Employment, Poverty, and Public Assistance in the Rural United States

In this brief, authors Rebecca Glauber and Andrew Schaefer provide a glimpse of the economic and demographic characteristics of life in the rural United States. Using data from the American Community Survey, they compare those living in low- and lower-middle-income counties to those living in upper-middle- and high-income counties. Additionally, they compare counties at the extremes, where median incomes are in the bottom and top 10 percent of the income distribution. They report that nearly 75 percent of low-income rural counties in the United States are in the South. Compared to lower-income rural counties, higher-income rural counties have a larger share of immigrants but a smaller share of non-native speakers. One-fifth of immigrants in low-income rural counties do not speak English, compared to just one-twentieth of immigrants in high-income rural counties. People living in poorer rural counties rely more heavily than those living in more well-off rural counties on public-sector supports, and they are less likely to work. Although policy makers tend to focus on people living in the urban United States, the authors’ results show that those living in the rural United States, and particularly in low-income counties, may have even more to gain from public health insurance and other social safety-net programs

Uncovered Interest Parity in Crisis

This paper tests for uncovered interest parity (UIP) using daily data for 23 developing and developed countries during the crisis-strewn 1990s. We find that UIP works better on average in the 1990s than in previous eras in the sense that the slope coefficient from a regression of exchange rate changes on interest differentials yields a positive coefficient (which is sometimes insignificantly different from unity). UIP works systematically worse for fixed and flexible exchange rate countries than for crisis countries, but we find no significant differences between rich and poor countries. Copyright 2002, International Monetary Fund

Financial Integration: A New Methodology and an Illustration

This paper develops a simple new methodology to test for asset integration and applies it within and between American stock markets. Our technique is tightly based on a general intertemporal asset-pricing model, and relies on estimating and comparing expected risk-free rates across assets. Expected risk-free rates are allowed to vary freely over time, constrained only by the fact that they are equal across (risk-adjusted) assets. Assets are allowed to have general risk characteristics, and are constrained only by a factor model of covariances over short time periods. The technique is undemanding in terms of both data and estimation. We find that expected risk-free rates vary dramatically over time, unlike short interest rates. Further, the S&P 500 market seems to be well integrated, and the NASDAQ is generally (but not always) integrated. However, the NASDAQ is poorly integrated with the S&P 500.

Fixes: Of The Forward Discount Puzzle

Regressions of ex post changes in floating exchange rates on appropriate interest differentials typically imply that the high- interest rate currency tends to appreciate, the `forward discount puzzle.' Using data from the European Monetary System, we find that a large part of the forward discount puzzle vanishes for regimes of fixed exchange rates. That is, deviations from uncovered interest parity appear to vary in a way which is dependent upon the exchange rate regime. By using the many EMS realignments, we are also able to quantify the `peso problem.'

The Rain Forests of Home: an Atlas of People and Place

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The role of Atonal transcription factors in the development of mechanosensitive cells

Mechanosensation is an evolutionarily ancient sensory modality seen in allmain animal groups. Mechanosensation can be mediated by sensory neurons or by dedicated receptor cells that form synapses with sensory neurons. Evidence over the last 15–20 years suggests that both classes of mechanosensory cells can be specified by the atonal class of basic helix-loop-helix transcription factors. In this review we discuss recent work addressing how atonal factors specify mechanosensitive cells in vertebrates and invertebrates, and how the redeployment of these factors underlies the regeneration of mechanosensitive cells in some vertebrate groups

Universal low-temperature crossover in two-channel Kondo models

An exact expression is derived for the electron Green function in two-channel Kondo models with one and two impurities, describing the crossover from non-Fermi liquid (NFL) behavior at intermediate temperatures to standard Fermi liquid (FL) physics at low temperatures. Symmetry-breaking perturbations generically present in experiment ensure the standard low-energy FL description, but the full crossover is wholly characteristic of the unstable NFL state. Distinctive conductance lineshapes in quantum dot devices should result. We exploit a connection between this crossover and one occurring in a classical boundary Ising model to calculate real-space electron densities at finite temperature. The single universal finite-temperature Green function is then extracted by inverting the integral transformation relating these Friedel oscillations to the t matrix. Excellent agreement is demonstrated between exact results and full numerical renormalization group calculations.Comment: 26 pages, 14 figures: updated version including new a section and figure comparing exact results to finite-temperature numerical renormalization group calculation

Magnetic field effects on TcT_c and the pseudogap onset temperature in cuprate superconductors

We study the sensitivity of $T_c$ and the pseudogap onset temperature, $T^*$, to low fields, $H$, for cuprate superconductors, using a BCS-based approach extended to arbitrary coupling. We find that $T^*$ and $T_c$, which are of the same superconducting origin, have very different $H$ dependences. The small coherence length makes $T^*$ rather insensitive to the field. However, the presence of the pseudogap at $T_c$ makes $T_c$ more sensitive to $H$. Our results for the coherence length $\xi$ fit well with existing experiments. We predict that very near the insulator $\xi$ will rapidly increase.Comment: 4 pages, 1 figure, contribution to the PPHMF-IV conference, Oct. 200

An Empirical Exploration of Exchange Rate Target-Zones

In the context of a flexible-price monetary exchange rate model and the assumption of uncovered interest parity, we obtain a measure of the fundamental determinant of exchange rates. Daily data for the European Monetary System are used to explore the importance of non-linearities in the relationship between the exchange rates and fundamentals. Many implications of existing "target-zone" exchange rate models are tested; little support is found for existing non-linear models of limited exchange rate flexibility.