The Role of Money Supply Shocks in the Short-Run Demand for Money

Previous models of the demand for money are either inconsistent with contemporaneous adjustment of the price level to expected changes in the nominal money supply or imply implausible fluctuations in interest rates in response to unexpected changes in the nominal money supply. This paper proposes a shock-absorber model of money demand in which money supply shocks affect the synchronization of purchases and sales of assets and so engender a temporary desire to hold more or less money than would otherwise be the case. Expected changes in nominal money do not cause fluctuations in real money inventories. The model is simultaneously estimated for the United States, United Kingdom, Canada, France, Germany, Italy, Japan, and the Netherlands using the postwar quarterly data set and instruments used in the Mark III International Transmission Model. The shock-absorber variables significantly improve the estimated short-run money demand functions in every case.

Night Watch

Mostly photographs."It's a lonely job for the men who patrol the campus after dark...a responsible job, too, for the security of the University's builidings is in their hands."--Page 2Pictures and story by Jack C. Carr (B.J. '50)

Giving Motorists a Choice between Fault and No-Fault Insurance: An Economic Critique

In this Article, Professor Carr responds to the proposal by O\u27Connell and Joost whereby motorists are given a choice between fault and no-fault insurance. Though appealing, there are situations where free choice is inappropriate. This Article examines those situations and argues that free choice of liability rules and insurance regimes will be socially harmful due to the phenomenon of externalities

Computing contour trees in all dimensions

AbstractWe show that contour trees can be computed in all dimensions by a simple algorithm that merges two trees. Our algorithm extends, simplifies, and improves work of Tarasov and Vyalyi and of van Kreveld et al

Flexible isosurfaces: Simplifying and displaying scalar topology using the contour tree

The contour tree is an abstraction of a scalar field that encodes the nesting relationships of isosurfaces. We show how to use the contour tree to represent individual contours of a scalar field, how to simplify both the contour tree and the topology of the scalar field, how to compute and store geometric properties for all possible contours in the contour tree, and how to use the simplified contour tree as an interface for exploratory visualization

History of the Indiana Dental College, 1879-1925

The purpose of this study is to compile an accurate and, in so far as possible, a complete history of the Indiana Dental College. It is hoped that such a study will help to clarify the reasons for the emphasis upon certain aspects of dental curriculums in the past, and that it will help in evaluating the needs of the future program to eliminate encumberaces of traditional approaches which, in some instances, are no longer appropriate

ReHILAE: is the Re-ionisation of Hydrogen-I the sole consequence of Lyman-alpha Emitters?

The Epoch of Hydrogen Re-Ionisation (EoR) is an important stage in the evolution of the Universe, in which the neutral hydrogen in the Intergalactic Medium (IGM) becomes fully ionised. There are a number of ambiguities concerning the exact time period of the EoR, in addition to the exact nature of its causes. Previous methods describing this event use observations of Lyman Break Galaxies (LBGs), Lyman Alpha Emitters (LAEs - a subset of LGBs) or Active Galactic Nuclei (AGNs) as the predominant ionising sources of the EoR. With a few varying assumptions, galaxies appear to be the primary sources to consider. The UV-based framework currently used requires assumptions of the efficiency in converting between UV and Lyman-continuum (LyC) ionising photons (ξion), and the fraction of LyC photons that actually escape their sources (fesc). Direct measurements of these values using the UV-framework ap- pear to produce values far below what are require. Considering LAEs, which are a subset of the UV continuum-selected sources, we can use different observations to comfortably approximate them as the sources with the highest production of ionising photons per UV luminosity. Therefore, by only considering LAEs, we can eliminate the need for determining ξion entirely. Taking this approach, our own model for the fraction of ionised hydrogen in the Universe as a function of redshift (QHII ) is outlined. This model provided us with an approximate value of the LyC escape fraction as ~10%, which is a far more reasonable value than assumed in previous studies. Comparing final results for QHII directly to our own improved UV-framework model, we determined that the re-ionisation of hydrogen is very likely the sole consequence of LAEs

Sediment Quality in Puget Sound Year 3 - Southern Puget Sound

As a component of a three-year cooperative effort of the Washington State Department of Ecology and the National Oceanic and Atmospheric Administration, surficial sediment samples from 100 locations in southern Puget Sound were collected in 1999 to determine their relative quality based on measures of toxicity, chemical contamination, and benthic infaunal assemblage structure. The survey encompassed an area of approximately 858 km2, ranging from East and Colvos Passages south to Oakland Bay, and including Hood Canal. Toxic responses were most severe in some of the industrialized waterways of Tacoma’s Commencement Bay. Other industrialized harbors in which sediments induced toxic responses on smaller scales included the Port of Olympia, Oakland Bay at Shelton, Gig Harbor, Port Ludlow, and Port Gamble. Based on the methods selected for this survey, the spatial extent of toxicity for the southern Puget Sound survey area was 0% of the total survey area for amphipod survival, 5.7% for urchin fertilization, 0.2% for microbial bioluminescence, and 5- 38% with the cytochrome P450 HRGS assay. Measurements of trace metals, PAHs, PCBs, chlorinated pesticides, other organic chemicals, and other characteristics of the sediments, indicated that 20 of the 100 samples collected had one or more chemical concentrations that exceeded applicable, effects-based sediment guidelines and/or Washington State standards. Chemical contamination was highest in eight samples collected in or near the industrialized waterways of Commencement Bay. Samples from the Thea Foss and Middle Waterways were primarily contaminated with a mixture of PAHs and trace metals, whereas those from Hylebos Waterway were contaminated with chlorinated organic hydrocarbons. The remaining 12 samples with elevated chemical concentrations primarily had high levels of other chemicals, including bis(2-ethylhexyl) phthalate, benzoic acid, benzyl alcohol, and phenol. The characteristics of benthic infaunal assemblages in south Puget Sound differed considerably among locations and habitat types throughout the study area. In general, many of the small embayments and inlets throughout the study area had infaunal assemblages with relatively low total abundance, taxa richness, evenness, and dominance values, although total abundance values were very high in some cases, typically due to high abundance of one organism such as the polychaete Aphelochaeta sp. N1. The majority of the samples collected from passages, outer embayments, and larger bodies of water tended to have infaunal assemblages with higher total abundance, taxa richness, evenness, and dominance values. Two samples collected in the Port of Olympia near a superfund cleanup site had no living organisms in them. A weight-of-evidence approach used to simultaneously examine all three “sediment quality triad” parameters, identified 11 stations (representing 4.4 km2, 0.5% of the total study area) with sediment toxicity, chemical contamination, and altered benthos (i.e., degraded sediment quality), 36 stations (493.5 km2, 57.5% total study area) with no toxicity or chemical contamination (i.e., high sediment quality), 35 stations (274.1 km2, 32.0% total study area) with one impaired sediment triad parameter (i.e., intermediate/high sediment quality), and 18 stations (85.7km2, 10.0% total study area) with two impaired sediment parameters (i.e., intermediate/degraded quality sediments). Generally, upon comparison, the number of stations with degraded sediments based upon the sediment quality triad of data was slightly greater in the central Puget Sound than in the northern and southern Puget Sound study areas, with the percent of the total study area degraded in each region decreasing from central to north to south (2.8, 1.3 and 0.5%, respectively). Overall, the sediments collected in Puget Sound during the combined 1997-1999 surveys were among the least contaminated relative to other marine bays and estuaries studied by NOAA using equivalent methods. (PDF contains 351 pages