The Impact of Monetary Policy on Bank Balance Sheets

This paper uses disaggregated data on bank balance sheets to provide a test of the lending view of monetary policy transmission. We argue that if the lending view is correct, one should expect the loan and security portfolios of large and small banks to respond differentially to a contraction in monetary policy. We first develop this point with a theoretical model; we then test to see if the model's predictions are borne out in the data.

Landscape context mediates the relationship between plant functional traits and decomposition

Aims: It has been well demonstrated that several interacting endogenous and exogenous factors influence decomposition. However, teasing apart the direct and indirect effects of these factors to predict decomposition patterns in heterogenous landscapes remains a key challenge. Methods: At 157 locations in a temperate forest, we measured decomposition of a standard substrate (filter paper) over two years, the landscape context in which decomposition took place, and the functional composition of the woody species that contributed leaf litter to the forest floor where litter bags were placed. We tested for direct and indirect effects of landscape context and direct effects of forest functional composition on decay using structural equation modelling. Results: We found that landscape context had direct effects on decay and indirect effects on decay via its influence on the functional composition of the surrounding forest. Forest functional composition also had direct effects on decay, but these effects decreased or disappeared completely over time. Moreover, community weighted mean trait values were better predictors of decay than functional dispersion of leaf traits, and leaf nitrogen content and carbon content were better predictors of decay than leaf dry matter content or leaf toughness. Conclusions: Our results highlight the importance of an integrative approach that examines the direct and indirect effects of multiple factors for understanding and predicting decomposition patterns across heterogenous landscapes

Mental Health Services in South Africa: Scaling up and future directions

“No health without mental health” has become a rallying call for the World Health Organization and numerous service providers, training institutions, health researchers, and advocacy groups around the world. It is timely to consider the implications of this call for South Africa. We review key evidence regarding the burden and risk factors for mental disorders in South Africa and crucial challenges for local mental health services and research. We emphasize that mental disorders are more impairing but less treated than physical disorders, and that existing services need to be scaled up and adapted to the local context. New research is needed to determine what interventions work best in the South African context.Keywords: Mental Health; Health; South Africa; Service

Positron-inert gas differential elastic scattering

Measurements are being made in a crossed beam experiment of the relative elastic differential cross section (DCS) for 5 to 300 eV positrons scattering from inert gas atoms (He, Ne, Ar, Kr, and Xe) in the angular range from 30 to 134 deg. Results obtained at energies around the positronium (Ps) formation threshold provide evidence that Ps formation and possibly other inelastic channels have an effect on the elastic scattering channel

What Do a Million Banks Have to Say About the Transmission of Monetary Policy?

In an effort to shed new light on the monetary transmission mechanism, we create a panel data set that includes quarterly observations of every insured commercial bank in the United States over the period 1976-1993. Our key cross-sectional finding is that the impact of monetary policy on lending behavior is significantly more pronounced for banks with less liquid balance sheets -- i.e., banks with lower ratios of cash and securities to assets. Moreover, this result is entirely attributable to the smaller banks in our sample, those in the bottom 95% of the size distribution. Among other things, our findings provide strong support for the existence of a lending channel

Developmental expression of claudins in the mammary gland

Claudins are a large family of membrane proteins whose classic function is to regulate the permeability of tight junctions in epithelia. They are tetraspanins, with four alpha-helices crossing the membrane, two extracellular loops, a short cytoplasmic N-terminus and a longer and more variable C-terminus. The extracellular ends of the helices are known to undergo side-to-side (cis) interactions that allow the formation of claudin polymers in the plane of the membrane. The extracellular loops also engage in head-to-head (trans) interactions thought to mediate the formation of tight junctions. However, claudins are also present in intracellular structures, thought to be vesicles, with less well-characterized functions. Here, we briefly review our current understanding of claudin structure and function followed by an examination of changes in claudin mRNA and protein expression and localization through mammary gland development. Claudins-1, 3, 4, 7, and 8 are the five most prominent members of the claudin family in the mouse mammary gland, with varied abundance and intracellular localization during the different stages of post-pubertal development. Claudin-1 is clearly localized to tight junctions in mammary ducts in non-pregnant non-lactating animals. Cytoplasmic puncta that stain for claudin-7 are present throughout development. During pregnancy claudin-3 is localized both to the tight junction and basolaterally while claudin-4 is found only in sparse puncta. In the lactating mouse both claudin-3 and claudin-8 are localized at the tight junction where they may be important in forming the paracellular barrier. At involution and under challenge by lipopolysaccharide claudins -1, -3, and -4 are significantly upregulated. Claudin-3 is still colocalized with tight junction molecules but is also distributed through the cytoplasm as is claudin-4. These largely descriptive data provide the essential framework for future mechanistic studies of the function and regulation of mammary epithelial cell claudins

