The effects of oil supply and demand shocks on U.S. consumer Sentiment

This paper investigates how the University of Michigan's Index of Consumer Sentiment (ICS) - a survey measure of U.S. households' expectations about current and future economic conditions - responds to structural oil supply and demand shocks. We find that the response to an observed increase in the real price of crude oil depends on the underlying reason. While oil supply shocks have little effect on the ICS, other oil demand shocks such as a precautionary demand shock, for example, have a statistically significant negative impact over a two-year horizon. The effect of aggregate demand shocks associated with the global business cycle is positive in the first few months and negative thereafter. Considering the responses of ICS sub-indices and more specific survey questions, we find that expectations about higher future inflation and the associated reduction of real household income as well as a deterioration of perceived vehicle and house buying conditions are the main transmission channels of aggregate demand and other oil demand shocks. Oil shocks also affect consumers' satisfaction with U.S. economic policy

On the morphological characteristics of overdeepenings in high‐mountain glacier beds

Overdeepenings, i.e. closed topographic depressions with adverse slopes in the direction of flow, are characteristic for glacier beds and glacially sculpted landscapes. Quantitative information about their morphological characteristics, however, has so far hardly been available. The present study provides such information by combining the analysis of (a) numerous bed overdeepenings below still existing glaciers of the Swiss Alps and the Himalaya-Karakoram region modelled with a robust shear stress approximation and (b) detailed bathymetries from recently exposed lakes in the Peruvian Andes. The investigated overdeepenings exist where glacier surface slopes are low (< 5°–10°), occur in bedrock or morainic material and are most commonly a fraction of a kilometre squared in surface area, hundreds of metres long, about half the length in width and tens of metres deep. They form under conditions of low to high basal shear stresses, at cirque, confluence, trunk valley and terminus positions. The most striking phenomenon, however, is the high variability of their geometries: Depths, surface areas, lengths and widths of the overdeepenings vary over orders of magnitude and are only weakly – if at all – interrelated. Inclinations of adverse slopes do not differ significantly from those of forward slopes and are in many cases higher than so far assumed theoretical limits for supercooling of ascending water and corresponding closure of sub-glacial channels. Such steep adverse slopes are a robust observation and in support of recently developed new concepts concerning the question about where supercooling of sub-glacial water and closure of ice channels can or must occur. However, the question of when and under what climatic, topographic and ice conditions the overdeepenings had formed remains unanswered. This open question constitutes a key problem concerning the interpretation of observed overdeepenings, the understanding of the involved glacio-hydraulic processes and the possibility of realistic predictive modelling of overdeepening formation

Glacial lake outburst flood risk in Himachal Pradesh, India: an integrative and anticipatory approach considering current and future threats

Glacial lake outburst floods (GLOFs) are a serious and potentially increasing threat to livelihoods and infrastructure in most high-mountain regions of the world. Here, we integrate modelling approaches that capture both current and future potential for GLOF triggering, quantification of affected downstream areas, and assessment of the underlying societal vulnerability to such climate-related disasters, to implement a first- order assessment of GLOF risk across the Himalayan state of Himachal Pradesh (HP), Northern India. The assessment thereby considers both current glacial lakes and modelled future lakes that are expected to form as glaciers retreat. Current hazard, vulnerability, and exposure indices are combined to reveal several risk ‘hotspots’, illustrating that significant GLOF risk may in some instances occur far downstream from the glaciated headwaters where the threats originate. In particular, trans-national GLOFs originating in the upper Satluj River Basin (China) are a threat to downstream areas of eastern HP. For the future deglaciated scenario, a significant increase in GLOF hazard levels is projected across most administrative units, as lakes expand or form closer towards steep headwalls from which impacts of falling ice and rock may trigger outburst events. For example, in the central area of Kullu, a 7-fold increase in the probability of GLOF triggering and a 3-fold increase in the downstream area affected by potential GLOF paths can be anticipated, leading to an overall increase in the assigned GLOF hazard level from ‘high’ to ‘very high’. In such instances, strengthening resilience and capacities to reduce the current GLOF risk will provide an important first step towards adapting to future challenges

Modelling glacier-bed overdeepenings and possible future lakes for the glaciers in the Himalaya—Karakoram region

