Dynamic Factor Analysis for Measuring Money

Technological innovations in the financial industry pose major problems for the measurement of monetary aggregates. The authors describe work on a new measure of money that has a more satisfactory means of identifying and removing the effects of financial innovations. The new method distinguishes between the measured data (currency and deposit balances) and the underlying phenomena of interest (the intended use of money for transactions and savings). Although the classification scheme used for monetary aggregates was originally designed to provide a proxy for the phenomena of interest, it is breaking down. The authors feel it is beneficial to move to an explicit attempt to measure an index of intended use. The distinction is only a preliminary step. It provides a mechanism that allows for financial innovations to affect measured data without fundamentally altering the underlying phenomena being measured, but it does not automatically accommodate financial innovations. To achieve that step will require further work. At least intuitively, however, the focus on an explicit measurement model provides a better framework for identifying when financial innovations change the measured data. Although the work is preliminary, and there are many outstanding problems, if the approach proves successful it will result in the most fundamental reformulation in the way money is measured since the introduction of monetary aggregates half a century ago. The authors review previous methodologies and describe a dynamic factor approach that makes an explicit distinction between the measured data and the underlying phenomena. They present some preliminary estimates using simulated and real data.Econometric and statistical methods; Monetary aggregates; Monetary and financial indicators

Money and Credit Factors

The authors introduce new measures of important underlying macroeconomic phenomena that affect the financial side of the economy. These measures are calculated using the time-series factor analysis (TSFA) methodology introduced in Gilbert and Meijer (2005). The measures appear to be both more interesting and more robust to the effects of financial innovations than traditional aggregates. The general ideas set out in Gilbert and Pichette (2003) are pursued, but the improved estimation methods of TSFA are used. Furthermore, four credit aggregates are added to the components of the monetary aggregates, resulting in the possibility of extracting more common factors.Credit and credit aggregates; Monetary aggregates; Econometric and statistical methods

Microgravity Combustion Diagnostics Workshop

Through the Microgravity Science and Applications Division (MSAD) of the Office of Space Science and Applications (OSSA) at NASA Headquarters, a program entitled, Advanced Technology Development (ATD) was promulgated with the objective of providing advanced technologies that will enable the development of future microgravity science and applications experimental flight hardware. Among the ATD projects one, Microgravity Combustion Diagnostics (MCD), has the objective of developing advanced diagnostic techniques and technologies to provide nonperturbing measurements of combustion characteristics and parameters that will enhance the scientific integrity and quality of microgravity combustion experiments. As part of the approach to this project, a workshop was held on July 28 and 29, 1987, at the NASA Lewis Research Center. A small group of laser combustion diagnosticians met with a group of microgravity combustion experimenters to discuss the science requirements, the state-of-the-art of laser diagnostic technology, and plan the direction for near-, intermediate-, and long-term programs. This publication describes the proceedings of that workshop

External Shear in Quadruply Imaged Lens Systems

We use publicly available N-body simulations and semi-analytic models of galaxy formation to estimate the levels of external shear due to structure near the lens in gravitational lens systems. We also describe two selection effects, specific to four-image systems, that enhance the probability of observing systems to have higher external shear. Ignoring additional contributions from "cosmic shear" and assuming that lens galaxies are not significantly flattened, we find that the mean shear at the position of a quadruple lens galaxy is 0.11, the rms shear is roughly 0.15, and there is roughly a 45% likelihood of external shear greater than 0.1. This is much larger than previous estimates and in good agreement with typical measured external shear. The higher shear primarily stems from the tendency of early-type galaxies, which are the majority of lenses, to reside in overdense regions.Comment: 5 pages, 2 figures, ApJ in press, minor revision

Saliendo Adelante: Stressors and Coping Strategies Among Immigrant Latino Men Who Have Sex With Men in a Nontraditional Settlement State

