Operating Procedures and the Expectations Theory of the Term Structure of Interest Rates: A Note on the New Zealand Experience from 1989 to 2008

The operating procedure of a central bank influences in no small measure whether the behavior of interest rates is consistent with the expectations hypothesis. In New Zealand, the predictive content of the term spread improves markedly in the wake of the switch from a quantity-based to a price-based operating procedure in March 1999. The Official Cash Rate system has made it easier for market participants to understand the day-to-day conduct of monetary policy. As a result, market interest rates have become more predictable, thereby contributing to the success of the expectations hypothesis in explaining the behavior of yields on very short-dated financial instruments.

Metastable behavior of vortex matter in the electronic transport processes of homogenous superconductors

We study numerically the effect of vortex pinning on the hysteresis voltage-temperature (V-T) loop of vortex matter. It is found that different types of the V-T loops result from different densities of vortex pinning center. An anticlockwise V-T loop is observed for the vortex system with dense pinning centers, whereas a clockwise V-T loop is brought about for vortices with dilute pinning centers. It is shown that the size of the V-T loop becomes smaller for lower experimental speed, higher magnetic field, or weak pinning strength. Our numerical observation is in good agreement with experiments

Complex scale-free networks with tunable power-law exponent and clustering

This article is made available through the Brunel Open Access Publishing Fund. It is distributed under a Creative Commons License (http://creativecommons.org/licenses/by/3.0/). Copyright @ 2013 Elsevier B.V.We introduce a network evolution process motivated by the network of citations in the scientific literature. In each iteration of the process a node is born and directed links are created from the new node to a set of target nodes already in the network. This set includes mm “ambassador” nodes and ll of each ambassador’s descendants where mm and ll are random variables selected from any choice of distributions plpl and qmqm. The process mimics the tendency of authors to cite varying numbers of papers included in the bibliographies of the other papers they cite. We show that the degree distributions of the networks generated after a large number of iterations are scale-free and derive an expression for the power-law exponent. In a particular case of the model where the number of ambassadors is always the constant mm and the number of selected descendants from each ambassador is the constant ll, the power-law exponent is (2l+1)/l(2l+1)/l. For this example we derive expressions for the degree distribution and clustering coefficient in terms of ll and mm. We conclude that the proposed model can be tuned to have the same power law exponent and clustering coefficient of a broad range of the scale-free distributions that have been studied empirically.EPSR

Performance Comparison between Consequent-Pole and Inset Modular Permanent Magnet Machines

This paper proposes some consequent-pole modular permanent magnet machines with different flux gap widths and slot/pole number combinations. The corresponding inset modular permanent magnet machines having the same magnet volume are also presented for comparison. It has been demonstrated that the output torques of the consequent pole modular machines are always higher than those of the inset modular machines regardless of flux gap widths and slot/pole number combinations. Other electromagnetic performances such as back-EMF, cogging torque, and iron losses, etc. are calculated by 2D FEA software and compared as well. The advantages and disadvantages of consequent and inset modular permanent magnet machines are summarized in this paper

Theory of nonlinear Landau-Zener tunneling

A nonlinear Landau-Zener model was proposed recently to describe, among a number of applications, the nonadiabatic transition of a Bose-Einstein condensate between Bloch bands. Numerical analysis revealed a striking phenomenon that tunneling occurs even in the adiabatic limit as the nonlinear parameter $C$ is above a critical value equal to the gap $V$ of avoided crossing of the two levels. In this paper, we present analytical results that give quantitative account of the breakdown of adiabaticity by mapping this quantum nonlinear model into a classical Josephson Hamiltonian. In the critical region, we find a power-law scaling of the nonadiabatic transition probability as a function of $C/V-1$ and $\alpha$, the crossing rate of the energy levels. In the subcritical regime, the transition probability still follows an exponential law but with the exponent changed by the nonlinear effect. For $C/V>>1$, we find a near unit probability for the transition between the adiabatic levels for all values of the crossing rate.Comment: 9 figure

Site investigation for the effects of vegetation on ground stability

The procedure for geotechnical site investigation is well established but little attention is currently given to investigating the potential of vegetation to assist with ground stability. This paper describes how routine investigation procedures may be adapted to consider the effects of the vegetation. It is recommended that the major part of the vegetation investigation is carried out, at relatively low cost, during the preliminary (desk) study phase of the investigation when there is maximum flexibility to take account of findings in the proposed design and construction. The techniques available for investigation of the effects of vegetation are reviewed and references provided for further consideration. As for general geotechnical investigation work, it is important that a balance of effort is maintained in the vegetation investigation between (a) site characterisation (defining and identifying the existing and proposed vegetation to suit the site and ground conditions), (b) testing (in-situ and laboratory testing of the vegetation and root systems to provide design parameters) and (c) modelling (to analyse the vegetation effects)

Encoded Recoupling and Decoupling: An Alternative to Quantum Error Correcting Codes, Applied to Trapped Ion Quantum Computation

A recently developed theory for eliminating decoherence and design constraints in quantum computers, ``encoded recoupling and decoupling'', is shown to be fully compatible with a promising proposal for an architecture enabling scalable ion-trap quantum computation [D. Kielpinski et al., Nature 417, 709 (2002)]. Logical qubits are encoded into pairs of ions. Logic gates are implemented using the Sorensen-Molmer (SM) scheme applied to pairs of ions at a time. The encoding offers continuous protection against collective dephasing. Decoupling pulses, that are also implemented using the SM scheme directly to the encoded qubits, are capable of further reducing various other sources of qubit decoherence, such as due to differential dephasing and due to decohered vibrational modes. The feasibility of using the relatively slow SM pulses in a decoupling scheme quenching the latter source of decoherence follows from the observed 1/f spectrum of the vibrational bath.Comment: 12 pages, no figure

Cryo-EM structures of human fucosidase FucA1 reveal insight into substrate recognition and catalysis

Enzymatic hydrolysis of α-L-fucose from fucosylated glycoconjugates is consequential in bacterial infections and the neurodegenerative lysosomal storage disorder fucosidosis. Understanding human α-L-fucosidase catalysis, in an effort toward drug design, has been hindered by the absence of three-dimensional structural data for any animal fucosidase. Here, we have used cryoelectron microscopy (cryo-EM) to determine the structure of human lysosomal α-L-fucosidase (FucA1) in both an unliganded state and in complex with the inhibitor deoxyfuconojirimycin. These structures, determined at 2.49 Å resolution, reveal the homotetrameric structure of FucA1, the architecture of the catalytic center, and the location of both natural population variations and disease-causing mutations. Furthermore, this work has conclusively identified the hitherto contentious identity of the catalytic acid/base as aspartate-276, representing a shift from both the canonical glutamate acid/base residue and a previously proposed glutamate residue. These findings have furthered our understanding of how FucA1 functions in both health and disease.Bio-organic Synthesi