The effects of recent mortgage refinancing

Rising home prices and generally falling interest rates in recent years, together with a desire to convert the accumulated equity in their homes into spendable funds, have prompted many homeowners to refinance their mortgages. In the spring of 1999, the Federal Reserve surveyed consumers to determine the extent of refinancing, the extent to which refinancing homeowners "cashed-out" some of their equity when they refinanced, how much equity they took out, and how they spent the funds. Survey results suggest that cash-out refinancings in 1998 and early 1999 likely boosted consumption spending a bit, may have had a larger effect on home improvement spending, and may have moderated the growth of consumer credit during that period.Mortgages ; Housing - Finance ; Interest rates

Imaging Polarimeter Arrays for Near-Millimeter Waves

An integrated-circuit antenna array has been developed that images both polarization and intensity. The array consists of a row of antennas that lean alternately left and right, creating two interlaced sub-arrays that respond to different polarizations. The arrays and the bismuth bolometer detectors are made by a photoresist shadowing technique that requires only one photolithographic mask. The array has measured polarization at a wavelength of 800 µm with an absolute accuracy of 0.8° and a relative precision of 7 arc min. and has demonstrated nearly diffraction-Iimited resolutiort of a 20° step in polarization

Assessing surrogate endpoints in vaccine trials with case-cohort sampling and the Cox model

Assessing immune responses to study vaccines as surrogates of protection plays a central role in vaccine clinical trials. Motivated by three ongoing or pending HIV vaccine efficacy trials, we consider such surrogate endpoint assessment in a randomized placebo-controlled trial with case-cohort sampling of immune responses and a time to event endpoint. Based on the principal surrogate definition under the principal stratification framework proposed by Frangakis and Rubin [Biometrics 58 (2002) 21--29] and adapted by Gilbert and Hudgens (2006), we introduce estimands that measure the value of an immune response as a surrogate of protection in the context of the Cox proportional hazards model. The estimands are not identified because the immune response to vaccine is not measured in placebo recipients. We formulate the problem as a Cox model with missing covariates, and employ novel trial designs for predicting the missing immune responses and thereby identifying the estimands. The first design utilizes information from baseline predictors of the immune response, and bridges their relationship in the vaccine recipients to the placebo recipients. The second design provides a validation set for the unmeasured immune responses of uninfected placebo recipients by immunizing them with the study vaccine after trial closeout. A maximum estimated likelihood approach is proposed for estimation of the parameters. Simulated data examples are given to evaluate the proposed designs and study their properties.Comment: Published in at http://dx.doi.org/10.1214/07-AOAS132 the Annals of Applied Statistics (http://www.imstat.org/aoas/) by the Institute of Mathematical Statistics (http://www.imstat.org

Iron Dynamics in a Gas-Water-Sediment Microcosm

Iron dynamics in eutrophic systems were studied in the laboratory utilizing gas-water-Sediment phase sealed microcosms. Sediments from Hyrum Reservoir (2.4 percent iron by weight) were placed in the dark to simulate the hypolimnetic regions of a eutrophic impoundment. Iron both chemically and physically was readily available to microorganisms of the aqueous phase because iron in these systems was soluble. In the light microcosms, which simulated shallow littoral regions of eutrophic impoundments, iron was found in higher aqueous phase concentrations than was predicted chemically and physically; this was rationalized through biological mechanisms. The experiment was conducted in two phases: Phase I lasted 189 days (0 and 0.300 mg NO3–N/1 inputs) and phase II lated 175 days (10mg NO3-N/1 imput). Average light microcosm effluent iron concentrations increased from 0.092 mg FE/1 (Phase I) to 0.246 mg Fe/1 (Phase II) given higher inorganic nitrogen inputs. In Phase II, when nitrogen input into the microcosms ceased (nitrogen perturbations, day 115), aqueous phase iron concentrations in the dark microcosms increased dramatically (0.011 to 0.624 mg Fe/1)

Equilibrium solutions of the shallow water equations

A statistical method for calculating equilibrium solutions of the shallow water equations, a model of essentially 2-d fluid flow with a free surface, is described. The model contains a competing acoustic turbulent {\it direct} energy cascade, and a 2-d turbulent {\it inverse} energy cascade. It is shown, nonetheless that, just as in the corresponding theory of the inviscid Euler equation, the infinite number of conserved quantities constrain the flow sufficiently to produce nontrivial large-scale vortex structures which are solutions to a set of explicitly derived coupled nonlinear partial differential equations.Comment: 4 pages, no figures. Submitted to Physical Review Letter

Tracking antenna arrays for near-millimeter waves

A two-dimensional monolithic array has been developed that gives the elevation and azimuth of point source targets. The array is an arrangement of rows and columns of antennas and bismuth bolometer detectors on a fused quartz substrate. Energy is focused onto the array through a lens placed on the back side of the substrate. At 1.38 mm with a 50 mm diameter objective lens, the array has demonstrated a positioning accuracy of 26 arcmin. In a differential mode this precision improves to 9 arcsec, limited by the mechanics of the rotating stage. This tracking could be automated to a fast two-step procedure where a source is first located to the nearest row and column, and then precisely located by scanning. With signal processing the array should be able to track multiple sources