Immigrant Latino men who have sex with men (MSM) are marginalized along multiple dimensions (e.g., ethnicity, sexual orientation, language use), which can negatively affect their health and well-being. As little is known about how this subgroup experiences the stress of marginalization and how, in turn, they cope with such stress, this study investigated stressors and coping strategies to better understand the factors shaping Latino MSM health. Assisted by a community advisory committee, we conducted in-depth interviews with 15 foreign-born Latino MSM in a nontraditional settlement state. Drawing on grounded theory methods, we analyzed transcripts iteratively to identify processes and characterize themes. Results were confirmed in member check interviews (n = 4) and findings were further contextualized through key informant interviews (n = 3). Participants reported ubiquitous, concurrent stressors due to being an immigrant, being a sexual minority, and being working poor. In particular, homophobia within families and local Latino communities was seen as pervasive. Some participants faced additional stressors due to being undocumented and not being Mexican. Participants drew on four types of coping strategies, with no dominant coping response: passive coping (i.e., not reacting to stressors); attempting to change stressors; seeking social support; and seeking distractions. Family ties, especially with mothers, provided key emotional support but could also generate stress related to participants’ sexuality. This study lays a foundation for future work and is particularly relevant for Latino MSM in nontraditional settlement states. Findings may inform future interventions to reduce stressors and increase resiliency, which can positively affect multiple health outcomes

Abnormal functional specialization within medial prefrontal cortex in high-functioning autism: a multi-voxel similarity analysis

Multi-voxel pattern analyses have proved successful in ‘decoding’ mental states from fMRI data, but have not been used to examine brain differences associated with atypical populations. We investigated a group of 16 (14 males) high-functioning participants with autism spectrum disorder (ASD) and 16 non-autistic control participants (12 males) performing two tasks (spatial/verbal) previously shown to activate medial rostral prefrontal cortex (mrPFC). Each task manipulated: (i) attention towards perceptual versus self-generated information and (ii) reflection on another person's mental state (‘mentalizing'versus ‘non-mentalizing’) in a 2 × 2 design. Behavioral performance and group-level fMRI results were similar between groups. However, multi-voxel similarity analyses revealed strong differences. In control participants, the spatial distribution of activity generalized significantly between task contexts (spatial/verbal) when examining the same function (attention/mentalizing) but not when comparing different functions. This pattern was disrupted in the ASD group, indicating abnormal functional specialization within mrPFC, and demonstrating the applicability of multi-voxel pattern analysis to investigations of atypical populations

First-principles calculations of magnetization relaxation in pure Fe, Co, and Ni with frozen thermal lattice disorder

The effect of the electron-phonon interaction on magnetization relaxation is studied within the framework of first-principles scattering theory for Fe, Co, and Ni by displacing atoms in the scattering region randomly with a thermal distribution. This "frozen thermal lattice disorder" approach reproduces the non-monotonic damping behaviour observed in ferromagnetic resonance measurements and yields reasonable quantitative agreement between calculated and experimental values. It can be readily applied to alloys and easily extended by determining the atomic displacements from ab initio phonon spectra

The Impact of Halo Properties, Energy Feedback and Projection Effects on the Mass-SZ Flux Relation

We present a detailed analysis of the intrinsic scatter in the integrated SZ effect - cluster mass (Y-M) relation, using semi-analytic and simulated cluster samples. Specifically, we investigate the impact on the Y-M relation of energy feedback, variations in the host halo concentration and substructure populations, and projection effects due to unresolved clusters along the line of sight (the SZ background). Furthermore, we investigate at what radius (or overdensity) one should measure the integrated SZE and define cluster mass so as to achieve the tightest possible scaling. We find that the measure of Y with the least scatter is always obtained within a smaller radius than that at which the mass is defined; e.g. for M_{200} (M_{500}) the scatter is least for Y_{500} (Y_{1100}). The inclusion of energy feedback in the gas model significantly increases the intrinsic scatter in the Y-M relation due to larger variations in the gas mass fraction compared to models without feedback. We also find that variations in halo concentration for clusters of a given mass may partly explain why the integrated SZE provides a better mass proxy than the central decrement. Substructure is found to account for approximately 20% of the observed scatter in the Y-M relation. Above M_{200} = 2x10^{14} h^{-1} msun, the SZ background does not significantly effect cluster mass measurements; below this mass, variations in the background signal reduce the optimal angular radius within which one should measure Y to achieve the tightest scaling with M_{200}.Comment: 12 pages, 6 figures, to be submitted to Ap