Surface digital elevation models (DEMs) and slope-related estimates of glacier thickness enable modelling of glacier-bed topographies over large ice-covered areas. Due to the erosive power of glaciers, such bed topographies can contain numerous overdeepenings, which when exposed following glacier retreat may fill with water and form new lakes. In this study, the bed overdeepenings for ~28 000 glaciers (40 775 km²) of the Himalaya-Karakoram region are modelled using GlabTop2 (Glacier Bed Topography model version 2), in which ice thickness is inferred from surface slope by parameterizing basal shear stress as a function of elevation range for each glacier. The modelled ice thicknesses are uncertain (±30%), but spatial patterns of ice thickness and bed elevation primarily depend on surface slopes as derived from the DEM and, hence, are more robust. About 16 000 overdeepenings larger than 10⁴m² were detected in the modelled glacier beds, covering an area of ~2200 km² and having a volume of ~120km³ (3-4% of present-day glacier volume). About 5000 of these overdeepenings (1800 km²) have a volume larger than 10⁶m³. The results presented here are useful for anticipating landscape evolution and potential future lake formation with associated opportunities (tourism, hydropower) and risks (lake outbursts)

Cash on Trial

Over millennia, mankind has used hard cash in various forms ranging from shells to gold coins and paper. More recently, cash has become unpopular in political circles, as it effectively restricts states’ power to tax (explicitly or via negative interest rates) or to survey and potentially control their citizens. Several states have enacted restrictions to the use of hard cash. Above all, a strong new competitor to cash has arisen in the form of various electronic means of payment. Are we heading towards a society in which ‘coined freedom’ (Dostojewski) will cease to exist? Under this provocative ‘motto’ SUERF organised a combined evening event (in German at the University of Zurich) and one-day conference (in English at the theatre ‘Millers’ in Zurich) to take stock of the arguments brought forward in the current debate on the pros and cons and, more generally, the future of cash

Estimating the volume of glaciers in the Himalayan–Karakoram region using different methods

Ice volume estimates are crucial for assessing water reserves stored in glaciers. Due to its large glacier coverage, such estimates are of particular interest for the Himalayan–Karakoram (HK) region. In this study, different existing methodologies are used to estimate the ice reserves: three area–volume relations, one slope-dependent volume estimation method, and two ice-thickness distribution models are applied to a recent, detailed, and complete glacier inventory of the HK region, spanning over the period 2000–2010 and revealing an ice coverage of 40 775 km2. An uncertainty and sensitivity assessment is performed to investigate the influence of the observed glacier area and important model parameters on the resulting total ice volume. Results of the two ice-thickness distribution models are validated with local ice-thickness measurements at six glaciers. The resulting ice volumes for the entire HK region range from 2955 to 4737 km3, depending on the approach. This range is lower than most previous estimates. Results from the ice thickness distribution models and the slope-dependent thickness estimations agree well with measured local ice thicknesses. However, total volume estimates from area-related relations are larger than those from other approaches. The study provides evidence on the significant effect of the selected method on results and underlines the importance of a careful and critical evaluation

Mass balance re-analysis of Findelengletscher, Switzerland; benefits of extensive snow accumulation measurements

A re-analysis is presented here of a 10 year mass balance series at Findelengletscher, a temperate mountain glacier in Switzerland. Calculating glacier-wide mass balance from the set of glaciological point balance observations using conventional approaches, such as the profile or contour method, resulted in significant deviations from the reference value given by the geodetic mass change over a 5 year period. This is attributed to the sparsity of observations at high elevations and to the inability of the evaluation schemes to adequately estimate accumulation in unmeasured areas. However, measurements of winter mass balance were available for large parts of the study period from snow probings and density pits. Complementary surveys by helicopter-borne ground-penetrating radar (GPR) were conducted in three consecutive years. The complete set of seasonal observations was assimilated using a distributed mass balance model. This model-based extrapolation revealed a substantial mass loss at Findelengletscher of −0.43 m w.e.a⁻¹ between 2004 and 2014, while the loss was less pronounced for its former tributary, Adlergletscher (−0.30 m w.e.a⁻¹). For both glaciers, the resulting time series were within the uncertainty bounds of the geodetic mass change. We show that the model benefited strongly from the ability to integrate seasonal observations. If no winter mass balance measurements were available and snow cover was represented by a linear precipitation gradient, the geodetic mass balance was not matched. If winter balance measurements by snow probings and snow density pits were taken into account, the model performance was substantially improved but still showed a significant bias relative to the geodetic mass change. Thus, the excellent agreement of the model-based extrapolation with the geodetic mass change was owed to an adequate representation of winter accumulation distribution by means of extensive GPR measurements