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