Capital flows and Japanese asset volatility

Characterizing asset price volatility is an important goal for financial economists. The literature has shown that variables that proxy for the information arrival process can help explain and/or forecast volatility. Unfortunately, however, obtaining good measures of volume and/or order flow is expensive or difficult in decentralized markets such as foreign exchange. We investigate the extent that Japanese capital flows—which are released weekly—reflect information arrival that improves foreign exchange and equity volatility forecasts. We find that capital flows can help explain transitory shocks to GARCH volatility. Transactions by Japanese residents in foreign bond markets have the most explanatory power among capital flows and that power is much greater in the second subsample.Capital movements ; Foreign exchange ; Japan

Speeding up simulations of relativistic systems using an optimal boosted frame

It can be computationally advantageous to perform computer simulations in a Lorentz boosted frame for a certain class of systems. However, even if the computer model relies on a covariant set of equations, it has been pointed out that algorithmic difficulties related to discretization errors may have to be overcome in order to take full advantage of the potential speedup. We summarize the findings, the difficulties and their solutions, and show that the technique enables simulations important to several areas of accelerator physics that are otherwise problematic, including self-consistent modeling in three-dimensions of laser wakefield accelerator stages at energies of 10 GeV and above.Comment: To be published in the proceedings of DPF-2009, Detroit, MI, July 2009, eConf C09072

Vegetation Diversity in Natural and Restored Forested Wetland Sites in Southeast Arkansas

The loss of forested wetlands in the Lower Mississippi River Alluvial Valley in Arkansas has altered regional vegetation communities. Multiple restoration projects have been established in this region to restore wetlands and the services they provide. In order to return these functions to the environment, microtopographic features were constructed in 2001 at Bob White Memorial Wetlands Research and Teaching Station (Bob White). Vegetation diversity was examined at Cut-Off Creek Wildlife Management Area (Cutoff), a naturally forested wetland, and Bob White, an area formally converted to cropland that is now undergoing forest wetland restoration. Vegetation diversity is one way to determine if restoration efforts are effectively restoring ecosystem structure and functions to natural wetland conditions. Vegetation diversity and composition were examined across three topographical features: hummocks/ridges, swales, and flats. Vegetation diversity was examined in the spring, summer, and fall. Indices were used for determining composition similarities between Bob White and Cutoff. Bob White had a species richness of 33 and Cutoff’s species richness was 47. Beta diversity between the two sites was 76 species, this value is high and suggests there is low similarity between the two sites. Sorensen-Dice Similarity Index value was calculated as 0.05, where on a scale of zero to one a low value indicates low similarity in composition. The low similarity between the two sites suggests that vegetation composition at Bob White has not been fully restored to conditions comparable to a natural setting. An explanation for this is the presence of Baccharis halimifolia (Eastern baccharis). B. halimifolia inhibits other species from colonizing. Another factor for the difference between the vegetation at Bob White and Cutoff is that Cutoff is an older forest. Hydrophyte communities in a forested wetland take 50 years after restoration begins for them to resemble a natural forested wetland. The results from this study provide mixed evidence that restoration at Bob White is succeeding; there is a high percentage of wetlands species, while vegetation lacks similarity. This study improves our understanding of the influence that anthropogenic changes have on wetland functions as agricultural lands are restored to their previous land cover. Ecosystem functions should continue to be monitored to determine time frames as these functions are restored to Bob Whit

Soft X-ray seeding studies for the SLAC Linac Coherent Light Source II

We present the results from studies of soft X-ray seeding options for the LCLS-II X-ray free electron laser (FEL) at SLAC. The LCLS-II will use superconducting accelerator technology to produce X-ray pulses at up to 1 MHz repetition rate using 4 GeV electron beams. If properly seeded, these pulses will be nearly fully coherent, and highly stable in photon energy, bandwidth, and intensity, thus enabling unique experiments with intense high-resolution soft X-rays. Given the expected electron beam parameters from start to end simulations and predicted FEL performance, our studies reveal echo enabled harmonic generation (EEHG) and soft X-ray self-seeding (SXRSS) as promising and complementary seeding methods. We find that SXRSS has the advantage of simplicity and will deliver 5-35 times higher spectral brightness than EEHG in the 1-2 nm range, but lacks some of the potential for phase-stable multipulse and multicolor FEL operations enabled by external laser seeding with EEHG

