The Impact of the Federal Reserve Bank's Open Market Operations

The Federal Reserve Bank has the ability to change the money supply and to shape the expectations of market participants through their open market operations. These operations may amount to 20% of the day's volume and are concentrated during the half hour known as `Fed Time'. Using previously unavailable data on open market operations, our paper provides the first comprehensive examination of the impact of the Federal Reserve Bank's trading on both fixed income instruments and foreign currencies. Our results detail a dramatic increase in volatility during Fed Time. Surprisingly, the Fed Time volatility is higher on days when open market operations are absent. In addition, little systematic differences in market impact are observed for reserve-draining versus reserve-adding operations. These results suggest that the financial markets correctly anticipate the purpose of open market operations but are unable to forecast the timing of the operations.

Debt and Equity Yields: 1926-80

The study is divided into four broad parts, beginning with an exploratory analysis of the data on expost returns on corporate equities and bonds for the 1926-80 period. In Part 2, we estimate the relationships between one-month expost returns on corporate bonds and equities andvariations in Treasury bill rates, economic activity, and other variables.The major other variable is unanticipated changes in new issue coupon rates on long-term Treasury bonds. Parts 3 and 4 contain econometric investigations of the determinants of one-month Treasury bill rates and unanticipated changes in long-term Treasury coupon rates, respectively. These parts extend the analysis of Part 2 by explaining variables that determine expost corporate bond and equity returns and provide evidence on the determination of new-issue yields on short- and long-term default-free debt. The last three parts ofthe study report econometric results based on data from the 1953-83 period.A number of important issues are addressed in the econometric parts of the paper. These include: the validity of the Modigliani-Cohn valuation-error hypothesis, the measurement of Merton's "excess return on the market", the relationship between real new-issue debt rates and real economic activity, and the usefulness of the Livingston survey data in explaining financial returns.

Cryogenic Characterization of 180 nm CMOS Technology at 100 mK

Conventional CMOS technology operated at cryogenic conditions has recently attracted interest for its uses in low-noise electronics. We present one of the first characterizations of 180 nm CMOS technology at a temperature of 100 mK, extracting I/V characteristics, threshold voltages, and transconductance values, as well as observing their temperature dependence. We find that CMOS devices remain fully operational down to these temperatures, although we observe hysteresis effects in some devices. The measurements described in this paper can be used to inform the future design of CMOS devices intended to be operated in this deep cryogenic regime

Constraints on Supersymmetric Dark Matter for Heavy Scalar Superpartners

We study the constraints on neutralino dark matter in minimal low energy supersymmetry models and the case of heavy lepton and quark scalar superpartners. For values of the Higgsino and gaugino mass parameters of the order of the weak scale, direct detection experiments are already putting strong bounds on models in which the dominant interactions between the dark matter candidates and nuclei are governed by Higgs boson exchange processes, particularly for positive values of the Higgsino mass parameter mu. For negative values of mu, there can be destructive interference between the amplitudes associated with the exchange of the standard CP-even Higgs boson and the exchange of the non-standard one. This leads to specific regions of parameter space which are consistent with the current experimental constraints and a thermal origin of the observed relic density. In this article we study the current experimental constraints on these scenarios, as well as the future experimental probes, using a combination of direct and indirect dark matter detection and heavy Higgs and electroweakino searches at hadron colliders.Comment: 32 pages, 13 figure