Are Banks Dead? Or Are the Reports Greatly Exaggerated?

This paper reexamines the conventional wisdom that commercial banking is an industry in severe decline. We find that a careful reading of the evidence does not justify this conclusion. It is true that on-balance sheet assets held by commercial banks have declined as a share of total intermediary assets. But this measure overstates any drop in banking, for three reasons. First, it ignores the rapid growth in commercial banks' off-balance sheet activities. Second, it fails to take account of the substantial growth in off-shore C&I lending by foreign banks. Third, it ignores the fact that over the last several decades financial intermediation has grown rapidly relative to the rest of the economy. We find that after adjusting the measure of bank assets to account for these considerations there is no clear evidence of secular decline. To corroborate these findings, we also construct an alternative measure of the importance of banking, using data from the national income accounts. Again, we find no clear evidence of a sustained decline. At most the industry may have suffered a slight loss of market share over the last decade. But as we discuss, this loss may reflect a transitory response to a series of adverse shocks and the phasing in of new regulatory requirements, rather than the beginning of a permanent decline.

Multi-use lunar telescopes

The objective of multi-use telescopes is to reduce the initial and operational costs of space telescopes to the point where a fair number of telescopes, a dozen or so, would be affordable. The basic approach is to develop a common telescope, control system, and power and communications subsystem that can be used with a wide variety of instrument payloads, i.e., imaging CCD cameras, photometers, spectrographs, etc. By having such a multi-use and multi-user telescope, a common practice for earth-based telescopes, development cost can be shared across many telescopes, and the telescopes can be produced in economical batches

The Rise of Mobile and the Diffusion of Technology-Facilitated Trafficking

In this report, researchers at the USC Annenberg Center on Communication Leadership & Policy (CCLP) reveal how those involved in human trafficking have been quick to adapt to the 21st-century global landscape. While the rapid diffusion of digital technologies such as mobile phones, social networking sites, and the Internet has provided significant benefits to society, new channels and opportunities for exploitation have also emerged. Increasingly, the business of human trafficking is taking place online and over mobile phones. But the same technologies that are being used for trafficking can become a powerful tool to combat trafficking. The precise role that digital technologies play in human trafficking still remains unclear, however, and a closer examination of the phenomenon is vital to identify and respond to new threats and opportunities.This investigation indicates that mobile devices and networks have risen in prominence and are now of central importance to the sex trafficking of minors in the United States. While online platforms such as online classifieds and social networking sites remain a potential venue for exploitation, this research suggests that technology facilitated trafficking is more diffuse and adaptive than initially thought. This report presents a review of current literature, trends, and policies; primary research based on mobile phone data collected from online classified sites; a series of firsthand interviews with law enforcement; and key recommendations to policymakers and stakeholders moving forward

Bowen-York trumpet data and black-hole simulations

The most popular method to construct initial data for black-hole-binary simulations is the puncture method, in which compactified wormholes are given linear and angular momentum via the Bowen-York extrinsic curvature. When these data are evolved, they quickly approach a ``trumpet'' topology, suggesting that it would be preferable to use data that are in trumpet form from the outset. To achieve this, we extend the puncture method to allow the construction of Bowen-York trumpets, including an outline of an existence and uniqueness proof of the solutions. We construct boosted, spinning and binary Bowen-York puncture trumpets using a single-domain pseudospectral elliptic solver, and evolve the binary data and compare with standard wormhole-data results. We also show that for boosted trumpets the black-hole mass can be prescribed {\it a priori}, without recourse to the iterative procedure that is necessary for wormhole data.Comment: 15 pages, 14 figures. Published versio

Anhydrous ammonia application losses using single-disc and knife fertilizer injector

Anhydrous ammonia (NH3) is injected below the soil surface during application to limit loss to the atmosphere. Application at a shallower depth may reduce tractor power or allow greater speed, which could increase field capacity if NH3 losses are held to acceptable levels. Losses of NH3 during, and for 1 h after, field application were measured from a typical knife injector treatment operated at a 15-cm (6-in.) depth and 8-km/h (5-mph) travel speed and from a single-disc injector operated at shallower depths [5 and 10 cm (2 and 4 in.)] and a range of travel speeds [8, 12, and 16 km/h (5, 7.5, and 10 mph)]. NH3 losses during application as measured with a hood over the single-disc injector were 3% to 7% in clay loam, silty clay loam, and loam soils and 21% to 52% in a coarser-textured fine sandy loam soil. Applying with a knife injector at deeper depth resulted in losses of 1% to 2% across all soil types. NH3 losses measured during an hour after application with stationary collection over the injection trench were 1% or less for all treatments. Losses during application were 5 to 55 times greater than during the first hour after application

Testing the Accuracy and Stability of Spectral Methods in Numerical Relativity

The accuracy and stability of the Caltech-Cornell pseudospectral code is evaluated using the KST representation of the Einstein evolution equations. The basic "Mexico City Tests" widely adopted by the numerical relativity community are adapted here for codes based on spectral methods. Exponential convergence of the spectral code is established, apparently limited only by numerical roundoff error. A general expression for the growth of errors due to finite machine precision is derived, and it is shown that this limit is achieved here for the linear plane-wave test. All of these tests are found to be stable, except for simulations of high amplitude gauge waves with nontrivial shift.Comment: Final version, as published in Phys. Rev. D; 13 pages, 16 figure