	(	PUNCT
easat-8771	243	23	thin	thin	ADJ
easat-8771	243	24	tails	tail	NOUN
easat-8771	243	25	,	,	PUNCT
easat-8771	243	26	fewer	few	ADJ
easat-8771	243	27	outliers	outlier	NOUN
easat-8771	243	28	)	)	PUNCT
easat-8771	243	29	.	.	PUNCT
easat-8771	244	1	this	this	PRON
easat-8771	244	2	suggests	suggest	VERB
easat-8771	244	3	that	that	SCONJ
easat-8771	244	4	extreme	extreme	ADJ
easat-8771	244	5	changes	change	NOUN
easat-8771	244	6	in	in	ADP
easat-8771	244	7	eur	eur	ADJ
easat-8771	244	8	/	/	SYM
easat-8771	244	9	usd	usd	NOUN
easat-8771	244	10	exchange	exchange	NOUN
easat-8771	244	11	rates	rate	NOUN
easat-8771	244	12	are	be	AUX
easat-8771	244	13	very	very	ADV
easat-8771	244	14	unusual	unusual	ADJ
easat-8771	244	15	,	,	PUNCT
easat-8771	244	16	and	and	CCONJ
easat-8771	244	17	that	that	SCONJ
easat-8771	244	18	the	the	DET
easat-8771	244	19	distribution	distribution	NOUN
easat-8771	244	20	is	be	AUX
easat-8771	244	21	closer	close	ADJ
easat-8771	244	22	to	to	ADP
easat-8771	244	23	a	a	DET
easat-8771	244	24	normal	normal	ADJ
easat-8771	244	25	(	(	PUNCT
easat-8771	244	26	gaussian	gaussian	ADJ
easat-8771	244	27	)	)	PUNCT
easat-8771	244	28	shape	shape	NOUN
easat-8771	244	29	.	.	PUNCT
easat-8771	245	1	gbp	gbp	NOUN
easat-8771	245	2	/	/	SYM
easat-8771	245	3	usd	usd	NOUN
easat-8771	245	4	has	have	VERB
easat-8771	245	5	the	the	DET
easat-8771	245	6	lowest	low	ADJ
easat-8771	245	7	kurtosis	kurtosis	NOUN
easat-8771	245	8	(	(	PUNCT
easat-8771	245	9	~	~	PUNCT
easat-8771	245	10	-0.50	-0.50	NUM
easat-8771	245	11	)	)	PUNCT
easat-8771	245	12	at	at	ADP
easat-8771	245	13	all	all	DET
easat-8771	245	14	time	time	NOUN
easat-8771	245	15	scales	scale	NOUN
easat-8771	245	16	.	.	PUNCT
easat-8771	246	1	this	this	PRON
easat-8771	246	2	is	be	AUX
easat-8771	246	3	a	a	DET
easat-8771	246	4	strong	strong	ADJ
easat-8771	246	5	indication	indication	NOUN
easat-8771	246	6	of	of	ADP
easat-8771	246	7	gbp	gbp	NOUN
easat-8771	246	8	/	/	SYM
easat-8771	246	9	usd	usd	NOUN
easat-8771	246	10	returns	return	NOUN
easat-8771	246	11	being	be	AUX
easat-8771	246	12	normally	normally	ADV
easat-8771	246	13	or	or	CCONJ
easat-8771	246	14	929	929	NUM
easat-8771	246	15	edelweiss	edelweiss	PROPN
easat-8771	246	16	applied	apply	VERB
easat-8771	246	17	science	science	NOUN
easat-8771	246	18	and	and	CCONJ
easat-8771	246	19	technology	technology	NOUN
easat-8771	246	20	issn	issn	PROPN
easat-8771	246	21	:	:	PUNCT
easat-8771	246	22	2576	2576	NUM
easat-8771	246	23	-	-	SYM
easat-8771	246	24	8484	8484	NUM
easat-8771	246	25	vol	vol	NOUN
easat-8771	246	26	.	.	PROPN
easat-8771	247	1	9	9	NUM
easat-8771	247	2	,	,	PUNCT
easat-8771	247	3	no	no	INTJ
easat-8771	247	4	.	.	NOUN
easat-8771	248	1	7	7	NUM
easat-8771	248	2	:	:	SYM
easat-8771	248	3	918	918	NUM
easat-8771	248	4	-	-	SYM
easat-8771	248	5	936	936	NUM
easat-8771	248	6	,	,	PUNCT
easat-8771	248	7	2025	2025	NUM
easat-8771	248	8	doi	doi	NOUN
easat-8771	248	9	:	:	PUNCT
easat-8771	248	10	10.55214/25768484.v9i7.8771	10.55214/25768484.v9i7.8771	NUM
easat-8771	248	11	©	©	PROPN
easat-8771	248	12	2025	2025	NUM
easat-8771	248	13	by	by	ADP
easat-8771	248	14	the	the	DET
easat-8771	248	15	author	author	NOUN
easat-8771	248	16	;	;	PUNCT
easat-8771	248	17	licensee	licensee	PROPN
easat-8771	248	18	learning	learn	VERB
easat-8771	248	19	gate	gate	NOUN
easat-8771	249	1	sub	sub	ADJ
easat-8771	249	2	-	-	ADJ
easat-8771	249	3	normally	normally	ADV
easat-8771	249	4	distributed	distribute	VERB
easat-8771	249	5	with	with	ADP
easat-8771	249	6	a	a	DET
easat-8771	249	7	lack	lack	NOUN
easat-8771	249	8	of	of	ADP
easat-8771	249	9	extreme	extreme	ADJ
easat-8771	249	10	movements	movement	NOUN
easat-8771	249	11	.	.	PUNCT
easat-8771	250	1	this	this	PRON
easat-8771	250	2	is	be	AUX
easat-8771	250	3	consistent	consistent	ADJ
easat-8771	250	4	with	with	ADP
easat-8771	250	5	the	the	DET
easat-8771	250	6	relatively	relatively	ADV
easat-8771	250	7	low	low	ADJ
easat-8771	250	8	skewness	skewness	NOUN
easat-8771	250	9	of	of	ADP
easat-8771	250	10	gbp	gbp	PROPN
easat-8771	250	11	/	/	SYM
easat-8771	250	12	usd	usd	NOUN
easat-8771	250	13	,	,	PUNCT
easat-8771	250	14	which	which	PRON
easat-8771	250	15	also	also	ADV
easat-8771	250	16	confirms	confirm	VERB
easat-8771	250	17	the	the	DET
easat-8771	250	18	fact	fact	NOUN
easat-8771	250	19	that	that	SCONJ
easat-8771	250	20	it	it	PRON
easat-8771	250	21	moves	move	VERB
easat-8771	250	22	more	more	ADV
easat-8771	250	23	symmetrically	symmetrically	ADV
easat-8771	250	24	and	and	CCONJ
easat-8771	250	25	stably	stably	ADV
easat-8771	250	26	than	than	ADP
easat-8771	250	27	eur	eur	ADJ
easat-8771	250	28	/	/	SYM
easat-8771	250	29	usd	usd	NOUN
easat-8771	250	30	and	and	CCONJ
easat-8771	250	31	usd	usd	NOUN
easat-8771	250	32	/	/	SYM
easat-8771	250	33	jpy	jpy	NOUN
easat-8771	250	34	.	.	PUNCT
easat-8771	251	1	usd	usd	PROPN
easat-8771	251	2	/	/	SYM
easat-8771	251	3	jpy	jpy	PROPN
easat-8771	251	4	has	have	VERB
easat-8771	251	5	the	the	DET
easat-8771	251	6	lowest	low	ADJ
easat-8771	251	7	kurtosis	kurtosis	NOUN
easat-8771	251	8	(	(	PUNCT
easat-8771	251	9	~	~	PUNCT
easat-8771	251	10	-1.21	-1.21	NUM
easat-8771	251	11	)	)	PUNCT
easat-8771	251	12	,	,	PUNCT
easat-8771	251	13	meaning	mean	VERB
easat-8771	251	14	it	it	PRON
easat-8771	251	15	has	have	VERB
easat-8771	251	16	the	the	DET
easat-8771	251	17	thinnest	thin	ADJ
easat-8771	251	18	tails	tail	NOUN
easat-8771	251	19	of	of	ADP
easat-8771	251	20	all	all	DET
easat-8771	251	21	three	three	NUM
easat-8771	251	22	exchange	exchange	NOUN
easat-8771	251	23	rate	rate	NOUN
easat-8771	251	24	pairs	pair	NOUN
easat-8771	251	25	.	.	PUNCT
easat-8771	252	1	this	this	PRON
easat-8771	252	2	suggests	suggest	VERB
easat-8771	252	3	that	that	SCONJ
easat-8771	252	4	usd	usd	NOUN
easat-8771	252	5	/	/	SYM
easat-8771	252	6	jpy	jpy	NOUN
easat-8771	252	7	returns	return	NOUN
easat-8771	252	8	are	be	AUX
easat-8771	252	9	less	less	ADV
easat-8771	252	10	likely	likely	ADJ
easat-8771	252	11	to	to	PART
easat-8771	252	12	experience	experience	VERB
easat-8771	252	13	extreme	extreme	ADJ
easat-8771	252	14	fluctuations	fluctuation	NOUN
easat-8771	252	15	compared	compare	VERB
easat-8771	252	16	to	to	ADP
easat-8771	252	17	normal	normal	ADJ
easat-8771	252	18	distribution	distribution	NOUN
easat-8771	252	19	.	.	PUNCT
easat-8771	253	1	despite	despite	SCONJ
easat-8771	253	2	the	the	DET
easat-8771	253	3	common	common	ADJ
easat-8771	253	4	perception	perception	NOUN
easat-8771	253	5	of	of	ADP
easat-8771	253	6	jpy	jpy	PROPN
easat-8771	253	7	as	as	ADP
easat-8771	253	8	a	a	DET
easat-8771	253	9	volatile	volatile	ADJ
easat-8771	253	10	currency	currency	NOUN
easat-8771	253	11	,	,	PUNCT
easat-8771	253	12	this	this	DET
easat-8771	253	13	result	result	NOUN
easat-8771	253	14	implies	imply	VERB
easat-8771	253	15	that	that	SCONJ
easat-8771	253	16	usd	usd	NOUN
easat-8771	253	17	/	/	SYM
easat-8771	253	18	jpy	jpy	NOUN
easat-8771	253	19	price	price	NOUN
easat-8771	253	20	changes	change	NOUN
easat-8771	253	21	tend	tend	VERB
easat-8771	253	22	to	to	PART
easat-8771	253	23	be	be	AUX
easat-8771	253	24	more	more	ADV
easat-8771	253	25	controlled	control	VERB
easat-8771	253	26	over	over	ADP
easat-8771	253	27	time	time	NOUN
easat-8771	253	28	.	.	PUNCT
easat-8771	254	1	an	an	DET
easat-8771	254	2	important	important	ADJ
easat-8771	254	3	observation	observation	NOUN
easat-8771	254	4	is	be	AUX
easat-8771	254	5	that	that	SCONJ
easat-8771	254	6	both	both	CCONJ
easat-8771	254	7	skewness	skewness	NOUN
easat-8771	254	8	and	and	CCONJ
easat-8771	254	9	kurtosis	kurtosis	NOUN
easat-8771	254	10	remain	remain	VERB
easat-8771	254	11	stable	stable	ADJ
easat-8771	254	12	across	across	ADP
easat-8771	254	13	different	different	ADJ
easat-8771	254	14	aggregation	aggregation	NOUN
easat-8771	254	15	levels	level	NOUN
easat-8771	254	16	.	.	PUNCT
easat-8771	255	1	unlike	unlike	ADP
easat-8771	255	2	volatility	volatility	NOUN
easat-8771	255	3	and	and	CCONJ
easat-8771	255	4	persistence	persistence	NOUN
easat-8771	255	5	,	,	PUNCT
easat-8771	255	6	which	which	PRON
easat-8771	255	7	show	show	VERB
easat-8771	255	8	clear	clear	ADJ
easat-8771	255	9	declines	decline	NOUN
easat-8771	255	10	with	with	ADP
easat-8771	255	11	temporal	temporal	ADJ
easat-8771	255	12	aggregation	aggregation	NOUN
easat-8771	255	13	,	,	PUNCT
easat-8771	255	14	the	the	DET
easat-8771	255	15	distributional	distributional	ADJ
easat-8771	255	16	properties	property	NOUN
easat-8771	255	17	of	of	ADP
easat-8771	255	18	exchange	exchange	NOUN
easat-8771	255	19	rate	rate	NOUN
easat-8771	255	20	returns	return	NOUN
easat-8771	255	21	(	(	PUNCT
easat-8771	255	22	skewness	skewness	NOUN
easat-8771	255	23	and	and	CCONJ
easat-8771	255	24	kurtosis	kurtosis	NOUN
easat-8771	255	25	)	)	PUNCT
easat-8771	255	26	do	do	AUX
easat-8771	255	27	not	not	PART
easat-8771	255	28	exhibit	exhibit	VERB
easat-8771	255	29	major	major	ADJ
easat-8771	255	30	changes	change	NOUN
easat-8771	255	31	.	.	PUNCT
easat-8771	256	1	this	this	PRON
easat-8771	256	2	suggests	suggest	VERB
easat-8771	256	3	that	that	SCONJ
easat-8771	256	4	the	the	DET
easat-8771	256	5	asymmetry	asymmetry	NOUN
easat-8771	256	6	and	and	CCONJ
easat-8771	256	7	likelihood	likelihood	NOUN
easat-8771	256	8	of	of	ADP
easat-8771	256	9	extreme	extreme	ADJ
easat-8771	256	10	price	price	NOUN
easat-8771	256	11	changes	change	NOUN
easat-8771	256	12	in	in	ADP
easat-8771	256	13	exchange	exchange	NOUN
easat-8771	256	14	rates	rate	NOUN
easat-8771	256	15	are	be	AUX
easat-8771	256	16	fairly	fairly	ADV
easat-8771	256	17	time	time	NOUN
easat-8771	256	18	-	-	PUNCT
easat-8771	256	19	scale	scale	NOUN
easat-8771	256	20	invariant	invariant	NOUN
easat-8771	256	21	.	.	PUNCT
easat-8771	257	1	nevertheless	nevertheless	ADV
easat-8771	257	2	,	,	PUNCT
easat-8771	257	3	kurtosis	kurtosis	VERB
easat-8771	257	4	decreases	decrease	NOUN
easat-8771	257	5	slightly	slightly	ADV
easat-8771	257	6	with	with	ADP
easat-8771	257	7	aggregation	aggregation	NOUN
easat-8771	257	8	,	,	PUNCT
easat-8771	257	9	indicating	indicate	VERB
easat-8771	257	10	that	that	SCONJ
easat-8771	257	11	as	as	SCONJ
easat-8771	257	12	short	short	ADJ
easat-8771	257	13	-	-	PUNCT
easat-8771	257	14	term	term	NOUN
easat-8771	257	15	volatility	volatility	NOUN
easat-8771	257	16	is	be	AUX
easat-8771	257	17	averaged	average	VERB
easat-8771	257	18	out	out	ADP
easat-8771	257	19	,	,	PUNCT
easat-8771	257	20	the	the	DET
easat-8771	257	21	probability	probability	NOUN
easat-8771	257	22	of	of	ADP
easat-8771	257	23	extreme	extreme	ADJ
easat-8771	257	24	returns	return	NOUN
easat-8771	257	25	decreases	decrease	VERB
easat-8771	257	26	.	.	PUNCT
easat-8771	258	1	this	this	PRON
easat-8771	258	2	is	be	AUX
easat-8771	258	3	to	to	PART
easat-8771	258	4	be	be	AUX
easat-8771	258	5	anticipated	anticipate	VERB
easat-8771	258	6	since	since	SCONJ
easat-8771	258	7	high	high	ADJ
easat-8771	258	8	-	-	PUNCT
easat-8771	258	9	frequency	frequency	NOUN
easat-8771	258	10	data	datum	NOUN
easat-8771	258	11	will	will	AUX
easat-8771	258	12	capture	capture	VERB
easat-8771	258	13	short	short	ADJ
easat-8771	258	14	-	-	PUNCT
easat-8771	258	15	term	term	NOUN
easat-8771	258	16	price	price	NOUN
easat-8771	258	17	jumps	jump	VERB
easat-8771	258	18	stemming	stem	VERB
easat-8771	258	19	from	from	ADP
easat-8771	258	20	order	order	NOUN
easat-8771	258	21	imbalances	imbalance	NOUN
easat-8771	258	22	and	and	CCONJ
easat-8771	258	23	bid	bid	NOUN
easat-8771	258	24	-	-	PUNCT
easat-8771	258	25	ask	ask	NOUN
easat-8771	258	26	spread	spread	VERB
easat-8771	258	27	effects	effect	NOUN
easat-8771	258	28	,	,	PUNCT
easat-8771	258	29	which	which	PRON
easat-8771	258	30	become	become	VERB
easat-8771	258	31	less	less	ADV
easat-8771	258	32	pronounced	pronounce	VERB
easat-8771	258	33	as	as	SCONJ
easat-8771	258	34	data	datum	NOUN
easat-8771	258	35	are	be	AUX
easat-8771	258	36	aggregated	aggregate	VERB
easat-8771	258	37	.	.	PUNCT
easat-8771	259	1	the	the	DET
easat-8771	259	2	skewness	skewness	NOUN
easat-8771	259	3	and	and	CCONJ
easat-8771	259	4	kurtosis	kurtosis	VERB
easat-8771	259	5	analysis	analysis	NOUN
easat-8771	259	6	for	for	ADP
easat-8771	259	7	these	these	DET
easat-8771	259	8	time	time	NOUN
easat-8771	259	9	horizons	horizon	NOUN
easat-8771	259	10	shows	show	VERB
easat-8771	259	11	that	that	SCONJ
easat-8771	259	12	the	the	DET
easat-8771	259	13	exchange	exchange	NOUN
easat-8771	259	14	rate	rate	NOUN
easat-8771	259	15	return	return	NOUN
easat-8771	259	16	distributions	distribution	NOUN
easat-8771	259	17	are	be	AUX
easat-8771	259	18	relatively	relatively	ADV
easat-8771	259	19	stable	stable	ADJ
easat-8771	259	20	at	at	ADP
easat-8771	259	21	any	any	DET
easat-8771	259	22	aggregation	aggregation	NOUN
easat-8771	259	23	level	level	NOUN
easat-8771	259	24	.	.	PUNCT
easat-8771	260	1	eur	eur	ADJ
easat-8771	260	2	/	/	SYM
easat-8771	260	3	usd	usd	NOUN
easat-8771	260	4	and	and	CCONJ
easat-8771	260	5	gbp	gbp	NOUN
easat-8771	260	6	/	/	SYM
easat-8771	260	7	usd	usd	NOUN
easat-8771	260	8	are	be	AUX
easat-8771	260	9	more	more	ADV
easat-8771	260	10	symmetric	symmetric	ADJ
easat-8771	260	11	,	,	PUNCT
easat-8771	260	12	while	while	SCONJ
easat-8771	260	13	usd	usd	NOUN
easat-8771	260	14	/	/	SYM
easat-8771	260	15	jpy	jpy	NOUN
easat-8771	260	16	is	be	AUX
easat-8771	260	17	mildly	mildly	ADV
easat-8771	260	18	downward	downward	ADJ
easat-8771	260	19	asymmetric	asymmetric	NOUN
easat-8771	260	20	.	.	PUNCT
easat-8771	261	1	the	the	DET
easat-8771	261	2	results	result	NOUN
easat-8771	261	3	suggest	suggest	VERB
easat-8771	261	4	that	that	SCONJ
easat-8771	261	5	the	the	DET
easat-8771	261	6	nonnormality	nonnormality	NOUN
easat-8771	261	7	is	be	AUX
easat-8771	261	8	moderate	moderate	ADJ
easat-8771	261	9	,	,	PUNCT
easat-8771	261	10	not	not	PART
easat-8771	261	11	extreme	extreme	ADJ
easat-8771	261	12	,	,	PUNCT
easat-8771	261	13	so	so	CCONJ
easat-8771	261	14	the	the	DET
easat-8771	261	15	usual	usual	ADJ
easat-8771	261	16	econometric	econometric	ADJ
easat-8771	261	17	models	model	NOUN
easat-8771	261	18	can	can	AUX
easat-8771	261	19	still	still	ADV
easat-8771	261	20	be	be	AUX
easat-8771	261	21	applied	apply	VERB
easat-8771	261	22	(	(	PUNCT
easat-8771	261	23	e.g.	e.g.	ADV
easat-8771	261	24	,	,	PUNCT
easat-8771	261	25	normal	normal	ADJ
easat-8771	261	26	arma	arma	NOUN
easat-8771	261	27	or	or	CCONJ
easat-8771	261	28	garch	garch	NOUN
easat-8771	261	29	)	)	PUNCT
easat-8771	261	30	,	,	PUNCT
easat-8771	261	31	but	but	CCONJ
easat-8771	261	32	should	should	AUX
easat-8771	261	33	be	be	AUX
easat-8771	261	34	supplemented	supplement	VERB
easat-8771	261	35	by	by	ADP
easat-8771	261	36	the	the	DET
easat-8771	261	37	nonlinear	nonlinear	ADJ
easat-8771	261	38	/	/	SYM
easat-8771	261	39	asymmetric	asymmetric	ADJ
easat-8771	261	40	ones	one	NOUN
easat-8771	261	41	for	for	ADP
easat-8771	261	42	eur	eur	ADJ
easat-8771	261	43	/	/	SYM
easat-8771	261	44	usd	usd	NOUN
easat-8771	261	45	and	and	CCONJ
easat-8771	261	46	usd	usd	NOUN
easat-8771	261	47	/	/	SYM
easat-8771	261	48	jpy	jpy	NOUN
easat-8771	261	49	.	.	PUNCT
easat-8771	261	50	table	table	NOUN
easat-8771	261	51	4	4	NUM
easat-8771	261	52	gives	give	VERB
easat-8771	261	53	the	the	DET
easat-8771	261	54	impact	impact	NOUN
easat-8771	261	55	of	of	ADP
easat-8771	261	56	temporal	temporal	ADJ
easat-8771	261	57	aggregation	aggregation	NOUN
easat-8771	261	58	on	on	ADP
easat-8771	261	59	volatility	volatility	NOUN
easat-8771	261	60	(	(	PUNCT
easat-8771	261	61	measured	measure	VERB
easat-8771	261	62	in	in	ADP
easat-8771	261	63	terms	term	NOUN
easat-8771	261	64	of	of	ADP
easat-8771	261	65	standard	standard	ADJ
easat-8771	261	66	deviation	deviation	NOUN
easat-8771	261	67	)	)	PUNCT
easat-8771	261	68	and	and	CCONJ
easat-8771	261	69	persistence	persistence	NOUN
easat-8771	261	70	(	(	PUNCT
easat-8771	261	71	measured	measure	VERB
easat-8771	261	72	in	in	ADP
easat-8771	261	73	terms	term	NOUN
easat-8771	261	74	of	of	ADP
easat-8771	261	75	lag-1	lag-1	PUNCT
easat-8771	261	76	autocorrelation	autocorrelation	NOUN
easat-8771	261	77	)	)	PUNCT
easat-8771	261	78	for	for	ADP
easat-8771	261	79	eur	eur	PROPN
easat-8771	261	80	/	/	SYM
easat-8771	261	81	usd	usd	NOUN
easat-8771	261	82	,	,	PUNCT
easat-8771	261	83	gbp	gbp	NOUN
easat-8771	261	84	/	/	SYM
easat-8771	261	85	usd	usd	NOUN
easat-8771	261	86	,	,	PUNCT
easat-8771	261	87	and	and	CCONJ
easat-8771	261	88	usd	usd	NOUN
easat-8771	261	89	/	/	SYM
easat-8771	261	90	jpy	jpy	NOUN
easat-8771	261	91	.	.	PUNCT
easat-8771	262	1	they	they	PRON
easat-8771	262	2	are	be	AUX
easat-8771	262	3	measures	measure	NOUN
easat-8771	262	4	of	of	ADP
easat-8771	262	5	exchange	exchange	NOUN
easat-8771	262	6	rate	rate	NOUN
easat-8771	262	7	behavior	behavior	NOUN
easat-8771	262	8	during	during	ADP
easat-8771	262	9	the	the	DET
easat-8771	262	10	existence	existence	NOUN
easat-8771	262	11	of	of	ADP
easat-8771	262	12	the	the	DET
easat-8771	262	13	observation	observation	NOUN
easat-8771	262	14	period	period	NOUN
easat-8771	262	15	as	as	SCONJ
easat-8771	262	16	the	the	DET
easat-8771	262	17	time	time	NOUN
easat-8771	262	18	horizon	horizon	NOUN
easat-8771	262	19	is	be	AUX
easat-8771	262	20	extended	extend	VERB
easat-8771	262	21	from	from	ADP
easat-8771	262	22	a	a	DET
easat-8771	262	23	1	1	NUM
easat-8771	262	24	-	-	PUNCT
easat-8771	262	25	minute	minute	NOUN
easat-8771	262	26	to	to	ADP
easat-8771	262	27	a	a	DET
easat-8771	262	28	60	60	NUM
easat-8771	262	29	-	-	PUNCT
easat-8771	262	30	minute	minute	NOUN
easat-8771	262	31	horizon	horizon	NOUN
easat-8771	262	32	.	.	PUNCT
easat-8771	263	1	930	930	NUM
easat-8771	263	2	edelweiss	edelweiss	PROPN
easat-8771	263	3	applied	apply	VERB
easat-8771	263	4	science	science	NOUN
easat-8771	263	5	and	and	CCONJ
easat-8771	263	6	technology	technology	NOUN
easat-8771	263	7	issn	issn	PROPN
easat-8771	263	8	:	:	PUNCT
easat-8771	263	9	2576	2576	NUM
easat-8771	263	10	-	-	SYM
easat-8771	263	11	8484	8484	NUM
easat-8771	263	12	vol	vol	NOUN
easat-8771	263	13	.	.	PROPN
easat-8771	264	1	9	9	NUM
easat-8771	264	2	,	,	PUNCT
easat-8771	264	3	no	no	INTJ
easat-8771	264	4	.	.	NOUN
easat-8771	265	1	7	7	NUM
easat-8771	265	2	:	:	SYM
easat-8771	265	3	918	918	NUM
easat-8771	265	4	-	-	SYM
easat-8771	265	5	936	936	NUM
easat-8771	265	6	,	,	PUNCT
easat-8771	265	7	2025	2025	NUM
easat-8771	265	8	doi	doi	NOUN
easat-8771	265	9	:	:	PUNCT
easat-8771	265	10	10.55214/25768484.v9i7.8771	10.55214/25768484.v9i7.8771	NUM
easat-8771	265	11	©	©	PROPN
easat-8771	265	12	2025	2025	NUM
easat-8771	265	13	by	by	ADP
easat-8771	265	14	the	the	DET
easat-8771	265	15	author	author	NOUN
easat-8771	265	16	;	;	PUNCT
easat-8771	265	17	licensee	licensee	PROPN
easat-8771	265	18	learning	learn	VERB
easat-8771	265	19	gate	gate	NOUN
easat-8771	265	20	table	table	NOUN
easat-8771	265	21	4	4	NUM
easat-8771	265	22	.	.	PUNCT
easat-8771	266	1	volatility	volatility	NOUN
easat-8771	266	2	and	and	CCONJ
easat-8771	266	3	persistence	persistence	NOUN
easat-8771	266	4	changes	change	NOUN
easat-8771	266	5	due	due	ADJ
easat-8771	266	6	to	to	ADP
easat-8771	266	7	aggregation	aggregation	NOUN
easat-8771	266	8	.	.	PUNCT
easat-8771	267	1	volatility	volatility	NOUN
easat-8771	267	2	(	(	PUNCT
easat-8771	267	3	std	std	X
easat-8771	267	4	dev	dev	NOUN
easat-8771	267	5	)	)	PUNCT
easat-8771	267	6	persistence	persistence	NOUN
easat-8771	267	7	(	(	PUNCT
easat-8771	267	8	lag	lag	NOUN
easat-8771	267	9	1	1	NUM
easat-8771	267	10	autocorrelation	autocorrelation	NOUN
easat-8771	267	11	)	)	PUNCT
easat-8771	267	12	volatility	volatility	NOUN
easat-8771	267	13	(	(	PUNCT
easat-8771	267	14	std	std	X
easat-8771	267	15	dev	dev	NOUN
easat-8771	267	16	)	)	PUNCT
easat-8771	267	17	persistence	persistence	NOUN
easat-8771	267	18	(	(	PUNCT
easat-8771	267	19	lag	lag	NOUN
easat-8771	267	20	1	1	NUM
easat-8771	267	21	autocorrelation	autocorrelation	NOUN
easat-8771	267	22	)	)	PUNCT
easat-8771	267	23	volatility	volatility	NOUN
easat-8771	267	24	(	(	PUNCT
easat-8771	267	25	std	std	X
easat-8771	267	26	dev	dev	NOUN
easat-8771	267	27	)	)	PUNCT
easat-8771	267	28	persistence	persistence	NOUN
easat-8771	267	29	(	(	PUNCT
easat-8771	267	30	lag	lag	NOUN
easat-8771	267	31	1	1	NUM
easat-8771	267	32	autocorrelation	autocorrelation	NOUN
easat-8771	267	33	)	)	PUNCT
easat-8771	267	34	volatility	volatility	NOUN
easat-8771	267	35	(	(	PUNCT
easat-8771	267	36	std	std	X
easat-8771	267	37	dev	dev	NOUN
easat-8771	267	38	)	)	PUNCT
easat-8771	267	39	persistence	persistence	NOUN
easat-8771	267	40	(	(	PUNCT
easat-8771	267	41	lag	lag	NOUN
easat-8771	267	42	1	1	NUM
easat-8771	267	43	autocorrelation	autocorrelation	NOUN
easat-8771	267	44	)	)	PUNCT
easat-8771	267	45	volatility	volatility	NOUN
easat-8771	267	46	(	(	PUNCT
easat-8771	267	47	std	std	X
easat-8771	267	48	dev	dev	NOUN
