On the uniqueness of community banks

To the public, all banks seem alike. But banking insiders make important distinctions between community banks and all other banks. Policymakers worry that community banks’ unique characteristics threaten their survival in the face of industry consolidation. However, despite dramatic regulatory and technological changes in the industry in the past two decades, community banks have not only survived but often prospered. ; This article explores the differences between community banks and larger banks to discover what makes community banks unique. Large banks engage primarily in transactional banking—the provision of highly standardized intermediation services, such as gathering deposits and extending loans, that require little human input to manage. Community banks, in contrast, typically focus on relationship banking, which requires more human input, more detailed credit evaluation, and localized decision making. ; Examining profit and risk measures for the 1998–2002 period for both community banks and large banking organizations, the authors find evidence that small banks were generally profitable. In all but the smallest size category, community banks have performed as well as, and often better than, large banks in managing net interest margins, aggregate profits, and credit risk. Also, community banks are more likely to adopt Subchapter S tax status, which allows them to avoid direct federal income taxation and pass tax benefits on to shareholders. These institutions typically have relatively higher returns on both equity and assets than larger banks do. Whether community banks will be able to sustain this good performance will depend, the authors conclude, on how well managers find valuable relationship lending niches, invest bank capital, and balance asset quality with growth.Community banks

The dynamics and estimation of short-run money demand

Demand for money

The shift in money demand: what really happened?

Demand for money

Evidence on the temporal stability of the demand for money relationship in the United States

Demand for money

The wayward money supply: a post-mortem of 1982

Money supply

Monetary policy and short-term real rates of interest

Monetary policy ; Interest rates

Technology development program for an advanced microsheet glass concentrator

Solar Dynamic Space Power Systems are candidate electrical power generating systems for future NASA missions. One of the key components in a solar dynamic power system is the concentrator which collects the sun's energy and focuses it into a receiver. In 1985, the NASA Lewis Research Center initiated the Advanced Solar Dynamic Concentrator Program with funding from NASA's Office of Aeronautics and Space Technology (OAST). The objectives of the Advanced Concentrator Program is to develop the technology that will lead to lightweight, highly reflective, accurate, scaleable, and long lived (7 to 10 years) space solar dynamic concentrators. The Advanced Concentrator Program encompasses new and innovative concepts, fabrication techniques, materials selection, and simulated space environmental testing. The Advanced Microsheet Glass Concentrator Program, a reflector concept, that is currently being investigated both in-house and under contract is discussed

An avionics sensitivity study. Volume 1: Operational considerations

Equipment and operational concepts affecting aircraft in the terminal area are reported. Curved approach applications and modified climb and descent procedures for minimum fuel consumption are considered. The curved approach study involves the application of MLS guidance to enable execution of the current visual approach to Washington National Airport under instrument flight conditions. The operational significance and the flight path control requirements involved in the application of curved approach paths to this situation are considered. Alternative flight path control regimes are considered to achieve minimum fuel consumption subject to constraints related to air traffic control requirements, flight crew and passenger reactions, and airframe and powerplant limitations

Effects of Gear Modifications on the Trawl Performance and Catching Efficiency of the West Coast Upper Continental Slope Groundfish Survey Trawl

Since 1984, annual bottom trawl surveys of the west coast (California–Washington) upper continental slope (WCUCS) have provided information on the abundance, distribution, and biological characteristics of groundfish resources. Slope species of the deep-water complex (DWC) are of particular importance and include Dover sole, Microstomus pacificus; sablefish, Anoplopoma fimbria; shortspine thornyhead, Sebastolobus alascanus; and longspine thornyhead, S. altivelis. In the fall of 1994, we conducted an experimental gear research cruise in lieu of our normal survey because of concerns about the performance of the survey trawl. The experiment was conducted on a soft mud bottom at depths of 460–490 m off the central Oregon coast. Treatments included different combinations of door-bridle rigging, groundgear weight, and scope length. The experimental design was a 2 ´ 2 ´ 2 factorial within a randomized complete-block. Analysis of variance was used to examine the effects of gear modifications on the engineering performance of the trawl (i.e. trawl dimensions, variation in trawl dimensions, and door attitude) and to determine if catch rates in terms of weight and number of DWC species and invertebrates were affected by the gear modifications. Trawl performance was highly variable for the historically used standard trawl configuration. Improvements were observed with the addition of either a 2-bridle door or lighter ground gear. Changes in scope length had relatively little effect on trawl performance. The interaction of door bridle and ground gear weight had the most effect on trawl performance. In spite of the standard trawl’s erratic performance, catch rates of all four DWC species and invertebrates were not significantly different than the 2-bridle/heavy combination, which did the best in terms of engineering performance. The most important factor affecting DWC catch rates was ground gear. Scope length and the type of door bridle had little effect on DWC catch rates. Subsequent revisions to survey gear and towing protocol and their impact on the continuity of the slope survey time series are discussed