Gross loan flows

Changes in net lending hide the much larger and more variable gross lending flows. We present a series of stylized facts about gross loan flows and how they vary over time, bank size, and the business cycle. We look at both the intensive (increases and decreases) and extensive (entry and exits) margins. We compare these results with the output from a simple stochastic search model.Bank loans ; Business cycles

Too much risk?

Are asset prices climbing too far too fast? Do they signal the approach of an unsustainable boom that the FOMC should step in and stop before it gathers speed? Bubbles are notoriously hard to spot beforehand, and even if we were better at it, no one is sure what the best monetary policy response would be.Economic conditions - United States ; Monetary policy

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

Salinity Reduces the Forage Quality of Forage Kochia: A Halophytic Chenopodiaceae Shrub

Forage kochia (Bassia prostrata [L.] A.J. Scott) is a perennial, halophytic Chenopodiaceae shrub adapted to semiarid rangelands and steppes. It is noted for its ability to produce edible forage in saline environments, but the effect of salinity on its nutritive value has not been determined. Therefore, this study evaluated the dose-response of increasing salinity on the forage quality of forage kochia and Gardner’s saltbush (Atriplex gardneri [Moq.] D. Dietr., a chenopod forage shrub indigenous to the United States). Individual plants were evaluated in hydroponics for 28 days at 0, 150, 300, and 600 mM NaCl. Salt from accumulated ions, minerals, and forage nutritive value were determined using ground shoot samples. Analysis of forage nutritive value is problematic in plants with high salt concentrations, so neutral detergent fiber (NDF) and in vitro true digestibility (IVTD) were also predicted on an ash-corrected dry matter (DM) basis (NDFcorrected and IVTDcorrected). Forage kochia exhibited a dose-response for salt concentration, IVTDcorrected, and crude protein (CP) as salinity increased. Salt concentrations increased to 19% of DM at 600 mM NaCl, which may reduce voluntary intake by ruminants grazing forage kochia. Results indicated that uncorrected IVTD estimates were inflated as forage kochia IVTDcorrected decreased from 65% to 56% with the major change between 300 and 600 mM NaCl. Crude protein did not differ between two forage kochia cultivars but decreased from 26% to 15% between 0 and 600 mM NaCl, whereas Gardner’s saltbush CP decreased by only five percentage points as salinity increased. Nonetheless, despite the greater CP sensitivity to salinity level, forage kochia salt concentration was less and digestibility and metabolizable energy (ME) were greater than Gardner’s saltbush. Overall, salinity reduced the forage quality of forage kochia, though not as dramatically as for Gardner’s saltbush, thus supporting use of forage kochia to improve the forage base of saline rangelands

Emission-Line Properties of z > 4 Quasars

We present results of a program of high signal-to-noise spectroscopy for 44 QSOs at redshifts > 4 using the MMT and Keck observatories. The quasar spectra cover 1100 -- 1700 A in the rest frame for sources spanning a luminosity range of approximately 2 orders of magnitude. Comparisons between these data and spectra of lower redshift quasars reveal a high degree of similarity, although differences are present in the profiles and the strengths of some emission features. An examination of the luminosity dependence of the emission lines reveals evidence for a weak or absent Baldwin effect among z > 4 QSOs. We compare measurements for objects in our sample with results from other high redshift surveys characterized by different selection techniques. Distributions of equivalent widths for these different ensembles are consistent with a common parent population, suggesting that our sample is not strongly biased, or in any case, subject to selection effects that are not significantly different from other surveys, including the Sloan Digital Sky Survey. Based on this comparison, we tentatively conclude that the trends identified here are representative of high z QSOs. In particular, the data bolster indications of supersolar metallicities in these luminous, high-z sources, which support scenarios that assume substantial star formation at epochs preceding or concurrent with the QSO phenomena.Comment: 26 pages (incl. 9 figures), AASTeX v5.0, to appear in The Astrophysical Journa

Effects of Cement Bases on the Stresses and Deflections in Composite Restorations

A model was used to show that tensile and shear stresses can occur in sufficient magnitude to cause failure in a cement base supporting a composite material in a posterior Class I restoration. Highest values of stress were observed when lining materials with a low modulus were used.Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/68080/2/10.1177_00220345760550010301.pd

Space Environmentally Durable Polyimides and Copolyimides

Polyimides displaying low color in thin films, atomic oxygen resistance, vacuum ultraviolet radiation resistance, solubility in organic solvents in the imide form, high glass transition (T(sub g)) temperatures, and high thermal stability are provided. The poly(amide acid)s, copoly(amide acid)s, polyimides and copolyimides are prepared by the reaction of stoichiometric ratios of an aromatic &anhydride with diamines which contain phenylphosphine oxide groups in polar aprotic solvents. Controlled molecular weight oligomeric (amide acid)s and imides can be prepared by offsetting the stoichiometry according to the Carothers equation using excess diamine and endcapping with aromatic anhydrides. The polyimide materials can be processed into various material forms such as thin films, fibers, foams, threads, adhesive film, coatings, dry powders, and fiber coated prepreg, and uses include thin film membranes on antennas, second-surface mirrors, thermal optical coatings, and multilayer thermal insulation (MLI) blanket materials

Strengthening Mentoring in Low- and Middle-Income Countries to Advance Global Health Research: An Overview.

Mentoring is a proven path to scientific progress, but it is not a common practice in low- and middle-income countries (LMICs). Existing mentoring approaches and guidelines are geared toward high-income country settings, without considering in detail the differences in resources, culture, and structure of research systems of LMICs. To address this gap, we conducted five Mentoring-the-Mentor workshops in Africa, South America, and Asia, which aimed at strengthening the capacity for evidence-based, LMIC-specific institutional mentoring programs globally. The outcomes of the workshops and two follow-up working meetings are presented in this special edition of the American Journal of Tropical Medicine and Hygiene. Seven articles offer recommendations on how to tailor mentoring to the context and culture of LMICs, and provide guidance on how to implement mentoring programs. This introductory article provides both a prelude and executive summary to the seven articles, describing the motivation, cultural context and relevant background, and presenting key findings, conclusions, and recommendations

The emergence of convergence

Science is increasingly a collaborative pursuit. Although the modern scientific enterprise owes much to individuals working at the core of their field, humanity is increasingly confronted by highly complex problems that require the integration of a variety of disciplinary and methodological expertise. In 2016, the U.S. National Science Foundation launched an initiative prioritizing support for convergence research as a means of “solving vexing research problems, in particular, complex problems focusing on societal needs.” We discuss our understanding of the objectives of convergence research and describe in detail the conditions and processes likely to generate successful convergence research. We use our recent experience as participants in a convergence workshop series focused on resilience in the Arctic to highlight key points. The emergence of resilience science over the past 50 years is presented as a successful contemporary example of the emergence of convergence. We close by describing some of the challenges to the development of convergence research, such as timescales and discounting the future, appropriate metrics of success, allocation issues, and funding agency requirements