Possible new Arkansas endemic plant revealed by DNA sequence analysis, A

Cardamine angustata var. ouachitana, a wildflower in the mustard family (Brassicaceae), was described by Smith in 1982 to include a form of Cardamine found only in the Ouachita Mountains of Arkansas. This variety is morphologically very similar to typical Cardamine angustata. The major difference noted by Smith for the two varieties was the complete lack of leaf hairs (trichomes) in the new variety, whereas typical Cardamine angustata normally possesses trichomes. However, Al-Shehbaz rejected the variety ouachitana and reduced it to synonymy with the typical C. angustata. The recommendation of Al-Shehbaz has been followed and the taxon Cardamine angustata var. ouachitana is currently not accepted by most plant taxonomists. We performed a preliminary evaluation of the status of Cardamine angustata var. ouachitana by comparing ribosomal internal transcribed spacer region DNA sequences from specimens of Cardamine angustata var. ouachitana with sequences of Cardamine angustata from the main range of the species and other related species of Cardamine. Phylogenetic analyses of these data produced an unexpected result; specimens of C. angustata var. ouachitana were actually closely related to C. concatenata, rather than the expected close relationship with C. angustata. However, C. angustata var. ouachitana is morphologically distinct from C. concatenata. These results suggest that Cardamine angustata var. ouachitana is actually a new species found only in the Ouachita Mountains of Arkansas

Current Flow and Pair Creation at Low Altitude in Rotation Powered Pulsars' Force-Free Magnetospheres: Space-Charge Limited Flow

(shortened) We report the results of an investigation of particle acceleration and electron-positron plasma generation at low altitude in the polar magnetic flux tubes of Rotation Powered Pulsars, when the stellar surface is free to emit whatever charges and currents are demanded by the force-free magnetosphere. We observe novel behavior. a) When the current density is less than the Goldreich-Julian (GJ) value (0<j/j_{GJ}<1), space charge limited acceleration of the current carrying beam is mild, with the full GJ charge density being comprised of the charge density of the beam, co-existing with a cloud of electrically trapped particles with the same sign of charge as the beam. The voltage drops are on the order of mc^2/e, and pair creation is absent. b) When the current density exceeds the GJ value (j/j_{GJ}>1), the system develops high voltage drops, causing emission of gamma rays and intense bursts of pair creation. The bursts exhibit limit cycle behavior, with characteristic time scales somewhat longer than the relativistic fly-by time over distances comparable to the polar cap diameter (microseconds). c) In return current regions, where j/j_{GJ}<0, the system develops similar bursts of pair creation. In cases b) and c), the intermittently generated pairs allow the system to simultaneously carry the magnetospherically prescribed currents and adjust the charge density and average electric field to force-free conditions. We also elucidate the conditions for pair creating beam flow to be steady, finding that such steady flows can occupy only a small fraction of the current density parameter space of the force-free magnetospheric model. The generic polar flow dynamics and pair creation is strongly time dependent. The model has an essential difference from almost all previous quantitative studies, in that we sought the accelerating voltage as a function of the applied current.Comment: 35 pages, 29 figures. Accepted for publication in MNRAS. Added new appendix, several minor changes in the tex

Use of the Lorentz-Boosted Frame Transformation to Simulate Free-Electron Laser Amplifier Physics

Recently [1]it has been pointed out that numerical simulation of some systems containing charged particles with highly relativistic directed motion can by speeded up by orders of magnitude by choice of the proper Lorentz boosted frame. A particularly good example is that of short wavelength free-electron lasers (FELs) in which a high energy (E0&gt;_ 250 MeV) electron beam interacts with a static magnetic undulator. In the optimal boost frame with Lorentz factor gamma F, the red-shifted FEL radiation and blue shifted undulator have identical wavelengths and the number of required time-steps (presuming the Courant condition applies) decreases by a factor of g2 F for fullyelectromagnetic simulation. We have adapted the WARP code [2]to apply this method to several FEL problems including coherent spontaneous emission (CSE) from pre-bunched e-beams, and strong exponential gain in a single pass amplifier configuration. We discuss our results and compare with those from the&quot;standard&quot; FEL simulation approach which adopts the eikonal approximation for propagation ofthe radiation field

Four Stories of Quantitative Easing

Brett W. Fawley is a senior research associate and Christopher J. Neely is an assistant vice president and economist at the Federal Reserve Bank of St. Loui

Monetary policy and stock valuation: Structural VAR identification and size effects

his paper examines the relationship between the US monetary policy and stock valuation using a structural VAR framework that allows for the simultaneous interaction between the federal funds rate and stock market developments based on the assumption of long-run monetary neutrality. The results confirm a strong, negative and significant monetary policy tightening effect on real stock prices. Furthermore, we provide evidence consistent with a delayed response of small stocks to monetary policy shocks relative to large stocks

Simulation Studies of the X-Ray Free-Electron Laser Oscillator

Simulations of the x-ray free-electron laser (FEL) oscillator are presented that include transverse effects and realistic Bragg crystal properties with the two-dimensional code GINGER. In the present cases considered the radiation divergence is much narrower than the crystal acceptance, and the numerical algorithm can be simplified by ignoring the finite angular bandwidth of the crystal. In this regime GINGER shows that the saturated x-ray pulses have 109 photons and are nearly Fourier-limited with peak powers in excess of 1 MW. Wealso include preliminary results for a four-mirror cavity that can be tuned in wavelength over a few percent, with future plans to incorporate the full transverse response of the Bragg crystals into GINGER to more accurately model this tunable source