860 research outputs found
Defining Benchmark Status: An Application using Euro-Area Bonds
The introduction of the euro on 1 January 1999 created the conditions for an integrated government bond market in the euro area. Using a unique data set from the electronic trading platform Euro-MTS, we consider what is the benchmark' in this market. We develop and apply two definitions of benchmark status that differ from the conventional view that the benchmark is the security with lowest yield at a given maturity. Using Granger-causality and cointegration methods, we find a complex pattern of benchmark status in euro-area government bonds.
Evaluation of supply control options for beef
End of project reportThe incomes of Irish cattle farmers benefited greatly from the reform of the CAP for beef and cereals in 1992 and more recently under Agenda 2000. In both of these reforms the institutional support prices were reduced and direct payments (DPs) were used to compensate farmers for the price reduction
Emergent gauge dynamics of highly frustrated magnets
Condensed matter exhibits a wide variety of exotic emergent phenomena such as
the fractional quantum Hall effect and the low temperature cooperative behavior
of highly frustrated magnets. I consider the classical Hamiltonian dynamics of
spins of the latter phenomena using a method introduced by Dirac in the 1950s
by assuming they are constrained to their lowest energy configurations as a
simplifying measure. Focusing on the kagome antiferromagnet as an example, I
find it is a gauge system with topological dynamics and non-locally connected
edge states for certain open boundary conditions similar to doubled
Chern-Simons electrodynamics expected of a spin liquid. These dynamics
are also similar to electrons in the fractional quantum Hall effect. The
classical theory presented here is a first step towards a controlled
semi-classical description of the spin liquid phases of many pyrochlore and
kagome antiferromagnets and towards a description of the low energy classical
dynamics of the corresponding unconstrained Heisenberg models.Comment: Updated with some appendices moved to the main body of the paper and
some additional improvements. 21 pages, 5 figure
On the Yang-Mills two-loop effective action with wordline methods
We derive the two-loop effective action for covariantly constant field
strength of pure Yang-Mills theory in the presence of an infrared scale. The
computation is done in the framework of the worldline formalism, based on a
generalization procedure of constructing multiloop effective actions in terms
of the bosonic worldline path integral. The two-loop beta-function is correctly
reproduced. This is the first derivation in the worldline formulation, and
serves as a nontrivial check on the consistency of the multiloop generalization
procedure in the worldline formalism.Comment: 8 pages, 4 figure
ECB monetary operations and the interbank repo market
We examine the relationship between monetary policy operations and interbank borrowing and lending of funds using sovereign bonds as collateral. We first establish that, in the precrisis period, there are important but rather weak relations between these funding sources and that this relationship varies within maintenance periods and at the end of the year. Official funding conditions did not meaningfully constrain repo market activity in the 2003-05 period but, in the immediate precrisis period, rate increases led to a sharp contraction in repo activity. Focusing on the crisis period, we identify potentially benign substitution effects between official auctions and repo market activity but our empirical analysis shows that positive innovations in the cost of official funding, due to aggressive bidding, and a limited allotment response, encouraged increased use of the interbank repo market. The analysis informs a discussion of the merits of returning to variable rate operations
Inter-ELM evolution of the edge current density profile on the ASDEX upgrade tokamak
The sudden decrease of plasma stored energy and subsequent power deposition on the first wall of a tokamak due to edge localised modes (ELMs) is potentially detrimental to the success of a future fusion reactor. Understanding and control of ELMs is critical for the longevity of these devices and also to maximise their performance. The commonly accepted picture of ELMs posits a critical pressure gradient and current density in the plasma edge, above which coupled magnetohy drodynamic peeling-ballooning modes become unstable. Much analysis has been presented in recent years on the spatial and temporal evolution of the edge pressure gradient. However, the edge current density has typically been overlooked due to the difficulties in measuring this quantity. In this thesis, a novel method of current density recovery is presented, using the equilibrium solver CLISTE to reconstruct a high resolution equilibrium utilising both external magnetic and internal edge kinetic data measured on the ASDEX Upgrade tokamak. The evolution of the edge current density relative to an ELM crash is presented, showing that a resistive delay in the buildup of the current density is unlikely. An uncertainty analysis shows that the edge current density can be determined with an accuracy consistent with that of the kinetic data used. A comparison with neoclassical theory demonstrates excellent agreement be- tween the current density determined by CLISTE and the calculated profiles. Three ELM mitigation regimes are investigated: Type-II ELMs, ELMs sup- pressed by external magnetic perturbations, and Nitrogen seeded ELMs. In the first two cases, the current density is found to decrease as mitigation on- sets, indicating a more ballooning-like plasma behaviour. In the latter case, the flux surface averaged current density can decrease while the local current density increases, providing a mechanism to suppress both the peeling and ballooning modes
Fluctuations in Energy Intake and Fertility in Cattle.
End of Project ReportsReproductive failure in dairy cows results in fewer calves born, lower
milk sales, slower genetic progress and consequently, significant financial
loss to the industry. Dairy cattle breed improvement programmes have,
at least until very recently, focused primarily on increasing the yields of
milk or milk solids. The resulting genetic improvement has led to
significant increases in milk yield per cow but this increase is now
associated with a significant decline in cow reproductive wastage. An
important part of the Teagasc research programme in this area is to
determine the time at which embryo loss occurs and also to determine
whether the extent of the embryo loss is affected by the energy nutrition
of the cow and to devise strategies to reduce its extent. This project has
focused on the relationship between changes in dietary energy intake
near the time of insemination and the extent and pattern of embryo
survival. The main results are summarised in this report and detailed
results of the several experiments involved have been published in the
papers listed at the end of this report.
•
•
4
The objectives of this project were to determine the effect of
changes in energy intake near the time of insemination on
embryo loss rate, on the timing of embryo loss and on the
possible biological mechanisms involved.
Cross bred heifers were provided with either high or low energy
intakes that were based on pasture allowances calculated to
provide either 0.8 or 2.0 times their maintenance requirements.
These energy intakes were allocated for two weeks before and
about five weeks after insemination. The effect of the changes
in energy intake on embryo loss and on the time at which
embryo loss occurred, relative to the time of insemination, was
established. Possible associations between embryo loss and
blood concentrations of progesterone, NEFAs, insulin and
glucose were examined. A sudden reduction from a high to a low energy intake imposed
for two weeks from the day of insemination reduced the
subsequent embryo survival rate by 30 percentage points to a
survival rate of 38%. When energy intake over this same period
was either maintained or increased, embryo survival rate
remained high (overall mean, 69%), within a range of 65-71%.
The time at which embryo loss occurred was established.
Embryo survival or pregnancy rates measured on days 14 and
30 after insemination and at full term were 68%, 76% and
72%, respectively. These results provide new information
indicating that most embryo loss, at least in heifers, had
occurred on or before day 14 after insemination.
There was no evidence of any association between the shortterm
changes in energy intake either before or after AI and
blood progesterone concentration. Neither was there any
evidence that the detrimental effect of the sudden reduction in
energy intake on embryo survival was mediated through
changes in the systemic concentrations of non-esterified fatty
acids (NEFAs) or insulin. There was a suggestion, however, that
the detrimental effect of the reduced energy intake may operate
through a reduction in systemic glucose concentrations.Dairy Levy Farmer Fun
Inter-Country Cost Comparisons in Beef.
End of Project ReportThe purpose of this study was to:
• establish the competitiveness of the Irish beef production systems post the 1992 CAP reform
• quantify how Irish beef production costs, and cost components, compare with those for the other EU countries
• determine the strengths and weaknesses of the Irish production systems
- …