An investigation of current sheet structure in a cylindrical Z-pinch

Structure of propagating current sheet in large radius cylindrical pinch discharg

Numerical evaluation of one-loop QCD amplitudes

We present the publicly available program NGluon allowing the numerical evaluation of primitive amplitudes at one-loop order in massless QCD. The program allows the computation of one-loop amplitudes for an arbitrary number of gluons. The focus of the present article is the extension to one-loop amplitudes including an arbitrary number of massless quark pairs. We discuss in detail the algorithmic differences to the pure gluonic case and present cross checks to validate our implementation. The numerical accuracy is investigated in detail.Comment: Talk given at ACAT 2011 conference in London, 5-9 Septembe

Liquidity creation without a lender of last resort: clearinghouse loan certificates in the Banking Panic of 1907

We employ a new data set comprised of disaggregate figures on clearinghouse loan certificate issues in New York City to document how the dominant national banks were crucial providers of temporary liquidity during the Panic of 1907. Clearinghouse loan certificates were essentially "bridge loans" arranged between clearinghouse members that enabled and were issued in anticipation of monetary gold imports, which took a few weeks to arrive. The large New York City national banks acted as private liquidity providers by requesting (and the New York clearinghouse issuing) a volume of clearinghouse loan certificates beyond their own immediate liquidity needs. While loan certificates were a temporary solution at best to the liquidity crisis in 1907, their issuance allowed the New York banks to serve their role as central reserve city banks in the national banking system.

Why didn't the United States establish a central bank until after the panic of 1907?

Monetary historians conventionally trace the establishment of the Federal Reserve System in 1913 to the turbulence of the Panic of 1907. But why did the successful movement for creating a U.S. central bank follow the Panic of 1907 and not any earlier National Banking Era panic? The 1907 panic displayed a less severe output contraction than other national banking era panics, and national bank deposit and loan data suggest only a limited impairment to intermediation through these institutions. ; We argue that the Panic of 1907 was substantially different from earlier National Banking Era panics. The 1907 financial crisis focused on New York City trust companies, a relatively unregulated intermediary outside the control of the New York Clearinghouse. Yet trusts comprised a large proportion of New York City intermediary assets in 1907. Prior panics struck primarily national banks that were within the influence of the clearinghouses, and the private clearinghouses provided liquidity to member institutions that were perceived as solvent. Absent timely information on trusts, the New York Clearinghouse offered insufficient liquidity to the trust companies to quell the panic quickly. ; In the aftermath of the 1907 panic, New York bankers saw heightened danger to the financial system arising from "riskier" institutions outside of their clearinghouse and beyond their direct influence. The reform proposals from New York banking interests advocated universal membership in a centralized reserve system to overcome the risk of financial panic arising from the observed isolation of some intermediaries. Serious consideration of federal legislation to reform the banking system took place because New York bankers changed in their attitude toward a system of reserves beyond their control.Banks and banking - History ; Banks and banking, Central

Liquidity creation without a lender of last resort: clearing house loan certificates in the Banking Panic of 1907

We employ a new data set comprised of disaggregate figures on clearing house loan certificate issues in New York City to document how the dominant national banks were crucial providers of temporary liquidity during the Panic of 1907. Clearing house loan certificates were essentially “bridge loans” arranged between clearing house members. They enabled and were issued in anticipation of gold imports, which took a few weeks to arrive. The large, New York City national banks acted as private liquidity providers by requesting (and the New York Clearing House issuing) a volume of clearing house loan certificates beyond their own immediate liquidity needs, in accord with their role as central reserve city banks in the national banking system.Financial crises - United States ; Lenders of last resort

Lessons from the panic of 1907

Depressions ; Banks and banking - History

An in-flight simulation of lateral control nonlinearities

An in-flight simulation program was conducted to explore, in a generalized way, the influence of spoiler-type roll-control nonlinearities on handling qualities. The roll responses studied typically featured a dead zone or very small effectiveness for small control inputs, a very high effectiveness for mid-range deflections, and low effectiveness again for large inputs. A linear force gradient with no detectable breakout force was provided. Given otherwise good handling characteristics, it was found that moderate nonlinearities of the types tested might yield acceptable roll control, but the best level of handling qualities is obtained with linear, aileron-like control

The call loan market in the U.S. financial system prior to the Federal Reserve System

The call loan market in New York City played a central role in funding the expansion of economic growth and capital investment in the United States in the late 1800s and early 1900s. Changes in the identity of the intermediaries providing those funds help explain why the movement for the establishment of a central bank in the United States took hold only after the panic of 1907. The growing significance of nonclearinghouse creditors to the call money market diluted the relative financial influence of the New York City bankers and compromised the apparent “coinsurance” arrangement between brokers and New York Clearinghouse lenders that prevailed during the late nineteenth century.