Inflation expectations and risk premiums in an arbitrage-free model of nominal and real bond yields

Differences between yields on comparable-maturity U.S. Treasury nominal and real debt, the so-called breakeven inflation (BEI) rates, are widely used indicators of inflation expectations. However, better measures of inflation expectations could be obtained by subtracting inflation risk premiums from the BEI rates. We provide such decompositions using an estimated affine arbitrage-free model of the term structure that captures the pricing of both nominal and real Treasury securities. Our empirical results suggest that long-term inflation expectations have been well anchored over the past few years, and inflation risk premiums, although volatile, have been close to zero on average.Inflation (Finance) ; Treasury bonds

Extracting deflation probability forecasts from Treasury yields

We construct probability forecasts for episodes of price deflation (i.e., a falling price level) using yields on nominal and real U.S. Treasury bonds. The deflation probability forecasts identify two "deflation scares" during the past decade: a mild one following the 2001 recession, and a more serious one starting in late 2008 with the deepening of the financial crisis. The estimated deflation probabilities are generally consistent with those from macroeconomic models and surveys of professional forecasters, but they also provide highfrequency insight into the views of financial market participants. The probabilities can also be used to price the deflation option embedded in real Treasury bonds.Deflation (Finance)

Simulation of Axisymmetric Flows with Swirl in Vorticity- Stream Function Variables Using the Lattice Boltzmann Method

In the present work, a Lattice Boltzmann formulation in vorticity-stream function variables is proposed for axisymmetric flows with swirl. For this purpose, several source terms are proposed and implemented. Although containing velocity gradients, these sources are in the Lattice Boltzmann framework and fulfill the Euler and Navier-Stokes equations in their conservative form. The main characteristics of the proposed method are: First, the momentum equation is solved using a unified Lattice Boltzmann solver; second, the proposed sources are consistent with the nonviscous and viscous momentum equations; and third, the implemented method is second-order accurate in space. Numerical tests on the Taylor-Couette flow with finite aspect ratio of 3.8 and the lid-driven cylindrical cavity flow were carried out showing good agreement with numerical and experimental results found in the literature, evidencing the ability of the implemented method to solve axisymmetric flows with swirl. In the case of the lid-driven cylindrical cavity flow, the implemented method is able to correctly reproduce some qualitative characteristics of this flow such as the vortex breakdown close to the cavity axis at different Reynolds numbers and cavity aspect ratio

Evaluation of 2.1µm DFB lasers for space applications

This paper presents the results obtained in the frame of an ESA-funded project called “Screening and Preevaluation of Shortwave Infrared Laser Diode for Space Application” with the objective of verifying the maturity of state of the art SWIR DFB lasers at 2.1µm to be used for space applications (mainly based on the occultation measurement principle and spectroscopy). The paper focus on the functional and environmental evaluation test plan. It includes high precision characterization, mechanical test (vibration and SRS shocks), thermal cycling, gamma and proton radiation tests, life test and some details of the Destructive Physical Analysis performed. The electro-optical characterization includes measurements of the tuning capabilities of the laser both by current and by temperature, the wavelength stability and the optical power versus laser current

Characterization of quaternary ammonium compounds in Flourensia xerophytic communities and response to UV-B radiation