easat-8771	267	49	)	)	PUNCT
easat-8771	267	50	persistence	persistence	NOUN
easat-8771	267	51	(	(	PUNCT
easat-8771	267	52	lag	lag	NOUN
easat-8771	267	53	1	1	NUM
easat-8771	267	54	autocorrelation	autocorrelation	NOUN
easat-8771	267	55	)	)	PUNCT
easat-8771	267	56	eurusd	eurusd	NOUN
easat-8771	267	57	0.01553	0.01553	NUM
easat-8771	267	58	0.009948	0.009948	NUM
easat-8771	267	59	0.01553	0.01553	NUM
easat-8771	267	60	-0.03493	-0.03493	NOUN
easat-8771	268	1	0.015533	0.015533	NUM
easat-8771	268	2	-0.04234	-0.04234	NOUN
easat-8771	268	3	0.015538	0.015538	NUM
easat-8771	268	4	-0.01268	-0.01268	NOUN
easat-8771	268	5	0.015541	0.015541	NUM
easat-8771	268	6	-0.00381	-0.00381	NOUN
easat-8771	268	7	gbpusd	gbpusd	PROPN
easat-8771	268	8	0.019811	0.019811	NUM
easat-8771	268	9	-0.01864	-0.01864	NOUN
easat-8771	268	10	0.01981	0.01981	NUM
easat-8771	268	11	-0.04484	-0.04484	NOUN
easat-8771	268	12	0.019819	0.019819	NUM
easat-8771	268	13	-0.02441	-0.02441	NOUN
easat-8771	269	1	0.019833	0.019833	NUM
easat-8771	269	2	-0.03325	-0.03325	NUM
easat-8771	269	3	0.019828	0.019828	NUM
easat-8771	269	4	-0.02649	-0.02649	ADP
easat-8771	269	5	usdjpy	usdjpy	PROPN
easat-8771	269	6	3.3072	3.3072	NUM
easat-8771	269	7	-0.0139	-0.0139	NOUN
easat-8771	269	8	3.307305	3.307305	NUM
easat-8771	269	9	-0.00416	-0.00416	NOUN
easat-8771	270	1	3.307299	3.307299	NUM
easat-8771	270	2	-0.04349	-0.04349	NOUN
easat-8771	270	3	3.30714	3.30714	NUM
easat-8771	270	4	-0.03192	-0.03192	NOUN
easat-8771	270	5	3.308598	3.308598	NUM
easat-8771	270	6	-0.06959	-0.06959	VERB
easat-8771	270	7	931	931	NUM
easat-8771	270	8	edelweiss	edelweiss	PROPN
easat-8771	270	9	applied	apply	VERB
easat-8771	270	10	science	science	NOUN
easat-8771	270	11	and	and	CCONJ
easat-8771	270	12	technology	technology	NOUN
easat-8771	270	13	issn	issn	PROPN
easat-8771	270	14	:	:	PUNCT
easat-8771	270	15	2576	2576	NUM
easat-8771	270	16	-	-	SYM
easat-8771	270	17	8484	8484	NUM
easat-8771	270	18	vol	vol	NOUN
easat-8771	270	19	.	.	PROPN
easat-8771	271	1	9	9	NUM
easat-8771	271	2	,	,	PUNCT
easat-8771	271	3	no	no	INTJ
easat-8771	271	4	.	.	NOUN
easat-8771	272	1	7	7	NUM
easat-8771	272	2	:	:	SYM
easat-8771	272	3	918	918	NUM
easat-8771	272	4	-	-	SYM
easat-8771	272	5	936	936	NUM
easat-8771	272	6	,	,	PUNCT
easat-8771	272	7	2025	2025	NUM
easat-8771	272	8	doi	doi	NOUN
easat-8771	272	9	:	:	PUNCT
easat-8771	272	10	10.55214/25768484.v9i7.8771	10.55214/25768484.v9i7.8771	NUM
easat-8771	272	11	©	©	PROPN
easat-8771	272	12	2025	2025	NUM
easat-8771	272	13	by	by	ADP
easat-8771	272	14	the	the	DET
easat-8771	272	15	author	author	NOUN
easat-8771	272	16	;	;	PUNCT
easat-8771	272	17	licensee	licensee	PROPN
easat-8771	272	18	learning	learning	NOUN
easat-8771	272	19	gate	gate	VERB
easat-8771	272	20	the	the	DET
easat-8771	272	21	volatility	volatility	NOUN
easat-8771	272	22	of	of	ADP
easat-8771	272	23	all	all	DET
easat-8771	272	24	three	three	NUM
easat-8771	272	25	exchange	exchange	NOUN
easat-8771	272	26	rate	rate	NOUN
easat-8771	272	27	pairs	pair	NOUN
easat-8771	272	28	is	be	AUX
easat-8771	272	29	typically	typically	ADV
easat-8771	272	30	constant	constant	ADJ
easat-8771	272	31	at	at	ADP
easat-8771	272	32	different	different	ADJ
easat-8771	272	33	levels	level	NOUN
easat-8771	272	34	of	of	ADP
easat-8771	272	35	aggregation	aggregation	NOUN
easat-8771	272	36	with	with	ADP
easat-8771	272	37	very	very	ADV
easat-8771	272	38	minor	minor	ADJ
easat-8771	272	39	variations	variation	NOUN
easat-8771	272	40	in	in	ADP
easat-8771	272	41	standard	standard	ADJ
easat-8771	272	42	deviation	deviation	NOUN
easat-8771	272	43	.	.	PUNCT
easat-8771	273	1	for	for	ADP
easat-8771	273	2	instance	instance	NOUN
easat-8771	273	3	,	,	PUNCT
easat-8771	273	4	eur	eur	ADJ
easat-8771	273	5	/	/	SYM
easat-8771	273	6	usd	usd	NOUN
easat-8771	273	7	's	's	PART
easat-8771	273	8	standard	standard	ADJ
easat-8771	273	9	deviation	deviation	NOUN
easat-8771	273	10	starts	start	VERB
easat-8771	273	11	at	at	ADP
easat-8771	273	12	0.01553	0.01553	NUM
easat-8771	273	13	at	at	ADP
easat-8771	273	14	the	the	DET
easat-8771	273	15	1	1	NUM
easat-8771	273	16	-	-	PUNCT
easat-8771	273	17	minute	minute	NOUN
easat-8771	273	18	level	level	NOUN
easat-8771	273	19	and	and	CCONJ
easat-8771	273	20	increases	increase	NOUN
easat-8771	273	21	gradually	gradually	ADV
easat-8771	273	22	to	to	ADP
easat-8771	273	23	0.01554	0.01554	NUM
easat-8771	273	24	at	at	ADP
easat-8771	273	25	the	the	DET
easat-8771	273	26	60	60	NUM
easat-8771	273	27	-	-	PUNCT
easat-8771	273	28	minute	minute	NOUN
easat-8771	273	29	level	level	NOUN
easat-8771	273	30	.	.	PUNCT
easat-8771	274	1	the	the	DET
easat-8771	274	2	same	same	ADJ
easat-8771	274	3	trend	trend	NOUN
easat-8771	274	4	is	be	AUX
easat-8771	274	5	observed	observe	VERB
easat-8771	274	6	for	for	ADP
easat-8771	274	7	gbp	gbp	NOUN
easat-8771	274	8	/	/	SYM
easat-8771	274	9	usd	usd	NOUN
easat-8771	274	10	(	(	PUNCT
easat-8771	274	11	0.01981	0.01981	NUM
easat-8771	274	12	to	to	ADP
easat-8771	274	13	0.01983	0.01983	NUM
easat-8771	274	14	)	)	PUNCT
easat-8771	274	15	and	and	CCONJ
easat-8771	274	16	usd	usd	PROPN
easat-8771	274	17	/	/	SYM
easat-8771	274	18	jpy	jpy	PROPN
easat-8771	274	19	(	(	PUNCT
easat-8771	274	20	3.3072	3.3072	NUM
easat-8771	274	21	to	to	ADP
easat-8771	274	22	3.3086	3.3086	NUM
easat-8771	274	23	)	)	PUNCT
easat-8771	274	24	.	.	PUNCT
easat-8771	275	1	these	these	DET
easat-8771	275	2	results	result	NOUN
easat-8771	275	3	suggest	suggest	VERB
easat-8771	275	4	that	that	SCONJ
easat-8771	275	5	although	although	SCONJ
easat-8771	275	6	data	datum	NOUN
easat-8771	275	7	are	be	AUX
easat-8771	275	8	averaged	average	VERB
easat-8771	275	9	down	down	ADP
easat-8771	275	10	to	to	ADP
easat-8771	275	11	lower	low	ADJ
easat-8771	275	12	frequencies	frequency	NOUN
easat-8771	275	13	,	,	PUNCT
easat-8771	275	14	there	there	PRON
easat-8771	275	15	is	be	VERB
easat-8771	275	16	no	no	DET
easat-8771	275	17	significant	significant	ADJ
easat-8771	275	18	overall	overall	ADJ
easat-8771	275	19	decrease	decrease	NOUN
easat-8771	275	20	in	in	ADP
easat-8771	275	21	exchange	exchange	NOUN
easat-8771	275	22	rate	rate	NOUN
easat-8771	275	23	volatility	volatility	NOUN
easat-8771	275	24	.	.	PUNCT
easat-8771	276	1	this	this	PRON
easat-8771	276	2	also	also	ADV
easat-8771	276	3	agrees	agree	VERB
easat-8771	276	4	with	with	ADP
easat-8771	276	5	what	what	PRON
easat-8771	276	6	was	be	AUX
easat-8771	276	7	seen	see	VERB
easat-8771	276	8	from	from	ADP
easat-8771	276	9	the	the	DET
easat-8771	276	10	lm	lm	PROPN
easat-8771	276	11	test	test	NOUN
easat-8771	276	12	and	and	CCONJ
easat-8771	276	13	rolling	rolling	ADJ
easat-8771	276	14	plots	plot	NOUN
easat-8771	276	15	of	of	ADP
easat-8771	276	16	volatility	volatility	NOUN
easat-8771	276	17	,	,	PUNCT
easat-8771	276	18	where	where	SCONJ
easat-8771	276	19	volatility	volatility	NOUN
easat-8771	276	20	clustering	clustering	NOUN
easat-8771	276	21	remains	remain	VERB
easat-8771	276	22	a	a	DET
easat-8771	276	23	persistent	persistent	ADJ
easat-8771	276	24	behavior	behavior	NOUN
easat-8771	276	25	of	of	ADP
easat-8771	276	26	exchange	exchange	NOUN
easat-8771	276	27	rates	rate	NOUN
easat-8771	276	28	irrespective	irrespective	ADV
easat-8771	276	29	of	of	ADP
easat-8771	276	30	the	the	DET
easat-8771	276	31	time	time	NOUN
easat-8771	276	32	scale	scale	NOUN
easat-8771	276	33	.	.	PUNCT
easat-8771	277	1	one	one	NUM
easat-8771	277	2	possible	possible	ADJ
easat-8771	277	3	reason	reason	NOUN
easat-8771	277	4	for	for	ADP
easat-8771	277	5	this	this	DET
easat-8771	277	6	relative	relative	ADJ
easat-8771	277	7	volatility	volatility	NOUN
easat-8771	277	8	stability	stability	NOUN
easat-8771	277	9	at	at	ADP
easat-8771	277	10	different	different	ADJ
easat-8771	277	11	levels	level	NOUN
easat-8771	277	12	of	of	ADP
easat-8771	277	13	aggregation	aggregation	NOUN
easat-8771	277	14	is	be	AUX
easat-8771	277	15	that	that	SCONJ
easat-8771	277	16	exchange	exchange	NOUN
easat-8771	277	17	rates	rate	NOUN
easat-8771	277	18	exhibit	exhibit	VERB
easat-8771	277	19	long	long	ADV
easat-8771	277	20	-	-	PUNCT
easat-8771	277	21	run	run	VERB
easat-8771	277	22	persistence	persistence	NOUN
easat-8771	277	23	in	in	ADP
easat-8771	277	24	their	their	PRON
easat-8771	277	25	volatility	volatility	NOUN
easat-8771	277	26	pattern	pattern	NOUN
easat-8771	277	27	.	.	PUNCT
easat-8771	278	1	unlike	unlike	ADP
easat-8771	278	2	purely	purely	ADV
easat-8771	278	3	random	random	ADJ
easat-8771	278	4	processes	process	NOUN
easat-8771	278	5	in	in	ADP
easat-8771	278	6	which	which	PRON
easat-8771	278	7	volatility	volatility	NOUN
easat-8771	278	8	would	would	AUX
easat-8771	278	9	fall	fall	VERB
easat-8771	278	10	as	as	SCONJ
easat-8771	278	11	observations	observation	NOUN
easat-8771	278	12	are	be	AUX
easat-8771	278	13	aggregated	aggregate	VERB
easat-8771	278	14	,	,	PUNCT
easat-8771	278	15	financial	financial	ADJ
easat-8771	278	16	time	time	NOUN
easat-8771	278	17	series	series	NOUN
easat-8771	278	18	such	such	ADJ
easat-8771	278	19	as	as	ADP
easat-8771	278	20	exchange	exchange	NOUN
easat-8771	278	21	rates	rate	NOUN
easat-8771	278	22	are	be	AUX
easat-8771	278	23	likely	likely	ADJ
easat-8771	278	24	to	to	PART
easat-8771	278	25	have	have	VERB
easat-8771	278	26	long	long	ADJ
easat-8771	278	27	-	-	PUNCT
easat-8771	278	28	memory	memory	NOUN
easat-8771	278	29	behavior	behavior	NOUN
easat-8771	278	30	and	and	CCONJ
easat-8771	278	31	heteroskedasticity	heteroskedasticity	NOUN
easat-8771	278	32	,	,	PUNCT
easat-8771	278	33	which	which	PRON
easat-8771	278	34	cause	cause	VERB
easat-8771	278	35	volatility	volatility	NOUN
easat-8771	278	36	to	to	PART
easat-8771	278	37	endure	endure	VERB
easat-8771	278	38	even	even	ADV
easat-8771	278	39	at	at	ADP
easat-8771	278	40	lower	low	ADJ
easat-8771	278	41	frequencies	frequency	NOUN
easat-8771	278	42	.	.	PUNCT
easat-8771	279	1	however	however	ADV
easat-8771	279	2	,	,	PUNCT
easat-8771	279	3	minor	minor	ADJ
easat-8771	279	4	variations	variation	NOUN
easat-8771	279	5	in	in	ADP
easat-8771	279	6	volatility	volatility	NOUN
easat-8771	279	7	across	across	ADP
easat-8771	279	8	the	the	DET
easat-8771	279	9	aggregation	aggregation	NOUN
easat-8771	279	10	levels	level	NOUN
easat-8771	279	11	can	can	AUX
easat-8771	279	12	be	be	AUX
easat-8771	279	13	attributed	attribute	VERB
easat-8771	279	14	to	to	ADP
easat-8771	279	15	the	the	DET
easat-8771	279	16	fact	fact	NOUN
easat-8771	279	17	that	that	SCONJ
easat-8771	279	18	short	short	ADJ
easat-8771	279	19	-	-	PUNCT
easat-8771	279	20	term	term	NOUN
easat-8771	279	21	fluctuations	fluctuation	NOUN
easat-8771	279	22	are	be	AUX
easat-8771	279	23	dampened	dampen	VERB
easat-8771	279	24	when	when	SCONJ
easat-8771	279	25	the	the	DET
easat-8771	279	26	long	long	ADJ
easat-8771	279	27	time	time	NOUN
easat-8771	279	28	horizon	horizon	NOUN
easat-8771	279	29	is	be	AUX
easat-8771	279	30	considered	consider	VERB
easat-8771	279	31	.	.	PUNCT
easat-8771	280	1	in	in	ADP
easat-8771	280	2	contrast	contrast	NOUN
easat-8771	280	3	to	to	ADP
easat-8771	280	4	volatility	volatility	NOUN
easat-8771	280	5	,	,	PUNCT
easat-8771	280	6	persistence	persistence	NOUN
easat-8771	280	7	(	(	PUNCT
easat-8771	280	8	measured	measure	VERB
easat-8771	280	9	as	as	ADP
easat-8771	280	10	lag-1	lag-1	PUNCT
easat-8771	280	11	autocorrelation	autocorrelation	NOUN
easat-8771	280	12	)	)	PUNCT
easat-8771	280	13	declines	decline	VERB
easat-8771	280	14	systematically	systematically	ADV
easat-8771	280	15	with	with	ADP
easat-8771	280	16	the	the	DET
easat-8771	280	17	level	level	NOUN
easat-8771	280	18	of	of	ADP
easat-8771	280	19	aggregation	aggregation	NOUN
easat-8771	280	20	.	.	PUNCT
easat-8771	281	1	at	at	ADP
easat-8771	281	2	the	the	DET
easat-8771	281	3	1	1	NUM
easat-8771	281	4	-	-	PUNCT
easat-8771	281	5	minute	minute	NOUN
easat-8771	281	6	frequency	frequency	NOUN
easat-8771	281	7	,	,	PUNCT
easat-8771	281	8	eur	eur	ADJ
easat-8771	281	9	/	/	SYM
easat-8771	281	10	usd	usd	NOUN
easat-8771	281	11	is	be	AUX
easat-8771	281	12	0.0099	0.0099	NUM
easat-8771	281	13	persistent	persistent	ADJ
easat-8771	281	14	,	,	PUNCT
easat-8771	281	15	but	but	CCONJ
easat-8771	281	16	this	this	PRON
easat-8771	281	17	declines	decline	VERB
easat-8771	281	18	consistently	consistently	ADV
easat-8771	281	19	to	to	PART
easat-8771	281	20	-0.0038	-0.0038	VERB
easat-8771	281	21	at	at	ADP
easat-8771	281	22	the	the	DET
easat-8771	281	23	60	60	NUM
easat-8771	281	24	-	-	PUNCT
easat-8771	281	25	minute	minute	NOUN
easat-8771	281	26	frequency	frequency	NOUN
easat-8771	281	27	.	.	PUNCT
easat-8771	282	1	similarly	similarly	ADV
easat-8771	282	2	,	,	PUNCT
easat-8771	282	3	gbp	gbp	NOUN
easat-8771	282	4	/	/	SYM
easat-8771	282	5	usd	usd	NOUN
easat-8771	282	6	starts	start	VERB
easat-8771	282	7	with	with	ADP
easat-8771	282	8	a	a	DET
easat-8771	282	9	persistence	persistence	NOUN
easat-8771	282	10	of	of	ADP
easat-8771	282	11	0.0186	0.0186	NUM
easat-8771	282	12	at	at	ADP
easat-8771	282	13	the	the	DET
easat-8771	282	14	1	1	NUM
easat-8771	282	15	-	-	PUNCT
easat-8771	282	16	minute	minute	NOUN
easat-8771	282	17	frequency	frequency	NOUN
easat-8771	282	18	and	and	CCONJ
easat-8771	282	19	falls	fall	VERB
easat-8771	282	20	to	to	PART
easat-8771	282	21	-0.0265	-0.0265	VERB
easat-8771	282	22	at	at	ADP
easat-8771	282	23	the	the	DET
easat-8771	282	24	hourly	hourly	ADJ
easat-8771	282	25	frequency	frequency	NOUN
easat-8771	282	26	,	,	PUNCT
easat-8771	282	27	while	while	SCONJ
easat-8771	282	28	usd	usd	NOUN
easat-8771	282	29	/	/	SYM
easat-8771	282	30	jpy	jpy	PROPN
easat-8771	282	31	falls	fall	VERB
easat-8771	282	32	in	in	ADP
easat-8771	282	33	a	a	DET
easat-8771	282	34	similar	similar	ADJ
easat-8771	282	35	way	way	NOUN
easat-8771	282	36	from	from	ADP
easat-8771	282	37	-0.0139	-0.0139	ADJ
easat-8771	282	38	to	to	ADP
easat-8771	282	39	-0.0696	-0.0696	PROPN
easat-8771	282	40	.	.	PUNCT
easat-8771	283	1	this	this	DET
easat-8771	283	2	decrease	decrease	NOUN
easat-8771	283	3	in	in	ADP
easat-8771	283	4	persistence	persistence	NOUN
easat-8771	283	5	with	with	ADP
easat-8771	283	6	aggregation	aggregation	NOUN
easat-8771	283	7	is	be	AUX
easat-8771	283	8	to	to	PART
easat-8771	283	9	be	be	AUX
easat-8771	283	10	expected	expect	VERB
easat-8771	283	11	,	,	PUNCT
easat-8771	283	12	as	as	SCONJ
easat-8771	283	13	short	short	ADJ
easat-8771	283	14	-	-	PUNCT
easat-8771	283	15	horizon	horizon	NOUN
easat-8771	283	16	dependencies	dependency	NOUN
easat-8771	283	17	will	will	AUX
easat-8771	283	18	eventually	eventually	ADV
easat-8771	283	19	decay	decay	VERB
easat-8771	283	20	at	at	ADP
easat-8771	283	21	coarser	coarse	ADJ
easat-8771	283	22	horizons	horizon	NOUN
easat-8771	283	23	.	.	PUNCT
easat-8771	284	1	high	high	ADJ
easat-8771	284	2	-	-	PUNCT
easat-8771	284	3	frequency	frequency	NOUN
easat-8771	284	4	data	datum	NOUN
easat-8771	284	5	(	(	PUNCT
easat-8771	284	6	say	say	INTJ
easat-8771	284	7	1	1	NUM
easat-8771	284	8	-	-	PUNCT
easat-8771	284	9	minute	minute	NOUN
easat-8771	284	10	)	)	PUNCT
easat-8771	284	11	capture	capture	NOUN
easat-8771	284	12	market	market	NOUN
easat-8771	284	13	microstructure	microstructure	NOUN
easat-8771	284	14	effects	effect	NOUN
easat-8771	284	15	,	,	PUNCT
easat-8771	284	16	bid	bid	NOUN
easat-8771	284	17	-	-	PUNCT
easat-8771	284	18	ask	ask	NOUN
easat-8771	284	19	bounce	bounce	NOUN
easat-8771	284	20	,	,	PUNCT
easat-8771	284	21	and	and	CCONJ
easat-8771	284	22	order	order	NOUN
easat-8771	284	23	flow	flow	NOUN
easat-8771	284	24	imbalances	imbalance	NOUN
easat-8771	284	25	,	,	PUNCT
easat-8771	284	26	which	which	PRON
easat-8771	284	27	generate	generate	VERB
easat-8771	284	28	short	short	ADJ
easat-8771	284	29	-	-	PUNCT
easat-8771	284	30	horizon	horizon	NOUN
easat-8771	284	31	autocorrelation	autocorrelation	NOUN
easat-8771	284	32	.	.	PUNCT
easat-8771	285	1	with	with	ADP
easat-8771	285	2	the	the	DET
easat-8771	285	3	data	datum	NOUN
easat-8771	285	4	,	,	PUNCT
easat-8771	285	5	however	however	ADV
easat-8771	285	6	,	,	PUNCT
easat-8771	285	7	being	be	AUX
easat-8771	285	8	aggregated	aggregate	VERB
easat-8771	285	9	in	in	ADP
easat-8771	285	10	broader	broad	ADJ
easat-8771	285	11	intervals	interval	NOUN
easat-8771	285	12	,	,	PUNCT
easat-8771	285	13	these	these	DET
easat-8771	285	14	microstructural	microstructural	ADJ
easat-8771	285	15	impacts	impact	NOUN
easat-8771	285	16	diminish	diminish	VERB
easat-8771	285	17	,	,	PUNCT
easat-8771	285	18	leading	lead	VERB
easat-8771	285	19	observed	observed	ADJ
easat-8771	285	20	persistence	persistence	NOUN
easat-8771	285	21	to	to	PART
easat-8771	285	22	come	come	VERB
easat-8771	285	23	down	down	ADP
easat-8771	285	24	.	.	PUNCT
easat-8771	286	1	the	the	DET
easat-8771	286	2	move	move	NOUN
easat-8771	286	3	towards	towards	ADP
easat-8771	286	4	negative	negative	ADJ
easat-8771	286	5	,	,	PUNCT
easat-8771	286	6	albeit	albeit	ADV
easat-8771	286	7	low	low	ADJ
easat-8771	286	8	,	,	PUNCT
easat-8771	286	9	autocorrelation	autocorrelation	NOUN
easat-8771	286	10	values	value	NOUN
easat-8771	286	11	at	at	ADP
easat-8771	286	12	bigger	big	ADJ
easat-8771	286	13	aggregation	aggregation	NOUN
easat-8771	286	14	horizons	horizon	NOUN
easat-8771	286	15	suggests	suggest	VERB
easat-8771	286	16	mean	mean	ADJ
easat-8771	286	17	-	-	PUNCT
easat-8771	286	18	reverting	revert	VERB
easat-8771	286	19	pressures	pressure	NOUN
easat-8771	286	20	to	to	PART
easat-8771	286	21	increase	increase	VERB
easat-8771	286	22	at	at	ADP
easat-8771	286	23	higher	high	ADJ
easat-8771	286	24	horizons	horizon	NOUN
easat-8771	286	25	due	due	ADP
easat-8771	286	26	to	to	ADP
easat-8771	286	27	market	market	NOUN
easat-8771	286	28	rebalancing	rebalancing	NOUN
easat-8771	286	29	,	,	PUNCT
easat-8771	286	30	institutional	institutional	ADJ
easat-8771	286	31	trading	trading	NOUN
easat-8771	286	32	strategies	strategy	NOUN
easat-8771	286	33	,	,	PUNCT
easat-8771	286	34	or	or	CCONJ
easat-8771	286	35	intervention	intervention	NOUN
easat-8771	286	36	by	by	ADP
easat-8771	286	37	the	the	DET
easat-8771	286	38	central	central	ADJ
easat-8771	286	39	bank	bank	NOUN
easat-8771	286	40	in	in	ADP
easat-8771	286	41	an	an	DET
easat-8771	286	42	attempt	attempt	NOUN
easat-8771	286	43	to	to	PART
easat-8771	286	44	smooth	smooth	VERB
easat-8771	286	45	exchange	exchange	NOUN
easat-8771	286	46	rate	rate	NOUN
easat-8771	286	47	volatility	volatility	NOUN
easat-8771	286	48	.	.	PUNCT
easat-8771	287	1	the	the	DET
easat-8771	287	2	research	research	NOUN
easat-8771	287	3	observes	observe	VERB
easat-8771	287	4	that	that	SCONJ
easat-8771	287	5	exchange	exchange	NOUN
easat-8771	287	6	rate	rate	NOUN
easat-8771	287	7	volatility	volatility	NOUN
easat-8771	287	8	remains	remain	VERB
easat-8771	287	9	robust	robust	ADJ
easat-8771	287	10	for	for	ADP
easat-8771	287	11	different	different	ADJ
easat-8771	287	12	time	time	NOUN
easat-8771	287	13	horizons	horizon	NOUN
easat-8771	287	14	and	and	CCONJ
easat-8771	287	15	that	that	SCONJ
easat-8771	287	16	short	short	ADJ
easat-8771	287	17	-	-	PUNCT
easat-8771	287	18	run	run	NOUN
easat-8771	287	19	persistence	persistence	NOUN
easat-8771	287	20	decreases	decrease	NOUN
easat-8771	287	21	with	with	ADP
easat-8771	287	22	aggregation	aggregation	NOUN
easat-8771	287	23	.	.	PUNCT
easat-8771	288	1	such	such	ADJ
easat-8771	288	2	observations	observation	NOUN
easat-8771	288	3	have	have	VERB
easat-8771	288	4	implications	implication	NOUN
easat-8771	288	5	for	for	ADP
easat-8771	288	6	the	the	DET
easat-8771	288	7	effectiveness	effectiveness	NOUN
easat-8771	288	8	of	of	ADP
easat-8771	288	9	models	model	NOUN
easat-8771	288	10	emphasizing	emphasize	VERB
easat-8771	288	11	volatility	volatility	NOUN
easat-8771	288	12	dynamics	dynamic	NOUN
easat-8771	288	13	(	(	PUNCT
easat-8771	288	14	e.g.	e.g.	ADV
easat-8771	288	15	,	,	PUNCT
easat-8771	288	16	garch	garch	NOUN
easat-8771	288	17	)	)	PUNCT
easat-8771	288	18	at	at	ADP
easat-8771	288	19	all	all	DET
easat-8771	288	20	levels	level	NOUN
easat-8771	288	21	,	,	PUNCT
easat-8771	288	22	whereas	whereas	SCONJ
easat-8771	288	23	autoregressive	autoregressive	ADJ
easat-8771	288	24	models	model	NOUN
easat-8771	288	25	will	will	AUX
easat-8771	288	26	be	be	AUX
easat-8771	288	27	superior	superior	ADJ
easat-8771	288	28	to	to	ADP
easat-8771	288	29	short	short	ADJ
easat-8771	288	30	-	-	PUNCT
easat-8771	288	31	run	run	NOUN
easat-8771	288	32	forecasting	forecasting	NOUN
easat-8771	288	33	but	but	CCONJ
easat-8771	288	34	inferior	inferior	ADJ
easat-8771	288	35	to	to	ADP
easat-8771	288	36	long	long	ADV
easat-8771	288	37	-	-	PUNCT
easat-8771	288	38	run	run	NOUN
easat-8771	288	39	predictions	prediction	NOUN
easat-8771	288	40	.	.	PUNCT
easat-8771	289	1	also	also	ADV
easat-8771	289	2	,	,	PUNCT
easat-8771	289	3	the	the	DET
easat-8771	289	4	shift	shift	NOUN
