Do jumbo-CD holders care about anything?

Uninsured deposits represent a theoretically appealing but relatively untested alternative to subordinated debt for incorporating market discipline into banking supervision. To make the deposit market a useful supervisory tool, it is necessary to know what types of risk are priced by depositors and in what proportions. Using a clustering technique to select from among a large set of potential regressors, as well as a carefully chosen set of control variables, we attempt to determine the types of risk that cause uninsured depositors to react in both the price and quantity dimensions. As a benchmark for economic significance, we estimate similar regressions on supervisory ratings. We find that, in contrast to government supervisors, depositors have not priced most types of risk since 1997. Indeed, the only risk variables that consistently come up as statistically significant are those that measure capital adequacy. Our interpretation of these results is that, because aggregate banking conditions are good, it is not worth depositors' effort to investigate individual bank quality very carefully. We conclude that, in the current economic and regulatory environment, the market is content to delegate most of its monitoring and discipline to the government. To the extent that it does monitor, it only monitors capital. The jumbo-CD market is thus not likely to be of much supervisory use, particularly given that examiners already have good information about capital levels. The depositor emphasis on capital also supports the conjecture that market discipline was responsible for much of the recent capital build-up.Bank deposits ; Bank supervision

Elevated ACKR2 expression is a common feature of inflammatory arthropathies

Objectives. Chemokines are essential contributors to leucocyte accumulation at sites of inflammatory pathology. Interfering with chemokine or chemokine receptor function therefore represents a plausible therapeutic option. However, our currently limited understanding of chemokine orchestration of inflammatory responses means that such therapies have not yet been fully developed. We have a particular interest in the family of atypical chemokine receptors that fine-tune, or resolve, chemokine-driven responses. In particular we are interested in atypical chemokine receptor 2 (ACKR2), which is a scavenging receptor for inflammatory CC-chemokines and that therefore helps to resolve in vivo inflammatory responses. The objective of the current study was to examine ACKR2 expression in common arthropathies. Methods. ACKR2 expression was measured by a combination of qPCR and immuno-histochemistry. In addition, circulating cytokine and chemokine levels in patient plasma were assessed using multiplexing approaches. Results. Expression of ACKR2 was elevated on peripheral blood cells as well as on leucocytes and stromal cells in synovial tissue. Expression on peripheral blood leucocytes correlated with, and could be regulated by, circulating cytokines with particularly strong associations being seen with IL-6 and hepatocyte growth factor. In addition, expression within the synovium was coincident with aggregates of lymphocytes, potentially atopic follicles and sites of high inflammatory chemokine expression. Similarly increased levels of ACKR2 have been reported in psoriasis and SSc. Conclusion. Our data clearly show increased ACKR2 in a variety of arthropathies and taking into account our, and others’, previous data we now propose that elevated ACKR2 expression is a common feature of inflammatory pathologies

What’s Behind Recent Transit Ridership Trends in the Bay Area? Volume I: Overview and Analysis of Underlying Factors

Public transit ridership has been falling nationally and in California since 2014. The San Francisco Bay Area, with the state’s highest rates of transit use, had until recently resisted those trends, especially compared to Greater Los Angeles. However, in 2017 and 2018 the region lost over five percent (>27 million) of its annual riders, despite a booming economy and service increases. This report examines Bay Area transit ridership to understand the dimensions of changing transit use, its possible causes, and potential solutions. We find that: 1) the steepest ridership losses have come on buses, at off-peak times, on weekends, in non-commute directions, on outlying lines, and on operators that do not serve the region’s core employment clusters; 2) transit trips in the region are increasingly commute-focused, particularly into and out of downtown San Francisco; 3) transit commuters are increasingly non-traditional transit users, such as those with higher incomes and automobile access; 4) the growing job-housing imbalance in the Bay Area is related to rising housing costs and likely depressing transit ridership as more residents live less transit-friendly parts of the region; and 5) ridehail is substituting for some transit trips, particularly in the off-peak. Arresting falling transit use will likely require action both by transit operators (to address peak capacity constraints; improve off-peak service; ease fare payments; adopt fare structures that attract off-peak riders; and better integrate transit with new mobility options) and public policymakers in other realms (to better meter and manage private vehicle use and to increase the supply and affordability of housing near job centers)

NIRT: Developing a Nanoscale Sensing Device for Measuring the Supply of Iron to Phytoplankton in Marine Systems

