52 research outputs found

    FRBNY Staff Report- The Federal Home Loan Bank System The Lender of Next to Last Resort

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    Comparison of MSL RCS Jet Computations With Flow Visualization and Velocimetry

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    Numerical predictions of the Mars Science Laboratory (MSL) reaction control system (RCS) jets interacting with a Mach 10 hypersonic flow are compared to experimental nitric oxide (NO) planar laser-induced fluorescence (PLIF) data. The steady Reynolds Averaged Navier Stokes (RANS) equations using the Baldwin-Barth one-equation turbulence model were solved using the OVERFLOW code. The experimental PLIF data used for comparison consists of qualitative two-dimensional visualization images, qualitative reconstructed three-dimensional flow structures, and quantitative two-dimensional distributions of streamwise velocity. Through modeling of the PLIF signal equation, computational flow images (CFI) were produced and directly compared to the qualitative PLIF data. Post processing of the experimental and simulation data enabled the jet trajectory to be extracted for a more quantitative comparison. The two-dimensional velocity fields were reconstructed through interpolation of a series of single-component velocity profiles. Each distribution of single-component velocity was obtained using molecular tagging velocimetry (MTV). After validating the numerical model, the numerical solution was further examined to gain insight into hypersonic jet-in-crossflow interaction. Future NO-PLIF experiments are proposed based on this analysis

    Comparison of Mars Science Laboratory Reaction Control System Jet Computations With Flow Visualization and Velocimetry

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    Numerical predictions of the Mars Science Laboratory reaction control system jets interacting with a Mach 10 hypersonic flow are compared to experimental nitric oxide planar laser-induced fluorescence data. The steady Reynolds Averaged Navier Stokes equations using the Baldwin-Barth one-equation turbulence model were solved using the OVERFLOW code. The experimental fluorescence data used for comparison consists of qualitative two-dimensional visualization images, qualitative reconstructed three-dimensional flow structures, and quantitative two-dimensional distributions of streamwise velocity. Through modeling of the fluorescence signal equation, computational flow images were produced and directly compared to the qualitative fluorescence data

    Flexing the Frame: TMT Framing and the Adoption of Non-Incremental Innovations in Incumbent Firms

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    The Federal Home Loan Bank System: the lender of next-to-last resort?

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    The Federal Home Loan Bank (FHLB) System is a large, complex, and understudied government-sponsored liquidity facility that currently has more than $1 trillion in secured loans outstanding, mostly to commercial banks and thrifts. In this paper, we document the significant role played by the FHLB System at the onset of the ongoing financial crises and then provide evidence on the uses of these funds by the System's bank and thrift members. Next, we identify the trade-offs faced by member-borrowers when choosing between accessing the FHLB System or the Federal Reserve's Discount Window during the crisis period. We conclude by describing the fragmented U.S. lender-of-last-resort framework and finding that additional clarity about the respective roles of the various liquidity facilities would be helpful.Federal home loan banks ; Discount window ; Liquidity (Economics) ; Financial crises
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