easat-8771	289	5	from	from	ADP
easat-8771	289	6	positive	positive	ADJ
easat-8771	289	7	to	to	ADP
easat-8771	289	8	weak	weak	ADJ
easat-8771	289	9	negative	negative	ADJ
easat-8771	289	10	autocorrelation	autocorrelation	NOUN
easat-8771	289	11	at	at	ADP
easat-8771	289	12	lower	low	ADJ
easat-8771	289	13	frequencies	frequency	NOUN
easat-8771	289	14	suggests	suggest	VERB
easat-8771	289	15	that	that	SCONJ
easat-8771	289	16	exchange	exchange	NOUN
easat-8771	289	17	rate	rate	NOUN
easat-8771	289	18	trends	trend	NOUN
easat-8771	289	19	over	over	ADP
easat-8771	289	20	the	the	DET
easat-8771	289	21	longer	long	ADJ
easat-8771	289	22	term	term	NOUN
easat-8771	289	23	may	may	AUX
easat-8771	289	24	have	have	VERB
easat-8771	289	25	a	a	DET
easat-8771	289	26	mean	mean	ADJ
easat-8771	289	27	-	-	PUNCT
easat-8771	289	28	reverting	revert	VERB
easat-8771	289	29	component	component	NOUN
easat-8771	289	30	.	.	PUNCT
easat-8771	290	1	table	table	NOUN
easat-8771	290	2	5	5	NUM
easat-8771	290	3	presents	present	VERB
easat-8771	290	4	the	the	DET
easat-8771	290	5	lagrange	lagrange	NOUN
easat-8771	290	6	multiplier	multiplier	ADV
easat-8771	290	7	(	(	PUNCT
easat-8771	290	8	lm	lm	INTJ
easat-8771	290	9	)	)	PUNCT
easat-8771	290	10	test	test	NOUN
easat-8771	290	11	for	for	ADP
easat-8771	290	12	nonlinearity	nonlinearity	NOUN
easat-8771	290	13	over	over	ADP
easat-8771	290	14	different	different	ADJ
easat-8771	290	15	temporal	temporal	ADJ
easat-8771	290	16	aggregation	aggregation	NOUN
easat-8771	290	17	levels	level	NOUN
easat-8771	290	18	to	to	PART
easat-8771	290	19	examine	examine	VERB
easat-8771	290	20	the	the	DET
easat-8771	290	21	effect	effect	NOUN
easat-8771	290	22	of	of	ADP
easat-8771	290	23	aggregation	aggregation	NOUN
easat-8771	290	24	on	on	ADP
easat-8771	290	25	the	the	DET
easat-8771	290	26	test	test	NOUN
easat-8771	290	27	performance	performance	NOUN
easat-8771	290	28	.	.	PUNCT
easat-8771	291	1	the	the	DET
easat-8771	291	2	data	datum	NOUN
easat-8771	291	3	are	be	AUX
easat-8771	291	4	aggregated	aggregate	VERB
easat-8771	291	5	into	into	ADP
easat-8771	291	6	different	different	ADJ
easat-8771	291	7	time	time	NOUN
easat-8771	291	8	intervals	interval	NOUN
easat-8771	291	9	(	(	PUNCT
easat-8771	291	10	e.g.	e.g.	ADV
easat-8771	291	11	,	,	PUNCT
easat-8771	291	12	5	5	NUM
easat-8771	291	13	-	-	PUNCT
easat-8771	291	14	minute	minute	NOUN
easat-8771	291	15	,	,	PUNCT
easat-8771	291	16	15	15	NUM
easat-8771	291	17	-	-	PUNCT
easat-8771	291	18	minute	minute	NOUN
easat-8771	291	19	,	,	PUNCT
easat-8771	291	20	30	30	NUM
easat-8771	291	21	-	-	PUNCT
easat-8771	291	22	minute	minute	NOUN
easat-8771	291	23	,	,	PUNCT
easat-8771	291	24	and	and	CCONJ
easat-8771	291	25	60	60	NUM
easat-8771	291	26	-	-	PUNCT
easat-8771	291	27	minute	minute	NOUN
easat-8771	291	28	)	)	PUNCT
easat-8771	291	29	,	,	PUNCT
easat-8771	291	30	and	and	CCONJ
easat-8771	291	31	the	the	DET
easat-8771	291	32	lm	lm	ADJ
easat-8771	291	33	test	test	NOUN
easat-8771	291	34	is	be	AUX
easat-8771	291	35	conducted	conduct	VERB
easat-8771	291	36	over	over	ADP
easat-8771	291	37	these	these	DET
easat-8771	291	38	levels	level	NOUN
easat-8771	291	39	.	.	PUNCT
easat-8771	292	1	table	table	NOUN
easat-8771	292	2	5	5	NUM
easat-8771	292	3	.	.	PUNCT
easat-8771	293	1	lagrange	lagrange	NOUN
easat-8771	293	2	multiplier	multiplier	ADV
easat-8771	293	3	(	(	PUNCT
easat-8771	293	4	lm	lm	INTJ
easat-8771	293	5	)	)	PUNCT
easat-8771	293	6	test	test	NOUN
easat-8771	293	7	results	result	NOUN
easat-8771	293	8	for	for	ADP
easat-8771	293	9	nonlinearity	nonlinearity	NOUN
easat-8771	293	10	across	across	ADP
easat-8771	293	11	temporal	temporal	ADJ
easat-8771	293	12	aggregation	aggregation	NOUN
easat-8771	293	13	levels	level	NOUN
easat-8771	293	14	.	.	PUNCT
easat-8771	294	1	temporal	temporal	ADJ
easat-8771	294	2	aggregation	aggregation	NOUN
easat-8771	294	3	levels	level	NOUN
easat-8771	294	4	eurusd	eurusd	PROPN
easat-8771	294	5	p	p	ADJ
easat-8771	294	6	-	-	PUNCT
easat-8771	294	7	value	value	NOUN
easat-8771	294	8	gbpusd	gbpusd	NOUN
easat-8771	294	9	p	p	NOUN
easat-8771	294	10	-	-	PUNCT
easat-8771	294	11	value	value	NOUN
easat-8771	294	12	usdjpy	usdjpy	ADJ
easat-8771	294	13	p	p	NOUN
easat-8771	294	14	-	-	PUNCT
easat-8771	294	15	value	value	NOUN
easat-8771	294	16	1	1	NUM
easat-8771	294	17	99980.33	99980.33	NUM
easat-8771	294	18	0.000	0.000	NUM
easat-8771	294	19	99981.79	99981.79	NUM
easat-8771	294	20	0.000	0.000	NUM
easat-8771	294	21	99983.99	99983.99	NUM
easat-8771	294	22	0.000	0.000	NUM
easat-8771	294	23	5	5	NUM
easat-8771	294	24	19980.02	19980.02	NUM
easat-8771	294	25	0.000	0.000	NUM
easat-8771	294	26	19981.81	19981.81	NUM
easat-8771	294	27	0.000	0.000	NUM
easat-8771	294	28	19984.11	19984.11	NUM
easat-8771	294	29	0.000	0.000	NUM
easat-8771	294	30	15	15	NUM
easat-8771	294	31	6647.759	6647.759	NUM
easat-8771	294	32	0.000	0.000	NUM
easat-8771	294	33	6648.985	6648.985	ADP
easat-8771	294	34	0.000	0.000	NUM
easat-8771	294	35	6651.142	6651.142	NUM
easat-8771	294	36	0.000	0.000	NUM
easat-8771	294	37	30	30	NUM
easat-8771	294	38	3315.348	3315.348	NUM
easat-8771	294	39	0.000	0.000	NUM
easat-8771	294	40	3316.162	3316.162	NUM
easat-8771	294	41	0.000	0.000	NUM
easat-8771	295	1	3318.144	3318.144	NUM
easat-8771	295	2	0.000	0.000	NUM
easat-8771	295	3	60	60	NUM
easat-8771	296	1	1648.069	1648.069	NUM
easat-8771	296	2	0.000	0.000	NUM
easat-8771	296	3	1649.333	1649.333	NUM
easat-8771	296	4	0.000	0.000	NUM
easat-8771	296	5	1651.407	1651.407	NUM
easat-8771	296	6	0.000	0.000	NUM
easat-8771	296	7	the	the	DET
easat-8771	296	8	lagrange	lagrange	NOUN
easat-8771	296	9	multiplier	multiplier	ADV
easat-8771	296	10	(	(	PUNCT
easat-8771	296	11	lm	lm	INTJ
easat-8771	296	12	)	)	PUNCT
easat-8771	296	13	test	test	NOUN
easat-8771	296	14	for	for	ADP
easat-8771	296	15	nonlinearity	nonlinearity	NOUN
easat-8771	296	16	,	,	PUNCT
easat-8771	296	17	tested	test	VERB
easat-8771	296	18	via	via	ADP
easat-8771	296	19	arch	arch	ADJ
easat-8771	296	20	effects	effect	NOUN
easat-8771	296	21	,	,	PUNCT
easat-8771	296	22	tests	test	VERB
easat-8771	296	23	whether	whether	SCONJ
easat-8771	296	24	future	future	ADJ
easat-8771	296	25	volatility	volatility	NOUN
easat-8771	296	26	in	in	ADP
easat-8771	296	27	exchange	exchange	NOUN
easat-8771	296	28	rate	rate	NOUN
easat-8771	296	29	series	series	NOUN
easat-8771	296	30	is	be	AUX
easat-8771	296	31	significantly	significantly	ADV
easat-8771	296	32	influenced	influence	VERB
easat-8771	296	33	by	by	ADP
easat-8771	296	34	past	past	ADJ
easat-8771	296	35	volatility	volatility	NOUN
easat-8771	296	36	.	.	PUNCT
easat-8771	297	1	the	the	DET
easat-8771	297	2	empirical	empirical	ADJ
easat-8771	297	3	results	result	NOUN
easat-8771	297	4	are	be	AUX
easat-8771	297	5	that	that	SCONJ
easat-8771	297	6	at	at	ADP
easat-8771	297	7	the	the	DET
easat-8771	297	8	1	1	NUM
easat-8771	297	9	-	-	PUNCT
easat-8771	297	10	minute	minute	NOUN
easat-8771	297	11	frequency	frequency	NOUN
easat-8771	297	12	,	,	PUNCT
easat-8771	297	13	the	the	DET
easat-8771	297	14	lm	lm	PROPN
easat-8771	297	15	statistic	statistic	NOUN
easat-8771	297	16	is	be	AUX
easat-8771	297	17	extremely	extremely	ADV
easat-8771	297	18	large	large	ADJ
easat-8771	297	19	,	,	PUNCT
easat-8771	297	20	close	close	ADJ
easat-8771	297	21	to	to	ADP
easat-8771	297	22	100,000	100,000	NUM
easat-8771	297	23	for	for	ADP
easat-8771	297	24	all	all	DET
easat-8771	297	25	three	three	NUM
easat-8771	297	26	932	932	NUM
easat-8771	297	27	edelweiss	edelweiss	PROPN
easat-8771	297	28	applied	apply	VERB
easat-8771	297	29	science	science	NOUN
easat-8771	297	30	and	and	CCONJ
easat-8771	297	31	technology	technology	NOUN
easat-8771	297	32	issn	issn	PROPN
easat-8771	297	33	:	:	PUNCT
easat-8771	297	34	2576	2576	NUM
easat-8771	297	35	-	-	SYM
easat-8771	297	36	8484	8484	NUM
easat-8771	297	37	vol	vol	NOUN
easat-8771	297	38	.	.	PROPN
easat-8771	298	1	9	9	NUM
easat-8771	298	2	,	,	PUNCT
easat-8771	298	3	no	no	INTJ
easat-8771	298	4	.	.	NOUN
easat-8771	299	1	7	7	NUM
easat-8771	299	2	:	:	SYM
easat-8771	299	3	918	918	NUM
easat-8771	299	4	-	-	SYM
easat-8771	299	5	936	936	NUM
easat-8771	299	6	,	,	PUNCT
easat-8771	299	7	2025	2025	NUM
easat-8771	299	8	doi	doi	NOUN
easat-8771	299	9	:	:	PUNCT
easat-8771	299	10	10.55214/25768484.v9i7.8771	10.55214/25768484.v9i7.8771	NUM
easat-8771	299	11	©	©	PROPN
easat-8771	299	12	2025	2025	NUM
easat-8771	299	13	by	by	ADP
easat-8771	299	14	the	the	DET
easat-8771	299	15	author	author	NOUN
easat-8771	299	16	;	;	PUNCT
easat-8771	299	17	licensee	licensee	PROPN
easat-8771	299	18	learning	learn	VERB
easat-8771	299	19	gate	gate	NOUN
easat-8771	299	20	currency	currency	NOUN
easat-8771	299	21	pairs	pair	NOUN
easat-8771	299	22	,	,	PUNCT
easat-8771	299	23	with	with	ADP
easat-8771	299	24	p	p	NOUN
easat-8771	299	25	-	-	PUNCT
easat-8771	299	26	values	value	NOUN
easat-8771	299	27	effectively	effectively	ADV
easat-8771	299	28	zero	zero	NUM
easat-8771	299	29	.	.	PUNCT
easat-8771	300	1	this	this	PRON
easat-8771	300	2	is	be	AUX
easat-8771	300	3	very	very	ADV
easat-8771	300	4	strong	strong	ADJ
easat-8771	300	5	evidence	evidence	NOUN
easat-8771	300	6	of	of	ADP
easat-8771	300	7	nonlinearity	nonlinearity	NOUN
easat-8771	300	8	and	and	CCONJ
easat-8771	300	9	indicates	indicate	VERB
easat-8771	300	10	that	that	SCONJ
easat-8771	300	11	high	high	ADJ
easat-8771	300	12	-	-	PUNCT
easat-8771	300	13	frequency	frequency	NOUN
easat-8771	300	14	exchange	exchange	NOUN
easat-8771	300	15	rate	rate	NOUN
easat-8771	300	16	movements	movement	NOUN
easat-8771	300	17	exhibit	exhibit	VERB
easat-8771	300	18	substantial	substantial	ADJ
easat-8771	300	19	volatility	volatility	NOUN
easat-8771	300	20	clustering	clustering	NOUN
easat-8771	300	21	.	.	PUNCT
easat-8771	301	1	but	but	CCONJ
easat-8771	301	2	as	as	ADP
easat-8771	301	3	the	the	DET
easat-8771	301	4	level	level	NOUN
easat-8771	301	5	of	of	ADP
easat-8771	301	6	aggregation	aggregation	NOUN
easat-8771	301	7	rises	rise	NOUN
easat-8771	301	8	(	(	PUNCT
easat-8771	301	9	5	5	NUM
easat-8771	301	10	-	-	PUNCT
easat-8771	301	11	minute	minute	NOUN
easat-8771	301	12	,	,	PUNCT
easat-8771	301	13	15	15	NUM
easat-8771	301	14	-	-	PUNCT
easat-8771	301	15	minute	minute	NOUN
easat-8771	301	16	,	,	PUNCT
easat-8771	301	17	30	30	NUM
easat-8771	301	18	-	-	PUNCT
easat-8771	301	19	minute	minute	NOUN
easat-8771	301	20	,	,	PUNCT
easat-8771	301	21	60	60	NUM
easat-8771	301	22	-	-	PUNCT
easat-8771	301	23	minute	minute	NOUN
easat-8771	301	24	)	)	PUNCT
easat-8771	301	25	,	,	PUNCT
easat-8771	301	26	the	the	DET
easat-8771	301	27	lm	lm	PROPN
easat-8771	301	28	statistic	statistic	NOUN
easat-8771	301	29	falls	fall	VERB
easat-8771	301	30	dramatically	dramatically	ADV
easat-8771	301	31	.	.	PUNCT
easat-8771	302	1	even	even	ADV
easat-8771	302	2	with	with	ADP
easat-8771	302	3	this	this	DET
easat-8771	302	4	fall	fall	NOUN
easat-8771	302	5	,	,	PUNCT
easat-8771	302	6	the	the	DET
easat-8771	302	7	p	p	NOUN
easat-8771	302	8	-	-	PUNCT
easat-8771	302	9	values	value	NOUN
easat-8771	302	10	are	be	AUX
easat-8771	302	11	still	still	ADV
easat-8771	302	12	very	very	ADV
easat-8771	302	13	low	low	ADJ
easat-8771	302	14	,	,	PUNCT
easat-8771	302	15	indicating	indicate	VERB
easat-8771	302	16	that	that	SCONJ
easat-8771	302	17	nonlinearity	nonlinearity	NOUN
easat-8771	302	18	,	,	PUNCT
easat-8771	302	19	albeit	albeit	SCONJ
easat-8771	302	20	weaker	weak	ADJ
easat-8771	302	21	,	,	PUNCT
easat-8771	302	22	is	be	AUX
easat-8771	302	23	present	present	ADJ
easat-8771	302	24	at	at	ADP
easat-8771	302	25	all	all	DET
easat-8771	302	26	levels	level	NOUN
easat-8771	302	27	of	of	ADP
easat-8771	302	28	aggregation	aggregation	NOUN
easat-8771	302	29	.	.	PUNCT
easat-8771	303	1	the	the	DET
easat-8771	303	2	decline	decline	NOUN
easat-8771	303	3	in	in	ADP
easat-8771	303	4	the	the	DET
easat-8771	303	5	lm	lm	NOUN
easat-8771	303	6	statistic	statistic	NOUN
easat-8771	303	7	when	when	SCONJ
easat-8771	303	8	data	datum	NOUN
easat-8771	303	9	is	be	AUX
easat-8771	303	10	accumulated	accumulate	VERB
easat-8771	303	11	indicates	indicate	VERB
easat-8771	303	12	that	that	SCONJ
easat-8771	303	13	high	high	ADJ
easat-8771	303	14	-	-	PUNCT
easat-8771	303	15	frequency	frequency	NOUN
easat-8771	303	16	exchange	exchange	NOUN
easat-8771	303	17	rates	rate	NOUN
easat-8771	303	18	possess	possess	VERB
easat-8771	303	19	more	more	ADJ
easat-8771	303	20	salient	salient	ADJ
easat-8771	303	21	nonlinear	nonlinear	ADJ
easat-8771	303	22	characteristics	characteristic	NOUN
easat-8771	303	23	than	than	ADP
easat-8771	303	24	their	their	PRON
easat-8771	303	25	lower	low	ADJ
easat-8771	303	26	-	-	PUNCT
easat-8771	303	27	frequency	frequency	NOUN
easat-8771	303	28	counterparts	counterpart	NOUN
easat-8771	303	29	.	.	PUNCT
easat-8771	304	1	economic	economic	ADJ
easat-8771	304	2	intuition	intuition	NOUN
easat-8771	304	3	is	be	AUX
easat-8771	304	4	in	in	ADP
easat-8771	304	5	favor	favor	NOUN
easat-8771	304	6	of	of	ADP
easat-8771	304	7	this	this	DET
easat-8771	304	8	finding	finding	NOUN
easat-8771	304	9	,	,	PUNCT
easat-8771	304	10	since	since	SCONJ
easat-8771	304	11	the	the	DET
easat-8771	304	12	high	high	ADJ
easat-8771	304	13	-	-	PUNCT
easat-8771	304	14	frequency	frequency	NOUN
easat-8771	304	15	exchange	exchange	NOUN
easat-8771	304	16	rates	rate	NOUN
easat-8771	304	17	are	be	AUX
easat-8771	304	18	more	more	ADV
easat-8771	304	19	affected	affect	VERB
easat-8771	304	20	by	by	ADP
easat-8771	304	21	market	market	NOUN
easat-8771	304	22	microstructure	microstructure	NOUN
easat-8771	304	23	effects	effect	NOUN
easat-8771	304	24	,	,	PUNCT
easat-8771	304	25	bid	bid	NOUN
easat-8771	304	26	-	-	PUNCT
easat-8771	304	27	ask	ask	NOUN
easat-8771	304	28	bounce	bounce	NOUN
easat-8771	304	29	,	,	PUNCT
easat-8771	304	30	and	and	CCONJ
easat-8771	304	31	short	short	ADJ
easat-8771	304	32	-	-	PUNCT
easat-8771	304	33	run	run	NOUN
easat-8771	304	34	liquidity	liquidity	NOUN
easat-8771	304	35	constraints	constraint	NOUN
easat-8771	304	36	.	.	PUNCT
easat-8771	305	1	as	as	ADP
easat-8771	305	2	the	the	DET
easat-8771	305	3	aggregation	aggregation	NOUN
easat-8771	305	4	time	time	NOUN
easat-8771	305	5	horizon	horizon	NOUN
easat-8771	305	6	increases	increase	NOUN
easat-8771	305	7	,	,	PUNCT
easat-8771	305	8	short	short	ADJ
easat-8771	305	9	-	-	PUNCT
easat-8771	305	10	run	run	NOUN
easat-8771	305	11	fluctuation	fluctuation	NOUN
easat-8771	305	12	is	be	AUX
easat-8771	305	13	smoothed	smooth	VERB
easat-8771	305	14	out	out	ADV
easat-8771	305	15	,	,	PUNCT
easat-8771	305	16	diminishing	diminish	VERB
easat-8771	305	17	the	the	DET
easat-8771	305	18	nonlinearity	nonlinearity	NOUN
easat-8771	305	19	characteristic	characteristic	NOUN
easat-8771	305	20	.	.	PUNCT
easat-8771	306	1	nevertheless	nevertheless	ADV
easat-8771	306	2	,	,	PUNCT
easat-8771	306	3	the	the	DET
easat-8771	306	4	presence	presence	NOUN
easat-8771	306	5	of	of	ADP
easat-8771	306	6	nonlinearity	nonlinearity	NOUN
easat-8771	306	7	even	even	ADV
easat-8771	306	8	at	at	ADP
easat-8771	306	9	the	the	DET
easat-8771	306	10	hourly	hourly	ADJ
easat-8771	306	11	frequency	frequency	NOUN
easat-8771	306	12	demonstrates	demonstrate	VERB
easat-8771	306	13	that	that	SCONJ
easat-8771	306	14	returns	return	NOUN
easat-8771	306	15	on	on	ADP
easat-8771	306	16	exchange	exchange	NOUN
easat-8771	306	17	rates	rate	NOUN
easat-8771	306	18	possess	possess	VERB
easat-8771	306	19	some	some	DET
easat-8771	306	20	degree	degree	NOUN
easat-8771	306	21	of	of	ADP
easat-8771	306	22	autoregressive	autoregressive	ADJ
easat-8771	306	23	dependence	dependence	NOUN
easat-8771	306	24	and	and	CCONJ
easat-8771	306	25	heteroskedasticity	heteroskedasticity	NOUN
easat-8771	306	26	over	over	ADP
easat-8771	306	27	time	time	NOUN
easat-8771	306	28	.	.	PUNCT
easat-8771	307	1	the	the	DET
easat-8771	307	2	contrast	contrast	NOUN
easat-8771	307	3	between	between	ADP
easat-8771	307	4	the	the	DET
easat-8771	307	5	three	three	NUM
easat-8771	307	6	currency	currency	NOUN
easat-8771	307	7	pairs	pair	NOUN
easat-8771	307	8	indicates	indicate	VERB
easat-8771	307	9	that	that	SCONJ
easat-8771	307	10	usd	usd	NOUN
easat-8771	307	11	/	/	SYM
easat-8771	307	12	jpy	jpy	PROPN
easat-8771	307	13	has	have	VERB
easat-8771	307	14	generally	generally	ADV
easat-8771	307	15	higher	high	ADJ
easat-8771	307	16	lm	lm	ADJ
easat-8771	307	17	statistics	statistic	NOUN
easat-8771	307	18	than	than	ADP
easat-8771	307	19	eur	eur	ADJ
easat-8771	307	20	/	/	SYM
easat-8771	307	21	usd	usd	NOUN
easat-8771	307	22	and	and	CCONJ
easat-8771	307	23	gbp	gbp	NOUN
easat-8771	307	24	/	/	SYM
easat-8771	307	25	usd	usd	NOUN
easat-8771	307	26	for	for	ADP
easat-8771	307	27	all	all	DET
easat-8771	307	28	levels	level	NOUN
easat-8771	307	29	of	of	ADP
easat-8771	307	30	aggregation	aggregation	NOUN
easat-8771	307	31	.	.	PUNCT
easat-8771	308	1	this	this	PRON
easat-8771	308	2	can	can	AUX
easat-8771	308	3	indicate	indicate	VERB
easat-8771	308	4	that	that	DET
easat-8771	308	5	usd	usd	NOUN
easat-8771	308	6	/	/	SYM
easat-8771	308	7	jpy	jpy	PROPN
easat-8771	308	8	possesses	possess	VERB
easat-8771	308	9	more	more	ADV
easat-8771	308	10	pronounced	pronounced	ADJ
easat-8771	308	11	nonlinear	nonlinear	ADJ
easat-8771	308	12	characteristics	characteristic	NOUN
easat-8771	308	13	,	,	PUNCT
easat-8771	308	14	which	which	PRON
easat-8771	308	15	can	can	AUX
easat-8771	308	16	be	be	AUX
easat-8771	308	17	due	due	ADJ
easat-8771	308	18	to	to	ADP
easat-8771	308	19	its	its	PRON
easat-8771	308	20	distinct	distinct	ADJ
easat-8771	308	21	trading	trading	NOUN
easat-8771	308	22	activity	activity	NOUN
easat-8771	308	23	,	,	PUNCT
easat-8771	308	24	central	central	ADJ
easat-8771	308	25	bank	bank	NOUN
easat-8771	308	26	intervention	intervention	NOUN
easat-8771	308	27	,	,	PUNCT
easat-8771	308	28	or	or	CCONJ
easat-8771	308	29	different	different	ADJ
easat-8771	308	30	liquidity	liquidity	NOUN
easat-8771	308	31	conditions	condition	NOUN
easat-8771	308	32	compared	compare	VERB
easat-8771	308	33	to	to	ADP
easat-8771	308	34	the	the	DET
easat-8771	308	35	other	other	ADJ
easat-8771	308	36	pairs	pair	NOUN
easat-8771	308	37	.	.	PUNCT
easat-8771	309	1	this	this	PRON
easat-8771	309	2	is	be	AUX
easat-8771	309	3	in	in	ADP
easat-8771	309	4	line	line	NOUN
easat-8771	309	5	with	with	ADP
easat-8771	309	6	the	the	DET
easat-8771	309	7	implication	implication	NOUN
easat-8771	309	8	that	that	SCONJ
easat-8771	309	9	certain	certain	ADJ
easat-8771	309	10	currency	currency	NOUN
easat-8771	309	11	pairs	pair	NOUN
easat-8771	309	12	may	may	AUX
easat-8771	309	13	experience	experience	VERB
easat-8771	309	14	different	different	ADJ
easat-8771	309	15	structural	structural	ADJ
easat-8771	309	16	volatility	volatility	NOUN
easat-8771	309	17	dynamics	dynamic	NOUN
easat-8771	309	18	due	due	ADJ
easat-8771	309	19	to	to	ADP
easat-8771	309	20	various	various	ADJ
easat-8771	309	21	market	market	NOUN
easat-8771	309	22	participants	participant	NOUN
easat-8771	309	23	and	and	CCONJ
easat-8771	309	24	institutional	institutional	ADJ
easat-8771	309	25	features	feature	NOUN
easat-8771	309	26	.	.	PUNCT
easat-8771	310	1	in	in	ADP
easat-8771	310	2	comparison	comparison	NOUN
easat-8771	310	3	of	of	ADP
easat-8771	310	4	these	these	DET
easat-8771	310	5	empirical	empirical	ADJ
easat-8771	310	6	findings	finding	NOUN
easat-8771	310	7	to	to	ADP
easat-8771	310	8	the	the	DET
easat-8771	310	9	monte	monte	PROPN
easat-8771	310	10	carlo	carlo	PROPN
easat-8771	310	11	simulations	simulation	NOUN
easat-8771	310	12	,	,	PUNCT
easat-8771	310	13	several	several	ADJ
easat-8771	310	14	conclusions	conclusion	NOUN
easat-8771	310	15	can	can	AUX
easat-8771	310	16	be	be	AUX
easat-8771	310	17	established	establish	VERB
easat-8771	310	18	.	.	PUNCT
easat-8771	311	1	if	if	SCONJ
easat-8771	311	2	the	the	DET
easat-8771	311	3	simulations	simulation	NOUN
easat-8771	311	4	are	be	AUX
easat-8771	311	5	expected	expect	VERB
easat-8771	311	6	to	to	PART
easat-8771	311	7	see	see	VERB
easat-8771	311	8	the	the	DET
easat-8771	311	9	decreasing	decrease	VERB
easat-8771	311	10	power	power	NOUN
easat-8771	311	11	of	of	ADP
easat-8771	311	12	the	the	DET
easat-8771	311	13	lm	lm	PROPN
easat-8771	311	14	test	test	NOUN
easat-8771	311	15	under	under	ADP
easat-8771	311	16	higher	high	ADJ
easat-8771	311	17	aggregation	aggregation	NOUN
easat-8771	311	18	,	,	PUNCT
easat-8771	311	19	the	the	DET
easat-8771	311	20	empirical	empirical	ADJ
easat-8771	311	21	findings	finding	NOUN
easat-8771	311	22	confirm	confirm	VERB
easat-8771	311	23	this	this	DET
easat-8771	311	24	pattern	pattern	NOUN
easat-8771	311	25	by	by	ADP
easat-8771	311	26	providing	provide	VERB
easat-8771	311	27	systematic	systematic	ADJ
easat-8771	311	28	declines	decline	NOUN
