Airline crew scheduling

An airline must cover each flight leg with a full complement of cabin crew in a manner consistent with safety regulations and award requirements. Methods are investigated for solving the set partitioning and covering problem. A test example illustrates the problem and the use of heuristics. The Study Group achieved an understanding of the problem and a plan for further work

Loss tolerant linear optical quantum memory by measurement-based quantum computing

We give a scheme for loss tolerantly building a linear optical quantum memory which itself is tolerant to qubit loss. We use the encoding recently introduced in Varnava et al 2006 Phys. Rev. Lett. 97 120501, and give a method for efficiently achieving this. The entire approach resides within the 'one-way' model for quantum computing (Raussendorf and Briegel 2001 Phys. Rev. Lett. 86 5188–91; Raussendorf et al 2003 Phys. Rev. A 68 022312). Our results suggest that it is possible to build a loss tolerant quantum memory, such that if the requirement is to keep the data stored over arbitrarily long times then this is possible with only polynomially increasing resources and logarithmically increasing individual photon life-times

The expanding geographic reach of retail banking markets

In the view of most policymakers and economists, competition in retail banking takes place in local markets the size of a single county or metropolitan area. This article presents evidence that the locus of banking competition has in recent years shifted to larger geographic arenas. The author's review of 1997 survey data reveals that many banks set uniform rates for both deposits and retail loans across an entire state or broad regions of a large state. Regression analysis of the relationship between retail deposit rates and measures of market concentration further supports this expansion in market size: the clear relationship that earlier studies detected between individual banks' deposit rates and measures of concentration at the local level is no longer evident, while a relationship does emerge at the state level.Bank competition ; Bank deposits ; Retail trade ; Local finance

Interstate banking in the West

Interstate banking ; Banks and banking - West ; Federal Reserve District, 12th

Measurement of SUSY masses via cascade decays for SPS 1a

If R-parity conserving supersymmetry exists below the TeV-scale, new particles will be produced and decay in cascades at the LHC. The lightest supersymmetric particle will escape the detectors, thereby complicating the full reconstruction of the decay chains. In this paper we expand on existing methods for determining the masses of the particles in the cascade from endpoints of kinematical distributions. We perform scans in the mSUGRA parameter space to delimit the region where this method is applicable. From the examination of theoretical distributions for a wide selection of mass scenarios it is found that caution must be exerted when equating the theoretical endpoints with the experimentally obtainable ones. We provide analytic formulae for the masses in terms of the endpoints most readily available. Complications due to the composite nature of the endpoint expressions are discussed in relation to the detailed analysis of two points on the SPS 1a line. Finally we demonstrate how a Linear Collider measurement can improve dramatically on the precision of the masses obtained

What are the consequences of global banking for the international transmission of shocks? A quantitative analysis

The global financial crisis of 2008 was followed by a wave of regulatory reforms that affected large banks, especially those with a global presence. These reforms were reactive to the crisis. In this paper we propose a structural model of global banking that can be used proactively to perform counterfactual analysis on the effects of alternative regulatory policies. The structure of the model mimics the US regulatory framework and highlights the organizational choices that banks face when entering a foreign market: branching versus subsidiarization. When calibrated to match moments from a sample of European banks, the model is able to replicate the response of the US banking sector to the European sovereign debt crisis. Our counterfactual analysis suggests that pervasive subsidiarization, higher capital requirements, or ad hoc monetary policy interventions would have mitigated the effects of the crisis on US lending.https://www.nber.org/papers/w25203Published versio

Seeds of regional structural change. The role of entrepreneurs and expanding firms in shaping local path dependencies

This article studies path dependent regional structural change using a quantitative framework. Based on an inter-relatedness indicator, the degree to which local skill-bases exist and force local economies onto a path-dependent development trajectory is studied. The main question is into which local industries new plants enter, while distinguishing between the plants of entrepreneurs and firms. Using a dataset on Swedish individuals and municipalities, it is found that entrepreneurs tend to reinforce established local industrial specializations, whereas new plants of already existing firms do less so. Moreover, outside actors deepen local economy's core specialization more than do local actors.structural change, economic geography, path dependence, entrepreneurship, skill-relatedness, human capital

The effect of monetary tightening on local banks

This study shows that during Paul Volcker’s drastic monetary tightening in the early 1980s, local banks operating in only one county reduced loan supply much more sharply than local subsidiaries of multi-county bank holding companies in similar markets, after controlling for bank (and holding company) size, liquidity, capital conditions, and, most important, local credit demand. The study allows cleaner identification by examining 18 U.S. “county-banking states” where a bank’s local lending volume at the county level was observable because no one was allowed to branch across county borders. The local nature of lending allows us to approximate and control for the exogenous component of local loan demand using the prediction that counties with a higher share of manufacturing employment exhibit weaker loan demand during tightening (which is consistent with the interest rate channel and the balance-sheet channel of monetary policy transmission).The study sheds light on the working of the bank lending channel of monetary policy transmission.Monetary policy

The Changing Microstructure of European Equity Markets

In the last decade, the increased competition between European stock exchanges has reduced the cost of trading and increased the variety of trading mechanisms. The London Stock Exchange, which initiated the competition in 1986 by setting up the SEAQ-I market, attracted considerable trading volume in Continental equities in the late 1980s. Later, however, Continental exchanges recovered most of the trading volume from London upon restructuring their auction systems so as to offer very low trading costs, greater transparency and continuous trading via an automated order book. At the same time, the spreads quoted by SEAQ-I dealers increased considerably. Lately, potential competition by continuous auction systems is threatening even the market for British equities, and prompting the London Stock Exchange to replace its former SEAQ system with an automated order book. As in Continental Bourses, this automated auction system is expected to run in parallel with a dealership market for large trades. So trading systems appear to be converging towards a dualistic structure all over Europe. The paper documents these developments, and considers how the competition between European exchanges is likely to evolve and which opportunities and dangers the future may hold for them.