Second Mortgages and Household Saving

Second mortgages accounted for 10.8% of the stock of outstanding mortgage debt at the end of 1987, up from 3.6% at the beginning of the 198Os. This paper investigates the determinants of second mortgage borrowing and the characteristics of second mortgage borrowers. We first calculate the outstanding stock of home equity that remains to be borrowed against on tax-preferred terms, recognizing the limits on interest deductions in the 1986 Tax Reform Act and the 1987 Omnibus Budget Reconciliation Act. Despite these limits, we estimate that more than two trillion dollars of housing equity remains to be borrowed against by current homeowners. We then present cross-sectional evidence suggesting that households who obtain second mortgages after purchasing a home ace less wealthy than other households with similar characteristics. Each dollar of second mortgage borrowing is associated with a seventy-five cent reduction in household net worth. While these results cannot be given a causal interpretation, they are consistent with the view that increased access to second mortgages has reduced personal saving.

Assessing the Role of Spin Noise in the Precision Timing of Millisecond Pulsars

We investigate rotational spin noise (referred to as timing noise) in non-accreting pulsars: millisecond pulsars, canonical pulsars, and magnetars. Particular attention is placed on quantifying the strength and non-stationarity of timing noise in millisecond pulsars because the long-term stability of these objects is required to detect nanohertz gravitational radiation. We show that a single scaling law is sufficient to characterize timing noise in millisecond and canonical pulsars while the same scaling law underestimates the levels of timing noise in magnetars. The scaling law, along with a detailed study of the millisecond pulsar B1937+21, leads us to conclude that timing noise is latent in most millisecond pulsars and will be measurable in many objects when better arrival time estimates are obtained over long data spans. The sensitivity of a pulsar timing array to gravitational radiation is strongly affected by any timing noise. We conclude that detection of proposed gravitational wave backgrounds will require the analysis of more objects than previously suggested over data spans that depend on the spectra of both the gravitational wave background and of the timing noise. It is imperative to find additional millisecond pulsars in current and future surveys in order to reduce the effects of timing noise.Comment: 16 pages and 6 figures. ApJ, accepte

No Neutron Star Companion To The Lowest Mass SDSS White Dwarf

SDSS J091709.55+463821.8 (hereafter J0917+4638) is the lowest surface gravity white dwarf (WD) currently known, with log g = 5.55 +/- 0.05 (M ~ 0.17 M_sun; Kilic et al. 2007a,b). Such low-mass white dwarfs (LMWDs) are believed to originate in binaries that evolve into WD/WD or WD/neutron star (NS) systems. An optical search for J0917+4638's companion showed that it must be a compact object with a mass >= 0.28 M_sun (Kilic 2007b). Here we report on Green Bank Telescope 820 MHz and XMM-Newton X-ray observations of J0917+4638 intended to uncover a potential NS companion to the LMWD. No convincing pulsar signal is detected in our radio data. Our X-ray observation also failed to detect X-ray emission from J0917+4638's companion, while we would have detected any of the millisecond radio pulsars in 47 Tuc. We conclude that the companion is almost certainly another WD.Comment: 4 pages, 1 table; to appear in the Astrophysical Journal Letter

A Binary Millisecond Pulsar in Globular Cluster NGC6544

We report the detection of a new 3.06 ms binary pulsar in the globular cluster NGC6544 using a Fourier-domain ``acceleration'' search. With an implied companion mass of ~0.01 solar masses and an orbital period of only P_b~1.7 hours, it displays very similar orbital properties to many pulsars which are eclipsed by their companion winds. The orbital period is the second shortest of known binary pulsars after 47 Tuc R. The measured flux density of 1.3 +/- 0.4 mJy at 1332 MHz indicates that the pulsar is almost certainly the known steep-spectrum point source near the core of NGC6544.Comment: Accepted by ApJ Letters on 11 October 2000, 5 page