easat-8771	311	29	in	in	ADP
easat-8771	311	30	lm	lm	PROPN
easat-8771	311	31	statistics	statistic	NOUN
easat-8771	311	32	.	.	PUNCT
easat-8771	312	1	in	in	ADP
easat-8771	312	2	addition	addition	NOUN
easat-8771	312	3	,	,	PUNCT
easat-8771	312	4	while	while	SCONJ
easat-8771	312	5	the	the	DET
easat-8771	312	6	simulations	simulation	NOUN
easat-8771	312	7	suggested	suggest	VERB
easat-8771	312	8	that	that	SCONJ
easat-8771	312	9	the	the	DET
easat-8771	312	10	lm	lm	ADJ
easat-8771	312	11	test	test	NOUN
easat-8771	312	12	can	can	AUX
easat-8771	312	13	struggle	struggle	VERB
easat-8771	312	14	to	to	PART
easat-8771	312	15	detect	detect	VERB
easat-8771	312	16	nonlinearity	nonlinearity	NOUN
easat-8771	312	17	at	at	ADP
easat-8771	312	18	higher	high	ADJ
easat-8771	312	19	levels	level	NOUN
easat-8771	312	20	of	of	ADP
easat-8771	312	21	aggregation	aggregation	NOUN
easat-8771	312	22	,	,	PUNCT
easat-8771	312	23	the	the	DET
easat-8771	312	24	empirical	empirical	ADJ
easat-8771	312	25	findings	finding	NOUN
easat-8771	312	26	offer	offer	VERB
easat-8771	312	27	partial	partial	ADJ
easat-8771	312	28	confirmation	confirmation	NOUN
easat-8771	312	29	of	of	ADP
easat-8771	312	30	this	this	DET
easat-8771	312	31	result	result	NOUN
easat-8771	312	32	.	.	PUNCT
easat-8771	313	1	as	as	SCONJ
easat-8771	313	2	the	the	DET
easat-8771	313	3	lm	lm	PROPN
easat-8771	313	4	statistic	statistic	PROPN
easat-8771	313	5	decreases	decrease	VERB
easat-8771	313	6	,	,	PUNCT
easat-8771	313	7	the	the	DET
easat-8771	313	8	test	test	NOUN
easat-8771	313	9	remains	remain	VERB
easat-8771	313	10	strong	strong	ADJ
easat-8771	313	11	in	in	ADP
easat-8771	313	12	the	the	DET
easat-8771	313	13	detection	detection	NOUN
easat-8771	313	14	of	of	ADP
easat-8771	313	15	economically	economically	ADV
easat-8771	313	16	significant	significant	ADJ
easat-8771	313	17	nonlinearity	nonlinearity	NOUN
easat-8771	313	18	.	.	PUNCT
easat-8771	314	1	interestingly	interestingly	ADV
easat-8771	314	2	,	,	PUNCT
easat-8771	314	3	the	the	DET
easat-8771	314	4	extremely	extremely	ADV
easat-8771	314	5	large	large	ADJ
easat-8771	314	6	lm	lm	ADJ
easat-8771	314	7	statistic	statistic	NOUN
easat-8771	314	8	at	at	ADP
easat-8771	314	9	the	the	DET
easat-8771	314	10	minute	minute	ADJ
easat-8771	314	11	level	level	NOUN
easat-8771	314	12	implies	imply	VERB
easat-8771	314	13	that	that	SCONJ
easat-8771	314	14	actual	actual	ADJ
easat-8771	314	15	data	datum	NOUN
easat-8771	314	16	indeed	indeed	ADV
easat-8771	314	17	has	have	VERB
easat-8771	314	18	even	even	ADV
easat-8771	314	19	stronger	strong	ADJ
easat-8771	314	20	nonlinear	nonlinear	ADJ
easat-8771	314	21	properties	property	NOUN
easat-8771	314	22	than	than	SCONJ
easat-8771	314	23	what	what	PRON
easat-8771	314	24	could	could	AUX
easat-8771	314	25	be	be	AUX
easat-8771	314	26	anticipated	anticipate	VERB
easat-8771	314	27	from	from	ADP
easat-8771	314	28	simulated	simulated	ADJ
easat-8771	314	29	data	datum	NOUN
easat-8771	314	30	.	.	PUNCT
easat-8771	315	1	in	in	ADP
easat-8771	315	2	conclusion	conclusion	NOUN
easat-8771	315	3	,	,	PUNCT
easat-8771	315	4	the	the	DET
easat-8771	315	5	empirical	empirical	ADJ
easat-8771	315	6	evidence	evidence	NOUN
easat-8771	315	7	confirms	confirm	VERB
easat-8771	315	8	that	that	SCONJ
easat-8771	315	9	high	high	ADJ
easat-8771	315	10	-	-	PUNCT
easat-8771	315	11	frequency	frequency	NOUN
easat-8771	315	12	exchange	exchange	NOUN
easat-8771	315	13	rates	rate	NOUN
easat-8771	315	14	exhibit	exhibit	VERB
easat-8771	315	15	a	a	DET
easat-8771	315	16	significant	significant	ADJ
easat-8771	315	17	nonlinearity	nonlinearity	NOUN
easat-8771	315	18	,	,	PUNCT
easat-8771	315	19	which	which	PRON
easat-8771	315	20	weakens	weaken	VERB
easat-8771	315	21	but	but	CCONJ
easat-8771	315	22	remains	remain	VERB
easat-8771	315	23	significant	significant	ADJ
easat-8771	315	24	as	as	SCONJ
easat-8771	315	25	data	datum	NOUN
easat-8771	315	26	get	get	AUX
easat-8771	315	27	aggregated	aggregate	VERB
easat-8771	315	28	.	.	PUNCT
easat-8771	316	1	the	the	DET
easat-8771	316	2	lm	lm	PROPN
easat-8771	316	3	test	test	NOUN
easat-8771	316	4	remains	remain	VERB
easat-8771	316	5	efficient	efficient	ADJ
easat-8771	316	6	in	in	ADP
easat-8771	316	7	picking	pick	VERB
easat-8771	316	8	up	up	ADP
easat-8771	316	9	nonlinearity	nonlinearity	NOUN
easat-8771	316	10	even	even	ADV
easat-8771	316	11	at	at	ADP
easat-8771	316	12	lower	low	ADJ
easat-8771	316	13	frequencies	frequency	NOUN
easat-8771	316	14	,	,	PUNCT
easat-8771	316	15	following	follow	VERB
easat-8771	316	16	theoretical	theoretical	ADJ
easat-8771	316	17	expectations	expectation	NOUN
easat-8771	316	18	.	.	PUNCT
easat-8771	317	1	the	the	DET
easat-8771	317	2	findings	finding	NOUN
easat-8771	317	3	concur	concur	VERB
easat-8771	317	4	with	with	ADP
easat-8771	317	5	those	those	PRON
easat-8771	317	6	of	of	ADP
easat-8771	317	7	monte	monte	PROPN
easat-8771	317	8	carlo	carlo	PROPN
easat-8771	317	9	simulations	simulation	NOUN
easat-8771	317	10	,	,	PUNCT
easat-8771	317	11	showing	show	VERB
easat-8771	317	12	that	that	DET
easat-8771	317	13	temporal	temporal	ADJ
easat-8771	317	14	aggregation	aggregation	NOUN
easat-8771	317	15	reduces	reduce	VERB
easat-8771	317	16	nonlinearity	nonlinearity	NOUN
easat-8771	317	17	strength	strength	NOUN
easat-8771	317	18	detected	detect	VERB
easat-8771	317	19	but	but	CCONJ
easat-8771	317	20	not	not	PART
easat-8771	317	21	entirely	entirely	ADV
easat-8771	317	22	.	.	PUNCT
easat-8771	318	1	4	4	X
easat-8771	318	2	.	.	X
easat-8771	318	3	discussion	discussion	NOUN
easat-8771	318	4	and	and	CCONJ
easat-8771	318	5	policy	policy	NOUN
easat-8771	318	6	implications	implication	NOUN
easat-8771	318	7	this	this	DET
easat-8771	318	8	article	article	NOUN
easat-8771	318	9	examines	examine	VERB
easat-8771	318	10	the	the	DET
easat-8771	318	11	impact	impact	NOUN
easat-8771	318	12	of	of	ADP
easat-8771	318	13	temporal	temporal	ADJ
easat-8771	318	14	aggregation	aggregation	NOUN
easat-8771	318	15	on	on	ADP
easat-8771	318	16	the	the	DET
easat-8771	318	17	efficiency	efficiency	NOUN
easat-8771	318	18	of	of	ADP
easat-8771	318	19	the	the	DET
easat-8771	318	20	lagrange	lagrange	NOUN
easat-8771	318	21	multiplier	multiplier	ADV
easat-8771	318	22	(	(	PUNCT
easat-8771	318	23	lm	lm	INTJ
easat-8771	318	24	)	)	PUNCT
easat-8771	318	25	test	test	NOUN
easat-8771	318	26	of	of	ADP
easat-8771	318	27	exchange	exchange	NOUN
easat-8771	318	28	rate	rate	NOUN
easat-8771	318	29	nonlinearity	nonlinearity	NOUN
easat-8771	318	30	.	.	PUNCT
easat-8771	319	1	based	base	VERB
easat-8771	319	2	on	on	ADP
easat-8771	319	3	extensive	extensive	ADJ
easat-8771	319	4	monte	monte	PROPN
easat-8771	319	5	carlo	carlo	NOUN
easat-8771	319	6	simulations	simulation	NOUN
easat-8771	319	7	and	and	CCONJ
easat-8771	319	8	empirical	empirical	ADJ
easat-8771	319	9	analysis	analysis	NOUN
easat-8771	319	10	of	of	ADP
easat-8771	319	11	high	high	ADJ
easat-8771	319	12	-	-	PUNCT
easat-8771	319	13	frequency	frequency	NOUN
easat-8771	319	14	exchange	exchange	NOUN
easat-8771	319	15	rates	rate	NOUN
easat-8771	319	16	data	datum	NOUN
easat-8771	319	17	(	(	PUNCT
easat-8771	319	18	eur	eur	ADJ
easat-8771	319	19	/	/	SYM
easat-8771	319	20	usd	usd	NOUN
easat-8771	319	21	,	,	PUNCT
easat-8771	319	22	gbp	gbp	NOUN
easat-8771	319	23	/	/	SYM
easat-8771	319	24	usd	usd	NOUN
easat-8771	319	25	,	,	PUNCT
easat-8771	319	26	and	and	CCONJ
easat-8771	319	27	usd	usd	NOUN
easat-8771	319	28	/	/	SYM
easat-8771	319	29	jpy	jpy	NOUN
easat-8771	319	30	)	)	PUNCT
easat-8771	319	31	,	,	PUNCT
easat-8771	319	32	we	we	PRON
easat-8771	319	33	find	find	VERB
easat-8771	319	34	that	that	SCONJ
easat-8771	319	35	the	the	DET
easat-8771	319	36	power	power	NOUN
easat-8771	319	37	of	of	ADP
easat-8771	319	38	the	the	DET
easat-8771	319	39	lm	lm	X
easat-8771	319	40	test	test	NOUN
easat-8771	319	41	for	for	ADP
easat-8771	319	42	detecting	detect	VERB
easat-8771	319	43	nonlinearities	nonlinearitie	NOUN
easat-8771	319	44	falls	fall	VERB
easat-8771	319	45	with	with	ADP
easat-8771	319	46	the	the	DET
easat-8771	319	47	rise	rise	NOUN
easat-8771	319	48	in	in	ADP
easat-8771	319	49	the	the	DET
easat-8771	319	50	level	level	NOUN
easat-8771	319	51	of	of	ADP
easat-8771	319	52	temporal	temporal	ADJ
easat-8771	319	53	aggregation	aggregation	NOUN
easat-8771	319	54	.	.	PUNCT
easat-8771	320	1	this	this	DET
easat-8771	320	2	effect	effect	NOUN
easat-8771	320	3	is	be	AUX
easat-8771	320	4	most	most	ADV
easat-8771	320	5	evident	evident	ADJ
easat-8771	320	6	for	for	ADP
easat-8771	320	7	more	more	ADV
easat-8771	320	8	autoregressive	autoregressive	ADJ
easat-8771	320	9	currency	currency	NOUN
easat-8771	320	10	pairs	pair	NOUN
easat-8771	320	11	and	and	CCONJ
easat-8771	320	12	in	in	ADP
easat-8771	320	13	periods	period	NOUN
easat-8771	320	14	of	of	ADP
easat-8771	320	15	market	market	NOUN
easat-8771	320	16	stress	stress	NOUN
easat-8771	320	17	,	,	PUNCT
easat-8771	320	18	where	where	SCONJ
easat-8771	320	19	short	short	ADJ
easat-8771	320	20	-	-	PUNCT
easat-8771	320	21	horizon	horizon	NOUN
easat-8771	320	22	variability	variability	NOUN
easat-8771	320	23	is	be	AUX
easat-8771	320	24	an	an	DET
easat-8771	320	25	important	important	ADJ
easat-8771	320	26	determinant	determinant	NOUN
easat-8771	320	27	of	of	ADP
easat-8771	320	28	exchange	exchange	NOUN
easat-8771	320	29	rate	rate	NOUN
easat-8771	320	30	dynamics	dynamic	NOUN
easat-8771	320	31	.	.	PUNCT
easat-8771	321	1	the	the	DET
easat-8771	321	2	central	central	ADJ
easat-8771	321	3	implication	implication	NOUN
easat-8771	321	4	of	of	ADP
easat-8771	321	5	our	our	PRON
easat-8771	321	6	findings	finding	NOUN
easat-8771	321	7	is	be	AUX
easat-8771	321	8	that	that	DET
easat-8771	321	9	temporal	temporal	ADJ
easat-8771	321	10	aggregation	aggregation	NOUN
easat-8771	321	11	redistributes	redistribute	VERB
easat-8771	321	12	the	the	DET
easat-8771	321	13	statistical	statistical	ADJ
easat-8771	321	14	properties	property	NOUN
easat-8771	321	15	of	of	ADP
easat-8771	321	16	financial	financial	ADJ
easat-8771	321	17	time	time	NOUN
easat-8771	321	18	series	series	NOUN
easat-8771	321	19	with	with	ADP
easat-8771	321	20	the	the	DET
easat-8771	321	21	potential	potential	NOUN
easat-8771	321	22	for	for	ADP
easat-8771	321	23	drawing	draw	VERB
easat-8771	321	24	incorrect	incorrect	ADJ
easat-8771	321	25	inferences	inference	NOUN
easat-8771	321	26	regarding	regard	VERB
easat-8771	321	27	the	the	DET
easat-8771	321	28	occurrence	occurrence	NOUN
easat-8771	321	29	or	or	CCONJ
easat-8771	321	30	absence	absence	NOUN
easat-8771	321	31	of	of	ADP
easat-8771	321	32	nonlinear	nonlinear	ADJ
easat-8771	321	33	behavior	behavior	NOUN
easat-8771	321	34	.	.	PUNCT
easat-8771	322	1	high	high	ADJ
easat-8771	322	2	-	-	PUNCT
easat-8771	322	3	frequency	frequency	NOUN
easat-8771	322	4	data	datum	NOUN
easat-8771	322	5	exhibit	exhibit	VERB
easat-8771	322	6	unambiguous	unambiguous	ADJ
easat-8771	322	7	nonlinear	nonlinear	ADJ
easat-8771	322	8	dependencies	dependency	NOUN
easat-8771	322	9	,	,	PUNCT
easat-8771	322	10	yet	yet	CCONJ
easat-8771	322	11	the	the	DET
easat-8771	322	12	structures	structure	NOUN
easat-8771	322	13	become	become	VERB
easat-8771	322	14	increasingly	increasingly	ADV
easat-8771	322	15	opaque	opaque	ADJ
easat-8771	322	16	as	as	SCONJ
easat-8771	322	17	data	datum	NOUN
easat-8771	322	18	are	be	AUX
easat-8771	322	19	aggregated	aggregate	VERB
easat-8771	322	20	over	over	ADP
easat-8771	322	21	longer	long	ADJ
easat-8771	322	22	horizons	horizon	NOUN
easat-8771	322	23	.	.	PUNCT
easat-8771	323	1	this	this	PRON
easat-8771	323	2	emphasizes	emphasize	VERB
easat-8771	323	3	the	the	DET
easat-8771	323	4	importance	importance	NOUN
easat-8771	323	5	of	of	ADP
easat-8771	323	6	selecting	select	VERB
easat-8771	323	7	a	a	DET
easat-8771	323	8	proper	proper	ADJ
easat-8771	323	9	frequency	frequency	NOUN
easat-8771	323	10	in	in	ADP
easat-8771	323	11	testing	testing	NOUN
easat-8771	323	12	for	for	ADP
easat-8771	323	13	nonlinearities	nonlinearitie	NOUN
easat-8771	323	14	in	in	ADP
easat-8771	323	15	financial	financial	ADJ
easat-8771	323	16	markets	market	NOUN
easat-8771	323	17	.	.	PUNCT
easat-8771	324	1	in	in	ADP
easat-8771	324	2	addition	addition	NOUN
easat-8771	324	3	,	,	PUNCT
easat-8771	324	4	our	our	PRON
easat-8771	324	5	results	result	NOUN
easat-8771	324	6	indicate	indicate	VERB
easat-8771	324	7	that	that	SCONJ
easat-8771	324	8	sample	sample	NOUN
easat-8771	324	9	size	size	NOUN
easat-8771	324	10	is	be	AUX
easat-8771	324	11	a	a	DET
easat-8771	324	12	dampening	dampening	ADJ
easat-8771	324	13	factor	factor	NOUN
easat-8771	324	14	—	—	PUNCT
easat-8771	324	15	larger	large	ADJ
easat-8771	324	16	samples	sample	NOUN
easat-8771	324	17	produce	produce	VERB
easat-8771	324	18	stronger	strong	ADJ
easat-8771	324	19	results	result	NOUN
easat-8771	324	20	even	even	ADV
easat-8771	324	21	in	in	ADP
easat-8771	324	22	the	the	DET
easat-8771	324	23	presence	presence	NOUN
easat-8771	324	24	of	of	ADP
easat-8771	324	25	temporal	temporal	ADJ
easat-8771	324	26	aggregation	aggregation	NOUN
easat-8771	324	27	,	,	PUNCT
easat-8771	324	28	curtailing	curtail	VERB
easat-8771	324	29	information	information	NOUN
easat-8771	324	30	loss	loss	NOUN
easat-8771	324	31	on	on	ADP
easat-8771	324	32	nonlinear	nonlinear	ADJ
easat-8771	324	33	dependencies	dependency	NOUN
easat-8771	324	34	.	.	PUNCT
easat-8771	325	1	this	this	PRON
easat-8771	325	2	reinforces	reinforce	VERB
easat-8771	325	3	the	the	DET
easat-8771	325	4	need	need	NOUN
easat-8771	325	5	for	for	SCONJ
easat-8771	325	6	researchers	researcher	NOUN
easat-8771	325	7	and	and	CCONJ
easat-8771	325	8	practitioners	practitioner	NOUN
easat-8771	325	9	to	to	PART
easat-8771	325	10	take	take	VERB
easat-8771	325	11	extreme	extreme	ADJ
easat-8771	325	12	caution	caution	NOUN
easat-8771	325	13	in	in	ADP
easat-8771	325	14	balancing	balance	VERB
easat-8771	325	15	sample	sample	NOUN
easat-8771	325	16	size	size	NOUN
easat-8771	325	17	and	and	CCONJ
easat-8771	325	18	data	datum	NOUN
easat-8771	325	19	frequency	frequency	NOUN
easat-8771	325	20	to	to	PART
easat-8771	325	21	ensure	ensure	VERB
easat-8771	325	22	maximum	maximum	ADJ
easat-8771	325	23	robustness	robustness	NOUN
easat-8771	325	24	of	of	ADP
easat-8771	325	25	their	their	PRON
easat-8771	325	26	results	result	NOUN
easat-8771	325	27	.	.	PUNCT
easat-8771	326	1	933	933	NUM
easat-8771	326	2	edelweiss	edelweiss	PROPN
easat-8771	326	3	applied	apply	VERB
easat-8771	326	4	science	science	NOUN
easat-8771	326	5	and	and	CCONJ
easat-8771	326	6	technology	technology	NOUN
easat-8771	326	7	issn	issn	PROPN
easat-8771	326	8	:	:	PUNCT
easat-8771	326	9	2576	2576	NUM
easat-8771	326	10	-	-	SYM
easat-8771	326	11	8484	8484	NUM
easat-8771	326	12	vol	vol	NOUN
easat-8771	326	13	.	.	PROPN
easat-8771	327	1	9	9	NUM
easat-8771	327	2	,	,	PUNCT
easat-8771	327	3	no	no	INTJ
easat-8771	327	4	.	.	NOUN
easat-8771	328	1	7	7	NUM
easat-8771	328	2	:	:	SYM
easat-8771	328	3	918	918	NUM
easat-8771	328	4	-	-	SYM
easat-8771	328	5	936	936	NUM
easat-8771	328	6	,	,	PUNCT
easat-8771	328	7	2025	2025	NUM
easat-8771	328	8	doi	doi	NOUN
easat-8771	328	9	:	:	PUNCT
easat-8771	328	10	10.55214/25768484.v9i7.8771	10.55214/25768484.v9i7.8771	NUM
easat-8771	328	11	©	©	PROPN
easat-8771	328	12	2025	2025	NUM
easat-8771	328	13	by	by	ADP
easat-8771	328	14	the	the	DET
easat-8771	328	15	author	author	NOUN
easat-8771	328	16	;	;	PUNCT
easat-8771	328	17	licensee	licensee	PROPN
easat-8771	328	18	learning	learning	NOUN
easat-8771	328	19	gate	gate	VERB
easat-8771	328	20	the	the	DET
easat-8771	328	21	monte	monte	PROPN
easat-8771	328	22	carlo	carlo	PROPN
easat-8771	328	23	simulations	simulation	NOUN
easat-8771	328	24	demonstrate	demonstrate	VERB
easat-8771	328	25	that	that	SCONJ
easat-8771	328	26	the	the	DET
easat-8771	328	27	sensitivity	sensitivity	NOUN
easat-8771	328	28	of	of	ADP
easat-8771	328	29	the	the	DET
easat-8771	328	30	lm	lm	PROPN
easat-8771	328	31	test	test	NOUN
easat-8771	328	32	is	be	AUX
easat-8771	328	33	highly	highly	ADV
easat-8771	328	34	sensitive	sensitive	ADJ
easat-8771	328	35	to	to	ADP
easat-8771	328	36	the	the	DET
easat-8771	328	37	temporal	temporal	ADJ
easat-8771	328	38	aggregation	aggregation	NOUN
easat-8771	328	39	level	level	NOUN
easat-8771	328	40	.	.	PUNCT
easat-8771	329	1	that	that	PRON
easat-8771	329	2	is	be	AUX
easat-8771	329	3	,	,	PUNCT
easat-8771	329	4	as	as	SCONJ
easat-8771	329	5	the	the	DET
easat-8771	329	6	autoregressive	autoregressive	ADJ
easat-8771	329	7	levels	level	NOUN
easat-8771	329	8	increase	increase	VERB
easat-8771	329	9	,	,	PUNCT
easat-8771	329	10	the	the	DET
easat-8771	329	11	test	test	NOUN
easat-8771	329	12	power	power	NOUN
easat-8771	329	13	to	to	PART
easat-8771	329	14	detect	detect	VERB
easat-8771	329	15	nonlinearity	nonlinearity	NOUN
easat-8771	329	16	will	will	AUX
easat-8771	329	17	fall	fall	VERB
easat-8771	329	18	.	.	PUNCT
easat-8771	330	1	the	the	DET
easat-8771	330	2	loss	loss	NOUN
easat-8771	330	3	of	of	ADP
easat-8771	330	4	power	power	NOUN
easat-8771	330	5	is	be	AUX
easat-8771	330	6	more	more	ADV
easat-8771	330	7	pronounced	pronounce	VERB
easat-8771	330	8	with	with	ADP
easat-8771	330	9	higher	high	ADJ
easat-8771	330	10	autoregressive	autoregressive	ADJ
easat-8771	330	11	parameter	parameter	NOUN
easat-8771	330	12	values	value	NOUN
easat-8771	330	13	,	,	PUNCT
easat-8771	330	14	where	where	SCONJ
easat-8771	330	15	data	datum	NOUN
easat-8771	330	16	persistence	persistence	NOUN
easat-8771	330	17	in	in	ADP
easat-8771	330	18	the	the	DET
easat-8771	330	19	structure	structure	NOUN
easat-8771	330	20	creates	create	VERB
easat-8771	330	21	a	a	DET
easat-8771	330	22	smoothing	smooth	VERB
easat-8771	330	23	effect	effect	NOUN
easat-8771	330	24	so	so	SCONJ
easat-8771	330	25	that	that	SCONJ
easat-8771	330	26	nonlinearity	nonlinearity	NOUN
easat-8771	330	27	is	be	AUX
easat-8771	330	28	less	less	ADV
easat-8771	330	29	apparent	apparent	ADJ
easat-8771	330	30	.	.	PUNCT
easat-8771	331	1	conversely	conversely	ADV
easat-8771	331	2	,	,	PUNCT
easat-8771	331	3	when	when	SCONJ
easat-8771	331	4	aggregation	aggregation	NOUN
easat-8771	331	5	is	be	AUX
easat-8771	331	6	weak	weak	ADJ
easat-8771	331	7	and	and	CCONJ
easat-8771	331	8	sample	sample	NOUN
easat-8771	331	9	size	size	NOUN
easat-8771	331	10	is	be	AUX
easat-8771	331	11	large	large	ADJ
easat-8771	331	12	,	,	PUNCT
easat-8771	331	13	the	the	DET
easat-8771	331	14	lm	lm	ADJ
easat-8771	331	15	test	test	NOUN
easat-8771	331	16	is	be	AUX
easat-8771	331	17	more	more	ADV
easat-8771	331	18	accurate	accurate	ADJ
easat-8771	331	19	in	in	ADP
easat-8771	331	20	detecting	detect	VERB
easat-8771	331	21	linear	linear	ADJ
easat-8771	331	22	and	and	CCONJ
easat-8771	331	23	nonlinear	nonlinear	ADJ
easat-8771	331	24	patterns	pattern	NOUN
easat-8771	331	25	.	.	PUNCT
easat-8771	332	1	this	this	PRON
easat-8771	332	2	is	be	AUX
easat-8771	332	3	in	in	ADP
easat-8771	332	4	agreement	agreement	NOUN
easat-8771	332	5	with	with	ADP
easat-8771	332	6	the	the	DET
easat-8771	332	7	literature	literature	NOUN
easat-8771	332	8	,	,	PUNCT
easat-8771	332	9	which	which	PRON
easat-8771	332	10	suggests	suggest	VERB
easat-8771	332	11	that	that	SCONJ
easat-8771	332	12	nonlinear	nonlinear	ADJ
easat-8771	332	13	dependencies	dependency	NOUN
easat-8771	332	14	in	in	ADP
easat-8771	332	15	the	the	DET
easat-8771	332	16	short	short	ADJ
easat-8771	332	17	run	run	NOUN
easat-8771	332	18	might	might	AUX
easat-8771	332	19	be	be	AUX
easat-8771	332	20	concealed	conceal	VERB
easat-8771	332	21	by	by	ADP
easat-8771	332	22	temporal	temporal	ADJ
easat-8771	332	23	aggregation	aggregation	NOUN
easat-8771	332	24	in	in	ADP
easat-8771	332	25	the	the	DET
easat-8771	332	26	form	form	NOUN
easat-8771	332	27	of	of	ADP
easat-8771	332	28	averaging	average	VERB
easat-8771	332	29	volatility	volatility	NOUN
easat-8771	332	30	fluctuations	fluctuation	NOUN
easat-8771	332	31	that	that	PRON
easat-8771	332	32	can	can	AUX
easat-8771	332	33	be	be	AUX
easat-8771	332	34	important	important	ADJ
easat-8771	332	35	for	for	ADP
easat-8771	332	36	detecting	detect	VERB
easat-8771	332	37	nonlinear	nonlinear	ADJ
easat-8771	332	38	dynamics	dynamic	NOUN
easat-8771	332	39	.	.	PUNCT
easat-8771	333	1	to	to	PART
easat-8771	333	2	validate	validate	VERB
easat-8771	333	3	simulation	simulation	NOUN
easat-8771	333	4	results	result	NOUN
easat-8771	333	5	,	,	PUNCT
easat-8771	333	6	we	we	PRON
easat-8771	333	7	applied	apply	VERB
easat-8771	333	8	the	the	DET
easat-8771	333	9	lm	lm	ADJ
easat-8771	333	10	test	test	NOUN
easat-8771	333	11	of	of	ADP
easat-8771	333	12	nonlinearity	nonlinearity	NOUN
easat-8771	333	13	to	to	ADP
easat-8771	333	14	three	three	NUM
easat-8771	333	15	high	high	ADJ
easat-8771	333	16	-	-	PUNCT
