Financial integration and growth in a risky world

We revisit the debate on the benefits of financial integration in a two-country neoclassical growth model with aggregate uncertainty. The framework accounts simultaneously for gains from a more efficient capital allocation and gains from risk sharing—together with their interaction. Global numerical methods allow for meaningful welfare comparisons. Gains from integration are quantitatively small, even for riskier and capital scarce emerging economies. These countries import capital for efficiency reasons before exporting it for self-insurance, leading to capital flows and growth reversals along the transition. This opens the door to richer empirical implications than previously considered in the literature

Estimate of the Cosmological Bispectrum from the MAXIMA-1 Cosmic Microwave Background Map

We use the measurement of the cosmic microwave background taken during the MAXIMA-1 flight to estimate the bispectrum of cosmological perturbations. We propose an estimator for the bispectrum that is appropriate in the flat sky approximation, apply it to the MAXIMA-1 data and evaluate errors using bootstrap methods. We compare the estimated value with what would be expected if the sky signal were Gaussian and find that it is indeed consistent, with a $\chi^2$ per degree of freedom of approximately unity. This measurement places constraints on models of inflation.Comment: 5 pages, 2 figures. New version to match paper accepted for publication in Phys. Rev. Lett. Non-diagonal terms included leading to new limits on f_N

Determining Foreground Contamination in CMB Observations: Diffuse Galactic Emission in the MAXIMA-I Field

Observations of the CMB can be contaminated by diffuse foreground emission from sources such as Galactic dust and synchrotron radiation. In these cases, the morphology of the contaminating source is known from observations at different frequencies, but not its amplitude at the frequency of interest for the CMB. We develop a technique for accounting for the effects of such emission in this case, and for simultaneously estimating the foreground amplitude in the CMB observations. We apply the technique to CMB data from the MAXIMA-1 experiment, using maps of Galactic dust emission from combinations of IRAS and DIRBE observations, as well as compilations of Galactic synchrotron emission observations. The spectrum of the dust emission over the 150--450 GHz observed by MAXIMA is consistent with preferred models but the effect on CMB power spectrum observations is negligible.Comment: 19 pages, 8 figures, accepted for publication in the Astrophysical Journal. Monor changes to match the published versio

MAXIPOL: Cosmic Microwave Background Polarimetry Using a Rotating Half-Wave Plate

We discuss MAXIPOL, a bolometric balloon-borne experiment designed to measure the E-mode polarization of the cosmic microwave background radiation (CMB). MAXIPOL is the first bolometric CMB experiment to observe the sky using rapid polarization modulation. To build MAXIPOL, the CMB temperature anisotropy experiment MAXIMA was retrofitted with a rotating half-wave plate and a stationary analyzer. We describe the instrument, the observations, the calibration and the reduction of data collected with twelve polarimeters operating at 140 GHz and with a FWHM beam size of 10 arcmin. We present maps of the Q and U Stokes parameters of an 8 deg^2 region of the sky near the star Beta Ursae Minoris. The power spectra computed from these maps give weak evidence for an EE signal. The maximum-likelihood amplitude of l(l+1)C^{EE}_{l}/(2 pi) is 55_{-45}^{+51} uK^2 (68%), and the likelihood function is asymmetric and skewed positive such that with a uniform prior the probability that the amplitude is positive is 96%. This result is consistent with the expected concordance LCDM amplitude of 14 uK^2. The maximum likelihood amplitudes for l(l+1)C^{BB}_{l}/(2 pi) and $\ell(\ell+1)C^{EB}_{\ell}/2\pi$ are -31_{-19}^{+31} and 18_{-34}^{+27} uK^2 (68%), respectively, which are consistent with zero. All of the results are for one bin in the range 151 < l < 693. Tests revealed no residual systematic errors in the time or map domain. A comprehensive discussion of the analysis of the data is presented in a companion paper.Comment: 19 pages, 11 figures, 2 tables, submitted to Ap

MAXIMA: an experiment to measure temperature anisotropy in the cosmic microwave background

We describe the MAXIMA experiment, a balloon-borne measurement designed to map temperature anisotropy in the Cosmic Microwave Background (CMB) over a wide range of angular scales (multipole range 80 < l < 800). The experiment consists of a 1.3 m diameter off-axis Gregorian telescope and a receiver with a 16 element array of bolometers cooled to 100 mK. The frequency bands are centered at 150, 240, and 410 GHz. The 10' FWHM beam sizes are well matched to the scale of acoustic peaks expected in the angular power spectrum of the CMB. The first flight of the experiment in its full configuration was launched in August 1998. A 122 sq-deg map of the sky was made near the Draco constellation during the 7 hour flight in a region of extremely low galactic dust contamination. This map covers 0.3% of the sky and has 3200 independent beamsize pixels. We describe the MAXIMA instrument and its performance during the recent flight.Comment: To appear in proceedings of `3K Cosmology', ed. F Melchiorri, Conference held Oct 5-10 1998, Rome, 13 pages LaTeX (using aipproc2.sty & aipproc2.cls), Postscript with higher resolution graphics available at http://cfpa.berkeley.edu/group/cmb/gen.htm

The Structure of a Complex of Bovine ɑ-Thrombin and Recombinant Hirudin at 2.8-Å Resolution