Tests of Dynamical Flux Emergence as a Mechanism for CME Initiation

Current coronal mass ejection (CME) models set their lower boundary to be in the lower corona. They do not calculate accurately the transfer of free magnetic energy from the convection zone to the magnetically dominated corona because they model the effects of flux emergence using kinematic boundary conditions or simply assume the appearance of flux at these heights. We test the importance of including dynamical flux emergence in CME modeling by simulating, in 2.5D, the emergence of sub-surface flux tubes into different coronal magnetic field configurations. We investigate how much free magnetic energy, in the form of shear magnetic field, is transported from the convection zone to the corona, and whether dynamical flux emergence can drive CMEs. We find that multiple coronal flux ropes can be formed during flux emergence, and although they carry some shear field into the corona, the majority of shear field is confined to the lower atmosphere. Less than 10% of the magnetic energy in the corona is in the shear field, and this, combined with the fact that the coronal flux ropes bring up significant dense material, means that they do not erupt. Our results have significant implications for all CME models which rely on the transfer of free magnetic energy from the lower atmosphere into the corona but which do not explicitly model this transfer. Such studies of flux emergence and CMEs are timely, as we have new capabilities to observe this with Hinode and SDO, and therefore to test the models against observations

The Performance and Calibration of the CRAFT Fly's Eye Fast Radio Burst Survey

Since January 2017, the Commensal Real-time ASKAP Fast Transients survey (CRAFT) has been utilising commissioning antennas of the Australian SKA Pathfinder (ASKAP) to survey for fast radio bursts (FRBs) in fly's eye mode. This is the first extensive astronomical survey using phased array feeds (PAFs), and a total of 20 FRBs have been reported. Here we present a calculation of the sensitivity and total exposure of this survey, using the pulsars B1641-45 (J1644-4559) and B0833-45 (J0835-4510, i.e.\ Vela) as calibrators. The design of the survey allows us to benchmark effects due to PAF beamshape, antenna-dependent system noise, radio-frequency interference, and fluctuations during commissioning on timescales from one hour to a year. Observation time, solid-angle, and search efficiency are calculated as a function of FRB fluence threshold. Using this metric, effective survey exposures and sensitivities are calculated as a function of the source counts distribution. The implied FRB rate is significantly lower than the $37$\,sky$^{-1}$\,day$^{-1}$ calculated using nominal exposures and sensitivities for this same sample by \citet{craft_nature}. At the Euclidean power-law index of $-1.5$, the rate is $10.7_{-1.8}^{+2.7}\,{\rm (sys)} \, \pm \, 3\,{\rm (stat)}$\,sky$^{-1}$\,day$^{-1}$ above a threshold of $57\pm6\,{\rm (sys)}$\,Jy\,ms, while for the best-fit index for this sample of $-2.1$, it is $16.6_{-1.5}^{+1.9} \,{\rm (sys)}\, \pm 4.7\,{\rm (stat)}$\,sky$^{-1}$\,day$^{-1}$ above a threshold of $41.6\pm1.5\,{\rm (sys)}$\,Jy\,ms. This strongly suggests that these calculations be performed for other FRB-hunting experiments, allowing meaningful comparisons to be made between them.Comment: 21 pages, 15 figures, 2 tables, accepted for publication in PAS

XMM-Newton confirmation of a new intermediate polar: XMMU J185330.7-012815

We report the results from a detailed spectro-imaging and temporal analysis of an archival XMM-Newton observation of a new intermediate polar XMMU J185330.7-012815. Its X-ray spectrum can be well-described by a multi-temperature thermal plasma model with the K-lines of heavy elements clearly detected. Possible counterparts of XMMU J185330.7-012815 have been identified in optical and UV bands. The low value of the inferred X-ray-to-UV and X-ray-to-optical flux ratios help to safely rule out the possibility as an isolated neutron star. We confirm the X-ray periodicity of ~238 s, but different from the previous preliminary result, we do not find any convincing evidence of phase-shift in this observation. We further investigate its properties through an energy-resolved temporal analysis and find the pulsed fraction monotonically increases with energy.Comment: 9 pages, 4 figures, 1 table, accepted for publication in MNRA