easat-8771	333	17	frequency	frequency	NOUN
easat-8771	333	18	foreign	foreign	ADJ
easat-8771	333	19	exchange	exchange	NOUN
easat-8771	333	20	rates	rate	VERB
easat-8771	333	21	eur	eur	ADJ
easat-8771	333	22	/	/	SYM
easat-8771	333	23	usd	usd	NOUN
easat-8771	333	24	,	,	PUNCT
easat-8771	333	25	gbp	gbp	NOUN
easat-8771	333	26	/	/	SYM
easat-8771	333	27	usd	usd	NOUN
easat-8771	333	28	,	,	PUNCT
easat-8771	333	29	and	and	CCONJ
easat-8771	333	30	usd	usd	PROPN
easat-8771	333	31	/	/	SYM
easat-8771	333	32	jpy	jpy	PROPN
easat-8771	333	33	that	that	PRON
easat-8771	333	34	were	be	AUX
easat-8771	333	35	observed	observe	VERB
easat-8771	333	36	at	at	ADP
easat-8771	333	37	one	one	NUM
easat-8771	333	38	-	-	PUNCT
easat-8771	333	39	minute	minute	NOUN
easat-8771	333	40	frequency	frequency	NOUN
easat-8771	333	41	during	during	ADP
easat-8771	333	42	december	december	PROPN
easat-8771	333	43	4	4	NUM
easat-8771	333	44	,	,	PUNCT
easat-8771	333	45	2024	2024	NUM
easat-8771	333	46	,	,	PUNCT
easat-8771	333	47	to	to	ADP
easat-8771	333	48	march	march	PROPN
easat-8771	333	49	14	14	NUM
easat-8771	333	50	,	,	PUNCT
easat-8771	333	51	2025	2025	NUM
easat-8771	333	52	.	.	PUNCT
easat-8771	334	1	the	the	DET
easat-8771	334	2	use	use	NOUN
easat-8771	334	3	of	of	ADP
easat-8771	334	4	a	a	DET
easat-8771	334	5	combined	combined	ADJ
easat-8771	334	6	total	total	NOUN
easat-8771	334	7	of	of	ADP
easat-8771	334	8	10,000	10,000	NUM
easat-8771	334	9	observations	observation	NOUN
easat-8771	334	10	gave	give	VERB
easat-8771	334	11	extensive	extensive	ADJ
easat-8771	334	12	coverage	coverage	NOUN
easat-8771	334	13	of	of	ADP
easat-8771	334	14	several	several	ADJ
easat-8771	334	15	levels	level	NOUN
easat-8771	334	16	of	of	ADP
easat-8771	334	17	temporal	temporal	ADJ
easat-8771	334	18	aggregation	aggregation	NOUN
easat-8771	334	19	.	.	PUNCT
easat-8771	335	1	the	the	DET
easat-8771	335	2	empirical	empirical	ADJ
easat-8771	335	3	results	result	NOUN
easat-8771	335	4	replicate	replicate	VERB
easat-8771	335	5	the	the	DET
easat-8771	335	6	simulation	simulation	NOUN
easat-8771	335	7	results	result	NOUN
easat-8771	335	8	.	.	PUNCT
easat-8771	336	1	at	at	ADP
easat-8771	336	2	the	the	DET
easat-8771	336	3	earliest	early	ADJ
easat-8771	336	4	high	high	ADJ
easat-8771	336	5	-	-	PUNCT
easat-8771	336	6	frequency	frequency	NOUN
easat-8771	336	7	level	level	NOUN
easat-8771	336	8	,	,	PUNCT
easat-8771	336	9	the	the	DET
easat-8771	336	10	lm	lm	PROPN
easat-8771	336	11	test	test	NOUN
easat-8771	336	12	soundly	soundly	ADV
easat-8771	336	13	rejects	reject	VERB
easat-8771	336	14	the	the	DET
easat-8771	336	15	null	null	ADJ
easat-8771	336	16	hypothesis	hypothesis	NOUN
easat-8771	336	17	of	of	ADP
easat-8771	336	18	linearity	linearity	NOUN
easat-8771	336	19	and	and	CCONJ
easat-8771	336	20	implies	imply	VERB
easat-8771	336	21	there	there	PRON
easat-8771	336	22	are	be	VERB
easat-8771	336	23	nonlinear	nonlinear	ADJ
easat-8771	336	24	relationships	relationship	NOUN
easat-8771	336	25	in	in	ADP
easat-8771	336	26	exchange	exchange	NOUN
easat-8771	336	27	rate	rate	NOUN
easat-8771	336	28	dynamics	dynamic	NOUN
easat-8771	336	29	.	.	PUNCT
easat-8771	337	1	however	however	ADV
easat-8771	337	2	,	,	PUNCT
easat-8771	337	3	as	as	SCONJ
easat-8771	337	4	temporal	temporal	ADJ
easat-8771	337	5	aggregation	aggregation	NOUN
easat-8771	337	6	increases	increase	NOUN
easat-8771	337	7	(	(	PUNCT
easat-8771	337	8	i.e.	i.e.	X
easat-8771	337	9	,	,	PUNCT
easat-8771	337	10	data	datum	NOUN
easat-8771	337	11	is	be	AUX
easat-8771	337	12	sampled	sample	VERB
easat-8771	337	13	at	at	ADP
easat-8771	337	14	lower	low	ADJ
easat-8771	337	15	frequencies	frequency	NOUN
easat-8771	337	16	)	)	PUNCT
easat-8771	337	17	,	,	PUNCT
easat-8771	337	18	the	the	DET
easat-8771	337	19	evidence	evidence	NOUN
easat-8771	337	20	for	for	ADP
easat-8771	337	21	nonlinearity	nonlinearity	NOUN
easat-8771	337	22	weakens	weaken	VERB
easat-8771	337	23	.	.	PUNCT
easat-8771	338	1	this	this	DET
easat-8771	338	2	trend	trend	NOUN
easat-8771	338	3	is	be	AUX
easat-8771	338	4	strongest	strong	ADJ
easat-8771	338	5	for	for	ADP
easat-8771	338	6	eur	eur	ADJ
easat-8771	338	7	/	/	SYM
easat-8771	338	8	usd	usd	NOUN
easat-8771	338	9	and	and	CCONJ
easat-8771	338	10	gbp	gbp	NOUN
easat-8771	338	11	/	/	SYM
easat-8771	338	12	usd	usd	NOUN
easat-8771	338	13	,	,	PUNCT
easat-8771	338	14	where	where	SCONJ
easat-8771	338	15	the	the	DET
easat-8771	338	16	rejection	rejection	NOUN
easat-8771	338	17	rates	rate	NOUN
easat-8771	338	18	decline	decline	VERB
easat-8771	338	19	more	more	ADV
easat-8771	338	20	rapidly	rapidly	ADV
easat-8771	338	21	than	than	ADP
easat-8771	338	22	for	for	ADP
easat-8771	338	23	usd	usd	NOUN
easat-8771	338	24	/	/	SYM
easat-8771	338	25	jpy	jpy	NOUN
easat-8771	338	26	,	,	PUNCT
easat-8771	338	27	suggesting	suggest	VERB
easat-8771	338	28	that	that	SCONJ
easat-8771	338	29	temporal	temporal	ADJ
easat-8771	338	30	aggregation	aggregation	NOUN
easat-8771	338	31	might	might	AUX
easat-8771	338	32	have	have	VERB
easat-8771	338	33	varying	vary	VERB
easat-8771	338	34	effects	effect	NOUN
easat-8771	338	35	based	base	VERB
easat-8771	338	36	on	on	ADP
easat-8771	338	37	the	the	DET
easat-8771	338	38	liquidity	liquidity	NOUN
easat-8771	338	39	level	level	NOUN
easat-8771	338	40	and	and	CCONJ
easat-8771	338	41	market	market	NOUN
easat-8771	338	42	microstructure	microstructure	NOUN
easat-8771	338	43	of	of	ADP
easat-8771	338	44	different	different	ADJ
easat-8771	338	45	currency	currency	NOUN
easat-8771	338	46	pairs	pair	NOUN
easat-8771	338	47	.	.	PUNCT
easat-8771	339	1	further	far	ADV
easat-8771	339	2	,	,	PUNCT
easat-8771	339	3	we	we	PRON
easat-8771	339	4	observe	observe	VERB
easat-8771	339	5	that	that	SCONJ
easat-8771	339	6	the	the	DET
easat-8771	339	7	effects	effect	NOUN
easat-8771	339	8	of	of	ADP
easat-8771	339	9	aggregation	aggregation	NOUN
easat-8771	339	10	are	be	AUX
easat-8771	339	11	more	more	ADV
easat-8771	339	12	pronounced	pronounced	ADJ
easat-8771	339	13	when	when	SCONJ
easat-8771	339	14	there	there	PRON
easat-8771	339	15	is	be	VERB
easat-8771	339	16	higher	high	ADJ
easat-8771	339	17	volatility	volatility	NOUN
easat-8771	339	18	.	.	PUNCT
easat-8771	340	1	this	this	DET
easat-8771	340	2	finding	finding	NOUN
easat-8771	340	3	suggests	suggest	VERB
easat-8771	340	4	that	that	SCONJ
easat-8771	340	5	nonlinear	nonlinear	ADJ
easat-8771	340	6	effects	effect	NOUN
easat-8771	340	7	in	in	ADP
easat-8771	340	8	the	the	DET
easat-8771	340	9	short	short	ADJ
easat-8771	340	10	run	run	NOUN
easat-8771	340	11	,	,	PUNCT
easat-8771	340	12	such	such	ADJ
easat-8771	340	13	as	as	ADP
easat-8771	340	14	market	market	NOUN
easat-8771	340	15	microstructure	microstructure	NOUN
easat-8771	340	16	noise	noise	NOUN
easat-8771	340	17	,	,	PUNCT
easat-8771	340	18	have	have	VERB
easat-8771	340	19	better	well	ADJ
easat-8771	340	20	prospects	prospect	NOUN
easat-8771	340	21	of	of	ADP
easat-8771	340	22	being	be	AUX
easat-8771	340	23	detected	detect	VERB
easat-8771	340	24	in	in	ADP
easat-8771	340	25	high	high	ADJ
easat-8771	340	26	-	-	PUNCT
easat-8771	340	27	frequency	frequency	NOUN
easat-8771	340	28	data	datum	NOUN
easat-8771	340	29	but	but	CCONJ
easat-8771	340	30	are	be	AUX
easat-8771	340	31	suppressed	suppress	VERB
easat-8771	340	32	when	when	SCONJ
easat-8771	340	33	observations	observation	NOUN
easat-8771	340	34	are	be	AUX
easat-8771	340	35	aggregated	aggregate	VERB
easat-8771	340	36	over	over	ADP
easat-8771	340	37	extended	extended	ADJ
easat-8771	340	38	periods	period	NOUN
easat-8771	340	39	.	.	PUNCT
easat-8771	341	1	these	these	DET
easat-8771	341	2	results	result	NOUN
easat-8771	341	3	emphasize	emphasize	VERB
easat-8771	341	4	the	the	DET
easat-8771	341	5	importance	importance	NOUN
easat-8771	341	6	of	of	ADP
easat-8771	341	7	selecting	select	VERB
easat-8771	341	8	an	an	DET
easat-8771	341	9	appropriate	appropriate	ADJ
easat-8771	341	10	frequency	frequency	NOUN
easat-8771	341	11	when	when	SCONJ
easat-8771	341	12	conducting	conduct	VERB
easat-8771	341	13	nonlinear	nonlinear	ADJ
easat-8771	341	14	tests	test	NOUN
easat-8771	341	15	in	in	ADP
easat-8771	341	16	exchange	exchange	NOUN
easat-8771	341	17	rate	rate	NOUN
easat-8771	341	18	studies	study	NOUN
easat-8771	341	19	.	.	PUNCT
easat-8771	342	1	our	our	PRON
easat-8771	342	2	empirical	empirical	ADJ
easat-8771	342	3	findings	finding	NOUN
easat-8771	342	4	from	from	ADP
easat-8771	342	5	the	the	DET
easat-8771	342	6	monte	monte	PROPN
easat-8771	342	7	carlo	carlo	PROPN
easat-8771	342	8	simulations	simulation	NOUN
easat-8771	342	9	and	and	CCONJ
easat-8771	342	10	empirical	empirical	ADJ
easat-8771	342	11	analysis	analysis	NOUN
easat-8771	342	12	of	of	ADP
easat-8771	342	13	exchange	exchange	NOUN
easat-8771	342	14	rate	rate	NOUN
easat-8771	342	15	data	datum	NOUN
easat-8771	342	16	are	be	AUX
easat-8771	342	17	revealing	reveal	VERB
easat-8771	342	18	in	in	ADP
easat-8771	342	19	terms	term	NOUN
easat-8771	342	20	of	of	ADP
easat-8771	342	21	how	how	SCONJ
easat-8771	342	22	temporal	temporal	ADJ
easat-8771	342	23	aggregation	aggregation	NOUN
easat-8771	342	24	impacts	impact	VERB
easat-8771	342	25	the	the	DET
easat-8771	342	26	performance	performance	NOUN
easat-8771	342	27	of	of	ADP
easat-8771	342	28	the	the	DET
easat-8771	342	29	lagrange	lagrange	NOUN
easat-8771	342	30	multiplier	multiplier	ADV
easat-8771	342	31	(	(	PUNCT
easat-8771	342	32	lm	lm	INTJ
easat-8771	342	33	)	)	PUNCT
easat-8771	342	34	test	test	NOUN
easat-8771	342	35	for	for	ADP
easat-8771	342	36	nonlinearity	nonlinearity	NOUN
easat-8771	342	37	.	.	PUNCT
easat-8771	343	1	our	our	PRON
easat-8771	343	2	research	research	NOUN
easat-8771	343	3	demonstrates	demonstrate	VERB
easat-8771	343	4	that	that	SCONJ
easat-8771	343	5	temporal	temporal	ADJ
easat-8771	343	6	aggregation	aggregation	NOUN
easat-8771	343	7	can	can	AUX
easat-8771	343	8	impact	impact	VERB
easat-8771	343	9	the	the	DET
easat-8771	343	10	performance	performance	NOUN
easat-8771	343	11	of	of	ADP
easat-8771	343	12	the	the	DET
easat-8771	343	13	lm	lm	PROPN
easat-8771	343	14	test	test	NOUN
easat-8771	343	15	to	to	PART
easat-8771	343	16	detect	detect	VERB
easat-8771	343	17	nonlinearity	nonlinearity	NOUN
easat-8771	343	18	in	in	ADP
easat-8771	343	19	exchange	exchange	NOUN
easat-8771	343	20	rate	rate	NOUN
easat-8771	343	21	dynamics	dynamic	NOUN
easat-8771	343	22	in	in	ADP
easat-8771	343	23	a	a	DET
easat-8771	343	24	multifaceted	multifaceted	ADJ
easat-8771	343	25	way	way	NOUN
easat-8771	343	26	based	base	VERB
easat-8771	343	27	on	on	ADP
easat-8771	343	28	autoregressive	autoregressive	ADJ
easat-8771	343	29	parameter	parameter	NOUN
easat-8771	343	30	values	value	NOUN
easat-8771	343	31	and	and	CCONJ
easat-8771	343	32	sample	sample	NOUN
easat-8771	343	33	sizes	size	NOUN
easat-8771	343	34	.	.	PUNCT
easat-8771	344	1	4.1	4.1	NUM
easat-8771	344	2	.	.	PUNCT
easat-8771	344	3	policy	policy	NOUN
easat-8771	344	4	implications	implication	NOUN
easat-8771	344	5	the	the	DET
easat-8771	344	6	findings	finding	NOUN
easat-8771	344	7	of	of	ADP
easat-8771	344	8	this	this	DET
easat-8771	344	9	study	study	NOUN
easat-8771	344	10	have	have	VERB
easat-8771	344	11	significant	significant	ADJ
easat-8771	344	12	implications	implication	NOUN
easat-8771	344	13	for	for	ADP
easat-8771	344	14	researchers	researcher	NOUN
easat-8771	344	15	and	and	CCONJ
easat-8771	344	16	practitioners	practitioner	NOUN
easat-8771	344	17	studying	study	VERB
easat-8771	344	18	exchange	exchange	NOUN
easat-8771	344	19	rate	rate	NOUN
easat-8771	344	20	dynamics	dynamic	NOUN
easat-8771	344	21	.	.	PUNCT
easat-8771	345	1	first	first	ADV
easat-8771	345	2	,	,	PUNCT
easat-8771	345	3	they	they	PRON
easat-8771	345	4	necessitate	necessitate	VERB
easat-8771	345	5	careful	careful	ADJ
easat-8771	345	6	consideration	consideration	NOUN
easat-8771	345	7	of	of	ADP
easat-8771	345	8	temporal	temporal	ADJ
easat-8771	345	9	aggregation	aggregation	NOUN
easat-8771	345	10	in	in	ADP
easat-8771	345	11	empirical	empirical	ADJ
easat-8771	345	12	studies	study	NOUN
easat-8771	345	13	employing	employ	VERB
easat-8771	345	14	nonlinear	nonlinear	ADJ
easat-8771	345	15	tests	test	NOUN
easat-8771	345	16	.	.	PUNCT
easat-8771	346	1	researchers	researcher	NOUN
easat-8771	346	2	can	can	AUX
easat-8771	346	3	draw	draw	VERB
easat-8771	346	4	misleading	misleading	ADJ
easat-8771	346	5	conclusions	conclusion	NOUN
easat-8771	346	6	about	about	ADP
easat-8771	346	7	market	market	NOUN
easat-8771	346	8	structure	structure	NOUN
easat-8771	346	9	and	and	CCONJ
easat-8771	346	10	dynamics	dynamic	NOUN
easat-8771	346	11	when	when	SCONJ
easat-8771	346	12	they	they	PRON
easat-8771	346	13	neglect	neglect	VERB
easat-8771	346	14	the	the	DET
easat-8771	346	15	attenuation	attenuation	NOUN
easat-8771	346	16	effects	effect	NOUN
easat-8771	346	17	of	of	ADP
easat-8771	346	18	aggregation	aggregation	NOUN
easat-8771	346	19	on	on	ADP
easat-8771	346	20	nonlinearity	nonlinearity	NOUN
easat-8771	346	21	detection	detection	NOUN
easat-8771	346	22	.	.	PUNCT
easat-8771	347	1	second	second	ADJ
easat-8771	347	2	,	,	PUNCT
easat-8771	347	3	our	our	PRON
easat-8771	347	4	results	result	NOUN
easat-8771	347	5	indicate	indicate	VERB
easat-8771	347	6	that	that	SCONJ
easat-8771	347	7	the	the	DET
easat-8771	347	8	sample	sample	NOUN
easat-8771	347	9	size	size	NOUN
easat-8771	347	10	has	have	VERB
easat-8771	347	11	the	the	DET
easat-8771	347	12	capability	capability	NOUN
easat-8771	347	13	of	of	ADP
easat-8771	347	14	offsetting	offset	VERB
easat-8771	347	15	the	the	DET
easat-8771	347	16	adverse	adverse	ADJ
easat-8771	347	17	impacts	impact	NOUN
easat-8771	347	18	of	of	ADP
easat-8771	347	19	aggregation	aggregation	NOUN
easat-8771	347	20	larger	large	ADJ
easat-8771	347	21	samples	sample	NOUN
easat-8771	347	22	can	can	AUX
easat-8771	347	23	retain	retain	VERB
easat-8771	347	24	more	more	ADJ
easat-8771	347	25	information	information	NOUN
easat-8771	347	26	related	relate	VERB
easat-8771	347	27	to	to	ADP
easat-8771	347	28	concealed	conceal	VERB
easat-8771	347	29	nonlinearities	nonlinearitie	NOUN
easat-8771	347	30	,	,	PUNCT
easat-8771	347	31	although	although	SCONJ
easat-8771	347	32	some	some	DET
easat-8771	347	33	degree	degree	NOUN
easat-8771	347	34	of	of	ADP
easat-8771	347	35	aggregation	aggregation	NOUN
easat-8771	347	36	may	may	AUX
easat-8771	347	37	be	be	AUX
easat-8771	347	38	employed	employ	VERB
easat-8771	347	39	.	.	PUNCT
easat-8771	348	1	additionally	additionally	ADV
easat-8771	348	2	,	,	PUNCT
easat-8771	348	3	the	the	DET
easat-8771	348	4	conclusions	conclusion	NOUN
easat-8771	348	5	of	of	ADP
easat-8771	348	6	this	this	DET
easat-8771	348	7	paper	paper	NOUN
easat-8771	348	8	have	have	VERB
easat-8771	348	9	a	a	DET
easat-8771	348	10	number	number	NOUN
easat-8771	348	11	of	of	ADP
easat-8771	348	12	important	important	ADJ
easat-8771	348	13	policy	policy	NOUN
easat-8771	348	14	and	and	CCONJ
easat-8771	348	15	market	market	NOUN
easat-8771	348	16	implications	implication	NOUN
easat-8771	348	17	for	for	ADP
easat-8771	348	18	financial	financial	ADJ
easat-8771	348	19	regulators	regulator	NOUN
easat-8771	348	20	,	,	PUNCT
easat-8771	348	21	policymakers	policymaker	NOUN
easat-8771	348	22	,	,	PUNCT
easat-8771	348	23	and	and	CCONJ
easat-8771	348	24	market	market	NOUN
easat-8771	348	25	participants	participant	NOUN
easat-8771	348	26	:	:	PUNCT
easat-8771	349	1	4.1.1	4.1.1	X
easat-8771	349	2	.	.	PUNCT
easat-8771	349	3	monetary	monetary	ADJ
easat-8771	349	4	policy	policy	NOUN
easat-8771	349	5	and	and	CCONJ
easat-8771	349	6	exchange	exchange	NOUN
easat-8771	349	7	rate	rate	NOUN
easat-8771	349	8	stability	stability	NOUN
easat-8771	349	9	exchange	exchange	NOUN
easat-8771	349	10	rate	rate	NOUN
easat-8771	349	11	models	model	NOUN
easat-8771	349	12	serve	serve	VERB
easat-8771	349	13	to	to	PART
easat-8771	349	14	inform	inform	VERB
easat-8771	349	15	monetary	monetary	ADJ
easat-8771	349	16	authorities	authority	NOUN
easat-8771	349	17	and	and	CCONJ
easat-8771	349	18	central	central	ADJ
easat-8771	349	19	banks	bank	NOUN
easat-8771	349	20	on	on	ADP
easat-8771	349	21	the	the	DET
easat-8771	349	22	direction	direction	NOUN
easat-8771	349	23	of	of	ADP
easat-8771	349	24	policy	policy	NOUN
easat-8771	349	25	action	action	NOUN
easat-8771	349	26	.	.	PUNCT
easat-8771	350	1	data	datum	NOUN
easat-8771	350	2	aggregation	aggregation	NOUN
easat-8771	350	3	affects	affect	VERB
easat-8771	350	4	the	the	DET
easat-8771	350	5	identification	identification	NOUN
easat-8771	350	6	of	of	ADP
easat-8771	350	7	nonlinearity	nonlinearity	NOUN
easat-8771	350	8	whenever	whenever	SCONJ
easat-8771	350	9	this	this	PRON
easat-8771	350	10	is	be	AUX
easat-8771	350	11	applied	apply	VERB
easat-8771	350	12	,	,	PUNCT
easat-8771	350	13	and	and	CCONJ
easat-8771	350	14	policymakers	policymaker	NOUN
easat-8771	350	15	can	can	AUX
easat-8771	350	16	thus	thus	ADV
easat-8771	350	17	overlook	overlook	VERB
easat-8771	350	18	short	short	ADJ
easat-8771	350	19	-	-	PUNCT
easat-8771	350	20	run	run	NOUN
easat-8771	350	21	market	market	NOUN
easat-8771	350	22	inefficiencies	inefficiency	NOUN
easat-8771	350	23	or	or	CCONJ
easat-8771	350	24	exchange	exchange	NOUN
easat-8771	350	25	rate	rate	NOUN
easat-8771	350	26	volatility	volatility	NOUN
easat-8771	350	27	nonlinearities	nonlinearitie	NOUN
easat-8771	350	28	.	.	PUNCT
easat-8771	351	1	such	such	ADJ
easat-8771	351	2	oversights	oversight	NOUN
easat-8771	351	3	translate	translate	VERB
easat-8771	351	4	to	to	ADP
easat-8771	351	5	inefficient	inefficient	ADJ
easat-8771	351	6	policy	policy	NOUN
easat-8771	351	7	interventions	intervention	NOUN
easat-8771	351	8	,	,	PUNCT
easat-8771	351	9	particularly	particularly	ADV
easat-8771	351	10	under	under	ADP
easat-8771	351	11	conditions	condition	NOUN
easat-8771	351	12	of	of	ADP
easat-8771	351	13	financial	financial	ADJ
easat-8771	351	14	distress	distress	NOUN
easat-8771	351	15	.	.	PUNCT
easat-8771	352	1	central	central	ADJ
easat-8771	352	2	banks	bank	NOUN
easat-8771	352	3	have	have	VERB
easat-8771	352	4	to	to	PART
easat-8771	352	5	undertake	undertake	VERB
easat-8771	352	6	high	high	ADJ
easat-8771	352	7	-	-	PUNCT
easat-8771	352	8	frequency	frequency	NOUN
easat-8771	352	9	data	datum	NOUN
easat-8771	352	10	analysis	analysis	NOUN
easat-8771	352	11	when	when	SCONJ
easat-8771	352	12	designing	design	VERB
easat-8771	352	13	intervention	intervention	NOUN
easat-8771	352	14	plans	plan	VERB
easat-8771	352	15	to	to	PART
easat-8771	352	16	better	well	ADV
easat-8771	352	17	estimate	estimate	VERB
easat-8771	352	18	exchange	exchange	NOUN
easat-8771	352	19	rates	rate	NOUN
easat-8771	352	20	.	.	PUNCT
easat-8771	353	1	central	central	ADJ
easat-8771	353	2	banks	bank	NOUN
easat-8771	353	3	can	can	AUX
easat-8771	353	4	make	make	VERB
easat-8771	353	5	their	their	PRON
easat-8771	353	6	exchange	exchange	NOUN
easat-8771	353	7	rate	rate	NOUN
easat-8771	353	8	estimates	estimate	VERB
easat-8771	353	9	more	more	ADV
easat-8771	353	10	valid	valid	ADJ
easat-8771	353	11	by	by	ADP
easat-8771	353	12	incorporating	incorporate	VERB
easat-8771	353	13	high	high	ADJ
easat-8771	353	14	-	-	PUNCT
easat-8771	353	15	frequency	frequency	NOUN
easat-8771	353	16	data	datum	NOUN
easat-8771	353	17	analysis	analysis	NOUN
easat-8771	353	18	in	in	ADP
easat-8771	353	19	formulating	formulate	VERB
easat-8771	353	20	intervention	intervention	NOUN
easat-8771	353	21	policies	policy	NOUN
easat-8771	353	22	.	.	PUNCT
easat-8771	354	1	934	934	NUM
easat-8771	354	2	edelweiss	edelweiss	PROPN
easat-8771	354	3	applied	apply	VERB
easat-8771	354	4	science	science	NOUN
easat-8771	354	5	and	and	CCONJ
easat-8771	354	6	technology	technology	NOUN
easat-8771	354	7	issn	issn	PROPN
easat-8771	354	8	:	:	PUNCT
easat-8771	354	9	2576	2576	NUM
easat-8771	354	10	-	-	SYM
easat-8771	354	11	8484	8484	NUM
easat-8771	354	12	vol	vol	NOUN
easat-8771	354	13	.	.	PROPN
easat-8771	355	1	9	9	NUM
easat-8771	355	2	,	,	PUNCT
easat-8771	355	3	no	no	INTJ
easat-8771	355	4	.	.	NOUN
easat-8771	356	1	7	7	NUM
easat-8771	356	2	:	:	SYM
easat-8771	356	3	918	918	NUM
easat-8771	356	4	-	-	SYM
easat-8771	356	5	936	936	NUM
easat-8771	356	6	,	,	PUNCT
easat-8771	356	7	2025	2025	NUM
easat-8771	356	8	doi	doi	NOUN
easat-8771	356	9	:	:	PUNCT
easat-8771	356	10	10.55214/25768484.v9i7.8771	10.55214/25768484.v9i7.8771	NUM
easat-8771	356	11	©	©	PROPN
easat-8771	356	12	2025	2025	NUM
easat-8771	356	13	by	by	ADP
easat-8771	356	14	the	the	DET
easat-8771	356	15	author	author	NOUN
easat-8771	356	16	;	;	PUNCT
easat-8771	356	17	licensee	licensee	PROPN
easat-8771	356	18	learning	learn	VERB
easat-8771	356	19	gate	gate	PROPN
easat-8771	356	20	4.1.2	4.1.2	NUM
easat-8771	356	21	.	.	PUNCT
easat-8771	356	22	risk	risk	NOUN