Crystals of the complex of bovine alpha-thrombin with recombinant hirudin variant 1 have space group C222(1) with cell constants a = 59.11, b = 102.62, and c = 143.26 A. The orientation and position of the thrombin component was determined by molecular replacement and the hirudin molecule was fit in 2 magnitude of Fo - magnitude of Fc electron density maps. The structure was refined by restrained least squares and simulated annealing to R = 0.161 at 2.8-A resolution. The binding of hirudin to thrombin is generally similar to that observed in the crystals of human thrombin-hirudin. Several differences in the interactions of the COOH-terminal polypeptide of hirudin, specifically of residues Asp-55h, Phe-56h, Glu-57h, and Glu-58h, and a few differences in the interactions of the hirudin core, specifically of residues Asp-5h, Ser-19h, and Asn-20h, with thrombin from human thrombin-hirudin suggest that there is some flexibility in the binding of these 2 molecules. Most of the residues in the 9 subsites that bind fibrinopeptide A7-16 to thrombin also interact with the NH2-terminal domain of hirudin. The S1 subsite is a notable exception in that only 1 of its 6 residues, namely Ser-214, interacts with hirudin. The only difference between human and bovine thrombins that appears to influence the binding of hirudin is the replacement of Lys-149E by an acidic glutamate in the bovine enzyme

The Structure of a Complex of Bovine &-Thrombin and Recombinant Hirudin at 2.8-A Resolution

Crystals of the complex of bovine alpha-thrombin with recombinant hirudin variant 1 have space group C222(1) with cell constants a = 59.11, b = 102.62, and c = 143.26 A. The orientation and position of the thrombin component was determined by molecular replacement and the hirudin molecule was fit in 2 magnitude of Fo - magnitude of Fc electron density maps. The structure was refined by restrained least squares and simulated annealing to R = 0.161 at 2.8-A resolution. The binding of hirudin to thrombin is generally similar to that observed in the crystals of human thrombin-hirudin. Several differences in the interactions of the COOH-terminal polypeptide of hirudin, specifically of residues Asp-55h, Phe-56h, Glu-57h, and Glu-58h, and a few differences in the interactions of the hirudin core, specifically of residues Asp-5h, Ser-19h, and Asn-20h, with thrombin from human thrombin-hirudin suggest that there is some flexibility in the binding of these 2 molecules. Most of the residues in the 9 subsites that bind fibrinopeptide A7-16 to thrombin also interact with the NH2-terminal domain of hirudin. The S1 subsite is a notable exception in that only 1 of its 6 residues, namely Ser-214, interacts with hirudin. The only difference between human and bovine thrombins that appears to influence the binding of hirudin is the replacement of Lys-149E by an acidic glutamate in the bovine enzyme

The Structure of a Complex of Bovine &-Thrombin and Recombinant Hirudin at 2.8-A Resolution

Crystals of the complex of bovine alpha-thrombin with recombinant hirudin variant 1 have space group C222(1) with cell constants a = 59.11, b = 102.62, and c = 143.26 A. The orientation and position of the thrombin component was determined by molecular replacement and the hirudin molecule was fit in 2 magnitude of Fo - magnitude of Fc electron density maps. The structure was refined by restrained least squares and simulated annealing to R = 0.161 at 2.8-A resolution. The binding of hirudin to thrombin is generally similar to that observed in the crystals of human thrombin-hirudin. Several differences in the interactions of the COOH-terminal polypeptide of hirudin, specifically of residues Asp-55h, Phe-56h, Glu-57h, and Glu-58h, and a few differences in the interactions of the hirudin core, specifically of residues Asp-5h, Ser-19h, and Asn-20h, with thrombin from human thrombin-hirudin suggest that there is some flexibility in the binding of these 2 molecules. Most of the residues in the 9 subsites that bind fibrinopeptide A7-16 to thrombin also interact with the NH2-terminal domain of hirudin. The S1 subsite is a notable exception in that only 1 of its 6 residues, namely Ser-214, interacts with hirudin. The only difference between human and bovine thrombins that appears to influence the binding of hirudin is the replacement of Lys-149E by an acidic glutamate in the bovine enzyme

From the time-ordered data to the Maximum-Likelihood temperature maps of the Cosmic Microwave Backgorund anisotropy

We review selected methods of the Cosmic Microwave Background data analysis appropriate for the analysis of the largest currently available data sets. We focus on techniques of the time-ordered data manipulation and map making algorithms based on the maximum-likelihood approach. The presented methods have been applied to the MAXIMA data analysis (Hanany et al 2000) and the description of the algorithms is illustrated with the examples drawn from that experience. The more extensive presentation of the here-mentioned issues will be given in the forthcoming paper (Stompor et al 2001)

Tests for Gaussianity of the MAXIMA-1 CMB Map

Gaussianity of the cosmological perturbations in the universe is one of the key predictions of standard inflation, but it is violated by other models of structure formation such as topological defects. We present the first test of the Gaussianity of the cosmic microwave background (CMB) on sub-degree angular scales, where deviations from Gaussianity are most likely to occur. We apply the methods of moments, cumulants, the Kolmogorov test, the $\chi^2$ test, and Minkowski functionals in eigen, real, Wiener-filtered and signal-whitened spaces, to the MAXIMA-1 CMB anisotropy data. We conclude that the data, which probe angular scales between 10 arcminutes and 5 degrees, are consistent with Gaussianity.Comment: 5 pages, 6 figures, (PRL, in press (2001)