Commercial paper: a colossal market

Commercial paper issues

GraphTool : a tool for interactive design and manipulation of graphs and graph algorithms

GraphTool is an interactive tool for editing graphs and visualizing the execution and results of graph algorithms. It runs under both the SunView and X Windows environments and has a full window/mouse interface which is as similar as possible for the two windowing systems. In addition, there is a standalone program called the Wrapper which simulates the Graph-Tool interface without graphics for batch processing of graph algorithms. While the primary purpose of GraphTool is to provide a means for experimentally investigating the performance of graph algorithms, it has other useful features as well. It provides features for printing graphs in a visually appealing format, which makes it easier to prepare papers for publication. It also provides a facility for "animating" algorithms, which means that it can be used in computer assisted instruction (CAI) and for preparing video presentations of algorithms

Year-end seasonality in one-month LIBOR derivatives

We examine the markets for one-month LIBOR futures contracts and options on those futures for a year-end price effect consistent with the previously identified year-end rate increase in one-month LIBOR. The cash market rate increase appears in forward rates and derivative prices, which allows the derivatives to properly hedge year-end interest rate risk. However, while the year-end effect appears in the derivative contract, these derivative contracts provide biased forecasts of both future interest rates and their volatility. The bias appears to be different at year's end for the LIBOR futures contract, but not for the options contract. The information in the derivatives almost always subsumes simple benchmark forecasts. ; Earlier title: Seasonality in one-month LIBOR derivativesEconometrics ; Monetary policy ; Finance

On the pervasive effects of Federal Reserve settlement regulations

To manage their reserve positions, depository institutions in the United States actively buy and sell deposits at the Federal Reserve Banks via the federal funds market. Beginning in 1991, the Eurodollar market also became an attractive venue for trading deposits at the Federal Reserve Banks. Prior to 1991, the Federal Reserve’s statutory reserve requirement on Eurocurrency liabilities of U.S. banking offices discouraged use of Eurocurrency liabilities as a vehicle for trading deposits at the Federal Reserve. This impediment was removed in December 1990. Beginning in January 1991, the overnight instruments in the federal funds market and in the Eurodollar markets, except for minor differences in risk, became similar vehicles for exchanging deposits at Federal Reserve Banks. Because the risk characteristics of the instruments differ, the law of one price need not hold precisely across the two markets. Yet, the authors hypothesize that, beginning in 1991, the two trading instruments became close enough substitutes that price pressures in one market began to show through to the other. Herein, the authors examine overnight LIBOR for U.S. bank settlement effects. During the period when the federal funds market and Eurodollar markets are similar venues for trading deposits at Federal Reserve Banks, they find strong settlement effects in overnight LIBOR. However, during the period when Eurocurrency liabilities carry a reserve tax, they find no evidence of a settlement effect in overnight LIBOR. Their results suggest that (i) the microstructure of the federal funds market spills over into the markets for substitute assets and (ii) Federal Reserve rules have implications beyond U.S. borders.Federal funds market (United States) ; Euro-dollar market ; Money market funds

Examining the link between information processing speed and executive functioning in multiple sclerosis

Slowed information processing speed (IPS) is frequently reported in those with multiple sclerosis (MS), and at least 20% are compromised on some aspect of executive functioning also. However, any relationship between these two processes has not been examined. The Sternberg Memory Scanning Test, Processing Speed Index (WAIS-III), Delis Kaplan Executive Function System (D.KEFS), and Working Memory Index (WMS-III) were administered to 90 participants with MS. Their performance on the PSI was significantly below the normative scores but no deficits in memory scanning speed were evident. The initial response speed of the Sternberg and the PSI were more closely related to D.KEFS performance, particularly in timed tasks with a high cognitive demand (switching tasks). In contrast, memory scanning speed was related to working memory. This study reinforces the link between IPS and working memory in MS, and supports the suggestion that IPS is not a unitary construct

The effect of progesterone treatment on the fertility of dairy cows

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Arbitrating the Great Writ: Resolving Federal Habeas Corpus Disputes Through Arbitration

Published in cooperation with the American Bar Association Section of Dispute Resolutio