A critique of full reserve banking

Proposals for full reserve banking have been put forward as a radical way of preventing further financial crises. They rest on the argument that crises are caused by excessive money supply growth brought about by inadequately controlled bank credit creation. Our aim is to provide a critique of the theoretical assumptions underlying the plans for full reserve banking. In particular some of the plans rely on the view that the money supply is a key causal variable and that it is feasible for central banks to identify and enforce an optimal quantity. Second, the plans all rely on an unsupported confidence in the efficiency of financial markets outside the centrally controlled banking system. Third, by removing profit-making opportunities from banks, the proposals may unduly tip the balance further in favour of shadow banking. Finally, as the case of 95% liquidity requirements on Kaupthing, Singer and Friedlander in the wake of the Great Financial Crash shows that modern financial engineering makes such policy-making difficult to execute. A Minskyan analysis rather emphasises the inherent instability of the financial system such that it is subject to systemic crises and the indeterminacy of demand for liquidity, while also emphasising the contribution prudent banking can make to financing economic activity and providing a safe money asset. While a return to a traditional separation of retail banking (regulated and supported by the central bank) from investment banking (regulated differently but not supported) would contribute to financial stability, it is argued that the full reserve banking proposals go too far

A class of well-posed parabolic final value problems

This paper focuses on parabolic final value problems, and well-posedness is proved for a large class of these. The clarification is obtained from Hilbert spaces that characterise data that give existence, uniqueness and stability of the solutions. The data space is the graph normed domain of an unbounded operator that maps final states to the corresponding initial states. It induces a new compatibility condition, depending crucially on the fact that analytic semigroups always are invertible in the class of closed operators. Lax--Milgram operators in vector distribution spaces constitute the main framework. The final value heat conduction problem on a smooth open set is also proved to be well posed, and non-zero Dirichlet data are shown to require an extended compatibility condition obtained by adding an improper Bochner integral.Comment: 16 pages. To appear in "Applied and numerical harmonic analysis"; a reference update. Conference contribution, based on arXiv:1707.02136, with some further development

Retrospective evidence for a biological cost of vancomycin resistance determinants in the absence of glycopeptide selective pressures

To estimate the relative fitness differences between glycopeptide-resistant Enterococcus faecium (GREF) and glycopeptide-susceptible E. faecium (GSEF) from yearly surveillance data on the occurrence of GREF in Danish poultry farm environments. A population genetic model was adapted to retrospectively estimate the biological fitness cost of acquired resistance. Maximization of a likelihood function was used to predict the longitudinal persistence of acquired resistance. Our analysis suggests strong selection against GREF following the 1995 ban on the glycopeptide growth promoter avoparcin. However, parameterizing the model with two selection coefficients suggesting a reduced negative effect of the acquired resistance on bacterial fitness over time significantly improved the fit of the model. Our analyses suggest that the acquired glycopeptide resistance will persist for >25 years. Conclusions Acquired resistance determinants in commensal E. faecium populations in Danish farm environments are likely to persist for decades, even in the absence of glycopeptide use

The NifTK software platform for image-guided interventions: platform overview and NiftyLink messaging

PURPOSE: To perform research in image-guided interventions, researchers need a wide variety of software components, and assembling these components into a flexible and reliable system can be a challenging task. In this paper, the NifTK software platform is presented. A key focus has been high-performance streaming of stereo laparoscopic video data, ultrasound data and tracking data simultaneously. METHODS: A new messaging library called NiftyLink is introduced that uses the OpenIGTLink protocol and provides the user with easy-to-use asynchronous two-way messaging, high reliability and comprehensive error reporting. A small suite of applications called NiftyGuide has been developed, containing lightweight applications for grabbing data, currently from position trackers and ultrasound scanners. These applications use NiftyLink to stream data into NiftyIGI, which is a workstation-based application, built on top of MITK, for visualisation and user interaction. Design decisions, performance characteristics and initial applications are described in detail. NiftyLink was tested for latency when transmitting images, tracking data, and interleaved imaging and tracking data. RESULTS: NiftyLink can transmit tracking data at 1,024 frames per second (fps) with latency of 0.31 milliseconds, and 512 KB images with latency of 6.06 milliseconds at 32 fps. NiftyIGI was tested, receiving stereo high-definition laparoscopic video at 30 fps, tracking data from 4 rigid bodies at 20-30 fps and ultrasound data at 20 fps with rendering refresh rates between 2 and 20 Hz with no loss of user interaction. CONCLUSION: These packages form part of the NifTK platform and have proven to be successful in a variety of image-guided surgery projects. Code and documentation for the NifTK platform are available from http://www.niftk.org . NiftyLink is provided open-source under a BSD license and available from http://github.com/NifTK/NiftyLink. The code for this paper is tagged IJCARS-2014

Spin-dynamic field coupling in strongly THz driven semiconductors : local inversion symmetry breaking

We study theoretically the optics in undoped direct gap semiconductors which are strongly driven in the THz regime. We calculate the optical sideband generation due to nonlinear mixing of the THz field and the near infrared probe. Starting with an inversion symmetric microscopic Hamiltonian we include the THz field nonperturbatively using non-equilibrium Green function techniques. We find that a self induced relativistic spin-THz field coupling locally breaks the inversion symmetry, resulting in the formation of odd sidebands which otherwise are absent.Comment: 8 pages, 6 figure

Excitonic Dynamical Franz-Keldysh Effect

The Dynamical Franz-Keldysh Effect is exposed by exploring near-bandgap absorption in the presence of intense THz electric fields. It bridges the gap between the DC Franz- Keldysh effect and multi-photon absorption and competes with the THz AC Stark Effect in shifting the energy of the excitonic resonance. A theoretical model which includes the strong THz field non-perturbatively via a non-equilibrium Green Functions technique is able to describe the Dynamical Franz-Keldysh Effect in the presence of excitonic absorption.Comment: 4 pages in revtex with 5 figures included using epsf. Submitted to Physical Review Letter

Quasienergy Spectroscopy of Excitons

We theoretically study nonlinear optics of excitons under intense THz irradiation. In particular, the linear near infrared absorption and resonantly enhanced nonlinear sideband generation are described. We predict a rich structure in the spectra which can be interpreted in terms of the quasienergy spectrum of the exciton, via a remarkably transparent expression for the susceptibility, and show that the effects of strongly avoided quasienergy crossings manifest themselves directly, both in the absorption and transmitted sidebands.Comment: 4 pages RevTex, 3 eps figs included, as publishe