Monies and Banking

This paper investigates the demand by households for transaction services from the financial sector. Households buy several goods with any of several media of exchange. The households choose the medium of exchange to use for each type of good, how much of each type of medium to hold, and the frequencies of commodity and financial transactions. The variety of financial services demanded by a household depends positively on the household's income, with households at the bottom of the income distribution demanding no financial services at all. Household demand for financial services also depends on how the household allocates its income among the available goods. Households with the same income but different allocations will demand different mixes of financial services. These results have several implications for the organization of the banking market, especially the location of bank branches, and the availability of banking services in different areas.

Is There an Optimal Size for the Financial Sector

This paper derives the optimal size of the financial sector using a general equilibrium framework that is an extension of Holmstrom and Tirole's 1997 paper. We show that the financial sector has a unique optimal size relative to the size of the economy as a whole. Creating and maintaining this sector requires diversion of some physical capital from production of output to monitoring that production. However, the efficiency gain in output production brought about by monitoring warrants the diversion. It is also found that the optimal size of the financial sector is independent of the state of the economy and does not vary over the business cycle.financial sector, intermediation theory, financial institutions

Identification of a New Family of Enzymes with Potential \u3cem\u3eO\u3c/em\u3e-acetylpeptidoglycan esterase activity in both Gram-positive and Gram-negative bacteria

Background: The metabolism of the rigid bacterial cell wall heteropolymer peptidoglycan is a dynamic process requiring continuous biosynthesis and maintenance involving the coordination of both lytic and synthetic enzymes. The O-acetylation of peptidoglycan has been proposed to provide one level of control on these activities as this modification inhibits the action of the major endogenous lytic enzymes, the lytic transglycosylases. The O-acetylation of peptidoglycan also inhibits the activity of the lysozymes which serve as the first line of defense of host cells against the invasion of bacterial pathogens. Despite this central importance, there is a dearth of information regarding peptidoglycan O-acetylation and nothing has previously been reported on its de-acetylation. Results: Homology searches of the genome databases have permitted this first report on the identification of a potential family of O-Acetylpeptidoglycan esterases (Ape). These proteins encoded in the genomes of a variety of both Gram-negative and Gram-positive bacteria, including a number of important human pathogens such as species of Neisseria, Helicobacter, Campylobacter, and Bacillus anthracis, have been organized into three families based on amino acid sequence similarities with family 1 being further divided into three sub-families. The genes encoding these proteins are shown to be clustered with Peptidoglycan O-acetyltransferases (Pat) and in some cases, together with other genes involved in cell wall metabolism. Representative bacteria that encode the Ape proteins were experimentally shown to produce O-acetylated peptidoglycan. Conclusion: The hypothetical proteins encoded by the pat and ape genes have been organized into families based on sequence similarities. The Pat proteins have sequence similarity to Pseudomonas aeruginosa AlgI, an integral membrane protein known to participate in the O-acetylation of the exopolysaccaride, alginate. As none of the bacteria that harbor the pat genes produce alginate, we propose that the Pat proteins serve to O-acetylate peptidoglycan which is known to be a maturation event occurring in the periplasm. The Ape sequences have amino acid sequence similarity to the CAZy CE 3 carbohydrate esterases, a family previously known to be composed of only O-acetylxylan esterases. They are predicted to contain the α/β hydrolase fold associated with the GDSL and TesA hydrolases and they possess the signature motifs associated with the catalytic residues of the CE3 esterases. Specific signature sequence motifs were identified for the Ape proteins which led to their organization into distinct families. We propose that by expressing both Pat and Ape enzymes, bacteria would be able to obtain a high level of localized control over the degradation of peptidoglycan through the attachment and removal of O-linked acetate. This would facilitate the efficient insertion of pores and flagella, localize spore formation, and control the level of general peptidoglycan turnover

Disobedience and Authority

This paper presents a theory of the allocation of authority in an organization in which centralization is limited by the agent's ability to disobey the principal. We show that workers are given more authority when they are costly to replace or do not mind looking for another job, even if they have no better information than the principal. The allocation of authority thus depends on external market conditions as well as the information and agency problems emphasized in the literature. Evidence from a national survey of organizations shows that worker autonomy is related to separation costs as the theory predicts.Delegation, Authority, Separation Costs, Optimal employment contracts

Stability of Standing Accretion Shocks, With an Eye Toward Core Collapse Supernovae

We examine the stability of standing, spherical accretion shocks. Accretion shocks arise in core collapse supernovae (the focus of this paper), star formation, and accreting white dwarfs and neutron stars. We present a simple analytic model and use time-dependent hydrodynamics simulations to show that this solution is stable to radial perturbations. In two dimensions we show that small perturbations to a spherical shock front can lead to rapid growth of turbulence behind the shock, driven by the injection of vorticity from the now non-spherical shock. We discuss the ramifications this instability may have for the supernova mechanism.Comment: 21 pages, 13 figures; to be published in The Astrophysical Journa

Modeling physical and chemical climate of the northeastern United States for a geographic information system

A model of physical and chemical climate was developed for New York and New England that can be used in a GIs for integration with ecosystem models. The variables included are monthly average maximum and minimum daily temperatures, precipitation, humidity, and solar radiation, as well as annual atmospheric deposition of sulfur and nitrogen. Equations generated from regional data bases were combined with a digital elevation model of the region to generate digital coverages of each variable

Nautical Chart Adequacy Evaluation Using Publicly-Available Data

The International Hydrographic Office (IHO) C-55 publication communicates the need to improve the collection, quality and availability of hydrographic data world-wide, while also monitoring and rectifying possible deficiencies and shortcomings that are presented on the chart. This task of evaluating the adequacy of nautical chart products poses a challenge to many national hydrographic offices. This stems from the dearth of readily available spatial information: namely, the lack of reliable and accessible vessel traffic data, and little means to assess the changing nature of both near-shore bathymetry and shoreline in a simple and reliable manner. In this paper, we present the potential use of automatic-identification system (AIS) data, satellite-derived bathymetry (SDB), and airborne-lidar bathymetry (ALB) to provide an operational procedure for evaluating the adequacy and completeness of information of NOAA charts. Preliminary results from three U.S. study sites are presented in this paper: Nantucket Sound, MA; Barnegat Bay Inlet, NJ; and Barataria Bay, LA. Based on the publically-available datasets it was possible to identify changes in the charts and develop a reconnaissance procedure to monitor these changes on a yearly basis