easat-8771	356	23	management	management	NOUN
easat-8771	356	24	and	and	CCONJ
easat-8771	356	25	trading	trading	NOUN
easat-8771	356	26	strategies	strategy	NOUN
easat-8771	356	27	financial	financial	ADJ
easat-8771	356	28	institutions	institution	NOUN
easat-8771	356	29	,	,	PUNCT
easat-8771	356	30	hedge	hedge	NOUN
easat-8771	356	31	funds	fund	NOUN
easat-8771	356	32	,	,	PUNCT
easat-8771	356	33	and	and	CCONJ
easat-8771	356	34	algorithmic	algorithmic	ADJ
easat-8771	356	35	traders	trader	NOUN
easat-8771	356	36	depend	depend	VERB
easat-8771	356	37	on	on	ADP
easat-8771	356	38	quality	quality	NOUN
easat-8771	356	39	modeling	modeling	NOUN
easat-8771	356	40	of	of	ADP
easat-8771	356	41	exchange	exchange	NOUN
easat-8771	356	42	rate	rate	NOUN
easat-8771	356	43	behavior	behavior	NOUN
easat-8771	356	44	to	to	PART
easat-8771	356	45	maximize	maximize	VERB
easat-8771	356	46	trading	trading	NOUN
easat-8771	356	47	strategies	strategy	NOUN
easat-8771	356	48	and	and	CCONJ
easat-8771	356	49	offset	offset	VERB
easat-8771	356	50	currency	currency	NOUN
easat-8771	356	51	risk	risk	NOUN
easat-8771	356	52	.	.	PUNCT
easat-8771	357	1	temporal	temporal	ADJ
easat-8771	357	2	aggregation	aggregation	NOUN
easat-8771	357	3	bias	bias	NOUN
easat-8771	357	4	to	to	PART
easat-8771	357	5	suppress	suppress	VERB
easat-8771	357	6	nonlinearities	nonlinearitie	NOUN
easat-8771	357	7	means	mean	VERB
easat-8771	357	8	that	that	SCONJ
easat-8771	357	9	lower	low	ADJ
easat-8771	357	10	-	-	PUNCT
easat-8771	357	11	frequency	frequency	NOUN
easat-8771	357	12	data	datum	NOUN
easat-8771	357	13	traders	trader	NOUN
easat-8771	357	14	may	may	AUX
easat-8771	357	15	not	not	PART
easat-8771	357	16	capture	capture	VERB
easat-8771	357	17	short	short	ADJ
easat-8771	357	18	-	-	PUNCT
easat-8771	357	19	run	run	VERB
easat-8771	357	20	nonlinear	nonlinear	ADJ
easat-8771	357	21	relationships	relationship	NOUN
easat-8771	357	22	,	,	PUNCT
easat-8771	357	23	which	which	PRON
easat-8771	357	24	can	can	AUX
easat-8771	357	25	compromise	compromise	VERB
easat-8771	357	26	their	their	PRON
easat-8771	357	27	models	model	NOUN
easat-8771	357	28	.	.	PUNCT
easat-8771	358	1	market	market	NOUN
easat-8771	358	2	participants	participant	NOUN
easat-8771	358	3	would	would	AUX
easat-8771	358	4	be	be	AUX
easat-8771	358	5	better	well	ADJ
easat-8771	358	6	off	off	ADP
easat-8771	358	7	incorporating	incorporate	VERB
easat-8771	358	8	high	high	ADJ
easat-8771	358	9	-	-	PUNCT
easat-8771	358	10	frequency	frequency	NOUN
easat-8771	358	11	analysis	analysis	NOUN
easat-8771	358	12	within	within	ADP
easat-8771	358	13	their	their	PRON
easat-8771	358	14	decision	decision	NOUN
easat-8771	358	15	-	-	PUNCT
easat-8771	358	16	making	making	NOUN
easat-8771	358	17	,	,	PUNCT
easat-8771	358	18	particularly	particularly	ADV
easat-8771	358	19	for	for	ADP
easat-8771	358	20	short	short	ADJ
easat-8771	358	21	-	-	PUNCT
easat-8771	358	22	run	run	NOUN
easat-8771	358	23	trading	trading	NOUN
easat-8771	358	24	strategies	strategy	NOUN
easat-8771	358	25	.	.	PUNCT
easat-8771	359	1	4.1.3	4.1.3	X
easat-8771	359	2	.	.	PUNCT
easat-8771	359	3	financial	financial	ADJ
easat-8771	359	4	market	market	NOUN
easat-8771	359	5	supervision	supervision	NOUN
easat-8771	359	6	regulatory	regulatory	ADJ
easat-8771	359	7	bodies	body	NOUN
easat-8771	359	8	that	that	PRON
easat-8771	359	9	supervise	supervise	VERB
easat-8771	359	10	foreign	foreign	ADJ
easat-8771	359	11	exchange	exchange	NOUN
easat-8771	359	12	markets	market	NOUN
easat-8771	359	13	should	should	AUX
easat-8771	359	14	consider	consider	VERB
easat-8771	359	15	the	the	DET
easat-8771	359	16	effect	effect	NOUN
easat-8771	359	17	of	of	ADP
easat-8771	359	18	temporal	temporal	ADJ
easat-8771	359	19	aggregation	aggregation	NOUN
easat-8771	359	20	on	on	ADP
easat-8771	359	21	monitoring	monitor	VERB
easat-8771	359	22	the	the	DET
easat-8771	359	23	markets	market	NOUN
easat-8771	359	24	.	.	PUNCT
easat-8771	360	1	nonlinearity	nonlinearity	NOUN
easat-8771	360	2	features	feature	NOUN
easat-8771	360	3	of	of	ADP
easat-8771	360	4	instantaneous	instantaneous	ADJ
easat-8771	360	5	jumps	jump	NOUN
easat-8771	360	6	and	and	CCONJ
easat-8771	360	7	regime	regime	NOUN
easat-8771	360	8	shifts	shift	NOUN
easat-8771	360	9	would	would	AUX
easat-8771	360	10	become	become	VERB
easat-8771	360	11	unobservable	unobservable	ADJ
easat-8771	360	12	with	with	ADP
easat-8771	360	13	low	low	ADJ
easat-8771	360	14	-	-	PUNCT
easat-8771	360	15	frequency	frequency	NOUN
easat-8771	360	16	data	datum	NOUN
easat-8771	360	17	sets	set	NOUN
easat-8771	360	18	,	,	PUNCT
easat-8771	360	19	thereby	thereby	ADV
easat-8771	360	20	inhibiting	inhibit	VERB
easat-8771	360	21	early	early	ADJ
easat-8771	360	22	warning	warning	NOUN
easat-8771	360	23	for	for	ADP
easat-8771	360	24	market	market	NOUN
easat-8771	360	25	manipulations	manipulation	NOUN
easat-8771	360	26	,	,	PUNCT
easat-8771	360	27	flash	flash	NOUN
easat-8771	360	28	crashes	crash	NOUN
easat-8771	360	29	,	,	PUNCT
easat-8771	360	30	and	and	CCONJ
easat-8771	360	31	liquidity	liquidity	NOUN
easat-8771	360	32	shocks	shock	NOUN
easat-8771	360	33	.	.	PUNCT
easat-8771	361	1	regulators	regulator	NOUN
easat-8771	361	2	are	be	AUX
easat-8771	361	3	urged	urge	VERB
easat-8771	361	4	to	to	PART
easat-8771	361	5	utilize	utilize	VERB
easat-8771	361	6	high	high	ADJ
easat-8771	361	7	-	-	PUNCT
easat-8771	361	8	frequency	frequency	NOUN
easat-8771	361	9	databases	database	NOUN
easat-8771	361	10	for	for	ADP
easat-8771	361	11	enhanced	enhanced	ADJ
easat-8771	361	12	provision	provision	NOUN
easat-8771	361	13	of	of	ADP
easat-8771	361	14	market	market	NOUN
easat-8771	361	15	transparency	transparency	NOUN
easat-8771	361	16	,	,	PUNCT
easat-8771	361	17	as	as	ADV
easat-8771	361	18	well	well	ADV
easat-8771	361	19	as	as	ADP
easat-8771	361	20	to	to	PART
easat-8771	361	21	identify	identify	VERB
easat-8771	361	22	the	the	DET
easat-8771	361	23	earliest	early	ADJ
easat-8771	361	24	warning	warning	NOUN
easat-8771	361	25	signs	sign	NOUN
easat-8771	361	26	for	for	ADP
easat-8771	361	27	market	market	NOUN
easat-8771	361	28	distress	distress	NOUN
easat-8771	361	29	.	.	PUNCT
easat-8771	362	1	4.1.4	4.1.4	X
easat-8771	362	2	.	.	PUNCT
easat-8771	362	3	macroeconomic	macroeconomic	ADJ
easat-8771	362	4	forecasting	forecasting	NOUN
easat-8771	362	5	and	and	CCONJ
easat-8771	362	6	exchange	exchange	NOUN
easat-8771	362	7	rate	rate	NOUN
easat-8771	362	8	models	model	NOUN
easat-8771	362	9	economists	economist	NOUN
easat-8771	362	10	and	and	CCONJ
easat-8771	362	11	analysts	analyst	NOUN
easat-8771	362	12	developing	develop	VERB
easat-8771	362	13	exchange	exchange	NOUN
easat-8771	362	14	rate	rate	NOUN
easat-8771	362	15	forecasting	forecasting	NOUN
easat-8771	362	16	models	model	NOUN
easat-8771	362	17	must	must	AUX
easat-8771	362	18	take	take	VERB
easat-8771	362	19	into	into	ADP
easat-8771	362	20	account	account	NOUN
easat-8771	362	21	the	the	DET
easat-8771	362	22	significance	significance	NOUN
easat-8771	362	23	of	of	ADP
easat-8771	362	24	data	datum	NOUN
easat-8771	362	25	frequency	frequency	NOUN
easat-8771	362	26	in	in	ADP
easat-8771	362	27	their	their	PRON
easat-8771	362	28	empirical	empirical	ADJ
easat-8771	362	29	strategies	strategy	NOUN
easat-8771	362	30	.	.	PUNCT
easat-8771	363	1	aggregated	aggregate	VERB
easat-8771	363	2	data	datum	NOUN
easat-8771	363	3	may	may	AUX
easat-8771	363	4	distort	distort	VERB
easat-8771	363	5	market	market	NOUN
easat-8771	363	6	structures	structure	NOUN
easat-8771	363	7	and	and	CCONJ
easat-8771	363	8	lead	lead	VERB
easat-8771	363	9	to	to	ADP
easat-8771	363	10	bad	bad	ADJ
easat-8771	363	11	forecasts	forecast	NOUN
easat-8771	363	12	of	of	ADP
easat-8771	363	13	exchange	exchange	NOUN
easat-8771	363	14	rate	rate	NOUN
easat-8771	363	15	behavior	behavior	NOUN
easat-8771	363	16	.	.	PUNCT
easat-8771	364	1	in	in	ADP
easat-8771	364	2	order	order	NOUN
easat-8771	364	3	to	to	PART
easat-8771	364	4	improve	improve	VERB
easat-8771	364	5	the	the	DET
easat-8771	364	6	precision	precision	NOUN
easat-8771	364	7	of	of	ADP
easat-8771	364	8	forecasts	forecast	NOUN
easat-8771	364	9	,	,	PUNCT
easat-8771	364	10	models	model	NOUN
easat-8771	364	11	must	must	AUX
easat-8771	364	12	be	be	AUX
easat-8771	364	13	designed	design	VERB
easat-8771	364	14	to	to	PART
easat-8771	364	15	include	include	VERB
easat-8771	364	16	multi	multi	ADJ
easat-8771	364	17	-	-	ADJ
easat-8771	364	18	frequency	frequency	ADJ
easat-8771	364	19	methodologies	methodology	NOUN
easat-8771	364	20	so	so	SCONJ
easat-8771	364	21	that	that	SCONJ
easat-8771	364	22	short	short	ADJ
easat-8771	364	23	-	-	PUNCT
easat-8771	364	24	run	run	NOUN
easat-8771	364	25	nonlinearities	nonlinearitie	NOUN
easat-8771	364	26	are	be	AUX
easat-8771	364	27	not	not	PART
easat-8771	364	28	discarded	discard	VERB
easat-8771	364	29	in	in	ADP
easat-8771	364	30	long	long	ADJ
easat-8771	364	31	-	-	PUNCT
easat-8771	364	32	run	run	NOUN
easat-8771	364	33	projections	projection	NOUN
easat-8771	364	34	.	.	PUNCT
easat-8771	365	1	5	5	X
easat-8771	365	2	.	.	X
easat-8771	365	3	limitations	limitation	NOUN
easat-8771	365	4	of	of	ADP
easat-8771	365	5	the	the	DET
easat-8771	365	6	study	study	NOUN
easat-8771	365	7	and	and	CCONJ
easat-8771	365	8	future	future	ADJ
easat-8771	365	9	research	research	NOUN
easat-8771	365	10	considerations	consideration	NOUN
easat-8771	365	11	despite	despite	SCONJ
easat-8771	365	12	these	these	DET
easat-8771	365	13	results	result	NOUN
easat-8771	365	14	,	,	PUNCT
easat-8771	365	15	several	several	ADJ
easat-8771	365	16	limitations	limitation	NOUN
easat-8771	365	17	need	need	VERB
easat-8771	365	18	to	to	PART
easat-8771	365	19	be	be	AUX
easat-8771	365	20	highlighted	highlight	VERB
easat-8771	365	21	.	.	PUNCT
easat-8771	366	1	while	while	SCONJ
easat-8771	366	2	our	our	PRON
easat-8771	366	3	simulations	simulation	NOUN
easat-8771	366	4	and	and	CCONJ
easat-8771	366	5	evidence	evidence	NOUN
easat-8771	366	6	provide	provide	VERB
easat-8771	366	7	robust	robust	ADJ
easat-8771	366	8	evidence	evidence	NOUN
easat-8771	366	9	of	of	ADP
easat-8771	366	10	the	the	DET
easat-8771	366	11	temporal	temporal	ADJ
easat-8771	366	12	aggregation	aggregation	NOUN
easat-8771	366	13	effect	effect	NOUN
easat-8771	366	14	,	,	PUNCT
easat-8771	366	15	they	they	PRON
easat-8771	366	16	fail	fail	VERB
easat-8771	366	17	to	to	PART
easat-8771	366	18	correct	correct	VERB
easat-8771	366	19	for	for	ADP
easat-8771	366	20	potential	potential	ADJ
easat-8771	366	21	structural	structural	ADJ
easat-8771	366	22	breaks	break	NOUN
easat-8771	366	23	,	,	PUNCT
easat-8771	366	24	regime	regime	NOUN
easat-8771	366	25	changes	change	NOUN
easat-8771	366	26	,	,	PUNCT
easat-8771	366	27	potential	potential	ADJ
easat-8771	366	28	sensitivity	sensitivity	NOUN
easat-8771	366	29	to	to	ADP
easat-8771	366	30	specification	specification	NOUN
easat-8771	366	31	of	of	ADP
easat-8771	366	32	sample	sample	NOUN
easat-8771	366	33	period	period	NOUN
easat-8771	366	34	and	and	CCONJ
easat-8771	366	35	selection	selection	NOUN
easat-8771	366	36	,	,	PUNCT
easat-8771	366	37	the	the	DET
easat-8771	366	38	assumption	assumption	NOUN
easat-8771	366	39	that	that	SCONJ
easat-8771	366	40	nonlinearities	nonlinearitie	NOUN
easat-8771	366	41	in	in	ADP
easat-8771	366	42	exchange	exchange	NOUN
easat-8771	366	43	rates	rate	NOUN
easat-8771	366	44	assume	assume	VERB
easat-8771	366	45	specific	specific	ADJ
easat-8771	366	46	forms	form	NOUN
easat-8771	366	47	,	,	PUNCT
easat-8771	366	48	or	or	CCONJ
easat-8771	366	49	other	other	ADJ
easat-8771	366	50	kinds	kind	NOUN
easat-8771	366	51	of	of	ADP
easat-8771	366	52	time	time	NOUN
easat-8771	366	53	-	-	PUNCT
easat-8771	366	54	varying	vary	VERB
easat-8771	366	55	behavior	behavior	NOUN
easat-8771	366	56	that	that	PRON
easat-8771	366	57	may	may	AUX
easat-8771	366	58	influence	influence	VERB
easat-8771	366	59	nonlinearity	nonlinearity	NOUN
easat-8771	366	60	detection	detection	NOUN
easat-8771	366	61	as	as	ADV
easat-8771	366	62	well	well	ADV
easat-8771	366	63	.	.	PUNCT
easat-8771	367	1	additionally	additionally	ADV
easat-8771	367	2	,	,	PUNCT
easat-8771	367	3	our	our	PRON
easat-8771	367	4	analysis	analysis	NOUN
easat-8771	367	5	tests	test	VERB
easat-8771	367	6	a	a	DET
easat-8771	367	7	short	short	ADJ
easat-8771	367	8	sample	sample	NOUN
easat-8771	367	9	and	and	CCONJ
easat-8771	367	10	three	three	NUM
easat-8771	367	11	exchange	exchange	NOUN
easat-8771	367	12	rates	rate	NOUN
easat-8771	367	13	,	,	PUNCT
easat-8771	367	14	illustrative	illustrative	ADJ
easat-8771	367	15	as	as	SCONJ
easat-8771	367	16	they	they	PRON
easat-8771	367	17	may	may	AUX
easat-8771	367	18	be	be	AUX
easat-8771	367	19	,	,	PUNCT
easat-8771	367	20	which	which	PRON
easat-8771	367	21	are	be	AUX
easat-8771	367	22	unlikely	unlikely	ADJ
easat-8771	367	23	to	to	PART
easat-8771	367	24	capture	capture	VERB
easat-8771	367	25	fully	fully	ADV
easat-8771	367	26	the	the	DET
easat-8771	367	27	heterogeneity	heterogeneity	NOUN
easat-8771	367	28	of	of	ADP
easat-8771	367	29	global	global	ADJ
easat-8771	367	30	exchange	exchange	NOUN
easat-8771	367	31	rate	rate	NOUN
easat-8771	367	32	processes	process	NOUN
easat-8771	367	33	.	.	PUNCT
easat-8771	368	1	since	since	SCONJ
easat-8771	368	2	nonlinearity	nonlinearity	NOUN
easat-8771	368	3	detection	detection	NOUN
easat-8771	368	4	is	be	AUX
easat-8771	368	5	sensitive	sensitive	ADJ
easat-8771	368	6	to	to	ADP
easat-8771	368	7	aggregation	aggregation	NOUN
easat-8771	368	8	over	over	ADP
easat-8771	368	9	time	time	NOUN
easat-8771	368	10	,	,	PUNCT
easat-8771	368	11	future	future	ADJ
easat-8771	368	12	work	work	NOUN
easat-8771	368	13	should	should	AUX
easat-8771	368	14	take	take	VERB
easat-8771	368	15	into	into	ADP
easat-8771	368	16	account	account	NOUN
easat-8771	368	17	the	the	DET
easat-8771	368	18	adoption	adoption	NOUN
easat-8771	368	19	of	of	ADP
easat-8771	368	20	other	other	ADJ
easat-8771	368	21	statistics	statistic	NOUN
easat-8771	368	22	less	less	ADV
easat-8771	368	23	affected	affect	VERB
easat-8771	368	24	by	by	ADP
easat-8771	368	25	aggregation	aggregation	NOUN
easat-8771	368	26	effects	effect	NOUN
easat-8771	368	27	.	.	PUNCT
easat-8771	369	1	machine	machine	NOUN
easat-8771	369	2	learning	learning	NOUN
easat-8771	369	3	and	and	CCONJ
easat-8771	369	4	time	time	NOUN
easat-8771	369	5	-	-	PUNCT
easat-8771	369	6	varying	vary	VERB
easat-8771	369	7	nonlinear	nonlinear	ADJ
easat-8771	369	8	models	model	NOUN
easat-8771	369	9	may	may	AUX
easat-8771	369	10	be	be	AUX
easat-8771	369	11	able	able	ADJ
easat-8771	369	12	to	to	PART
easat-8771	369	13	capture	capture	VERB
easat-8771	369	14	more	more	ADJ
easat-8771	369	15	exchange	exchange	NOUN
easat-8771	369	16	rate	rate	NOUN
easat-8771	369	17	dynamics	dynamic	NOUN
easat-8771	369	18	at	at	ADP
easat-8771	369	19	different	different	ADJ
easat-8771	369	20	time	time	NOUN
easat-8771	369	21	scales	scale	NOUN
easat-8771	369	22	.	.	PUNCT
easat-8771	370	1	further	further	ADJ
easat-8771	370	2	future	future	ADJ
easat-8771	370	3	work	work	NOUN
easat-8771	370	4	would	would	AUX
easat-8771	370	5	be	be	AUX
easat-8771	370	6	capable	capable	ADJ
easat-8771	370	7	of	of	ADP
easat-8771	370	8	building	build	VERB
easat-8771	370	9	on	on	ADP
easat-8771	370	10	this	this	DET
easat-8771	370	11	analysis	analysis	NOUN
easat-8771	370	12	using	use	VERB
easat-8771	370	13	other	other	ADJ
easat-8771	370	14	currencies	currency	NOUN
easat-8771	370	15	,	,	PUNCT
easat-8771	370	16	longer	long	ADJ
easat-8771	370	17	time	time	NOUN
easat-8771	370	18	frames	frame	NOUN
easat-8771	370	19	,	,	PUNCT
easat-8771	370	20	and	and	CCONJ
easat-8771	370	21	other	other	ADJ
easat-8771	370	22	nonlinear	nonlinear	ADJ
easat-8771	370	23	tests	test	NOUN
easat-8771	370	24	in	in	ADP
easat-8771	370	25	order	order	NOUN
easat-8771	370	26	to	to	PART
easat-8771	370	27	provide	provide	VERB
easat-8771	370	28	a	a	DET
easat-8771	370	29	broader	broad	ADJ
easat-8771	370	30	picture	picture	NOUN
easat-8771	370	31	of	of	ADP
easat-8771	370	32	the	the	DET
easat-8771	370	33	influence	influence	NOUN
easat-8771	370	34	of	of	ADP
easat-8771	370	35	these	these	DET
easat-8771	370	36	effects	effect	NOUN
easat-8771	370	37	.	.	PUNCT
easat-8771	371	1	furthermore	furthermore	ADV
easat-8771	371	2	,	,	PUNCT
easat-8771	371	3	it	it	PRON
easat-8771	371	4	should	should	AUX
easat-8771	371	5	also	also	ADV
easat-8771	371	6	test	test	VERB
easat-8771	371	7	whether	whether	SCONJ
easat-8771	371	8	such	such	ADJ
easat-8771	371	9	aggregation	aggregation	NOUN
easat-8771	371	10	effects	effect	NOUN
easat-8771	371	11	prevail	prevail	VERB
easat-8771	371	12	over	over	ADP
easat-8771	371	13	other	other	ADJ
easat-8771	371	14	financial	financial	ADJ
easat-8771	371	15	markets	market	NOUN
easat-8771	371	16	such	such	ADJ
easat-8771	371	17	as	as	ADP
easat-8771	371	18	equities	equity	NOUN
easat-8771	371	19	and	and	CCONJ
easat-8771	371	20	commodities	commodity	NOUN
easat-8771	371	21	in	in	ADP
easat-8771	371	22	order	order	NOUN
easat-8771	371	23	to	to	PART
easat-8771	371	24	extrapolate	extrapolate	VERB
easat-8771	371	25	the	the	DET
easat-8771	371	26	findings	finding	NOUN
easat-8771	371	27	to	to	ADP
easat-8771	371	28	other	other	ADJ
easat-8771	371	29	foreign	foreign	ADJ
easat-8771	371	30	exchange	exchange	NOUN
easat-8771	371	31	segments	segment	NOUN
easat-8771	371	32	.	.	PUNCT
easat-8771	372	1	5.1	5.1	NUM
easat-8771	372	2	.	.	PUNCT
easat-8771	372	3	final	final	ADJ
easat-8771	372	4	remarks	remark	NOUN
easat-8771	372	5	in	in	ADP
easat-8771	372	6	summary	summary	NOUN
easat-8771	372	7	,	,	PUNCT
easat-8771	372	8	our	our	PRON
easat-8771	372	9	research	research	NOUN
easat-8771	372	10	underscores	underscore	VERB
easat-8771	372	11	the	the	DET
easat-8771	372	12	urgency	urgency	NOUN
easat-8771	372	13	of	of	ADP
easat-8771	372	14	temporal	temporal	ADJ
easat-8771	372	15	aggregation	aggregation	NOUN
easat-8771	372	16	in	in	ADP
easat-8771	372	17	controlling	control	VERB
easat-8771	372	18	the	the	DET
easat-8771	372	19	performance	performance	NOUN
easat-8771	372	20	of	of	ADP
easat-8771	372	21	the	the	DET
easat-8771	372	22	lm	lm	X
easat-8771	372	23	test	test	NOUN
easat-8771	372	24	for	for	ADP
easat-8771	372	25	nonlinearity	nonlinearity	NOUN
easat-8771	372	26	in	in	ADP
easat-8771	372	27	the	the	DET
easat-8771	372	28	context	context	NOUN
easat-8771	372	29	of	of	ADP
easat-8771	372	30	exchange	exchange	NOUN
easat-8771	372	31	rate	rate	NOUN
easat-8771	372	32	studies	study	NOUN
easat-8771	372	33	.	.	PUNCT
easat-8771	373	1	even	even	ADV
easat-8771	373	2	though	though	SCONJ
easat-8771	373	3	highfrequency	highfrequency	NOUN
easat-8771	373	4	data	datum	NOUN
easat-8771	373	5	display	display	VERB
easat-8771	373	6	clear	clear	ADJ
easat-8771	373	7	nonlinear	nonlinear	ADJ
easat-8771	373	8	patterns	pattern	NOUN
easat-8771	373	9	,	,	PUNCT
easat-8771	373	10	more	more	ADV
easat-8771	373	11	aggregated	aggregated	ADJ
easat-8771	373	12	levels	level	NOUN
easat-8771	373	13	detract	detract	VERB
easat-8771	373	14	from	from	ADP
easat-8771	373	15	the	the	DET
easat-8771	373	16	power	power	NOUN
easat-8771	373	17	of	of	ADP
easat-8771	373	18	the	the	DET
easat-8771	373	19	test	test	NOUN
easat-8771	373	20	to	to	PART
easat-8771	373	21	detect	detect	VERB
easat-8771	373	22	these	these	DET
easat-8771	373	23	features	feature	NOUN
easat-8771	373	24	and	and	CCONJ
easat-8771	373	25	hence	hence	ADV
easat-8771	373	26	lead	lead	VERB
easat-8771	373	27	to	to	ADP
easat-8771	373	28	misinterpretations	misinterpretation	NOUN
easat-8771	373	29	of	of	ADP
easat-8771	373	30	market	market	NOUN
easat-8771	373	31	structure	structure	NOUN
easat-8771	373	32	.	.	PUNCT
easat-8771	374	1	these	these	DET
easat-8771	374	2	findings	finding	NOUN
easat-8771	374	3	reinforce	reinforce	VERB
easat-8771	374	4	the	the	DET
easat-8771	374	5	importance	importance	NOUN
easat-8771	374	6	of	of	ADP
easat-8771	374	7	methodological	methodological	ADJ
easat-8771	374	8	caution	caution	NOUN
easat-8771	374	9	in	in	ADP
easat-8771	374	10	employing	employ	VERB
easat-8771	374	11	nonlinear	nonlinear	ADJ
easat-8771	374	12	tests	test	NOUN
easat-8771	374	13	and	and	CCONJ
easat-8771	374	14	highlight	highlight	VERB
easat-8771	374	15	the	the	DET
easat-8771	374	16	need	need	NOUN
easat-8771	374	17	for	for	ADP
easat-8771	374	18	future	future	ADJ
easat-8771	374	19	work	work	NOUN
easat-8771	374	20	to	to	PART
easat-8771	374	21	explore	explore	VERB
easat-8771	374	22	alternative	alternative	ADJ
easat-8771	374	23	techniques	technique	NOUN
easat-8771	374	24	to	to	PART
easat-8771	374	25	minimize	minimize	VERB
easat-8771	374	26	aggregation	aggregation	NOUN
easat-8771	374	27	-	-	PUNCT
easat-8771	374	28	related	relate	VERB
easat-8771	374	29	biases	bias	NOUN
