Policy Coordination in an International Payment System

Given the increasing interdependence of both financial systems and attendant payment and settlement systems a vital question is what form should optimal policy take when there are two connected payment systems with separate regulators. In this paper I show that two central banks operating in a non-cooperative way will not have an incentive to achieve the optimal allocation of goods. I further show that this non-cooperative outcome will be supported by a zero intraday interest rate and constant fixed exchange rate. This is in contrast to recent research; which has shown that domestically a zero intraday interest rate will achieve a social optimum and that the central bank has an incentive to achieve it.Payment, clearing, and settlement systems; Exchange rate regimes

The emergence of magnetic flux through a partially ionised solar atmosphere

We present results from 2.5D numerical simulations of the emergence of magnetic flux from the upper convection zone through the photosphere and chromosphere into the corona. Certain regions of the solar atmosphere are at sufficiently low temperatures to be only partially ionised, in particular the lower chromosphere. This leads to Cowling resistivities orders of magnitude larger than the Coulomb values, and thus to anisotropic dissipation in Ohm’s law. This also leads to localised low magnetic Reynolds numbers (R m < 1). We find that the rates of emergence of magnetic field are greatly increased by the partially ionised regions of the model atmosphere, and the resultant magnetic field is more diffuse. More importantly, the only currents associated with the magnetic field to emerge into the corona are aligned with the field, and thus the newly formed coronal field is force-free

Pre-Assembeld Non-Load Bearing Interior Partition Panels

Gives an illustrated description of a design for pre-assembled interior partitioning walls created by the Small Homes Council aimed at realize the cost savings of using pre-fabricated materials in home construction.Lumber Dealers Research Counci

On Lorentzian causality with continuous metrics

We present a systematic study of causality theory on Lorentzian manifolds with continuous metrics. Examples are given which show that some standard facts in smooth Lorentzian geometry, such as light-cones being hypersurfaces, are wrong when metrics which are merely continuous are considered. We show that existence of time functions remains true on domains of dependence with continuous metrics, and that $C^{0,1}$ differentiability of the metric suffices for many key results of the smooth causality theory.Comment: Minor changes. Version to appear in Classical and Quantum Gravit

TEMPORAL COST ANALYSIS OF A NEW DEVELOPMENT IN CONTROLLED ATMOSPHERE STORAGE: THE CASE OF VIDALIA ONIONS

Agribusiness,

Preparing Tomorrow\u27s Classroom Leaders: Challenges for Christian Higher Education

Christian college teacher education program faculties face the challenge of employing a Christian epistemology that includes a pedagogy that embraces today’s learners. The authors seek to communicate the foundations of modernism and postmodernism and their impact on the epistemology and pedagogies employed in university classrooms. How the postmodern thinking claims have influenced the lives of Christian students will also be examined. The paper concludes with a discussion of the challenges for Christian teacher education faculties

Rediscounting Under Aggregate Risk with Moral Hazard

Freeman (1999) proposes a model in which discount window lending and open market operations have different effects. This is important because in most of the literature, these policies are indistinguishable. However, Freeman's argument that the central bank should absorb losses associated with default to provide risk-sharing stands in stark contrast to the concern that central banks should limit their exposure to credit risk. We extend Freeman's model by introducing moral hazard. With moral hazard, the central bank should avoid absorbing losses and Freeman's argument breaks down. However, we show that policies resembling discount window lending and open market operations can still be distinguished in this new framework. The optimal policy is for the central bank to make a restricted number of creditors compete for funds. By restricting the number of agents, the central bank can limit the moral hazard problem. By making them compete with each other, the central bank can exploit market information that reveals the state of the economy.Payment, clearing, and settlement systems; Financial markets; Central bank research

Rational's experience using Ada for very large systems

The experience using the Rational Environment has confirmed the advantages forseen when the project was started. Interactive syntatic and semantic information makes a tremendous difference in the ease of constructing programs and making changes to them. The ability to follow semantic references makes it easier to understand exisiting programs and the impact of changes. The integrated debugger makes it much easier to find bugs and test fixes quickly. Taken together, these facilites have helped greatly in reducing the impact of ongoing maintenance of the ability to produce a new code. Similar improvements are anticipated as the same level of integration and interactivity are achieved for configuration management and version control. The environment has also proven useful in introducing personnel to the project and existing personnel to new parts of the system. Personnel benefit from the assistance with syntax and semantics; everyone benefits from the ability to traverse and understand the structure of unfamiliar software. It is often possible for someone completely unfamiliar with a body of code to use these facilities, to understand it well enough to successfully with a body of code to use these facilities to understand it well enough to successfully diagnose and fix bugs in a matter of minutes

In-space technology development: Atomic oxygen and orbital debris effects

Earlier Shuttle flight experiments have shown atomic oxygen within the orbital environment can interact with many materials to produce surface recession and mass loss and combine catalytically with other constituents to generate visible and infrared glows. In addition to these effects, examinations of returned satellite hardware have shown many spacecraft materials are also susceptible to damage from high velocity impacts with orbital space debris. These effects are of particular concern for large, multi-mission spacecraft, such as Space Station and SDI operational satellites, that will operate in low-Earth orbit (LEO) during the late 1990's. Not only must these spacecraft include materials and exterior coatings that are resistant to atomic oxygen surface interactions, but these materials must also provide adequate protection against erosion and pitting that could result from numerous impacts with small particles (less than 100 microns) of orbital space debris. An overview of these concerns is presented, and activities now underway to develop materials and coatings are outlined that will provide adequate atomic protection for future spacecraft. The report also discusses atomic oxygen and orbital debris flight experiments now under development to expand our limited data base, correlate ground-based measurments with flight results, and develop an orbital debris collision warning system for use by future spacecraft

Quantitative Analysis of Electrotonic Structure and Membrane Properties of NMDA-Activated Lamprey Spinal Neurons

Parameter optimization methods were used to quantitatively analyze frequency-domain-voltage-clamp data of NMDA-activated lamprey spinal neurons simultaneously over a wide range of membrane potentials. A neuronal cable model was used to explicitly take into account receptors located on the dendritic trees. The driving point membrane admittance was measured from the cell soma in response to a Fourier synthesized point voltage clamp stimulus. The data were fitted to an equivalent cable model consisting of a single lumped soma compartment coupled resistively to a series of equal dendritic compartments. The model contains voltage-dependent NMDA sensitive (INMDA), slow potassium (IK), and leakage (IL) currents. Both the passive cable properties and the voltage dependence of ion channel kinetics were estimated, including the electrotonic structure of the cell, the steady-state gating characteristics, and the time constants for particular voltage- and time-dependent ionic conductances. An alternate kinetic formulation was developed that consisted of steady-state values for the gating parameters and their time constants at half-activation values as well as slopes of these parameters at half-activation. This procedure allowed independent restrictions on the magnitude and slope of both the steady-state gating variable and its associated time constant. Quantitative estimates of the voltage-dependent membrane ion conductances and their kinetic parameters were used to solve the nonlinear equations describing dynamic responses. The model accurately predicts current clamp responses and is consistent with experimentally measured TTX-resistant NMDA-induced patterned activity. In summary, an analysis method is developed that provides a pragmatic approach to quantitatively describe a nonlinear neuronal system