Conundrum or Complication: A Study of Yield Curve Dynamics under Unusual Economic Conditions and Monetary Policies.

The definition of the decline of long term yields in the light of increasing short term yields as a conundrum by Chairman Greenspan in February 2005 has generated a significant amount of research. This paper presents a study of yield curve dynamics over this period using economic surprise data as the diagnostic tool. Results are presented for both US and Japanese data which indicate a non-linear response of the yield curve to economic data and monetary policy over the period in question. Further, a limited model is presented that is consistent with the observations. This can lead to an explanation of the conundrum in terms of a non-linear yield response to expected long term inflation and a variable expected long term real rate.federal reserve, term structure of interest rates, inflation

The Non-Linear Evolution of High Frequency Short Term Interest Rates

In this paper new results are documented regarding the short term evolution of global short term interest rates. Much work has been carried out concerning the evolution of interest rates over long time scales, on the order on one month or greater. However high frequency data has only been considered in a limited number of studies. In this study the evolution of the short term yield curve, on a day to day basis, is considered and results are presented that suggest that over these short time scales, short term interest rates exhibit non-linear autoregressive behaviour, in contradiction of the efficient markets hypothesis. In addition the high frequency data indicates that the observed co-movement across currencies of longer maturity interest rates result from a vector error correction process (VECM). Greater information on the nature of the process may be obtained by considering a non-linear VECM process. Based on the output of both non-linear uni-variate and multi-variate models, limited short term statistically significant predictions of the evolution of various short term interest rate instruments may be carried out.interest rates, non-linear, high frequency

Effects of Buoyancy on Laminar, Transitional, and Turbulent Gas Jet Diffusion Flames

Gas jet diffusion flames have been a subject of research for many years. However, a better understanding of the physical and chemical phenomena occurring in these flames is still needed, and, while the effects of gravity on the burning process have been observed, the basic mechanisms responsible for these changes have yet to be determined. The fundamental mechanisms that control the combustion process are in general coupled and quite complicated. These include mixing, radiation, kinetics, soot formation and disposition, inertia, diffusion, and viscous effects. In order to understand the mechanisms controlling a fire, laboratory-scale laminar and turbulent gas-jet diffusion flames have been extensively studied, which have provided important information in relation to the physico-chemical processes occurring in flames. However, turbulent flames are not fully understood and their understanding requires more fundamental studies of laminar diffusion flames in which the interplay of transport phenomena and chemical kinetics is more tractable. But even this basic, relatively simple flame is not completely characterized in relation to soot formation, radiation, diffusion, and kinetics. Therefore, gaining an understanding of laminar flames is essential to the understanding of turbulent flames, and particularly fires, in which the same basic phenomena occur. In order to improve and verify the theoretical models essential to the interpretation of data, the complexity and degree of coupling of the controlling mechanisms must be reduced. If gravity is isolated, the complication of buoyancy-induced convection would be removed from the problem. In addition, buoyant convection in normal gravity masks the effects of other controlling parameters on the flame. Therefore, the combination of normal-gravity and microgravity data would provide the information, both theoretical and experimental, to improve our understanding of diffusion flames in general, and the effects of gravity on the burning process in particular

Could antiretrovirals be treating EBV in MS? A case report

We present the case of an HIV-negative patient clinically diagnosed with relapsing-remitting MS who achieved significant disease improvement on Combivir (zidovudine/lamivudine). Within months of treatment, the patient reported complete resolution of previously unremitting fatigue and paresthesiae, with simultaneous improvements in lesion burden detected by MRI. All improvements have been sustained for more than three years. This response may be related to the action of zidovudine as a known inhibitor of EBV lytic DNA replication, suggesting future directions for clinical investigation. Keywords: Multiple sclerosis, Epstein-Barr viru