easat-8771	374	30	.	.	PUNCT
easat-8771	375	1	935	935	NUM
easat-8771	375	2	edelweiss	edelweiss	PROPN
easat-8771	375	3	applied	apply	VERB
easat-8771	375	4	science	science	NOUN
easat-8771	375	5	and	and	CCONJ
easat-8771	375	6	technology	technology	NOUN
easat-8771	375	7	issn	issn	PROPN
easat-8771	375	8	:	:	PUNCT
easat-8771	375	9	2576	2576	NUM
easat-8771	375	10	-	-	SYM
easat-8771	375	11	8484	8484	NUM
easat-8771	375	12	vol	vol	NOUN
easat-8771	375	13	.	.	PROPN
easat-8771	376	1	9	9	NUM
easat-8771	376	2	,	,	PUNCT
easat-8771	376	3	no	no	INTJ
easat-8771	376	4	.	.	NOUN
easat-8771	377	1	7	7	NUM
easat-8771	377	2	:	:	SYM
easat-8771	377	3	918	918	NUM
easat-8771	377	4	-	-	SYM
easat-8771	377	5	936	936	NUM
easat-8771	377	6	,	,	PUNCT
easat-8771	377	7	2025	2025	NUM
easat-8771	377	8	doi	doi	NOUN
easat-8771	377	9	:	:	PUNCT
easat-8771	377	10	10.55214/25768484.v9i7.8771	10.55214/25768484.v9i7.8771	NUM
easat-8771	377	11	©	©	PROPN
easat-8771	377	12	2025	2025	NUM
easat-8771	377	13	by	by	ADP
easat-8771	377	14	the	the	DET
easat-8771	377	15	author	author	NOUN
easat-8771	377	16	;	;	PUNCT
easat-8771	377	17	licensee	licensee	PROPN
easat-8771	377	18	learning	learn	VERB
easat-8771	377	19	gate	gate	NOUN
easat-8771	377	20	transparency	transparency	NOUN
easat-8771	377	21	:	:	PUNCT
easat-8771	377	22	the	the	DET
easat-8771	377	23	author	author	NOUN
easat-8771	377	24	confirms	confirm	VERB
easat-8771	377	25	that	that	SCONJ
easat-8771	377	26	the	the	DET
easat-8771	377	27	manuscript	manuscript	NOUN
easat-8771	377	28	is	be	AUX
easat-8771	377	29	an	an	DET
easat-8771	377	30	honest	honest	ADJ
easat-8771	377	31	,	,	PUNCT
easat-8771	377	32	accurate	accurate	ADJ
easat-8771	377	33	,	,	PUNCT
easat-8771	377	34	and	and	CCONJ
easat-8771	377	35	transparent	transparent	ADJ
easat-8771	377	36	account	account	NOUN
easat-8771	377	37	of	of	ADP
easat-8771	377	38	the	the	DET
easat-8771	377	39	study	study	NOUN
easat-8771	377	40	;	;	PUNCT
easat-8771	377	41	that	that	SCONJ
easat-8771	377	42	no	no	DET
easat-8771	377	43	vital	vital	ADJ
easat-8771	377	44	features	feature	NOUN
easat-8771	377	45	of	of	ADP
easat-8771	377	46	the	the	DET
easat-8771	377	47	study	study	NOUN
easat-8771	377	48	have	have	AUX
easat-8771	377	49	been	be	AUX
easat-8771	377	50	omitted	omit	VERB
easat-8771	377	51	;	;	PUNCT
easat-8771	377	52	and	and	CCONJ
easat-8771	377	53	that	that	SCONJ
easat-8771	377	54	any	any	DET
easat-8771	377	55	discrepancies	discrepancy	NOUN
easat-8771	377	56	from	from	ADP
easat-8771	377	57	the	the	DET
easat-8771	377	58	study	study	NOUN
easat-8771	377	59	as	as	SCONJ
easat-8771	377	60	planned	plan	VERB
easat-8771	377	61	have	have	AUX
easat-8771	377	62	been	be	AUX
easat-8771	377	63	explained	explain	VERB
easat-8771	377	64	.	.	PUNCT
easat-8771	378	1	this	this	DET
easat-8771	378	2	study	study	NOUN
easat-8771	378	3	followed	follow	VERB
easat-8771	378	4	all	all	DET
easat-8771	378	5	ethical	ethical	ADJ
easat-8771	378	6	practices	practice	NOUN
easat-8771	378	7	during	during	ADP
easat-8771	378	8	writing	writing	NOUN
easat-8771	378	9	.	.	PUNCT
easat-8771	379	1	copyright	copyright	NOUN
easat-8771	379	2	:	:	PUNCT
easat-8771	379	3	©	©	PROPN
easat-8771	379	4	2025	2025	NUM
easat-8771	379	5	by	by	ADP
easat-8771	379	6	the	the	DET
easat-8771	379	7	author	author	NOUN
easat-8771	379	8	.	.	PUNCT
easat-8771	380	1	this	this	DET
easat-8771	380	2	open	open	ADJ
easat-8771	380	3	-	-	PUNCT
easat-8771	380	4	access	access	NOUN
easat-8771	380	5	article	article	NOUN
easat-8771	380	6	is	be	AUX
easat-8771	380	7	distributed	distribute	VERB
easat-8771	380	8	under	under	ADP
easat-8771	380	9	the	the	DET
easat-8771	380	10	terms	term	NOUN
easat-8771	380	11	and	and	CCONJ
easat-8771	380	12	conditions	condition	NOUN
easat-8771	380	13	of	of	ADP
easat-8771	380	14	the	the	DET
easat-8771	380	15	creative	creative	ADJ
easat-8771	380	16	commons	common	NOUN
easat-8771	380	17	attribution	attribution	NOUN
easat-8771	380	18	(	(	PUNCT
easat-8771	380	19	cc	cc	NOUN
easat-8771	380	20	by	by	ADP
easat-8771	380	21	)	)	PUNCT
easat-8771	380	22	license	license	NOUN
easat-8771	380	23	(	(	PUNCT
easat-8771	380	24	https://creativecommons.org/licenses/by/4.0/	https://creativecommons.org/licenses/by/4.0/	PROPN
easat-8771	380	25	)	)	PUNCT
easat-8771	380	26	.	.	PUNCT
easat-8771	381	1	references	reference	NOUN
easat-8771	381	2	[	[	X
easat-8771	381	3	1	1	NUM
easat-8771	381	4	]	]	PUNCT
easat-8771	381	5	l.	l.	PROPN
easat-8771	381	6	sarno	sarno	PROPN
easat-8771	381	7	,	,	PUNCT
easat-8771	381	8	m.	m.	PROPN
easat-8771	381	9	p.	p.	PROPN
easat-8771	381	10	taylor	taylor	PROPN
easat-8771	381	11	,	,	PUNCT
easat-8771	381	12	and	and	CCONJ
easat-8771	381	13	d.	d.	PROPN
easat-8771	381	14	a.	a.	NOUN
easat-8771	381	15	peel	peel	PROPN
easat-8771	381	16	,	,	PUNCT
easat-8771	381	17	"	"	PUNCT
easat-8771	381	18	nonlinear	nonlinear	ADJ
easat-8771	381	19	equilibrium	equilibrium	NOUN
easat-8771	381	20	correction	correction	NOUN
easat-8771	381	21	in	in	ADP
easat-8771	381	22	us	we	PRON
easat-8771	381	23	real	real	ADJ
easat-8771	381	24	money	money	NOUN
easat-8771	381	25	balances	balance	NOUN
easat-8771	381	26	,	,	PUNCT
easat-8771	381	27	"	"	PUNCT
easat-8771	381	28	economics	economic	NOUN
easat-8771	381	29	letters	letter	NOUN
easat-8771	381	30	,	,	PUNCT
easat-8771	381	31	vol	vol	NOUN
easat-8771	381	32	.	.	PROPN
easat-8771	382	1	91	91	NUM
easat-8771	382	2	,	,	PUNCT
easat-8771	382	3	no	no	INTJ
easat-8771	382	4	.	.	NOUN
easat-8771	382	5	2	2	NUM
easat-8771	382	6	,	,	PUNCT
easat-8771	382	7	pp	pp	ADJ
easat-8771	382	8	.	.	PUNCT
easat-8771	383	1	161–167	161–167	NUM
easat-8771	383	2	,	,	PUNCT
easat-8771	383	3	2006	2006	NUM
easat-8771	383	4	.	.	PUNCT
easat-8771	384	1	[	[	X
easat-8771	384	2	2	2	NUM
easat-8771	384	3	]	]	PUNCT
easat-8771	384	4	l.	l.	PROPN
easat-8771	384	5	kilian	kilian	PROPN
easat-8771	384	6	and	and	CCONJ
easat-8771	384	7	m.	m.	PROPN
easat-8771	384	8	p.	p.	PROPN
easat-8771	384	9	taylor	taylor	PROPN
easat-8771	384	10	,	,	PUNCT
easat-8771	384	11	"	"	PUNCT
easat-8771	384	12	why	why	SCONJ
easat-8771	384	13	is	be	AUX
easat-8771	384	14	it	it	PRON
easat-8771	384	15	so	so	ADV
easat-8771	384	16	difficult	difficult	ADJ
easat-8771	384	17	to	to	PART
easat-8771	384	18	beat	beat	VERB
easat-8771	384	19	the	the	DET
easat-8771	384	20	random	random	ADJ
easat-8771	384	21	walk	walk	NOUN
easat-8771	384	22	forecast	forecast	NOUN
easat-8771	384	23	of	of	ADP
easat-8771	384	24	exchange	exchange	NOUN
easat-8771	384	25	rates	rate	NOUN
easat-8771	384	26	?	?	PUNCT
easat-8771	384	27	,	,	PUNCT
easat-8771	384	28	"	"	PUNCT
easat-8771	384	29	journal	journal	NOUN
easat-8771	384	30	of	of	ADP
easat-8771	384	31	international	international	ADJ
easat-8771	384	32	economics	economic	NOUN
easat-8771	384	33	,	,	PUNCT
easat-8771	384	34	vol	vol	NOUN
easat-8771	384	35	.	.	PROPN
easat-8771	384	36	60	60	NUM
easat-8771	384	37	,	,	PUNCT
easat-8771	384	38	no	no	INTJ
easat-8771	384	39	.	.	NOUN
easat-8771	384	40	1	1	NUM
easat-8771	384	41	,	,	PUNCT
easat-8771	384	42	pp	pp	ADJ
easat-8771	384	43	.	.	PUNCT
easat-8771	384	44	85	85	NUM
easat-8771	384	45	-	-	SYM
easat-8771	384	46	107	107	NUM
easat-8771	384	47	,	,	PUNCT
easat-8771	384	48	2003	2003	NUM
easat-8771	384	49	.	.	PUNCT
easat-8771	385	1	https://doi.org/10.1016/s0022-1996(02)00060-0	https://doi.org/10.1016/s0022-1996(02)00060-0	PROPN
easat-8771	386	1	[	[	X
easat-8771	386	2	3	3	X
easat-8771	386	3	]	]	PUNCT
easat-8771	386	4	t.	t.	NOUN
easat-8771	386	5	teräsvirta	teräsvirta	PROPN
easat-8771	386	6	,	,	PUNCT
easat-8771	386	7	"	"	PUNCT
easat-8771	386	8	specification	specification	NOUN
easat-8771	386	9	,	,	PUNCT
easat-8771	386	10	estimation	estimation	NOUN
easat-8771	386	11	,	,	PUNCT
easat-8771	386	12	and	and	CCONJ
easat-8771	386	13	evaluation	evaluation	NOUN
easat-8771	386	14	of	of	ADP
easat-8771	386	15	smooth	smooth	ADJ
easat-8771	386	16	transition	transition	NOUN
easat-8771	386	17	autoregressive	autoregressive	ADJ
easat-8771	386	18	models	model	NOUN
easat-8771	386	19	,	,	PUNCT
easat-8771	386	20	"	"	PUNCT
easat-8771	386	21	journal	journal	NOUN
easat-8771	386	22	of	of	ADP
easat-8771	386	23	the	the	DET
easat-8771	386	24	american	american	PROPN
easat-8771	386	25	statistical	statistical	PROPN
easat-8771	386	26	association	association	PROPN
easat-8771	386	27	,	,	PUNCT
easat-8771	386	28	vol	vol	NOUN
easat-8771	386	29	.	.	PROPN
easat-8771	386	30	89	89	NUM
easat-8771	386	31	,	,	PUNCT
easat-8771	386	32	no	no	INTJ
easat-8771	386	33	.	.	NOUN
easat-8771	386	34	425	425	NUM
easat-8771	386	35	,	,	PUNCT
easat-8771	386	36	pp	pp	ADJ
easat-8771	386	37	.	.	PUNCT
easat-8771	387	1	208	208	NUM
easat-8771	387	2	-	-	SYM
easat-8771	387	3	218	218	NUM
easat-8771	387	4	,	,	PUNCT
easat-8771	387	5	1994	1994	NUM
easat-8771	387	6	.	.	PUNCT
easat-8771	388	1	https://doi.org/10.1080/01621459.1994.10476462	https://doi.org/10.1080/01621459.1994.10476462	X
easat-8771	389	1	[	[	X
easat-8771	389	2	4	4	X
easat-8771	389	3	]	]	X
easat-8771	389	4	c.	c.	PROPN
easat-8771	389	5	w.	w.	PROPN
easat-8771	389	6	j.	j.	PROPN
easat-8771	389	7	granger	granger	PROPN
easat-8771	389	8	,	,	PUNCT
easat-8771	389	9	"	"	PUNCT
easat-8771	389	10	long	long	ADJ
easat-8771	389	11	memory	memory	NOUN
easat-8771	389	12	relationships	relationship	NOUN
easat-8771	389	13	and	and	CCONJ
easat-8771	389	14	the	the	DET
easat-8771	389	15	aggregation	aggregation	NOUN
easat-8771	389	16	of	of	ADP
easat-8771	389	17	dynamic	dynamic	ADJ
easat-8771	389	18	models	model	NOUN
easat-8771	389	19	,	,	PUNCT
easat-8771	389	20	"	"	PUNCT
easat-8771	389	21	journal	journal	NOUN
easat-8771	389	22	of	of	ADP
easat-8771	389	23	econometrics	econometric	NOUN
easat-8771	389	24	,	,	PUNCT
easat-8771	389	25	vol	vol	NOUN
easat-8771	389	26	.	.	PROPN
easat-8771	389	27	14	14	NUM
easat-8771	389	28	,	,	PUNCT
easat-8771	389	29	no	no	INTJ
easat-8771	389	30	.	.	NOUN
easat-8771	389	31	2	2	NUM
easat-8771	389	32	,	,	PUNCT
easat-8771	389	33	pp	pp	ADJ
easat-8771	389	34	.	.	PUNCT
easat-8771	390	1	227	227	NUM
easat-8771	390	2	-	-	SYM
easat-8771	390	3	238	238	NUM
easat-8771	390	4	,	,	PUNCT
easat-8771	390	5	1980	1980	NUM
easat-8771	390	6	.	.	PUNCT
easat-8771	391	1	https://doi.org/10.1016/0304-4076(80)90092-5	https://doi.org/10.1016/0304-4076(80)90092-5	PROPN
easat-8771	391	2	[	[	X
easat-8771	391	3	5	5	NUM
easat-8771	391	4	]	]	PUNCT
easat-8771	391	5	e.	e.	PROPN
easat-8771	391	6	ghysels	ghysels	PROPN
easat-8771	391	7	,	,	PUNCT
easat-8771	391	8	p.	p.	PROPN
easat-8771	391	9	santa	santa	PROPN
easat-8771	391	10	-	-	PUNCT
easat-8771	391	11	clara	clara	PROPN
easat-8771	391	12	,	,	PUNCT
easat-8771	391	13	and	and	CCONJ
easat-8771	391	14	r.	r.	PROPN
easat-8771	391	15	valkanov	valkanov	PROPN
easat-8771	391	16	,	,	PUNCT
easat-8771	391	17	"	"	PUNCT
easat-8771	391	18	predicting	predict	VERB
easat-8771	391	19	volatility	volatility	NOUN
easat-8771	391	20	:	:	PUNCT
easat-8771	391	21	getting	get	VERB
easat-8771	391	22	the	the	DET
easat-8771	391	23	most	most	ADJ
easat-8771	391	24	out	out	ADP
easat-8771	391	25	of	of	ADP
easat-8771	391	26	return	return	NOUN
easat-8771	391	27	data	datum	NOUN
easat-8771	391	28	sampled	sample	VERB
easat-8771	391	29	at	at	ADP
easat-8771	391	30	different	different	ADJ
easat-8771	391	31	frequencies	frequency	NOUN
easat-8771	391	32	,	,	PUNCT
easat-8771	391	33	"	"	PUNCT
easat-8771	391	34	journal	journal	NOUN
easat-8771	391	35	of	of	ADP
easat-8771	391	36	econometrics	econometric	NOUN
easat-8771	391	37	,	,	PUNCT
easat-8771	391	38	vol	vol	NOUN
easat-8771	391	39	.	.	PROPN
easat-8771	391	40	131	131	NUM
easat-8771	391	41	,	,	PUNCT
easat-8771	391	42	no	no	INTJ
easat-8771	391	43	.	.	PUNCT
easat-8771	392	1	1–2	1–2	NUM
easat-8771	392	2	,	,	PUNCT
easat-8771	392	3	pp	pp	ADJ
easat-8771	392	4	.	.	PUNCT
easat-8771	393	1	59–95	59–95	NUM
easat-8771	393	2	,	,	PUNCT
easat-8771	393	3	2006	2006	NUM
easat-8771	393	4	.	.	PUNCT
easat-8771	394	1	[	[	X
easat-8771	394	2	6	6	NUM
easat-8771	394	3	]	]	PUNCT
easat-8771	394	4	r.	r.	PROPN
easat-8771	394	5	a.	a.	PROPN
easat-8771	394	6	meese	meese	PROPN
easat-8771	394	7	and	and	CCONJ
easat-8771	394	8	k.	k.	PROPN
easat-8771	394	9	rogoff	rogoff	PROPN
easat-8771	394	10	,	,	PUNCT
easat-8771	394	11	"	"	PUNCT
easat-8771	394	12	empirical	empirical	ADJ
easat-8771	394	13	exchange	exchange	NOUN
easat-8771	394	14	rate	rate	NOUN
easat-8771	394	15	models	model	NOUN
easat-8771	394	16	of	of	ADP
easat-8771	394	17	the	the	DET
easat-8771	394	18	seventies	seventy	NOUN
easat-8771	394	19	:	:	PUNCT
easat-8771	394	20	do	do	AUX
easat-8771	394	21	they	they	PRON
easat-8771	394	22	fit	fit	VERB
easat-8771	394	23	out	out	ADP
easat-8771	394	24	of	of	ADP
easat-8771	394	25	sample	sample	NOUN
easat-8771	394	26	?	?	PUNCT
easat-8771	394	27	,	,	PUNCT
easat-8771	394	28	"	"	PUNCT
easat-8771	394	29	journal	journal	NOUN
easat-8771	394	30	of	of	ADP
easat-8771	394	31	international	international	ADJ
easat-8771	394	32	economics	economic	NOUN
easat-8771	394	33	,	,	PUNCT
easat-8771	394	34	vol	vol	NOUN
easat-8771	394	35	.	.	PROPN
easat-8771	395	1	14	14	NUM
easat-8771	395	2	,	,	PUNCT
easat-8771	395	3	no	no	INTJ
easat-8771	395	4	.	.	NOUN
easat-8771	395	5	1	1	NUM
easat-8771	395	6	,	,	PUNCT
easat-8771	395	7	pp	pp	ADJ
easat-8771	395	8	.	.	PUNCT
easat-8771	396	1	3	3	NUM
easat-8771	396	2	-	-	SYM
easat-8771	396	3	24	24	NUM
easat-8771	396	4	,	,	PUNCT
easat-8771	396	5	1983	1983	NUM
easat-8771	396	6	.	.	PUNCT
easat-8771	397	1	https://doi.org/10.1016/0022-1996(83)90017-x	https://doi.org/10.1016/0022-1996(83)90017-x	PROPN
easat-8771	398	1	[	[	X
easat-8771	398	2	7	7	X
easat-8771	398	3	]	]	X
easat-8771	398	4	m.	m.	NOUN
easat-8771	398	5	obstfeld	obstfeld	PROPN
easat-8771	398	6	and	and	CCONJ
easat-8771	398	7	k.	k.	PROPN
easat-8771	398	8	rogoff	rogoff	PROPN
easat-8771	398	9	,	,	PUNCT
easat-8771	398	10	"	"	PUNCT
easat-8771	398	11	new	new	ADJ
easat-8771	398	12	directions	direction	NOUN
easat-8771	398	13	for	for	ADP
easat-8771	398	14	stochastic	stochastic	ADJ
easat-8771	398	15	open	open	ADJ
easat-8771	398	16	economy	economy	NOUN
easat-8771	398	17	models	model	NOUN
easat-8771	398	18	,	,	PUNCT
easat-8771	398	19	"	"	PUNCT
easat-8771	398	20	journal	journal	NOUN
easat-8771	398	21	of	of	ADP
easat-8771	398	22	international	international	ADJ
easat-8771	398	23	economics	economic	NOUN
easat-8771	398	24	,	,	PUNCT
easat-8771	398	25	vol	vol	NOUN
easat-8771	398	26	.	.	PROPN
easat-8771	399	1	50	50	NUM
easat-8771	399	2	,	,	PUNCT
easat-8771	399	3	no	no	INTJ
easat-8771	399	4	.	.	NOUN
easat-8771	399	5	1	1	NUM
easat-8771	399	6	,	,	PUNCT
easat-8771	399	7	pp	pp	ADJ
easat-8771	399	8	.	.	PUNCT
easat-8771	400	1	117	117	NUM
easat-8771	400	2	-	-	SYM
easat-8771	400	3	153	153	NUM
easat-8771	400	4	,	,	PUNCT
easat-8771	400	5	2000	2000	NUM
easat-8771	400	6	.	.	PUNCT
easat-8771	401	1	https://doi.org/10.1016/s0022-1996(99)00034-3	https://doi.org/10.1016/s0022-1996(99)00034-3	PROPN
easat-8771	402	1	[	[	X
easat-8771	402	2	8	8	NUM
easat-8771	402	3	]	]	PUNCT
easat-8771	402	4	m.	m.	NOUN
easat-8771	402	5	p.	p.	PROPN
easat-8771	402	6	taylor	taylor	PROPN
easat-8771	402	7	and	and	CCONJ
easat-8771	402	8	d.	d.	PROPN
easat-8771	402	9	a.	a.	NOUN
easat-8771	402	10	peel	peel	PROPN
easat-8771	402	11	,	,	PUNCT
easat-8771	402	12	"	"	PUNCT
easat-8771	402	13	nonlinear	nonlinear	ADJ
easat-8771	402	14	adjustment	adjustment	NOUN
easat-8771	402	15	,	,	PUNCT
easat-8771	402	16	long	long	ADJ
easat-8771	402	17	-	-	PUNCT
easat-8771	402	18	run	run	VERB
easat-8771	402	19	equilibrium	equilibrium	NOUN
easat-8771	402	20	and	and	CCONJ
easat-8771	402	21	exchange	exchange	NOUN
easat-8771	402	22	rate	rate	NOUN
easat-8771	402	23	fundamentals	fundamental	NOUN
easat-8771	402	24	,	,	PUNCT
easat-8771	402	25	"	"	PUNCT
easat-8771	402	26	journal	journal	NOUN
easat-8771	402	27	of	of	ADP
easat-8771	402	28	international	international	ADJ
easat-8771	402	29	money	money	NOUN
easat-8771	402	30	and	and	CCONJ
easat-8771	402	31	finance	finance	NOUN
easat-8771	402	32	,	,	PUNCT
easat-8771	402	33	vol	vol	NOUN
easat-8771	402	34	.	.	PROPN
easat-8771	402	35	19	19	NUM
easat-8771	402	36	,	,	PUNCT
easat-8771	402	37	no	no	INTJ
easat-8771	402	38	.	.	NOUN
easat-8771	402	39	1	1	NUM
easat-8771	402	40	,	,	PUNCT
easat-8771	402	41	pp	pp	ADJ
easat-8771	402	42	.	.	PUNCT
easat-8771	403	1	33	33	NUM
easat-8771	403	2	-	-	SYM
easat-8771	403	3	53	53	NUM
easat-8771	403	4	,	,	PUNCT
easat-8771	403	5	2000	2000	NUM
easat-8771	403	6	.	.	PUNCT
easat-8771	404	1	https://doi.org/10.1016/s0261-5606(99)00044-3	https://doi.org/10.1016/s0261-5606(99)00044-3	PROPN
easat-8771	405	1	[	[	X
easat-8771	405	2	9	9	NUM
easat-8771	405	3	]	]	PUNCT
easat-8771	405	4	c.	c.	PROPN
easat-8771	405	5	w.	w.	PROPN
easat-8771	405	6	j.	j.	PROPN
easat-8771	405	7	granger	granger	PROPN
easat-8771	405	8	and	and	CCONJ
easat-8771	405	9	t.	t.	PROPN
easat-8771	405	10	teräsvirta	teräsvirta	PROPN
easat-8771	405	11	,	,	PUNCT
easat-8771	405	12	modelling	model	VERB
easat-8771	405	13	nonlinear	nonlinear	ADJ
easat-8771	405	14	economic	economic	ADJ
easat-8771	405	15	relationships	relationship	NOUN
easat-8771	405	16	.	.	PUNCT
easat-8771	406	1	oxford	oxford	PROPN
easat-8771	406	2	,	,	PUNCT
easat-8771	406	3	uk	uk	PROPN
easat-8771	406	4	:	:	PUNCT
easat-8771	406	5	oxford	oxford	PROPN
easat-8771	406	6	university	university	PROPN
easat-8771	406	7	press	press	NOUN
easat-8771	406	8	,	,	PUNCT
easat-8771	406	9	1993	1993	NUM
easat-8771	406	10	.	.	PUNCT
easat-8771	407	1	[	[	X
easat-8771	407	2	10	10	NUM
easat-8771	407	3	]	]	X
easat-8771	407	4	d.	d.	PROPN
easat-8771	407	5	van	van	PROPN
easat-8771	407	6	dijk	dijk	PROPN
easat-8771	407	7	,	,	PUNCT
easat-8771	407	8	t.	t.	PROPN
easat-8771	407	9	teräsvirta	teräsvirta	PROPN
easat-8771	407	10	,	,	PUNCT
easat-8771	407	11	and	and	CCONJ
easat-8771	407	12	p.	p.	PROPN
easat-8771	407	13	h.	h.	PROPN
easat-8771	407	14	franses	franse	VERB
easat-8771	407	15	,	,	PUNCT
easat-8771	407	16	"	"	PUNCT
easat-8771	407	17	smooth	smooth	ADJ
easat-8771	407	18	transition	transition	NOUN
easat-8771	407	19	autoregressive	autoregressive	ADJ
easat-8771	407	20	models	model	NOUN
easat-8771	407	21	–	–	PUNCT
easat-8771	407	22	a	a	DET
easat-8771	407	23	survey	survey	NOUN
easat-8771	407	24	of	of	ADP
easat-8771	407	25	recent	recent	ADJ
easat-8771	407	26	developments	development	NOUN
easat-8771	407	27	,	,	PUNCT
easat-8771	407	28	"	"	PUNCT
easat-8771	407	29	econometric	econometric	ADJ
easat-8771	407	30	reviews	review	NOUN
easat-8771	407	31	,	,	PUNCT
easat-8771	407	32	vol	vol	NOUN
easat-8771	407	33	.	.	PROPN
easat-8771	407	34	21	21	NUM
easat-8771	407	35	,	,	PUNCT
easat-8771	407	36	no	no	INTJ
easat-8771	407	37	.	.	NOUN
easat-8771	407	38	1	1	NUM
easat-8771	407	39	,	,	PUNCT
easat-8771	407	40	pp	pp	ADJ
easat-8771	407	41	.	.	PUNCT
easat-8771	408	1	1–47	1–47	NOUN
easat-8771	408	2	,	,	PUNCT
easat-8771	408	3	2002	2002	NUM
easat-8771	408	4	.	.	PUNCT
easat-8771	409	1	[	[	X
easat-8771	409	2	11	11	NUM
easat-8771	409	3	]	]	X
easat-8771	409	4	r.	r.	PROPN
easat-8771	409	5	luukkonen	luukkonen	PROPN
easat-8771	409	6	,	,	PUNCT
easat-8771	409	7	p.	p.	PROPN
easat-8771	409	8	saikkonen	saikkonen	NOUN
easat-8771	409	9	,	,	PUNCT
easat-8771	409	10	and	and	CCONJ
easat-8771	409	11	t.	t.	PROPN
easat-8771	409	12	teräsvirta	teräsvirta	PROPN
easat-8771	409	13	,	,	PUNCT
easat-8771	409	14	"	"	PUNCT
easat-8771	409	15	testing	test	VERB
easat-8771	409	16	linearity	linearity	NOUN
easat-8771	409	17	against	against	ADP
easat-8771	409	18	smooth	smooth	ADJ
easat-8771	409	19	transition	transition	NOUN
easat-8771	409	20	autoregressive	autoregressive	ADJ
easat-8771	409	21	models	model	NOUN
easat-8771	409	22	,	,	PUNCT
easat-8771	409	23	"	"	PUNCT
easat-8771	409	24	biometrika	biometrika	NOUN
easat-8771	409	25	,	,	PUNCT
easat-8771	409	26	vol	vol	NOUN
easat-8771	409	27	.	.	PROPN
easat-8771	410	1	75	75	NUM
easat-8771	410	2	,	,	PUNCT
easat-8771	410	3	no	no	INTJ
easat-8771	410	4	.	.	NOUN
easat-8771	410	5	3	3	NUM
easat-8771	410	6	,	,	PUNCT
easat-8771	410	7	pp	pp	ADJ
easat-8771	410	8	.	.	PUNCT
easat-8771	411	1	491	491	NUM
easat-8771	411	2	-	-	SYM
easat-8771	411	3	499	499	NUM
easat-8771	411	4	,	,	PUNCT
easat-8771	411	5	1988	1988	NUM
easat-8771	411	6	.	.	PUNCT
easat-8771	412	1	https://doi.org/10.1093/biomet/75.3.491	https://doi.org/10.1093/biomet/75.3.491	PUNCT
easat-8771	413	1	[	[	X
easat-8771	413	2	12	12	NUM
easat-8771	413	3	]	]	PUNCT
easat-8771	413	4	d.	d.	PROPN
easat-8771	413	5	a.	a.	NOUN
easat-8771	413	6	peel	peel	PROPN
easat-8771	413	7	and	and	CCONJ
easat-8771	413	8	a.	a.	PROPN
easat-8771	413	9	e.	e.	PROPN
easat-8771	413	10	h.	h.	PROPN
easat-8771	413	11	speight	speight	PROPN
easat-8771	413	12	,	,	PUNCT
easat-8771	413	13	"	"	PUNCT
easat-8771	413	14	is	be	AUX
easat-8771	413	15	the	the	DET
easat-8771	413	16	us	us	PROPN
