Gross loan flows

We present a series of stylized facts about gross loan flows and how they vary over time, bank size, and region. We define loan creation as the sum of the change in bank loans at all banks that increased loans since last quarter. Loan destruction is similarly defined as the absolute value of the change in loans at all banks that decreased loans. The gross flow (akin to what the labor literature calls reallocation) is the sum of creation and destruction.Bank loans ; Business cycles

Pricing kernels, inflation, and the term structure of interest rates

We estimate a discrete-time multivariate pricing kernel for the term structure of interest rates, using both yields and inflation rates. This gives a separate estimate of the real kernel and the nominal kernel, taking into account a relatively sophisticated dynamical structure and mutual interaction between the real and nominal side of the economy. Along with obtaining an estimate of the real term structure, we use the estimates to obtain a new perspective on how real and nominal influences interact to produce the observed term structure.Inflation (Finance) ; Interest rates

Ladder operators and coherent states for continuous spectra

The notion of ladder operators is introduced for systems with continuous spectra. We identify two different kinds of annihilation operators allowing the definition of coherent states as modified "eigenvectors" of these operators. Axioms of Gazeau-Klauder are maintained throughout the construction.Comment: Typos correcte

Deconstructing and Reconstructing Identity: How Queer Liberation Organizations Deploy Collective Identities

The mainstream gay rights movement has made significant strides toward its agenda, at least in part due to the movement’s claim that it represents all the interests of all LGBTQ communities. However, a queer liberation movement (QLM) led by queer people of color and other marginalized LGBTQ people has existed alongside the mainstream movement since its inception. This movement pursues a radically different agenda and employs organizing strategies distinct from those of the mainstream movement, centering the interests of those LGBTQ people most often left behind by the mainstream agenda. This paper examines how the QLM negotiates and deploys collective identity in and through its work. Collective identity is explored in the context of existing LGBTQ social movement theory and points to how the QLM challenges and extends social movement theorizing regarding collective identity and use of identity as a site for organizing

Coherent states for continuous spectrum operators with non-normalizable fiducial states

The problem of building coherent states from non-normalizable fiducial states is considered. We propose a way of constructing such coherent states by regularizing the divergence of the fiducial state norm. Then, we successfully apply the formalism to particular cases involving systems with a continuous spectrum: coherent states for the free particle and for the inverted oscillator $(p^2 - x^2)$ are explicitly provided. Similar ideas can be used for other systems having non-normalizable fiducial states.Comment: 17 pages, typos corrected, references adde