Labor's Capital, Business Confidence, And the Market for Loanable Funds

The market for loanable funds provides a useful framework for determining changes in investment and interest rates. In the United States, a significant source of supply originates from labor in the form of pension assets. However, despite the increased contribution by labor to the supply curve over the past several decades, levels of investment have remained less than robust. Here, we highlight the changes in the demand curve for loanable funds in order to explain the empirical trends. Data series provided by the Conference Board capture the confidence of U. S. business and thus provide a gauge of Keynes’ “animal spirits”—an essential factor in the demand curve shifts. Correlation of the data series with both quarterly changes in real interest rates and quarterly changes in payroll employment offers documentation for these macroeconomic claims.

SIMULATING THE PERFORMANCE OF A MULTIPLE EXCHANGE MECHANISM MARKET

Industrial Organization,

Unequal arm space-borne gravitational wave detectors

Unlike ground-based interferometric gravitational wave detectors, large space-based systems will not be rigid structures. When the end-stations of the laser interferometer are freely flying spacecraft, the armlengths will change due to variations in the spacecraft positions along their orbital trajectories, so the precise equality of the arms that is required in a laboratory interferometer to cancel laser phase noise is not possible. However, using a method discovered by Tinto and Armstrong, a signal can be constructed in which laser phase noise exactly cancels out, even in an unequal arm interferometer. We examine the case where the ratio of the armlengths is a variable parameter, and compute the averaged gravitational wave transfer function as a function of that parameter. Example sensitivity curve calculations are presented for the expected design parameters of the proposed LISA interferometer, comparing it to a similar instrument with one arm shortened by a factor of 100, showing how the ratio of the armlengths will affect the overall sensitivity of the instrument.Comment: 14 pages, 7 figures, REVTeX

IMPACTS OF EPA DAIRY WASTE REGULATIONS ON FARM PROFITABILITY

Agricultural and Food Policy,

Slow light with integrated gain and large pulse delay

We demonstrate slow and stored light in Rb vapor with a combination of desirable features: minimal loss and distortion of the pulse shape, and large fractional delay (> 10). This behavior is enabled by: (i) a group index that can be controllably varied during light pulse propagation; and (ii) controllable gain integrated into the medium to compensate for pulse loss. Any medium with the above two characteristics should be able to realize similarly high-performance slow light.Comment: 5 pages, 4 figures; abstract is shortened, some typo correcte

Elimination of Clock Jitter Noise in Spaceborn Laser Interferometers

Space gravitational wave detectors employing laser interferometry between free-flying spacecraft differ in many ways from their laboratory counterparts. Among these differences is the fact that, in space, the end-masses will be moving relative to each other. This creates a problem by inducing a Doppler shift between the incoming and outgoing frequencies. The resulting beat frequency is so high that its phase cannot be read to sufficient accuracy when referenced to state-of-the-art space-qualified clocks. This is the problem that is addressed in this paper. We introduce a set of time-domain algorithms in which the effects of clock jitter are exactly canceled. The method employs the two-color laser approach that has been previously proposed, but avoids the singularities that arise in the previous frequency-domain algorithms. In addition, several practical aspects of the laser and clock noise cancellation schemes are addressed.Comment: 20 pages, 5 figure

Organizing to Win: Introduction

[Excerpt] The American labor movement is at a watershed. For the first time since the early years of industrial unionism sixty years ago, there is near-universal agreement among union leaders that the future of the movement depends on massive new organizing. In October 1995, John Sweeney, Richard Trumka, and Linda Chavez-Thompson were swept into the top offices of the AFL-CIO, following a campaign that promised organizing at an unprecedented pace and scale. Since taking office, the new AFL-CIO leadership team has created a separate organizing department and has committed $20 million to support coordinated large-scale industry-based organizing drives. In addition, in the summer of 1996, the AFL-CIO launched the Union Summer program, which placed more than a thousand college students and young workers in organizing campaigns across the country

Arkansas Landlord Selection of Land-Leasing Contract Type and Terms

Land leasing is a major source of the land input to production agriculture. Responses from a survey of landlords leasing crop land in Arkansas are analyzed to better understand those factors motivating landlords in the type of lease they select and the terms of those leases. Probit models are estimated to determine the relative importance of variables representing credit constraint, agency problem, and risk aversion factors. Regression models then estimate the impact of site, landlord, and tenant characteristics on contract terms – the percentage of crop and cost sharing arrangements between landlord and tenant. Probit results suggest credit constraint factors influence lease-type selection. Risk aversion, managerial ability, and social capital factors are also supported. Regression models show that land and crop characteristics are significant determinants of contract terms.Land leasing, Probit, Contract, Production agriculture, Land Economics/Use,