Bank procyclicality, credit crunches, and asymmetric monetary policy effects: a unifying model

Much concern has recently been expressed that both large, procyclical changes in bank assets and "credit crunches" caused by bank reluctance to expand loans during recessions contribute to economic instability. These effects are difficult to explain using the standard textbook model of deposit expansion in which deposits are constrained only by reserve requirements. However, these effects follow easily if the model is expanded to include a second, capital constraint.Bank assets ; Monetary policy

Macaque cardiac physiology is sensitive to the valence of passively viewed sensory stimuli.

Autonomic nervous system activity is an important component of affective experience. We demonstrate in the rhesus monkey that both the sympathetic and parasympathetic branches of the autonomic nervous system respond differentially to the affective valence of passively viewed video stimuli. We recorded cardiac impedance and an electrocardiogram while adult macaques watched a series of 300 30-second videos that varied in their affective content. We found that sympathetic activity (as measured by cardiac pre-ejection period) increased and parasympathetic activity (as measured by respiratory sinus arrhythmia) decreased as video content changes from positive to negative. These findings parallel the relationship between autonomic nervous system responsivity and valence of stimuli in humans. Given the relationship between human cardiac physiology and affective processing, these findings suggest that macaque cardiac physiology may be an index of affect in nonverbal animals

Stability of Magneto-optical Traps with Large Field Gradients: Limits on the Tight Confinement of Single Atoms

We report measurements of the stability of magneto-optical traps (MOTs) for neutral atoms in the limit of tight confinement of a single atom. For quadrupole magnetic field gradients at the trap center greater than ∼1 kG/cm, we find that stochastic diffusion of atoms out of the trapping volume becomes the dominant particle loss mechanism, ultimately limiting the MOT size to greater than ∼5 μm. We measured and modeled the diffusive loss rate as a function of laser power, detuning, and field gradient for trapped cesium atoms. In addition, for as few as two atoms, the collisional loss rates become very high for tightly confined traps, allowing the direct observation of isolated two-body atomic collisions in a MOT

U.S. Corporate and Bank Insolvency Regimes: A Comparison and Evaluation

In the U.S., the insolvency resolution of most corporations is governed by the federal bankruptcy code and is administered by special bankruptcy courts. Most large corporate bankruptcies are resolved under Chapter 11 reorganization proceedings. However, commercial bank insolvencies are governed by the Federal Deposit Insurance Act and are administered by the FDIC. These two resolution processes—corporate bankruptcy and bank receiverships—differ in a number of significant ways, including the type of proceeding (judicial versus administrative); the rights of managers, stockholders and creditors in the proceedings; the explicit and implicit goals of the resolution; the prioritization of creditors’ claims; the costs of administration; and the timeliness of creditor payments. These differences derive from perceptions that “banks are special.” This paper elucidates these differences, explores the effectiveness of the procedural differences in achieving the stated goals, and considers consequences of the different structures

Generation of an intense cold-atom beam from a pyramidal magneto-optical trap: experiment and simulation

An intense cold-atom beam source based on a modified pyramidal magneto-optical trap has been developed and characterized. We have produced a slow beam of cold cesium atoms with a continuous flux of 2.2× 10^9 atoms/s at a mean velocity of 15 m/s and with a divergence of 15 mrad. The corresponding radiant intensity is 1.2×10^13 atom s^−1 sr^−1. We have characterized the performance of our beam source over a range of operating conditions, and the measured values for atom flux, mean velocity, and divergence are in good agreement with results from detailed Monte Carlo numerical simulations

Rocket observations of solar radiation during the eclipse of 26 February 1979

Three Nike Tomahawk rockets were launched in Red Lake, Ontario, one previous to, and two during, the total eclipse of the Sun, for the purpose of studying the atmosphere and its interaction with solar radiation. The method and preliminary results of three experiments that were used to measure solar radiation in the X-ray, Lyman-alpha, and visible parts of the spectrum are described. The instrumentation designed for this investigation is discussed as well as post-flight data processing techniques. The retrieved data were processed to some extent to verify that a valid representation of the solar radiation was obtained. The Lyman-alpha experiment yielded very good results, and preliminary data are included. The visible radiation experiment served as support for the other experiments and also functioned well. Due to a high level of energetic particles during the eclipse, the X-ray data were contaminated and are not presented. However, satellite observations indicate no appreciable level of X-rays from the Sun during the time of the eclipse

Enhanced, Risk-Based FAA Oversight on Part 145 Maintenance Practices: A Qualitative Study

The purpose of this qualitative study was to examine the phenomenon of enhanced, risk-based Federal Aviation Administration (FAA) oversight of Part 145 repair stations in Oklahoma that performed aircraft maintenance for Part 121 air carriers. Specifically, this research was utilized to explore the lived (personal) experiences of Part 145 repair station managers concerning operational changes in air carrier maintenance practices. The researchers’ intent was not to examine the effectiveness of changes implemented by the FAA; instead, to explore how management has experienced the enhanced changes in their Oklahoma-based Part 145 repair stations. Forty-two percent of the participants indicated a weak FAA oversight system that has hindered the continuous process improvement program in repair stations. Some of them were financially burdened after hiring additional full-time quality assurance inspectors to specifically manage enhanced FAA oversight. Notwithstanding, the participants of the study indicated that the FAA must apply its surveillance on a more standardized and consistent basis. They want to see standardization in how FAA inspectors interpret regulations and practice the same quality of oversight for all repair stations, particularly those that are repeat violators and fail to comply with federal aviation regulations. The participants believed that when the FAA enforces standardization on a consistent basis, repair stations can become more efficient and safer in the performance of their scope of work for the U.S. commercial air transportation industry