The evolution of a Ku-Band satellite network

The purpose of this study was to undertake the management and development of CTS terminals and time on appropriate Ku-Band satellites was procured. A community of public service users who have readily addressable needs and resources to pay for services on an ad hoc Ku-Band network was developed and a test network for selected users was managed

Land use and production costs on dry-land wheat farms : Columbia Basin, Oregon

Published June 1940. Facts and recommendations in this publication may no longer be valid. Please look for up-to-date information in the OSU Extension Catalog: http://extension.oregonstate.edu/catalo

Why do banks promise to pay par on demand?

We survey the theories of why banks promise to pay par on demand and examine evidence about the conditions under which banks have promised to pay the par value of deposits and banknotes on demand when holding only fractional reserves. The theoretical literature can be broadly divided into four strands: liquidity provision, asymmetric information, legal restrictions, and a medium of exchange. We assume that it is not zero cost to make a promise to redeem a liability at par value on demand. If so, then the conditions in the theories that result in par redemption are possible explanations of why banks promise to pay par on demand. If the explanation based on customers’ demand for liquidity is correct, payment of deposits at par will be promised when banks hold assets that are illiquid in the short run. If the asymmetric-information explanation based on the difficulty of valuing assets is correct, the marketability of banks’ assets determines whether banks promise to pay par. If the legal restrictions explanation of par redemption is correct, banks will not promise to pay par if they are not required to do so. If the transaction explanation is correct, banks will promise to pay par value only if the deposits are used in transactions. After the survey of the theoretical literature, we examine the history of banking in several countries in different eras: fourth-century Athens, medieval Italy, Japan, and free banking and money market mutual funds in the United States. We find that all of the theories can explain some of the observed banking arrangements, and none explain all of them

Overnight RRP Operations as a Monetary Policy Tool: Some Design Considerations

We review recent changes in monetary policy that have led to development and testing of an overnight reverse repurchase agreement (ON RRP) facility, an innovative tool for implementing monetary policy during the normalization process. Making ON RRPs available to a broad set of investors, including nonbank institutions that are significant lenders in money markets, could complement the use of the interest on excess reserves (IOER) and help control short-term interest rates. We examine some potentially important secondary effects of an ON RRP facility, both positive and negative, including impacts on the structure of short-term funding markets and financial stability. We also investigate design features of an ON RRP facility that could mitigate secondary effects deemed undesirable. Finally, we discuss tradeoffs that policymakers may face in designing an ON RRP facility, as they seek to balance the objectives of setting an effective floor on money market rates during the normalization process and limiting any adverse secondary effects

Why do UK banks securitize?

Working paper seriesThe eight years from 2000 to 2008 saw a rapid growth in the use of securitization by UK banks. We aim to identify the reasons that contributed to this rapid growth. The time period (2000 to 2010) covered by our study is noteworthy as it covers the pre- nancial crisis credit- boom, the peak of the nancial crisis and its aftermath. In the wake of the nancial crisis, many governments, regulators and political commentators have pointed an accusing nger at the securitization market - even in the absence of a detailed statistical and economic analysis. We contribute to the extant literature by performing such an analysis on UK banks, fo- cussing principally on whether it is the need for liquidity (i.e. the funding of their balance sheets), or the desire to engage in regulatory capital arbitrage or the need for credit risk trans- fer that has led to UK banks securitizing their assets. We show that securitization has been signi cantly driven by liquidity reasons. In addition, we observe a positive link between securitization and banks credit risk. We interpret these latter ndings as evidence that UK banks which engaged in securitization did so, in part, to transfer credit risk and that, in comparison to UK banks which did not use securitization, they had more credit risk to transfer in the sense that they originated lower quality loans and held lower quality assets. We show that banks which issued more asset-backed securities before the nancial crisis su¤ered more defaults after the nancial crisis.The eight years from 2000 to 2008 saw a rapid growth in the use of securitization by UK banks. We aim to identify the reasons that contributed to this rapid growth. The time period (2000 to 2010) covered by our study is noteworthy as it covers the pre-financial crisis credit- boom, the peak of the financial crisis and its aftermath. In the wake of the financial crisis, many governments, regulators and political commentators have pointed an accusing finger at the securitization market - even in the absence of a detailed statistical and economic analysis. We contribute to the extant literature by performing such an analysis on UK banks, fo- cussing principally on whether it is the need for liquidity (i.e. the funding of their balance sheets), or the desire to engage in regulatory capital arbitrage or the need for credit risk trans- fer that has led to UK banks securitizing their assets. We show that securitization has been significantly driven by liquidity reasons. In addition, we observe a positive link between securitization and banks credit risk. We interpret these latter findings as evidence that UK banks which engaged in securitization did so, in part, to transfer credit risk and that, in comparison to UK banks which did not use securitization, they had more credit risk to transfer in the sense that they originated lower quality loans and held lower quality assets. We show that banks which issued more asset-backed securities before the financial crisis suffered more defaults after the financial crisis

