What Were They Thinking? The Federal Reserve In The Run-Up To The 2008 Financial Crisis

The Federal Reserve (the Fed) is responsible for monitoring, analyzing and ultimately stabilizing US financial markets. It also has unrivalled access to economic data, high-level connections to financial institutions, and a large staff of professionally trained economists. Why then was it apparently unconcerned by the financial developments that are now widely recognized to have caused the 2008 financial crisis? Using a wide range of Fed documents from the pre-crisis period, particularly the transcripts of meetings of the Federal Open Market Committee (FOMC), this paper shows that Fed policymakers and staff were aware of relevant developments in financial markets, but paid infrequent attention to them and disregarded significant systemic threats. Drawing on literatures in economics, political science and sociology, the paper then demonstrates that the Fed\u27s intellectual paradigm in the years before the crisis focused on ‘post hoc interventionism’ – the institution\u27s ability to limit the fallout should a systemic disturbance arise. Further, the paper argues that institutional routines played a crucial role in maintaining this paradigm and in contributing to the Fed\u27s inadequate attention to the warning signals in the pre-crisis period

Calculation of geometric phases in electric dipole searches with trapped spin-1/2 particles based on direct solution of the Schr\"odinger equation

Pendlebury $\textit{et al.}$ [Phys. Rev. A $\textbf{70}$, 032102 (2004)] were the first to investigate the role of geometric phases in searches for an electric dipole moment (EDM) of elementary particles based on Ramsey-separated oscillatory field magnetic resonance with trapped ultracold neutrons and comagnetometer atoms. Their work was based on the Bloch equation and later work using the density matrix corroborated the results and extended the scope to describe the dynamics of spins in general fields and in bounded geometries. We solve the Schr\"odinger equation directly for cylindrical trap geometry and obtain a full description of EDM-relevant spin behavior in general fields, including the short-time transients and vertical spin oscillation in the entire range of particle velocities. We apply this method to general macroscopic fields and to the field of a microscopic magnetic dipole.Comment: 11 pages, 4 figure

IMMUNOLOGICAL TOLERANCE TO A HAPTEN : I. INDUCTION AND MAINTENANCE OF TOLERANCE TO TRINITROPHENYL WITH TRINITROBENZENE SULFONIC ACID

Treatment of mice with a nonimmunogenic preparation of free reactive hapten, trinitrobenzene sulfonic acid (TNBS), leads to the induction of a state of tolerance to the hapten, 2,4,6-trinitrophenyl (TNP). This is determined by the lack of response to the haptenic moiety in an immunogenic hapten-carrier conjugate (TNP-SRBC) as assayed both by serum antibody titrations and the hemolytic plaque assay. The tolerance produced is specific for the hapten, since the anticarrier responses are essentially unaltered compared with the control values. The unresponsiveness induced by TNBS treatment is a dose-dependent phenomenon, becoming less complete at lower doses of TNBS. The tolerance is of a definite length, both in its induction phase and in the duration of the established unresponsive state. Tolerance can be maintained and extended, and may also be reentered once escape has been initiated

Circular photon drag effect in bulk tellurium

The circular photon drag effect is observed in a bulk semiconductor. The photocurrent caused by a transfer of both translational and angular momenta of light to charge carriers is detected in tellurium in the mid-infrared frequency range. Dependencies of the photocurrent on the light polarization and on the incidence angle agree with the symmetry analysis of the circular photon drag effect. Microscopic models of the effect are developed for both intra- and inter-subband optical absorption in the valence band of tellurium. The shift contribution to the circular photon drag current is calculated. An observed decrease of the circular photon drag current with increase of the photon energy is explained by the theory for inter-subband optical transitions. Theoretical estimates of the circular photon drag current agree with the experimental data.Comment: 8 pages, 4 figure

Developments in new aircraft tire tread materials

Comparative laboratory and field tests were conducted on experimental and state-of-the-art aircraft tire tread materials in a program aimed at seeking new elastomeric materials which would provide improved aircraft tire tread wear, traction, and blowout resistance in the interests of operational safety and economy. The experimental stock was formulated of natural rubber and amorphous vinyl polybutadiene to provide high thermal-oxidative resistance, a characteristic pursued on the premise that thermal oxidation is involved both in the normal abrasion or wear of tire treads and probably in the chain of events leading to blowout failures. Results from the tests demonstrate that the experimental stock provided better heat buildup (hysteresis) and fatigue properties, at least equal wet and dry traction, and greater wear resistance than the state-of-the-art stock

Valley separation in graphene by polarized light

We show that the optical excitation of graphene with polarized light leads to the pure valley current where carriers in the valleys counterflow. The current in each valley originates from asymmetry of optical transitions and electron scattering by impurities owing to the warping of electron energy spectrum. The valley current has strong polarization dependence, its direction is opposite for normally incident beams of orthogonal linear polarizations. In undoped graphene on a substrate with high susceptibility, electron-electron scattering leads to an additional contribution to the valley current that can dominate.Comment: 4+ pages, 2 figure

Second Cambridge Workshop on Cool Stars, Stellar Systems, and the Sun, volume 1

Solar and stellar atmospheric phenomena and their fundamental physical properties such as gravity, effective temperature and rotation rate, which provides the range in parameter space required to test various theoretical models were investigated. The similarity between solar activity and stellar activity is documented. Some of the topics discussed are: atmospheric structure, magnetic fields, solar and stellar activity, and evolution