There is increasing evidence that Fe has a singularly unique role in marine ecosystems, both regulating total phytoplankton production in high nitrate, low chlorophyll regions of the world, and influencing the predominant composition of the phytoplankton assemblages found in others. It is remarkable then that there is no agreement about how to define biologically available Fe, in contrast to the macronutrients nitrogen, phosphorous or silicon. Current attempts to attain predictive insights to how ocean ecosystems will influence the magnitude of climate change are blocked in large part by this question, along with an extreme shortage of data on Fe distributions in the oceans. There is recent evidence that Fe availability can be regulated in bulk seawater incubations by small additions of the fungal siderophore desferrioximine B (DFB). The Fe-DFB complex is not readily available to eukaryotic phytoplankton, so that if the quantity of Fe complexed by DFB were measured and calibrated to Fe uptake by phytoplankton it could yield a novel first order measure of Fe availability. Building from our current research we have developed liposomes that specifically acquire DFB-bound Fe from solution. These devices, 100 nm in diameter, open the way to applying nanotechnology to create a new breed of Fe biosensors in marine waters. The project goals are to 1) optimize these nanodevices by improving their physical robustness, identifying the size/functionality relationship, and examining the efficacy of other DFB-Fe transporter molecules, 2) develop self-reporting capabilities for quantifying Fe uptake by these nanodevices, and 3) to calibrate the capture of Fe by these nanodevices to the Fe uptake by various phytoplankton species. The anticipated final product will be a calibrated nanoscale biosensor for laboratory-scale use that could then be adapted for deploying on remote vehicles. Broader Impacts Resulting from the Proposed Activity: The two institutions involved in this project (U. Maine and Colby College) have a strong track record for involving undergraduate and graduate students in cutting edge research in marine science and chemistry, and this project will continue this process

Cooling of cryogenic electron bilayers via the Coulomb interaction

Heat dissipation in current-carrying cryogenic nanostructures is problematic because the phonon density of states decreases strongly as energy decreases. We show that the Coulomb interaction can prove a valuable resource for carrier cooling via coupling to a nearby, cold electron reservoir. Specifically, we consider the geometry of an electron bilayer in a silicon-based heterostructure, and analyze the power transfer. We show that across a range of temperatures, separations, and sheet densities, the electron-electron interaction dominates the phonon heat-dissipation modes as the main cooling mechanism. Coulomb cooling is most effective at low densities, when phonon cooling is least effective in silicon, making it especially relevant for experiments attempting to perform coherent manipulations of single spins.Comment: 9 pages, 5 figure

Simulation and Experimental Validation of an Electropermanent Magnetic CaptureSystem

A critical enabling technology for on-orbit servicing is the secure yet reversable capture of a client vehicle so that it can be released after being maneuvered or otherwise serviced. Astroscale has demonstrated on-orbit capture and release with a permanent magnetic capture mechanism and a mechanical release on their ELSA-d mission. Altius Space Machines (Altius) have created an alternative capture and release solution with their patented technology featuring electropermanent magnet (EPM) elements. An EPM capture mechanism can alternately a) establish a permanent magnetic field for capture of a client vehicle and b) eliminate this magnetic field for release of the client vehicle. Altius and Astroscale partnered to test this technology. Astroscale developed a 3-degree of freedom (3-DoF) simulation using rigid body collision equations to characterize the dynamics of Altius Space Machines’ system. In these engagements, a servicing vehicle uses an EPM mechanism to capture a client vehicle equipped with a ferromagnetic docking plate. Altius provided magnetic field data comprising a combination of measured and simulated magnetic field data between the EPM capture mechanism and the ferromagnetic docking plate. Altius also provided the mass, center of mass, and moments of inertia of the test vehicles for use in the simulation. The Robotic Operations Control (ROC) Laboratory at the Air Force Research Laboratory (AFRL) was used to demonstrate the effectiveness of the EPM mechanism and the validity of the Astroscale simulation. The ROC features controllable vehicles riding an air bearing atop a large granite table, surrounded by motion sensing cameras to track the position and velocity of the vehicles. Results are presented which demonstrate the utility of the simulation in predicting the position, velocity, and attitude of the engagement dynamics. A novel extension of the 1-D force measurements into the 2-D engagements dramatically improved the resulting match between simulation and experiment

Spectroscopic Evidence That the Extreme Properties of IRAS F10214+4724 are due to Gravitational Lensing

The extreme bolometric luminosity of IRAS F10214+4724, and in particular the huge mass in molecular gas inferred from the CO line fluxes have led to suggestions that this is a giant galaxy in the process of formation. An arc-like structure and the closeness of a second object suggest, however, that gravitational lensing may be responsible for its anomalously high luminosity and mass. In this paper, we use an optical spectrum taken in conditions of 0.7-arcsec seeing to provide further evidence that F10214+4724 is a gravitationally lensed system. We measure tentative redshifts of 0.896 and 0.899 for galaxies projected $\approx 1$ and $\approx 3$ arcsec from IRAS F10214+4724 respectively. Identifying the former as the lensing galaxy we obtain a mass:light ratio consistent with those derived for other lenses, and find that its luminosity is consistent with the velocity dispersion deduced from the radius of the Einstein ring. If lensed, our models suggest magnification by a factor $\sim 10$, and hence an intrinsic bolometric luminosity for F10214+4724 similar to local ULIRGs.Comment: 5 pages, uuencoded compressed PostScript, 3 figures included. Accepted for publication in MNRAS pink pages; submitted 1 May 199