What are the consequences of global banking for the international transmission of shocks? A quantitative analysis

The global financial crisis of 2008 was followed by a wave of regulatory reforms that affected large banks, especially those with a global presence. These reforms were reactive to the crisis. In this paper we propose a structural model of global banking that can be used proactively to perform counterfactual analysis on the effects of alternative regulatory policies. The structure of the model mimics the US regulatory framework and highlights the organizational choices that banks face when entering a foreign market: branching versus subsidiarization. When calibrated to match moments from a sample of European banks, the model is able to replicate the response of the US banking sector to the European sovereign debt crisis. Our counterfactual analysis suggests that pervasive subsidiarization, higher capital requirements, or ad hoc monetary policy interventions would have mitigated the effects of the crisis on US lending.https://www.nber.org/papers/w25203Published versio

Generalized Fourier Integral Operators on spaces of Colombeau type

Generalized Fourier integral operators (FIOs) acting on Colombeau algebras are defined. This is based on a theory of generalized oscillatory integrals (OIs) whose phase functions as well as amplitudes may be generalized functions of Colombeau type. The mapping properties of these FIOs are studied as the composition with a generalized pseudodifferential operator. Finally, the microlocal Colombeau regularity for OIs and the influence of the FIO action on generalized wave front sets are investigated. This theory of generalized FIOs is motivated by the need of a general framework for partial differential operators with non-smooth coefficients and distributional data

Classes of generalized functions with finite type regularities

We introduce and analyze spaces and algebras of generalized functions which correspond to Hölder, Zygmund, and Sobolev spaces of functions. The main scope of the paper is the characterization of the regularity of distributions that are embedded into the corresponding space or algebra of generalized functions with finite type regularities

Regularity properties of distributions through sequences of functions

We give necessary and sufficient criteria for a distribution to be smooth or uniformly H\"{o}lder continuous in terms of approximation sequences by smooth functions; in particular, in terms of those arising as regularizations $(T\ast\phi_{n})$.Comment: 10 page

Experiment K-6-03. Gravity and skeletal growth, part 1. Part 2: Morphology and histochemistry of bone cells and vasculature of the tibia; Part 3: Nuclear volume analysis of osteoblast histogenesis in periodontal ligament cells; Part 4: Intervertebral disc swelling pressure associated with microgravity

Bone area, bone electrophysiology, bone vascularity, osteoblast morphology, and osteoblast histogenesis were studied in rats associated with Cosmos 1887. The results suggest that the synchronous animals were the only group with a significantly larger bone area than the basal group, that the bone electrical potential was more negative in flight than in the synchronous rats, that the endosteal osteoblasts from flight rats had greater numbers of transitional Golgi vesicles but no difference in the large Golgi saccules or the alkaline phosphatase activity, that the perioteal vasculature in the shaft of flight rats often showed very dense intraluminal deposits with adjacent degenerating osteocytes as well as lipid accumulations within the lumen of the vessels and sometimes degeneration of the vascular wall (this change was not present in the metaphyseal region of flight animals), and that the progenitor cells decreased in flight rats while the preosteoblasts increased compared to controls. Many of the results suggest that the animals were beginning to recover from the effects of spaceflight during the two day interval between landing and euthanasia; flight effects, such as the vascular changes, did not appear to recover

Refinement of Mg alloys crystal structure via Nb-based heterogeneous substrates for improved performances

Copyright © 2018 The Author(s). Lightness and high specific strength make magnesium alloys ideal materials for the transportation industry, especially the automotive sector that is struggling to cope with the everyday more stringent regulations on emission of carbon dioxide. Wrought magnesium alloys are difficult to deform because of the few active slip systems characteristic of their hexagonal close-packed lattice. Consequently, most of the commercially available magnesium alloys are alloys based on the Mg-Al binary system used in casting processes. The improvement of the mechanical properties of these alloys cannot be achieved by means of grain refinement using Zr due to the formation of Zr aluminides. In this study we propose a novel chemical composition that can refine all types of Mg alloys as proved in the Al-containing AM50 Mg alloy. We demonstrate that Nb-B inoculation of Mg alloys promotes the formation of heterogeneously nucleated primary α-Mg grains leading to the reduction of the grain size and this is obtained over a wide range of cooling rates. We also show that the grain refinement achieved leads to the improvement of the properties of high pressure die cast Mg automotive components and has the potential to enhance the mechanical properties of cast Mg alloys.Engineering and Physical Sciences Research Counci

Clan structure analysis and new physics signals in pp collisions at LHC

The study of possible new physics signals in global event properties in pp collisions in full phase space and in rapidity intervals accessible at LHC is presented. The main characteristic is the presence of an elbow structure in final charged particle MD's in addition to the shoulder observed at lower c.m. energies.Comment: 9 pages, talk given at Focus on Multiplicity (Bari, Italy, June 2004