Modeling Bond yields in finance and macroeconomics

From a macroeconomic perspective, the short-term interest rate is a policy instrument under the direct control of the central bank. From a finance perspective, long rates are risk-adjusted averages of expected future short rates. Thus, as illustrated by much recent research, a joint macro-finance modeling strategy will provide the most comprehensive understanding of the term structure of interest rates. We discuss various questions that arise in this research, and we also present a new examination of the relationship between two prominent dynamic, latent factor models in this literature: the Nelson-Siegel and affine no-arbitrage term structure models. JEL Klassifikation: G1, E4, E5

Implementation of Cavity Squeezing of a Collective Atomic Spin

We squeeze unconditionally the collective spin of a dilute ensemble of laser-cooled rubidium-87 atoms using their interaction with a driven optical resonator. The shape and size of the resulting spin uncertainty region are well described by a simple analytical model [M.H.S., I.D.L., V.V., arXiv:0911.3936] through two orders of magnitude in the effective interaction strength, without free parameters. We deterministically generate states with up to 5.6(6) dB of metrologically relevant spin squeezing on the canonical rubidium-87 hyperfine clock transition.Comment: 4 pages, 2 figures. To be published in Phys. Rev. Lett. Some additional details and clarified wording in response to referee comments. Figures and results unchange

Outcomes in liver transplantation: does sex matter?

A growing literature has highlighted important differences in transplant-related outcomes between men and women. In the United States there are fewer women than men on the liver transplant waitlist and women are two times less likely to receive a deceased or living-related liver transplant. Sex-based differences exist not only in waitlist but also in post-transplant outcomes, particularly in some specific liver diseases, such as hepatitis C. In the era of individualized medicine, recognition of these differences in the approach to pre and post-liver transplant care may impact short and long-term outcomes

Squeezing the Collective Spin of a Dilute Atomic Ensemble by Cavity Feedback

We propose and analyze a simple method to squeeze dynamically and unconditionally the collective spin of a dilute atomic ensemble by interaction with a driven mode of an optical resonator, as recently demonstrated [I. D. L., M. H. S., and V. V., Phys. Rev. Lett. 104, 073602 (2010)]. We show that substantial squeezing can be achieved in the regime of strong collective ensemble-resonator coupling. The squeezing is ultimately limited either by photon emission into free space or by the curvature of the Bloch sphere. We derive both limits and show where each prevails.Comment: 4 pages, 2 figures. Minor revision. To appear in Phys. Rev.

Modeling Bond Yields in Finance and Macroeconomics

From a macroeconomic perspective, the short-term interest rate is a policy instrument under the direct control of the central bank. From a finance perspective, long rates are risk-adjusted averages of expected future short rates. Thus, as illustrated by much recent research, a joint macro-finance modeling strategy will provide the most comprehensive understanding of the term structure of interest rates. We discuss various questions that arise in this research, and we also present a new examination of the relationship between two prominent dynamic, latent factor models in this literature: the Nelson-Siegel and affine no-arbitrage term structure models.term structure, yield curve, Nelson-Siegel model, affine equilibrium model

Modeling Bond Yields in Finance and Macroeconomics

From a macroeconomic perspective, the short-term interest rate is a policy instrument under the direct control of the central bank. From a finance perspective, long rates are risk-adjusted averages of expected future short rates. Thus, as illustrated by much recent research, a joint macro-finance modeling strategy will provide the most comprehensive understanding of the term structure of interest rates. We discuss various questions that arise in this research, and we also present a new examination of the relationship between two prominent dynamic, latent factor models in this literature: the Nelson-Siegel and affine no-arbitrage term structure models.Term structure, yield curve, Nelson-Siegel model, affine equilibrium model