Costs and practices in producing honey in Oregon

Published June 1939. Facts and recommendations in this publication may no longer be valid. Please look for up-to-date information in the OSU Extension Catalog: http://extension.oregonstate.edu/catalo

Belle II Technical Design Report

The Belle detector at the KEKB electron-positron collider has collected almost 1 billion Y(4S) events in its decade of operation. Super-KEKB, an upgrade of KEKB is under construction, to increase the luminosity by two orders of magnitude during a three-year shutdown, with an ultimate goal of 8E35 /cm^2 /s luminosity. To exploit the increased luminosity, an upgrade of the Belle detector has been proposed. A new international collaboration Belle-II, is being formed. The Technical Design Report presents physics motivation, basic methods of the accelerator upgrade, as well as key improvements of the detector.Comment: Edited by: Z. Dole\v{z}al and S. Un

Numerical Modeling of Flow Control in a Boundary-Layer-Ingesting Offset Inlet Diffuser at Transonic Mach Numbers

This paper will investigate the validation of the NASA developed, Reynolds-averaged Navier-Stokes (RANS) flow solver, OVERFLOW, for a boundary-layer-ingesting (BLI) offset (S-shaped) inlet in transonic flow with passive and active flow control devices as well as a baseline case. Numerical simulations are compared to wind tunnel results of a BLI inlet experiment conducted at the NASA Langley 0.3-Meter Transonic Cryogenic Tunnel. Comparisons of inlet flow distortion, pressure recovery, and inlet wall pressures are performed. The numerical simulations are compared to the BLI inlet data at a free-stream Mach number of 0.85 and a Reynolds number of approximately 2 million based on the fanface diameter. The numerical simulations with and without tunnel walls are performed, quantifying tunnel wall effects on the BLI inlet flow. A comparison is made between the numerical simulations and the BLI inlet experiment for the baseline and VG vane cases at various inlet mass flow rates. A comparison is also made to a BLI inlet jet configuration for varying actuator mass flow rates at a fixed inlet mass flow rate. Overall, the numerical simulations were able to predict the baseline circumferential flow distortion, DPCP avg, very well within the designed operating range of the BLI inlet. A comparison of the average total pressure recovery showed that the simulations were able to predict the trends but had a negative 0.01 offset when compared to the experimental levels. Numerical simulations of the baseline inlet flow also showed good agreement with the experimental inlet centerline surface pressures. The vane case showed that the CFD predicted the correct trends in the circumferential distortion levels for varying inlet mass flow but had a distortion level that was nearly twice as large as the experiment. Comparison to circumferential distortion measurements for a 15 deg clocked 40 probe rake indicated that the circumferential distortion levels are very sensitive to the symmetry of the flow and that a misalignment of the vanes in the experiment could have resulted in this difference. The numerical simulations of the BLI inlet with jets showed good agreement with the circumferential inlet distortion levels for a range of jet actuator mass flow ratios at a fixed inlet mass flow rate. The CFD simulations for the jet case also predicted an average total pressure recovery offset that was 0.01 lower than the experiment as was seen in the baseline. Comparisons of the flow features for the jet cases revealed that the CFD predicted a much larger vortex at the engine fan-face when compare to the experiment