Sunspots and monetary policy

A monetary economy subject to expectational sunspots is prone to instability, in the sense of multiple rational expectations equilibria. We show how to modify the policy rule to guarantee stability in the presence of expectational sunspots. The policy-maker must co-ordinate in ation dynamics by targeting each of lagged, current and expected in ation. We show that this solution maps directly into the timeless perspective by Woodford. Finally, we trace the responses in an arti cial sunspot economy to the adoption of our rule and illustrate the extent to which macroeconomic persistence is reduced

The contribution of dormant origins to genome stability:from cell biology to human genetics

AbstractThe ability of a eukaryotic cell to precisely and accurately replicate its DNA is crucial to maintain genome stability. Here we describe our current understanding of the process by which origins are licensed for DNA replication and review recent work suggesting that fork stalling has exerted a strong selective pressure on the positioning of licensed origins. In light of this, we discuss the complex and disparate phenotypes observed in mouse models and humans patients that arise due to defects in replication licensing proteins

'Midas, transmuting all, into paper': the Bank of England and the Banque de France during the Napoleonic Wars

This paper assesses Revolutionary and Napoleonic wartime economic policy. Suspension of gold convertibility in 1797 allowed the Bank of England to nurture British monetary orthodoxy. The Order of the Privy Council suspended gold payments on Bank of England notes and afforded simultaneous protection to the government and the Bank in pursuit of the conflicting goals of price stability and war finance. The government, the Bank of England and the commercial banks formed a loose alliance drawing on due political and legal processes and also paid close attention to public opinion. We suggest that the on-going solvency of the Bank of England was facilitated by suspension and allowed the Bank to continue to make substantial profits throughout the Wars. It became acceptable for merchants to continue to trade with non-convertible Bank of England notes and for the government to finance the war effort, even with significant recourse to unfunded debt. These aspects combined to create a suspension of convertibility that did not undermine the currency. By contrast, the Assignats debacle had cost the French monetary system its reputation in the last decade of the 18th century and so Napoleonic finance had to evolve within a more rigid and limiting framework

Measurement of the B Semileptonic Branching Fraction with Lepton Tags

We have used the CLEO II detector and 2.06fb^(-1) of ϒ(4S) data to measure the B-meson semileptonic branching fraction. The B→Xeν momentum spectrum was obtained over nearly the full momentum range by using charge and kinematic correlations in events with a high-momentum lepton tag and an additional electron. We find B(B→Xeν) = (10.49±0.17±0.43)%, with overall systematic uncertainties less than those of untagged single-lepton measurements. We use this result to calculate the magnitude of the Cabibbo-Kobayashi-Maskawa matrix element V_(cb) and to set an upper limit on the fraction of ϒ(4S) decays to final states other than BB̅

Semantics of Input-Consuming Logic Programs

Input-consuming programs are logic programs with an additional restriction on the selectability (actually, on the resolvability) of atoms. this class of programs arguably allows to model logic programs employing a dynamic selection rule and constructs such as delay declarations: as shown also in [5], a large number of them are actually input-consuming. \ud in this paper we show that - under some syntactic restrictions - the tex2html_wrap_inline117-semantics of a program is correct and fully abstract also for input-consuming programs. this allows us to conclude that for a large class of programs employing delay declarations there exists a model-theoretic semantics which is equivalent to the operational one

Measurement of B(D^0 → K^-π^+) Using Partial Reconstruction of B̅ → D^(*+)Xℓ^-ν̅

We present a measurement of the absolute branching fraction for D^0→K^-π^+ using the reconstruction of the decay chain B̅ →D^(*+)Xℓ^-ν̅ , D^(*+)→D^0π^+ where only the lepton and the low-momentum pion from the D^(*+) are detected. With data collected by the CLEO II detector at the Cornell Electron Storage Ring, we have determined B(D^0→K^-π^+) = [3.81±0.15(stat)±0.16(syst)]%

A Note on Money and the Conduct of Monetary Policy

Prior to the financial crisis mainstream monetary policy practice had become disconnected from money. We outline the basic rationale for this development using a simple model of money and credit in which we explore the conditions under which money matters directly for the conduct of policy. Then, drawing on Goodfriend and McCallum's (2007) DSGE model, we examine the circumstances under which money becomes more closely linked to inflation. We find that money matters when the variance of the supply of lending dominates productivity and the velocity of money demand. This is because amplifying the role of loans supply leads to an expansion in aggregate demand, via a compression of the external finance premium, which is inflationary. We consider a number of alternative monetary policy rules, and find that a rule which exploits the joint information from money and the external finance premium performs best

Observation of the Radiative Decay D^(*+) → D^+y

We have observed a signal for the decay D^(*+)→D^+γ at a significance of 4 standard deviations. From the measured branching ratio B(D^(*+)→D^+γ)/B(D^(*+)→D^+π^0) = 0.055±0.014±0.010 we find B(D^(*+)→D^+γ) = 0.017±0.004±0.003, where the first uncertainty is statistical and the second is systematic. We also report the highest precision determination of the remaining D^(*+) branching fractions

Two-Body B Meson Decays to η and η': Observation of B → η'K

In a sample of 6.6×10^6 produced B mesons we have observed decays B→η′K, with branching fractions B(B^+→η′K^+) = (6.5_(-1.4)^(+1.5)±0.9)×10^(-5) and B(B^0→η′K^0) = (4.7_(-2.0)^(+2.7)±0.9)×10^(-5). We have searched with comparable sensitivity for 17 related decays to final states containing an η or η′ meson accompanied by a single particle or low-lying resonance. Our upper limits for these constrain theoretical interpretations of the B→η′K signal

Observation of the Cabibbo-suppressed charmed baryon decay Λ_c^+→pφ

We report the observation of the Cabibbo-suppressed decays Λ_c^+→pK^-K^+ and Λ_c^+→pφ using data collected with the CLEO II detector at CESR. The latter mode, observed for the first time with significant statistics, is of interest as a test of color suppression in charm decays. We have determined the branching ratios for these modes relative to Λ_c^+→pK^-π^+ and compared our results with theory