3,044 research outputs found
Credit crises, money, and contractions: A historical view
The relatively infrequent nature of major credit distress events makes a historical approach particularly useful. Using a combination of historical narrative and econometric techniques, we identify major periods of credit distress from 1875 to 2007, examine the extent to which credit distress arises as part of the transmission> of monetary policy, and document the subsequent effect on output. Using turning points defined by the Harding-Pagan algorithm, we identify and compare the timing, duration, amplitude, and comovement of cycles in money, credit, and output. Regressions show that financial distress events exacerbate business cycle downturns both in the nineteenth and twentieth centuries and that a confluence of such events makes recessions even worse.Monetary policy ; Credit ; Business cycles
The Yield Curve, Recessions and the Credibility of the Monetary Regime: Long Run Evidence 1875-1997
This paper brings historical evidence to bear on the stylized fact that the yield curve predicts future growth. The spread between corporate bonds and commercial paper reliably predicts future growth over the period 1875-1997. This predictability varies over time, however, particularly across different monetary regimes. In accord with our proposed theory, regimes with low credibility (high persistence of inflation) tend to have better predictability.
Credit Crises, Money and Contractions: an historical view
The relatively infrequent nature of major credit distress events makes an historical approach particularly useful. Using a combination of historical narrative and econometric techniques, we identify major periods of credit distress from 1875 to 2007, examine the extent to which credit distress arises as part of the transmission of monetary policy, and document the subsequent effect on output. Using turning points defined by the Harding-Pagan algorithm, we identify and compare the timing, duration, amplitude and co-movement of cycles in money, credit and output. Regressions show that financial distress events exacerbate business cycle downturns both in the nineteenth and twentieth centuries and that a confluence of such events makes recessions even worse.
Trophic upgrading and mobilization of wax esters in microzooplankton
Heterotrophic protists play pivotal roles in aquatic ecosystems by transferring matter and energy, including lipids, from primary producers to higher trophic predators. Using Oxyrrhis marina as a model organism, changes to the non-saponifiable protist lipids were investigated under satiation and starvation conditions. During active feeding on the alga Cryptomonas sp., the O. marina hexane soluble non-saponifiable fraction lipid profile reflected its food source with the observed presence of long chain mono-unsaturated fatty alcohols up to C25:1. Evidence of trophic upgrading in O. marina was observed with long chain mono-unsaturated fatty alcohol accumulation of up to C35:1. To the best of our knowledge, this is the first evidence that heterotrophic dinoflagellates are capable of producing ester derived alcohols and that dinoflagellates like O. marina are capable of synthesizing fatty alcohols up to C 35 . Additionally, we show evidence of trophic upgrading of lipids. During a 20-day resource deprivation, the lipid profile remained constant. During starvation, the mobilization of wax esters as energy stores was observed with long chain fatty alcohols mobilized first. Changes in lipid class profile and utilization of wax esters in O. marina provides insight into the types of lipids available for energy demand, the transfer of lipids through the base of marine food webs, and the catabolic response induced by resource deprivation
A Quantum Tweezer for Atoms
We propose a quantum tweezer for extracting a desired number of neutral atoms
from a reservoir. A trapped Bose-Einstein condensate (BEC) is used as the
reservoir, taking advantage of its coherent nature, which can guarantee a
constant outcome. The tweezer is an attractive quantum dot, which may be
generated by red-detuned laser light. By moving with certain speeds, the dot
can extract a desired number of atoms from the BEC through Landau-Zener
tunneling. The feasibility of our quantum tweezer is demonstrated through
realistic and extensive model calculations.Comment: 4 pages, 6 figures Revised versio
Parallel Quantum-Point-Contacts as High-Frequency-Mixers
We present the results of high-frequency mixing experiments performed upon
parallel quantum point-contacts defined in the two-dimensional electron gas of
an Al_{x}Ga_{1-x}As/GaAs-heterostructure. The parallel geometry, fabricated
using a novel double-resist technology, enables the point-contact device to be
impedance matched over a wide frequency range and, in addition, increases the
power levels of the mixing signal while simultaneously reducing the parasitic
source-drain capacitance. Here, we consider two parallel quantum point-contact
devices with 155 and 110 point-contacts respectively; both devices operated
successfully at liquid helium and liquid nitrogen temperatures with a minimal
conversion loss of 13 dB.Comment: 4 figures, RevTeX, to be published in the 16 June 1997 issue of
Applied Physic Letter
Time series aggregation, disaggregation and long memory
We study the aggregation/disaggregation problem of random parameter AR(1)
processes and its relation to the long memory phenomenon. We give a
characterization of a subclass of aggregated processes which can be obtained
from simpler, "elementary", cases. In particular cases of the mixture
densities, the structure (moving average representation) of the aggregated
process is investigated
A single atom detector integrated on an atom chip: fabrication, characterization and application
We describe a robust and reliable fluorescence detector for single atoms that
is fully integrated into an atom chip. The detector allows spectrally and
spatially selective detection of atoms, reaching a single atom detection
efficiency of 66%. It consists of a tapered lensed single-mode fiber for
precise delivery of excitation light and a multi-mode fiber to collect the
fluorescence. The fibers are mounted in lithographically defined holding
structures on the atom chip. Neutral 87Rb atoms propagating freely in a
magnetic guide are detected and the noise of their fluorescence emission is
analyzed. The variance of the photon distribution allows to determine the
number of detected photons / atom and from there the atom detection efficiency.
The second order intensity correlation function of the fluorescence shows
near-perfect photon anti-bunching and signs of damped Rabi-oscillations. With
simple improvements one can boost the detection efficiency to > 95%.Comment: 24 pages, 11 figure
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