Greenspan’s Monetary Policy in Retrospect: Discretion or Rules?

Is Alan Greenspan to blame for the current housing bubble and the ongoing financial crisis? A growing chorus charges the former Federal Reserve Chairman with being an "inflationist" whose loose monetary policy caused or significantly contributed to our current economic troubles. However, although Greenspan's policies weren't perfect, his monetary policy was in fact tight, and his legacy is one of having overseen low and stable inflation and a striking dampening of the business cycle. Critics charge Greenspan with having carried on an excessively expansionary monetary policy, particularly following the recession of 2001. They note how low interest rates were from 2002 through 2004 and argue that those low rates paved the way for everything from high prices at the pump to high prices at the supermarket, from the housing crisis to the financial crisis. In so doing, those critics make the classic mistake of using interest rates to evaluate monetary policy, reasoning that if interest rates are low, recent monetary policy must have been expansionary. It is not the Federal Reserve but supply and demand that ultimately determines interest rates. Although central banks can push rates up or down to some degree, the globally integrated financial system reduces the Fed’s ability to significantly influence rates. This paper should not be construed as a defense of all of Greenspan’s policies, nor of central banking or the Federal Reserve. In fact, our preference would be to abolish the Fed and deregulate the banking industry. Barring that, we argue that Federal Reserve policy ought to abide by the rules rather than the discretion of its chairman

High Latitude Radio Emission in a Sample of Edge-On Spiral Galaxies

We have mapped 16 edge-on galaxies at 20 cm using the VLA. For 5 galaxies, we could form spectral index, energy and magnetic field maps. We find that all but one galaxy show evidence for non-thermal high latitude radio continuum emission, suggesting that cosmic ray halos are common in star forming galaxies. The high latitude emission is seen over a variety of spatial scales and in discrete and/or smooth features. In general, the discrete features emanate from the disk, but estimates of CR diffusion lengths suggest that diffusion alone is insufficient to transport the particles to the high latitudes seen (> 15 kpc in one case). Thus CRs likely diffuse through low density regions and/or are assisted by other mechanisms (e.g. winds). We searched for correlations between the prevalence of high latitude radio emission and a number of other properties, including the global SFR, supernova input rate per unit star forming, and do not find clear correlations with any of these properties.Comment: 40 pages of text, 3 figures, 6 tables, and an appendix of 21 jpeg figures (which is a radio continuum catalogue of 17 galaxies). to appear in A. J. (around January 1999

Radio continuum, far infrared and star formation

A very tight correlation was found between the radio emission and the far infrared emission from galaxies. This has been found for various samples of galaxies and is explained in terms of recent star formation. The tight correlation would imply that the total radio emission is a good tracer of star formation. The correlation between the radio power at 5 GHz and the far infrared luminosity is shown. The galaxies are of various morphological types and were selected from the various IRAS circulars, hence the sample is an infrared selected sample. The far infrared luminosities were corrected for the dust temperature. This is significant because it decreases the dispersion in the correlation

Massive envelopes and filaments in the NGC 3603 star forming region

The formation of massive stars and their arrival on the zero-age main-sequence occurs hidden behind dense clouds of gas and dust. In the giant Hii region NGC 3603, the radiation of a young cluster of OB stars has dispersed dust and gas in its vicinity. At a projected distance of 2:5 pc from the cluster, a bright mid-infrared (mid-IR) source (IRS 9A) had been identified as a massive young stellar object (MYSO), located on the side of a molecular clump (MM2) of gas facing the cluster. We investigated the physical conditions in MM2, based on APEX sub-mm observations using the SABOCA and SHFI instruments, and archival ATCA 3 mm continuum and CS spectral line data. We resolved MM2 into several compact cores, one of them closely associated with IRS 9A. These are likely infrared dark clouds as they do not show the typical hot-core emission lines and are mostly opaque against the mid-IR background. The compact cores have masses of up to several hundred times the solar mass and gas temperatures of about 50 K, without evidence of internal ionizing sources. We speculate that IRS 9A is younger than the cluster stars, but is in an evolutionary state after that of the compact cores

VLT observations of the magnetar CXO J164710.2-455216 and the detection of a candidate infrared counterpart

We present deep observations of the field of the magnetar CXOJ164710.2-455216 in the star cluster Westerlund 1, obtained in the near-infrared with the adaptive optics camera NACO@VLT. We detected a possible candidate counterpart at the {\em Chandra} position of the magnetar, of magnitudes $\mathrm{J} = 23.5 \pm 0.2$, $\mathrm{H} = 21.0 \pm 0.1$, and $\mathrm{K}_\mathrm{S} = 20.4 \pm 0.1$. The K$_{\rm S}$-band measurements available for two epochs (2006 and 2013) do not show significant signs of variability but only a marginal indication that the flux varied (at the 2 $\sigma$ level), consistent with the fact that the observations were taken when CXOJ164710.2-455216 was in quiescence. At the same time, we also present colour--magnitude and colour--colour diagrams in the J, H, and K$_{\rm S}$ bands from the 2006 epoch only, the only one with observations in all three bands, showing that the candidate counterpart lies in the main bulk of objects describing a relatively well--defined sequence. Therefore, based on its colours and lack of variability, we cannot yet associate the candidate counterpart to CXOJ164710.2-455216. Future near-infrared observations of the field, following-up a source outburst, would be crucial to confirm the association from the detection of near-infrared variability and colour evolution.Comment: 5 pages, 3 figures, accepted for publication in MNRA

Constraints on Cold Dark Matter in the Gamma-ray Halo of NGC 253

A gamma-ray halo in a nearby starburst galaxy NGC 253 was found by the CANGAROO-II Imaging Atmospheric Cherenkov Telescope (IACT). By fitting the energy spectrum with expected curves from Cold Dark Matter (CDM) annihilations, we constrain the CDM-annihilation rate in the halo of NGC 253. Upper limits for the CDM density were obtained in the wide mass range between 0.5 and 50 TeV. Although these limits are higher than the expected values, it is complementary important to the other experimental techniques, especially considering the energy coverage. We also investigate the next astronomical targets to improve these limits.Comment: 13 pages, 5 figures, aastex.cls, natbib.sty, To appear in ApJ v596n1, Oct. 10, 200