SBF Distances to Dwarf Elliptical Galaxies in the Sculptor Group

As part of an ongoing search for dwarf elliptical galaxies (dE) in the vicinity of the Local Group, we acquired deep B and R-band images for five dE candidates identified in the Sculptor (Scl) group region. We carried out a surface brightness fluctuation (SBF) analysis on the R-band images to measure the apparent fluctuation magnitude \bar{m}_R for each dE. Using predictions from stellar population synthesis models the galaxy distances were determined. All of these dE candidates turned out to be satellites of Scl group major members. A redshift measurement of the dE candidate ESO294-010 yielded an independent confirmation of its group membership: the [OIII] and H$_\alpha$ emission lines from a small HII region gave a heliocentric velocity of 117(\pm 5) km s-1, in close agreement with the velocity of its parent galaxy NGC 55 (v_\odot=125 km s-1). The precision of the SBF distances (5 to 10%) contributes to delineating the cigar-like distribution of the Scl group members, which extend over distances from 1.7 to 4.4 Mpc and are concentrated in three, possibly four subclumps. The Hubble diagram for nine Scl galaxies, including two of our dEs, exhibits a tight linear velocity--distance relation with a steep slope of 119 km s-1 Mpc-1. The results indicate that gravitational interaction among the Scl group members plays only a minor role in the dynamics of the group. However, the Hubble flow of the entire system appears strongly disturbed by the large masses of our Galaxy and M31 leading to the observed shearing motion. From the distances and velocities of 49 galaxies located in the Local Group and towards the Scl group, we illustrate the continuity of the galaxy distribution which strongly supports the view that the two groups form a single supergalactic structure.Comment: To appear in The Astronomical Journal, December 1998; 28 pages with 22 figure

Bumpy Black Holes in Alternate Theories of Gravity

We generalize the bumpy black hole framework to allow for alternative theory deformations. We construct two model-independent parametric deviations from the Kerr metric: one built from a generalization of the quasi-Kerr and bumpy metrics and one built directly from perturbations of the Kerr spacetime in Lewis-Papapetrou form. We find the conditions that these "bumps" must satisfy for there to exist an approximate second-order Killing tensor so that the perturbed spacetime still possesses three constants of the motion (a deformed energy, angular momentum and Carter constant) and the geodesic equations can be written in first-order form. We map these parameterized metrics to each other via a diffeomorphism and to known analytical black hole solutions in alternative theories of gravity. The parameterized metrics presented here serve as frameworks for the systematic calculation of extreme-mass ratio inspiral waveforms in parameterized non-GR theories and the investigation of the accuracy to which space-borne gravitational wave detectors can constrain such deviations.Comment: 17 pages, replaced with version published in Phys. Rev.

The Order of Phase Transitions in Barrier Crossing

A spatially extended classical system with metastable states subject to weak spatiotemporal noise can exhibit a transition in its activation behavior when one or more external parameters are varied. Depending on the potential, the transition can be first or second-order, but there exists no systematic theory of the relation between the order of the transition and the shape of the potential barrier. In this paper, we address that question in detail for a general class of systems whose order parameter is describable by a classical field that can vary both in space and time, and whose zero-noise dynamics are governed by a smooth polynomial potential. We show that a quartic potential barrier can only have second-order transitions, confirming an earlier conjecture [1]. We then derive, through a combination of analytical and numerical arguments, both necessary conditions and sufficient conditions to have a first-order vs. a second-order transition in noise-induced activation behavior, for a large class of systems with smooth polynomial potentials of arbitrary order. We find in particular that the order of the transition is especially sensitive to the potential behavior near the top of the barrier.Comment: 8 pages, 6 figures with extended introduction and discussion; version accepted for publication by Phys. Rev.