Fast Sorting on a Distributed-Memory Architecture

We consider the often-studied problem of sorting, for a parallel computer. Given an input array distributed evenly over p processors, the task is to compute the sorted output array, also distributed over the p processors. Many existing algorithms take the approach of approximately load-balancing the output, leaving each processor with Θ(n/p) elements. However, in many cases, approximate load-balancing leads to inefficiencies in both the sorting itself and in further uses of the data after sorting. We provide a deterministic parallel sorting algorithm that uses parallel selection to produce any output distribution exactly, particularly one that is perfectly load-balanced. Furthermore, when using a comparison sort, this algorithm is 1-optimal in both computation and communication. We provide an empirical study that illustrates the efficiency of exact data splitting, and shows an improvement over two sample sort algorithms.Singapore-MIT Alliance (SMA

Validation of the determination of amino acids in plasma by high-performance liquid chromatography using automated pre-column derivatization with o-phthaldialdehyde

A sensitive and reproducible fully automated method for the determination of amino acids in plasma based on reversed-phase high-performance liquid chromatography and o-phthaldialdehyde pre-column derivatization is described. A 5-μm Spherisorb ODS 2 column (125 × 3 mm I.D.) was selected for routine determination. Over 40 physiological amino acids could be determined within 49 min (injection to injection) and 48 samples could be processed unattended. The coefficients of variation for most amino acids in plasma were below 4%. We were also able to measure trace amounts of amino acids in plasma normally not detected in a routine analysis. The results obtained with the method described compared favourably with those of conventional amino acid analysis (r = 0.997) and were in excellent agreement with those of other laboratories (r = 0.999)

Supersymmetric Vacua in Random Supergravity

We determine the spectrum of scalar masses in a supersymmetric vacuum of a general N=1 supergravity theory, with the Kahler potential and superpotential taken to be random functions of N complex scalar fields. We derive a random matrix model for the Hessian matrix and compute the eigenvalue spectrum. Tachyons consistent with the Breitenlohner-Freedman bound are generically present, and although these tachyons cannot destabilize the supersymmetric vacuum, they do influence the likelihood of the existence of an `uplift' to a metastable vacuum with positive cosmological constant. We show that the probability that a supersymmetric AdS vacuum has no tachyons is formally equivalent to the probability of a large fluctuation of the smallest eigenvalue of a certain real Wishart matrix. For normally-distributed matrix entries and any N, this probability is given exactly by P = exp(-2N^2|W|^2/m_{susy}^2), with W denoting the superpotential and m_{susy} the supersymmetric mass scale; for more general distributions of the entries, our result is accurate when N >> 1. We conclude that for |W| \gtrsim m_{susy}/N, tachyonic instabilities are ubiquitous in configurations obtained by uplifting supersymmetric vacua.Comment: 26 pages, 6 figure

Discussion Results From A Statewide Satellite Town Meeting on the 1990 Farm Bill: Commodity Programs, Environment, Food Safety and Rural Development

Ames-- The U.S. should attempt to coordinate the reduction of trade subsidies with other nations, but should not remove the income safety net for U.S. farmers, says a new ISU report

Laparoscopic appendectomy versus open appendectomy: a single institution study

PURPOSE: The purpose of this study was to compare the safety and efficacy of laparoscopic appendectomy versus open appendectomy at Baptist Hospital in Miami, Florida. METHODS: A retrospective review was performed on all appendectomies performed at Baptist Hospital from October 1, 1994 to September 30, 1995. There were a total of 244 cases; 137 open appendectomies and 107 laparoscopic appendectomies. The cases were reviewed with regard to pathology, operating time, length of hospital stay and complications. RESULTS: The pathologic findings at surgery were similar for the two groups. Concomitant pathology was more likely to be found laparoscopically than in open surgery. There was a greater percentage of ruptured appendices in surgery done via the open method. Operative time was slightly longer, but complications were less in the laparoscopic group. Length of stay was lower in the laparoscopic appendectomy group. CONCLUSIONS: Although very similar, our method of appendectomy favors the laparoscopic technique