As part of ongoing studies aimed at characterizing molecular components involved in the ecophysiological adaptations of native xerophytic plants from central Argentina, we demonstrated the presence of compatible solutes in Flourensia campestris (FC) and Flourensia oolepis (FO), specifically glycine betaine (GB) through TLC, LC, 1H NMR and 13C-NMR. GB content (leaves: 38±7μmolg-1 DW; adult plants>seedlings), and distribution (capitula>vegetative leaves>reproductive leaves>shoots>roots) were similar to other quaternary ammonium compound (QAC) accumulators. Flourensia seedlings from both species protected from UV-B exposure - a major abiotic stress in these natural environments - showed a significant increase of GB in the leaves (p<0.01) and a significant decrease in the roots (p<0.05). In FC and FO xerophytic shrub-dominated communities QACs were detected for the first time in 41% of co-occurring species (N=39), 14 of 28 natives (50%) and 2 of 11 exotics (18%), being GB in natives only (57% of QAC accumulators). GB may be considered as a chemotaxonomical character for the genus Flourensia, since it was also detected in Flourensia hirta, Flourensia niederleinii, Flourensia riparia, Flourensia fiebrigii, Flourensia macroligulata and Flourensia heterolepis. Our controlled UV-B experiments, set up in the same natural environment where these species grow, clearly show that solar UV-B - and therefore oxidative stress - is involved in regulating GB contents and within-plant distribution in FC and FO seedlings. The findings in Flourensia co-occurring native species suggest that QACs accumulation may be considered as a community-specific ecophysiological trait in these xerophytic environments. .Fil: Piazza, Leonardo A.. Universidad de Buenos Aires. Facultad de Agronomia. Sede Polo Universitario Punilla Centro; ArgentinaFil: López, D.. Universidad de Buenos Aires. Facultad de Agronomia. Sede Polo Universitario Punilla Centro; ArgentinaFil: Silva, Mariana Paola. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Universidad de Buenos Aires. Facultad de Agronomia. Sede Polo Universitario Punilla Centro; ArgentinaFil: Lopez Rivilli, Marisa Juana. Universidad de Buenos Aires. Facultad de Agronomia. Sede Polo Universitario Punilla Centro; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; ArgentinaFil: Cantero, Juan Jose. Universidad Nacional de Río Cuarto. Facultad de Agronomía y Veterinaria; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Córdoba. Instituto Multidisciplinario de Biología Vegetal. Universidad Nacional de Córdoba. Facultad de Ciencias Exactas Físicas y Naturales. Instituto Multidisciplinario de Biología Vegetal; ArgentinaFil: Tourn, G. M.. Universidad de Buenos Aires. Facultad de Agronomia. Sede Polo Universitario Punilla Centro; ArgentinaFil: Scopel, Ana Leonor. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Parque Centenario. Instituto de Investigaciones en Biociencias Agrícolas y Ambientales. Universidad de Buenos Aires. Facultad de Agronomía. Instituto de Investigaciones en Biociencias Agrícolas y Ambientales; Argentin

Synthesis, resolution, and absolute configuration determination of a vicinal amino alcohol with axial chirality. Application to the synthesis of new box and pybox ligands

New racemic vicinal amino alcohol derivatives with 4-benzylidenecyclohexane skeleton and axial chirality have been prepared. A preparatively easy and efficient protocol for resolution of the N-benzoylamino alcohol is described. Using a 250 x 20 mm (L x ID) Chiralpak (R) IA column, and the appropriate mixture of n-hexane/ethanol/chloroform as eluent, both enantiomers of N-benzoylamino alcohol 3 are obtained with >99% enantiomeric excess (ee) by successive injections of a solution of the racemic sample in chloroform. The obtained axially chiral vicinal amino alcohol is used to synthesize structurally novel bisoxazoline ligands in high yields

Dynamics of Marine Bacterial Community Diversity of the Coastal Waters of the Reefs, Inlets, and Wastewater Outfalls of Southeast Florida

Coastal waters adjacent to populated southeast Florida possess different habitats (reefs, oceanic inlets, sewage outfalls) that may affect the composition of their inherent microbiomes. To determine variation according to site, season, and depth, over the course of 1 year, we characterized the bacterioplankton communities within 38 nearshore seawater samples derived from the Florida Area Coastal Environment (FACE) water quality survey. Six distinct coastal locales were profiled – the Port Everglades and Hillsboro Inlets, Hollywood and Broward wastewater outfalls, and associated reef sites using culture-independent, high-throughput pyrosequencing of the 16S rRNA V4 region. More than 227,000 sequences helped describe longitudinal taxonomic profiles of marine bacteria and archaea. There were 4447 unique operational taxonomic units (OTUs) identified with a mean OTU count of 5986 OTUs across all sites. Bacterial taxa varied significantly by season and by site using weighted and unweighted Unifrac, but depth was only supported by weighted Unifrac, suggesting a change due to presence/absence of certain OTUs. Abundant microbial taxa across all samples included Synechococcus, Pelagibacteraceae, Bacteroidetes, and various Proteobacteria. Unifrac analysis confirmed significant differences at inlet sites relative to reef and outfalls. Inlet-based bacterioplankton significantly differed in greater abundances of Rhodobacteraceae and Cryomorphaceae, and depletion of SAR406 sequences. This study also found higher counts of Firmicutes, Chloroflexi, and wastewater associated SBR1093 bacteria at the outfall and reef sites compared to inlet sites. This study profiles local bacterioplankton populations in a much broader context, beyond culturing and quantitative PCR, and expands upon the work completed by the National Oceanic and Atmospheric Administration FACE program