Risk premia in Australian interest rates

The level of and movements in interest rates and the exchange rate can have a substantial impact on the economic performance of Australia's primary industries. Whether a country and/or exchange risk premium has resulted in higher interest rates and increased volatility in the exchange rate is therefore important to these industries. There is some evidence that a small country risk premium may have emerged during the early 1990s. In line with earlier studies, however, no evidence was found of such a premium during the 1980s. A further finding is that any exchange risk premium may have declined over the last decade or so. Possible links between risk premia and Australia's foreign debt and current account deficits are also examined.Financial Economics, Risk and Uncertainty,

Responding to research evidence in Parliament: a case study on selective education policy

This research focusses on how members of the UK Parliament engaged with evidence in relation to the policy decision leading to the Selective Schools Expansion Fund, a policy designed to enable the existing 163 English Grammar Schools to apply for additional funds to expand their intake. Although a small case study, the narrow focus provides a fertile setting for analysis of the relationship between research evidence, Parliamentary debates, and policy decisions. The article provides contextual background in relation to the dominant political parties’ (Conservative and Labour) education policy manifesto statements and a discussion on the nature and understanding of evidence. Particular attention is given to how evidence can be used to support claims and the importance of justified warrants. Using NVivo software, we identified the thematic content of 11 Parliamentary debates and analysed the findings using descriptive statistics, which we tested with a playful, carnivalesque extrapolation of the data. Argumentative analysis shows that within the debates a number of rhetorical tools are used to avoid empirical evidence, including the deployment of a ‘moral sidestep’ which discourse analysis reveals in this case to be the repeated communication that grammar schools are ‘good’. In this way, Ofsted ratings are conflated with moral goodness, leading to a disproportionate diversion of school funding in their favour. This case study exposes strengths and weaknesses of Parliamentary debate, which might be relevant to educational researchers who focus on evidence-based policy and to the policy makers and other stakeholders who engage with the evidence such researchers offer

The Banshee

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Strategies for enhancing quantum entanglement by local photon subtraction

Subtracting photons from a two-mode squeezed state is a well-known method to increase entanglement. We analyse different strategies of local photon subtraction from a two-mode squeezed state in terms of entanglement gain and success probability. We develop a general framework that incorporates imperfections and losses in all stages of the process: before, during, and after subtraction. By combining all three effects into a single efficiency parameter, we provide analytical and numerical results for subtraction strategies using photon-number-resolving and threshold detectors. We compare the entanglement gain afforded by symmetric and asymmetric subtraction scenarios across the two modes. For a given amount of loss, we identify an optimised set of parameters, such as initial squeezing and subtraction beam splitter transmissivity, that maximise the entanglement gain rate. We identify regimes for which asymmetric subtraction of different Fock states on the two modes outperforms symmetric strategies. In the lossless limit, subtracting a single photon from one mode always produces the highest entanglement gain rate. In the lossy case, the optimal strategy depends strongly on the losses on each mode individually, such that there is no general optimal strategy. Rather, taking losses on each mode as the only input parameters, we can identify the optimal subtraction strategy and required beam splitter transmissivities and initial squeezing parameter. Finally, we discuss the implications of our results for the distillation of continuous-variable quantum entanglement.Comment: 13 pages, 11 figures. Updated version for publicatio

Continuous phase stabilization and active interferometer control using two modes

We present a computer-based active interferometer stabilization method that can be set to an arbitrary phase difference and does not rely on modulation of the interfering beams. The scheme utilizes two orthogonal modes propagating through the interferometer with a constant phase difference between them to extract a common phase and generate a linear feedback signal. Switching times of 50ms over a range of 0 to 6 pi radians at 632.8nm are experimentally demonstrated. The phase can be stabilized up to several days to within 3 degrees.Comment: 3 pages, 2 figure

When It\u27s Moonlight Mary Darling \u27Neath the Old Grape Arbor Shade

VERSE 1An old grape arbor down in dear old Dixie,A little bench beneath it’s friendly shade.There’s where my heart with tender love is roaming,There’s where I left a little Dixie maid.The birds are North again and gaily singing,Is seems they sing in sad and mournful tone.I’m writing her today in love lines pleading,Beneath the arbor wait for me alone. CHORUSWhen it’s moonlight, Mary darling,‘Neath the old grape arbor shade,Promise that you’ll renew,dear,Old time promises you made,Then I’ll kiss you and caress you,To my heart againI’ll press you,When it’s moonlight, Mary darling‘Neath the old grape arbor shade. VERSE 2In fancy I can hear the joy bells ringing,While orange blossoms crown my Dixie maid.With welcome smile she’s waiting for my coming,As moonlight’s stealing, ‘neath the arbor shade.Beside her down the lane to church I wander,At last she’s mine I own her heart and hand.Sweet dreams in fancy once more take me homeward,Beneath the arbor down in Dixie Land. CHORU

Let Me Crown You Queen Of May With Orange Blossoms

https://digitalcommons.library.umaine.edu/mmb-vp/1967/thumbnail.jp