Do Fixed Exchange Rates Fetter Monetary Policy? A Credit View

The Bernanke-Blinder credit-view model is expanded to encompass a small, open economy with fixed exchange rates. In contrast to conventional wisdom and traditional models, monetary policy is resurrected as a stabilization tool. We show that various financial sector shocks have real aggregate demand effects. Further, we demonstrate that independent monetary policy actions can have substantive impacts on aggregate demand despite perfect capital mobility in bond markets and adherence to a fixed exchange rate regime as long as bank loans are imperfectly mobile.

On the stability of travelling waves with vorticity obtained by minimisation

We modify the approach of Burton and Toland [Comm. Pure Appl. Math. (2011)] to show the existence of periodic surface water waves with vorticity in order that it becomes suited to a stability analysis. This is achieved by enlarging the function space to a class of stream functions that do not correspond necessarily to travelling profiles. In particular, for smooth profiles and smooth stream functions, the normal component of the velocity field at the free boundary is not required a priori to vanish in some Galilean coordinate system. Travelling periodic waves are obtained by a direct minimisation of a functional that corresponds to the total energy and that is therefore preserved by the time-dependent evolutionary problem (this minimisation appears in Burton and Toland after a first maximisation). In addition, we not only use the circulation along the upper boundary as a constraint, but also the total horizontal impulse (the velocity becoming a Lagrange multiplier). This allows us to preclude parallel flows by choosing appropriately the values of these two constraints and the sign of the vorticity. By stability, we mean conditional energetic stability of the set of minimizers as a whole, the perturbations being spatially periodic of given period.Comment: NoDEA Nonlinear Differential Equations and Applications, to appea

ISM gas studies towards the TeV PWN HESS J1825-137 and northern region

HESS J1825-137 is a pulsar wind nebula (PWN) whose TeV emission extends across ~1 deg. Its large asymmetric shape indicates that its progenitor supernova interacted with a molecular cloud located in the north of the PWN as detected by previous CO Galactic survey (e.g Lemiere, Terrier & Djannati-Ata\"i 2006). Here we provide a detailed picture of the ISM towards the region north of HESS J1825-137, with the analysis of the dense molecular gas from our 7mm and 12mm Mopra survey and the more diffuse molecular gas from the Nanten CO(1-0) and GRS $^{13}$CO(1-0) surveys. Our focus is the possible association between HESS J1825-137 and the unidentified TeV source to the north, HESS J1826-130. We report several dense molecular regions whose kinematic distance matched the dispersion measured distance of the pulsar. Among them, the dense molecular gas located at (RA, Dec)=(18.421h,-13.282$^{\circ}$) shows enhanced turbulence and we suggest that the velocity structure in this region may be explained by a cloud-cloud collision scenario. Furthermore, the presence of a H$\alpha$ rim may be the first evidence of the progenitor SNR of the pulsar PSR J1826-1334 as the distance between the H$\alpha$ rim and the TeV source matched with the predicted SNR radius R$_{\text{SNR}}$~120 pc. From our ISM study, we identify a few plausible origins of the HESS J1826-130 emission, including the progenitor SNR of PSR J1826-1334 and the PWN G018.5-0.4 powered by PSR J1826-1256. A deeper TeV study however, is required to fully identify the origin of this mysterious TeV source.Comment: 19 figures, 27 pages, accepted by MNRA

Efficiency considerations and the allocation of new deal funds: an examination of the public goods explanation of expenditure patterns

The uneven state-level distribution of New Deal spending has been frequently studied and a variety of economic and political models have been developed. In their article, “Does the Distribution of New Deal Spending Reflect an Optimal Provision of Public Goods?,†(Economics Bulletin, Vol. 8, No. 3, 2007. pp 1-5) Bateman and Taylor propose that much of the disparity in state-level New Deal expenditures can be explained if the creation of public goods and the spillover effects are included in economic models. Using the available wealth of data on New Deal programs, expenditures by agencies within the New Deal are examined and correlation statistics provided to test this hypothesis against the 1930 US census population density figures.New Deal, public good, spillover effects, Public Works Administration, PWA, Civil Works Administration, CWA

Doppler lidar observations of sensible heat flux and intercomparisons with a ground-based energy balance station and WRF model output

This is an open access article - Copyright @ 2009 E. Schweizerbart'sche VerlagsbuchhandlungDuring the Convective and Orographically induced Precipitation Study (COPS), a scanning Doppler lidar was deployed at Achern, Baden-Wüttemberg, Germany from 13th June to 16th August 2007. Vertical velocity profiles ('rays') through the boundary layer were measured every 3 seconds with vertical profiles of horizontal wind velocity being derived from performing azimuth scans every 30 minutes. During Intense Observation Periods radiosondes were launched from the site. In this paper, a case study of convective boundary layer development on 15th July 2007 is investigated. Estimates of eddy dissipation rate are made from the vertically pointing lidar data and used as one input to the velocity-temperature co-variance equation to estimate sensible heat flux. The sensible heat flux values calculated from Doppler lidar data are compared with a surface based energy balance station and output from the Weather Research and Forecasting (WRF) model.Funding is obtained from NER

Statistics of Ku-band microwave response of the United States with a satellite borne radiometer/scatterometer

The author has identified the following significant results. The Skylab S-193 radiometer/scatterometer collected thousands of measurements of scattering coefficient and brightness temperature over various parts of the United States during the summer of 1973 at angles of incidence between vertical and about 45 deg. These measurements have been combined to produce histograms of the response at each of several angles within this range, and to establish average scattering coefficient vs angle curves with 10% and 90% exceedance levels as well. The variation of the radiometric measurements is primarily in the region from 255 K to 285 K, with very few measurements giving higher values, but a significant, though small, number giving values down to and even below 200 K. The scattering coefficient varies, for the mean, from about 0 db at 1 deg off vertical to a low in the neighborhood of -10 db at 45 deg. The variability of the scattering coefficient measurements with this coarse resolution sensor is surprisingly small. The number of distinguishable levels is slightly more for the scatterometer than for the radiometer, but the amount of variation in brightness temperature caused by the physical temperature of the ground is enough so that the scatterometer can be used to distinguish significantly more meaningful levels than the radiometer

Estimating the Impacts of Storage Dry Matter Losses on Switchgrass Production

This poster estimates dry matter losses as a function of harvest method, storage treatment, and time in storage. We then calculate the cost to store switchgrass bales under alternate harvest method and storage treatment scenarios; and determine the breakeven harvest method and storage treatment as a function of biomass price and time in storage.Biomass, bioenergy crops, function form, sustainable systems, Farm Management, Production Economics, Q10, Q42,

Economics of the Variable Rate Technology Investment Decision for Agricultural Sprayers

Producers lack information about the profitability of variable rate technology (VRT) for agricultural sprayers. An economic framework was developed to evaluate the returns required to pay for VRT investments. Payback variables included input savings, yield gains, and reduced application costs. We illustrate the framework with two example investment scenarios.capital budgeting, decision aid, farm management, precision agriculture, map-based, sensor-based, site-specific management, variable rate technology, Farm Management, Q10, Q16,