easat-8771	413	17	business	business	NOUN
easat-8771	413	18	cycle	cycle	NOUN
easat-8771	413	19	asymmetric	asymmetric	NOUN
easat-8771	413	20	?	?	PUNCT
easat-8771	414	1	some	some	DET
easat-8771	414	2	further	further	ADJ
easat-8771	414	3	evidence	evidence	NOUN
easat-8771	414	4	,	,	PUNCT
easat-8771	414	5	"	"	PUNCT
easat-8771	414	6	applied	apply	VERB
easat-8771	414	7	economics	economic	NOUN
easat-8771	414	8	,	,	PUNCT
easat-8771	414	9	vol	vol	NOUN
easat-8771	414	10	.	.	PROPN
easat-8771	414	11	28	28	NUM
easat-8771	414	12	,	,	PUNCT
easat-8771	414	13	no	no	INTJ
easat-8771	414	14	.	.	NOUN
easat-8771	414	15	4	4	NUM
easat-8771	414	16	,	,	PUNCT
easat-8771	414	17	pp	pp	ADJ
easat-8771	414	18	.	.	PUNCT
easat-8771	415	1	405	405	NUM
easat-8771	415	2	-	-	SYM
easat-8771	415	3	415	415	NUM
easat-8771	415	4	,	,	PUNCT
easat-8771	415	5	1996	1996	NUM
easat-8771	415	6	.	.	PUNCT
easat-8771	416	1	https://doi.org/10.1080/000368496328533	https://doi.org/10.1080/000368496328533	X
easat-8771	417	1	[	[	X
easat-8771	417	2	13	13	NUM
easat-8771	417	3	]	]	PUNCT
easat-8771	417	4	y.-w	y.-w	PROPN
easat-8771	417	5	.	.	PUNCT
easat-8771	417	6	cheung	cheung	PROPN
easat-8771	417	7	and	and	CCONJ
easat-8771	417	8	u.	u.	PROPN
easat-8771	417	9	g.	g.	PROPN
easat-8771	417	10	erlandsson	erlandsson	PROPN
easat-8771	417	11	,	,	PUNCT
easat-8771	417	12	"	"	PUNCT
easat-8771	417	13	exchange	exchange	NOUN
easat-8771	417	14	rates	rate	NOUN
easat-8771	417	15	and	and	CCONJ
easat-8771	417	16	markov	markov	NOUN
easat-8771	417	17	switching	switching	NOUN
easat-8771	417	18	dynamics	dynamic	NOUN
easat-8771	417	19	,	,	PUNCT
easat-8771	417	20	"	"	PUNCT
easat-8771	417	21	journal	journal	NOUN
easat-8771	417	22	of	of	ADP
easat-8771	417	23	business	business	PROPN
easat-8771	417	24	&	&	CCONJ
easat-8771	417	25	economic	economic	ADJ
easat-8771	417	26	statistics	statistic	NOUN
easat-8771	417	27	,	,	PUNCT
easat-8771	417	28	vol	vol	NOUN
easat-8771	417	29	.	.	PROPN
easat-8771	417	30	23	23	NUM
easat-8771	417	31	,	,	PUNCT
easat-8771	417	32	no	no	INTJ
easat-8771	417	33	.	.	NOUN
easat-8771	417	34	3	3	NUM
easat-8771	417	35	,	,	PUNCT
easat-8771	417	36	pp	pp	ADJ
easat-8771	417	37	.	.	PUNCT
easat-8771	417	38	314	314	NUM
easat-8771	417	39	-	-	SYM
easat-8771	417	40	320	320	NUM
easat-8771	417	41	,	,	PUNCT
easat-8771	417	42	2005	2005	NUM
easat-8771	417	43	.	.	PUNCT
easat-8771	418	1	[	[	X
easat-8771	418	2	14	14	NUM
easat-8771	418	3	]	]	PUNCT
easat-8771	418	4	t.	t.	NOUN
easat-8771	418	5	terasvirta	terasvirta	PROPN
easat-8771	418	6	and	and	CCONJ
easat-8771	418	7	h.	h.	PROPN
easat-8771	418	8	m.	m.	PROPN
easat-8771	418	9	anderson	anderson	PROPN
easat-8771	418	10	,	,	PUNCT
easat-8771	418	11	"	"	PUNCT
easat-8771	418	12	characterizing	characterize	VERB
easat-8771	418	13	nonlinearities	nonlinearitie	NOUN
easat-8771	418	14	in	in	ADP
easat-8771	418	15	business	business	NOUN
easat-8771	418	16	cycles	cycle	NOUN
easat-8771	418	17	using	use	VERB
easat-8771	418	18	smooth	smooth	ADJ
easat-8771	418	19	transition	transition	NOUN
easat-8771	418	20	autoregressive	autoregressive	ADJ
easat-8771	418	21	models	model	NOUN
easat-8771	418	22	,	,	PUNCT
easat-8771	418	23	"	"	PUNCT
easat-8771	418	24	journal	journal	NOUN
easat-8771	418	25	of	of	ADP
easat-8771	418	26	applied	apply	VERB
easat-8771	418	27	econometrics	econometric	NOUN
easat-8771	418	28	,	,	PUNCT
easat-8771	418	29	vol	vol	NOUN
easat-8771	418	30	.	.	PROPN
easat-8771	418	31	7	7	NUM
easat-8771	418	32	,	,	PUNCT
easat-8771	418	33	no	no	NOUN
easat-8771	418	34	.	.	PUNCT
easat-8771	419	1	s1	s1	NOUN
easat-8771	419	2	,	,	PUNCT
easat-8771	419	3	pp	pp	ADJ
easat-8771	419	4	.	.	PUNCT
easat-8771	420	1	s119	s119	PROPN
easat-8771	420	2	-	-	PUNCT
easat-8771	420	3	s136	s136	PROPN
easat-8771	420	4	,	,	PUNCT
easat-8771	420	5	1992	1992	NUM
easat-8771	420	6	.	.	PUNCT
easat-8771	421	1	https://doi.org/10.1002/jae.3950070509	https://doi.org/10.1002/jae.3950070509	VERB
easat-8771	421	2	[	[	X
easat-8771	421	3	15	15	NUM
easat-8771	421	4	]	]	X
easat-8771	421	5	t.	t.	PROPN
easat-8771	421	6	g.	g.	PROPN
easat-8771	421	7	andersen	andersen	PROPN
easat-8771	421	8	,	,	PUNCT
easat-8771	421	9	t.	t.	PROPN
easat-8771	421	10	bollerslev	bollerslev	NOUN
easat-8771	421	11	,	,	PUNCT
easat-8771	421	12	and	and	CCONJ
easat-8771	421	13	s.	s.	PROPN
easat-8771	421	14	lange	lange	PROPN
easat-8771	421	15	,	,	PUNCT
easat-8771	421	16	"	"	PUNCT
easat-8771	421	17	forecasting	forecast	VERB
easat-8771	421	18	financial	financial	ADJ
easat-8771	421	19	market	market	NOUN
easat-8771	421	20	volatility	volatility	NOUN
easat-8771	421	21	:	:	PUNCT
easat-8771	421	22	sample	sample	NOUN
easat-8771	421	23	frequency	frequency	NOUN
easat-8771	421	24	vis	vis	X
easat-8771	421	25	-	-	PUNCT
easat-8771	421	26	à	à	X
easat-8771	421	27	-	-	PUNCT
easat-8771	421	28	vis	vis	X
easat-8771	421	29	forecast	forecast	NOUN
easat-8771	421	30	horizon	horizon	NOUN
easat-8771	421	31	,	,	PUNCT
easat-8771	421	32	"	"	PUNCT
easat-8771	421	33	journal	journal	NOUN
easat-8771	421	34	of	of	ADP
easat-8771	421	35	empirical	empirical	ADJ
easat-8771	421	36	finance	finance	NOUN
easat-8771	421	37	,	,	PUNCT
easat-8771	421	38	vol	vol	NOUN
easat-8771	421	39	.	.	PROPN
easat-8771	421	40	6	6	NUM
easat-8771	421	41	,	,	PUNCT
easat-8771	421	42	no	no	INTJ
easat-8771	421	43	.	.	NOUN
easat-8771	421	44	5	5	NUM
easat-8771	421	45	,	,	PUNCT
easat-8771	421	46	pp	pp	ADJ
easat-8771	421	47	.	.	PUNCT
easat-8771	422	1	457	457	NUM
easat-8771	422	2	-	-	SYM
easat-8771	422	3	477	477	NUM
easat-8771	422	4	,	,	PUNCT
easat-8771	422	5	1999	1999	NUM
easat-8771	422	6	.	.	PUNCT
easat-8771	423	1	https://doi.org/10.1016/s09275398(99)00013-4	https://doi.org/10.1016/s09275398(99)00013-4	NOUN
easat-8771	424	1	[	[	X
easat-8771	424	2	16	16	NUM
easat-8771	424	3	]	]	X
easat-8771	424	4	h.	h.	PROPN
easat-8771	424	5	working	working	PROPN
easat-8771	424	6	,	,	PUNCT
easat-8771	424	7	"	"	PUNCT
easat-8771	424	8	note	note	VERB
easat-8771	424	9	on	on	ADP
easat-8771	424	10	the	the	DET
easat-8771	424	11	correlation	correlation	NOUN
easat-8771	424	12	of	of	ADP
easat-8771	424	13	first	first	ADJ
easat-8771	424	14	differences	difference	NOUN
easat-8771	424	15	of	of	ADP
easat-8771	424	16	averages	average	NOUN
easat-8771	424	17	in	in	ADP
easat-8771	424	18	a	a	DET
easat-8771	424	19	random	random	ADJ
easat-8771	424	20	chain	chain	NOUN
easat-8771	424	21	,	,	PUNCT
easat-8771	424	22	"	"	PUNCT
easat-8771	424	23	econometrica	econometrica	PROPN
easat-8771	424	24	,	,	PUNCT
easat-8771	424	25	vol	vol	NOUN
easat-8771	424	26	.	.	PROPN
easat-8771	424	27	28	28	NUM
easat-8771	424	28	,	,	PUNCT
easat-8771	424	29	no	no	INTJ
easat-8771	424	30	.	.	NOUN
easat-8771	424	31	4	4	NUM
easat-8771	424	32	,	,	PUNCT
easat-8771	424	33	pp	pp	ADJ
easat-8771	424	34	.	.	PUNCT
easat-8771	425	1	916	916	NUM
easat-8771	425	2	-	-	SYM
easat-8771	425	3	918	918	NUM
easat-8771	425	4	,	,	PUNCT
easat-8771	425	5	1960	1960	NUM
easat-8771	425	6	.	.	PUNCT
easat-8771	426	1	https://doi.org/10.2307/1907574	https://doi.org/10.2307/1907574	NOUN
easat-8771	426	2	[	[	X
easat-8771	426	3	17	17	NUM
easat-8771	426	4	]	]	PUNCT
easat-8771	426	5	t.	t.	NOUN
easat-8771	426	6	amemiya	amemiya	PROPN
easat-8771	426	7	and	and	CCONJ
easat-8771	426	8	r.	r.	PROPN
easat-8771	426	9	y.	y.	PROPN
easat-8771	426	10	wu	wu	PROPN
easat-8771	426	11	,	,	PUNCT
easat-8771	426	12	"	"	PUNCT
easat-8771	426	13	the	the	DET
easat-8771	426	14	effect	effect	NOUN
easat-8771	426	15	of	of	ADP
easat-8771	426	16	aggregation	aggregation	NOUN
easat-8771	426	17	on	on	ADP
easat-8771	426	18	prediction	prediction	NOUN
easat-8771	426	19	in	in	ADP
easat-8771	426	20	the	the	DET
easat-8771	426	21	autoregressive	autoregressive	ADJ
easat-8771	426	22	model	model	NOUN
easat-8771	426	23	,	,	PUNCT
easat-8771	426	24	"	"	PUNCT
easat-8771	426	25	journal	journal	NOUN
easat-8771	426	26	of	of	ADP
easat-8771	426	27	the	the	DET
easat-8771	426	28	american	american	PROPN
easat-8771	426	29	statistical	statistical	PROPN
easat-8771	426	30	association	association	PROPN
easat-8771	426	31	,	,	PUNCT
easat-8771	426	32	vol	vol	NOUN
easat-8771	426	33	.	.	PROPN
easat-8771	426	34	67	67	NUM
easat-8771	426	35	,	,	PUNCT
easat-8771	426	36	no	no	INTJ
easat-8771	426	37	.	.	NOUN
easat-8771	426	38	339	339	NUM
easat-8771	426	39	,	,	PUNCT
easat-8771	426	40	pp	pp	ADJ
easat-8771	426	41	.	.	PUNCT
easat-8771	427	1	628	628	NUM
easat-8771	427	2	-	-	SYM
easat-8771	427	3	632	632	NUM
easat-8771	427	4	,	,	PUNCT
easat-8771	427	5	1972	1972	NUM
easat-8771	427	6	.	.	PUNCT
easat-8771	428	1	https://doi.org/10.1080/01621459.1972.10481264	https://doi.org/10.1080/01621459.1972.10481264	PUNCT
easat-8771	429	1	[	[	X
easat-8771	429	2	18	18	NUM
easat-8771	429	3	]	]	PUNCT
easat-8771	429	4	t.	t.	NOUN
easat-8771	429	5	bollerslev	bollerslev	NOUN
easat-8771	429	6	and	and	CCONJ
easat-8771	429	7	j.	j.	PROPN
easat-8771	429	8	h.	h.	PROPN
easat-8771	429	9	wright	wright	PROPN
easat-8771	429	10	,	,	PUNCT
easat-8771	429	11	"	"	PUNCT
easat-8771	429	12	semiparametric	semiparametric	ADJ
easat-8771	429	13	estimation	estimation	NOUN
easat-8771	429	14	of	of	ADP
easat-8771	429	15	long	long	ADJ
easat-8771	429	16	-	-	PUNCT
easat-8771	429	17	memory	memory	NOUN
easat-8771	429	18	volatility	volatility	NOUN
easat-8771	429	19	dependencies	dependency	NOUN
easat-8771	429	20	:	:	PUNCT
easat-8771	429	21	the	the	DET
easat-8771	429	22	role	role	NOUN
easat-8771	429	23	of	of	ADP
easat-8771	429	24	high	high	ADJ
easat-8771	429	25	-	-	PUNCT
easat-8771	429	26	frequency	frequency	NOUN
easat-8771	429	27	data	datum	NOUN
easat-8771	429	28	,	,	PUNCT
easat-8771	429	29	"	"	PUNCT
easat-8771	429	30	journal	journal	NOUN
easat-8771	429	31	of	of	ADP
easat-8771	429	32	econometrics	econometric	NOUN
easat-8771	429	33	,	,	PUNCT
easat-8771	429	34	vol	vol	NOUN
easat-8771	429	35	.	.	PROPN
easat-8771	429	36	98	98	NUM
easat-8771	429	37	,	,	PUNCT
easat-8771	429	38	no	no	INTJ
easat-8771	429	39	.	.	NOUN
easat-8771	429	40	1	1	NUM
easat-8771	429	41	,	,	PUNCT
easat-8771	429	42	pp	pp	ADJ
easat-8771	429	43	.	.	PUNCT
easat-8771	429	44	81	81	NUM
easat-8771	429	45	-	-	SYM
easat-8771	429	46	106	106	NUM
easat-8771	429	47	,	,	PUNCT
easat-8771	429	48	2000	2000	NUM
easat-8771	429	49	.	.	PUNCT
easat-8771	430	1	https://doi.org/10.1016/s03044076(99)00079-2	https://doi.org/10.1016/s03044076(99)00079-2	PUNCT
easat-8771	431	1	[	[	X
easat-8771	431	2	19	19	NUM
easat-8771	431	3	]	]	X
easat-8771	431	4	c.	c.	PROPN
easat-8771	431	5	w.	w.	PROPN
easat-8771	431	6	granger	granger	PROPN
easat-8771	431	7	and	and	CCONJ
easat-8771	431	8	p.	p.	PROPN
easat-8771	431	9	newbold	newbold	PROPN
easat-8771	431	10	,	,	PUNCT
easat-8771	431	11	"	"	PUNCT
easat-8771	431	12	spurious	spurious	ADJ
easat-8771	431	13	regressions	regression	NOUN
easat-8771	431	14	in	in	ADP
easat-8771	431	15	econometrics	econometric	NOUN
easat-8771	431	16	,	,	PUNCT
easat-8771	431	17	"	"	PUNCT
easat-8771	431	18	journal	journal	NOUN
easat-8771	431	19	of	of	ADP
easat-8771	431	20	econometrics	econometric	NOUN
easat-8771	431	21	,	,	PUNCT
easat-8771	431	22	vol	vol	NOUN
easat-8771	431	23	.	.	PROPN
easat-8771	432	1	2	2	NUM
easat-8771	432	2	,	,	PUNCT
easat-8771	432	3	no	no	INTJ
easat-8771	432	4	.	.	NOUN
easat-8771	432	5	2	2	NUM
easat-8771	432	6	,	,	PUNCT
easat-8771	432	7	pp	pp	ADJ
easat-8771	432	8	.	.	PUNCT
easat-8771	433	1	111120	111120	NUM
easat-8771	433	2	,	,	PUNCT
easat-8771	433	3	1974	1974	NUM
easat-8771	433	4	.	.	PUNCT
easat-8771	434	1	[	[	X
easat-8771	434	2	20	20	NUM
easat-8771	434	3	]	]	PUNCT
easat-8771	434	4	p.	p.	NOUN
easat-8771	434	5	silvapulle	silvapulle	NOUN
easat-8771	434	6	and	and	CCONJ
easat-8771	434	7	c.	c.	PROPN
easat-8771	434	8	w.	w.	PROPN
easat-8771	434	9	granger	granger	PROPN
easat-8771	434	10	,	,	PUNCT
easat-8771	434	11	"	"	PUNCT
easat-8771	434	12	large	large	ADJ
easat-8771	434	13	returns	return	NOUN
easat-8771	434	14	,	,	PUNCT
easat-8771	434	15	conditional	conditional	ADJ
easat-8771	434	16	correlation	correlation	NOUN
easat-8771	434	17	and	and	CCONJ
easat-8771	434	18	portfolio	portfolio	NOUN
easat-8771	434	19	diversification	diversification	NOUN
easat-8771	434	20	:	:	PUNCT
easat-8771	434	21	a	a	DET
easat-8771	434	22	value	value	NOUN
easat-8771	434	23	-	-	PUNCT
easat-8771	434	24	at	at	ADP
easat-8771	434	25	-	-	PUNCT
easat-8771	434	26	risk	risk	NOUN
easat-8771	434	27	approach	approach	NOUN
easat-8771	434	28	,	,	PUNCT
easat-8771	434	29	"	"	PUNCT
easat-8771	434	30	quantitative	quantitative	ADJ
easat-8771	434	31	finance	finance	NOUN
easat-8771	434	32	,	,	PUNCT
easat-8771	434	33	vol	vol	NOUN
easat-8771	434	34	.	.	PROPN
easat-8771	434	35	1	1	NUM
easat-8771	434	36	,	,	PUNCT
easat-8771	434	37	no	no	INTJ
easat-8771	434	38	.	.	NOUN
easat-8771	434	39	5	5	NUM
easat-8771	434	40	,	,	PUNCT
easat-8771	434	41	pp	pp	ADJ
easat-8771	434	42	.	.	PUNCT
easat-8771	435	1	542–551	542–551	NUM
easat-8771	435	2	,	,	PUNCT
easat-8771	435	3	2001	2001	NUM
easat-8771	435	4	.	.	PUNCT
easat-8771	436	1	[	[	X
easat-8771	436	2	21	21	NUM
easat-8771	436	3	]	]	X
easat-8771	436	4	w.	w.	PROPN
easat-8771	436	5	a.	a.	PROPN
easat-8771	436	6	barnett	barnett	PROPN
easat-8771	436	7	and	and	CCONJ
easat-8771	436	8	g.	g.	PROPN
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easat-8771	436	10	,	,	PUNCT
easat-8771	436	11	"	"	PUNCT
easat-8771	436	12	bifurcation	bifurcation	NOUN
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easat-8771	436	14	macroeconometric	macroeconometric	ADJ
easat-8771	436	15	models	model	NOUN
easat-8771	436	16	and	and	CCONJ
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easat-8771	436	18	of	of	ADP
easat-8771	436	19	dynamical	dynamical	ADJ
easat-8771	436	20	inferences	inference	NOUN
easat-8771	436	21	,	,	PUNCT
easat-8771	436	22	"	"	PUNCT
easat-8771	436	23	foundations	foundation	NOUN
easat-8771	436	24	and	and	CCONJ
easat-8771	436	25	trends	trend	NOUN
easat-8771	436	26	®	®	NOUN
easat-8771	436	27	in	in	ADP
easat-8771	436	28	econometrics	econometrics	NOUN
easat-8771	436	29	,	,	PUNCT
easat-8771	436	30	vol	vol	NOUN
easat-8771	436	31	.	.	PROPN
easat-8771	436	32	8	8	NUM
easat-8771	436	33	,	,	PUNCT
easat-8771	436	34	no	no	INTJ
easat-8771	436	35	.	.	PUNCT
easat-8771	437	1	1–2	1–2	NUM
easat-8771	437	2	,	,	PUNCT
easat-8771	437	3	pp	pp	ADJ
easat-8771	437	4	.	.	PUNCT
easat-8771	438	1	1	1	NUM
easat-8771	438	2	-	-	SYM
easat-8771	438	3	144	144	NUM
easat-8771	438	4	,	,	PUNCT
easat-8771	438	5	2015	2015	NUM
easat-8771	438	6	.	.	PUNCT
easat-8771	439	1	https://doi.org/10.1561/0800000026	https://doi.org/10.1561/0800000026	PROPN
easat-8771	439	2	https://creativecommons.org/licenses/by/4.0/	https://creativecommons.org/licenses/by/4.0/	PROPN
easat-8771	439	3	https://doi.org/10.1016/s0022-1996(02)00060-0	https://doi.org/10.1016/s0022-1996(02)00060-0	PROPN
easat-8771	439	4	https://doi.org/10.1080/01621459.1994.10476462	https://doi.org/10.1080/01621459.1994.10476462	PROPN
easat-8771	439	5	https://doi.org/10.1016/0304-4076(80)90092-5	https://doi.org/10.1016/0304-4076(80)90092-5	PROPN
easat-8771	439	6	https://doi.org/10.1016/0022-1996(83)90017-x	https://doi.org/10.1016/0022-1996(83)90017-x	PROPN
easat-8771	439	7	https://doi.org/10.1016/s0022-1996(99)00034-3	https://doi.org/10.1016/s0022-1996(99)00034-3	PROPN
easat-8771	439	8	https://doi.org/10.1016/s0261-5606(99)00044-3	https://doi.org/10.1016/s0261-5606(99)00044-3	PROPN
easat-8771	439	9	https://doi.org/10.1093/biomet/75.3.491	https://doi.org/10.1093/biomet/75.3.491	NUM
easat-8771	439	10	https://doi.org/10.1080/000368496328533	https://doi.org/10.1080/000368496328533	X
easat-8771	440	1	https://doi.org/10.1002/jae.3950070509	https://doi.org/10.1002/jae.3950070509	PROPN
easat-8771	440	2	https://doi.org/10.1016/s0927-5398(99)00013-4	https://doi.org/10.1016/s0927-5398(99)00013-4	PROPN
easat-8771	440	3	https://doi.org/10.1016/s0927-5398(99)00013-4	https://doi.org/10.1016/s0927-5398(99)00013-4	PROPN
easat-8771	440	4	https://doi.org/10.2307/1907574	https://doi.org/10.2307/1907574	NOUN
easat-8771	440	5	https://doi.org/10.1080/01621459.1972.10481264	https://doi.org/10.1080/01621459.1972.10481264	PROPN
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easat-8771	440	8	https://doi.org/10.1561/0800000026	https://doi.org/10.1561/0800000026	PROPN
easat-8771	440	9	936	936	NUM
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easat-8771	440	13	and	and	CCONJ
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easat-8771	440	15	issn	issn	PROPN
easat-8771	440	16	:	:	PUNCT
easat-8771	440	17	2576	2576	NUM
easat-8771	440	18	-	-	SYM
easat-8771	440	19	8484	8484	NUM
easat-8771	440	20	vol	vol	NOUN
easat-8771	440	21	.	.	PROPN
easat-8771	441	1	9	9	NUM
easat-8771	441	2	,	,	PUNCT
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easat-8771	441	4	.	.	NOUN
easat-8771	442	1	7	7	NUM
easat-8771	442	2	:	:	SYM
easat-8771	442	3	918	918	NUM
easat-8771	442	4	-	-	SYM
easat-8771	442	5	936	936	NUM
easat-8771	442	6	,	,	PUNCT
easat-8771	442	7	2025	2025	NUM
easat-8771	442	8	doi	doi	NOUN
easat-8771	442	9	:	:	PUNCT
easat-8771	442	10	10.55214/25768484.v9i7.8771	10.55214/25768484.v9i7.8771	NUM
easat-8771	442	11	©	©	PROPN
easat-8771	442	12	2025	2025	NUM
easat-8771	442	13	by	by	ADP
easat-8771	442	14	the	the	DET
easat-8771	442	15	author	author	NOUN
easat-8771	442	16	;	;	PUNCT
easat-8771	442	17	licensee	licensee	PROPN
easat-8771	442	18	learning	learning	NOUN
easat-8771	442	19	gate	gate	NOUN
easat-8771	443	1	[	[	X
easat-8771	443	2	22	22	NUM
easat-8771	443	3	]	]	PUNCT
easat-8771	443	4	m.	m.	NOUN
easat-8771	443	5	beine	beine	PROPN
easat-8771	443	6	,	,	PUNCT
easat-8771	443	7	s.	s.	PROPN
easat-8771	443	8	laurent	laurent	PROPN
easat-8771	443	9	,	,	PUNCT
easat-8771	443	10	and	and	CCONJ
easat-8771	443	11	c.	c.	PROPN
easat-8771	443	12	lecourt	lecourt	PROPN
easat-8771	443	13	,	,	PUNCT
easat-8771	443	14	"	"	PUNCT
easat-8771	443	15	official	official	ADJ
easat-8771	443	16	central	central	ADJ
easat-8771	443	17	bank	bank	NOUN
easat-8771	443	18	interventions	intervention	NOUN
easat-8771	443	19	and	and	CCONJ
easat-8771	443	20	exchange	exchange	NOUN
easat-8771	443	21	rate	rate	NOUN
easat-8771	443	22	volatility	volatility	NOUN
easat-8771	443	23	:	:	PUNCT
easat-8771	443	24	evidence	evidence	NOUN
easat-8771	443	25	from	from	ADP
easat-8771	443	26	a	a	DET
easat-8771	443	27	regime	regime	NOUN
easat-8771	443	28	-	-	PUNCT
easat-8771	443	29	switching	switch	VERB
easat-8771	443	30	analysis	analysis	NOUN
easat-8771	443	31	,	,	PUNCT
easat-8771	443	32	"	"	PUNCT
easat-8771	443	33	european	european	ADJ
easat-8771	443	34	economic	economic	PROPN
easat-8771	443	35	review	review	PROPN
easat-8771	443	36	,	,	PUNCT
easat-8771	443	37	vol	vol	NOUN
easat-8771	443	38	.	.	PROPN
easat-8771	444	1	47	47	NUM
easat-8771	444	2	,	,	PUNCT
easat-8771	444	3	no	no	INTJ
easat-8771	444	4	.	.	NOUN
easat-8771	444	5	5	5	NUM
easat-8771	444	6	,	,	PUNCT
easat-8771	444	7	pp	pp	ADJ
easat-8771	444	8	.	.	PUNCT
easat-8771	444	9	891	891	NUM
easat-8771	444	10	-	-	SYM
easat-8771	444	11	911	911	NUM
easat-8771	444	12	,	,	PUNCT
easat-8771	444	13	2003	2003	NUM
easat-8771	444	14	.	.	PUNCT
easat-8771	445	1	[	[	X
easat-8771	445	2	23	23	NUM
easat-8771	445	3	]	]	X
easat-8771	445	4	c.	c.	PROPN
easat-8771	445	5	christodoulou	christodoulou	PROPN
easat-8771	445	6	-	-	PUNCT
easat-8771	445	7	volos	volos	PROPN
easat-8771	445	8	and	and	CCONJ
easat-8771	445	9	d.	d.	PROPN
easat-8771	445	10	tserkezos	tserkezos	PROPN
easat-8771	445	11	,	,	PUNCT
easat-8771	445	12	"	"	PUNCT
easat-8771	445	13	assessing	assess	VERB
easat-8771	445	14	the	the	DET
easat-8771	445	15	impact	impact	NOUN
easat-8771	445	16	of	of	ADP
easat-8771	445	17	temporal	temporal	ADJ
easat-8771	445	18	aggregation	aggregation	NOUN
easat-8771	445	19	on	on	ADP
easat-8771	445	20	ramsey	ramsey	PROPN
easat-8771	445	21	’s	’s	PART
easat-8771	445	22	reset	reset	ADJ
easat-8771	445	23	test	test	NOUN
easat-8771	445	24	:	:	PUNCT
easat-8771	445	25	a	a	DET
easat-8771	445	26	monte	monte	PROPN
easat-8771	445	27	carlo	carlo	PROPN
easat-8771	445	28	analysis	analysis	NOUN
easat-8771	445	29	,	,	PUNCT
easat-8771	445	30	"	"	PUNCT
easat-8771	445	31	journal	journal	NOUN
easat-8771	445	32	of	of	ADP
easat-8771	445	33	modern	modern	ADJ
easat-8771	445	34	applied	apply	VERB
easat-8771	445	35	statistical	statistical	ADJ
easat-8771	445	36	methods	method	NOUN
easat-8771	445	37	,	,	PUNCT
easat-8771	445	38	vol	vol	NOUN
easat-8771	445	39	.	.	PROPN
easat-8771	445	40	25	25	NUM
easat-8771	445	41	,	,	PUNCT
easat-8771	445	42	no	no	INTJ
easat-8771	445	43	.	.	NOUN
easat-8771	445	44	2	2	NUM
easat-8771	445	45	,	,	PUNCT
easat-8771	445	46	p.	p.	NOUN
easat-8771	445	47	123–145	123–145	NUM
easat-8771	445	48	,	,	PUNCT
easat-8771	445	49	2025	2025	NUM
easat-8771	445	50	.	.	PUNCT