10,001 research outputs found
Industries and the bank lending effects of bank credit demand and monetary policy in Germany
This paper presents evidence on the industry effects of bank lending in Germany and identifies the industry effects of bank lending associated with changes in monetary policy and industryspecific bank credit demand. To this end, we estimate individual bank lending functions for 13 manufacturing and non-manufacturing industries and five banking groups using quarterly bank balance sheet and bank lending data for the period 1992:1-2002:4. The evidence from dynamic panel data models shows that industry-specific bank lending growth predominantly responds to changes in industry-specific bank credit demand rather than to changes in monetary policy. In fact, conclusions regarding the bank lending effects of monetary policy are very sensitive to the choice of industry. The empirical results lend strong support to the existence of industry effects of bank lending. Because industries are a prominent source of variation in the bank lending effects of bank credit demand and monetary policy, the paper concludes that the industry composition of bank credit portfolios is an important determinant of bank lending growth and monetary policy effectiveness. --Monetary policy transmission,credit channel,industry structure,dynamic panel data
A note on the expectations hypothesis at the founding of the Fed
One of the most influential tests of the expectations hypothesis is Mankiw and Miron (1986), who found that the spread between the long-term and short-term rates provided predictive power for the short-term rate before the Fed's founding but not after. They suggested that the failure of the expectations hypothesis after the Fed's founding was due to the Fed's practice of smoothing short-term interest rates. We show that their finding that the expectations hypothesis fares better prior to the Fed's founding is due to the fact that the test they employ tends to generate results that are more favorable to the expectations hypothesis during periods when there is extreme volatility in the short-term rate. (Earlier version titled: The expectations theory and the founding of the Fed: another look at the evidence)Interest rates ; Rational expectations (Economic theory) ; Federal Reserve System - History
Surface motion in the pulsating DA white dwarf G 29-38
We present time-resolved spectrophotometry of the pulsating DA white dwarf G
29-38. As in previous broad-band photometry, the light curve shows the presence
of a large number of periodicities. Many of these are combination frequencies,
i.e., periodicities occurring at frequencies that are sums or differences of
frequencies of stronger, real modes. We identify at least six real modes, and
at least five combination frequencies. We measure line-of-sight velocities for
our spectra and detect periodic variations at the frequencies of five of the
six real modes, with amplitudes of up to 5 km/s. We argue that these variations
reflect the horizontal surface motion associated with the g-mode pulsations. No
velocity signals are detected at any of the combination frequencies, confirming
that the flux variations at these frequencies do not reflect physical
pulsation, but rather mixing of frequencies due to a non-linear transformation
in the outer layers of the star. We discuss the amplitude ratios and phase
differences found for the velocity and light variations, as well as those found
for the real modes and their combination frequencies, both in a
model-independent way and in the context of models based on the
convective-driving mechanism. In a companion paper, we use the wavelength
dependence of the amplitudes of the modes to infer their spherical degree.Comment: 12 pages, 5 figures, mn.sty. Accepted for publication in MNRA
Mode identification from time-resolved spectroscopy of the pulsating white dwarf G 29-38
We have used time-resolved spectroscopy to measure the colour dependence of
pulsation amplitudes in the DAV white dwarf G 29-38. Model atmospheres predict
that mode amplitudes should change with wavelength in a manner that depends on
the spherical harmonic degree l of the mode. This dependence arises from the
convolution of mode geometry with wavelength-dependent limb darkening. Our
analysis of the six largest normal modes detected in Keck observations of G
29-38 reveals one mode with a colour dependence different from the other five,
permitting us to identify the l value of all six modes and to test the model
predictions. The Keck observations also show pulsation amplitudes that are
unexpectedly asymmetric within absorption lines. We show that these asymmetries
arise from surface motions associated with the non-radial pulsations (which are
discussed in detail in a companion paper). By incorporating surface velocity
fields into line profile calculations, we are able to produce models that more
closely resemble the observations.Comment: 10 pages, 9 figures, mn.sty. Accepted for publication in MNRA
Dutch corporate liquidity mangement: New evidence on aggregation
In this paper we investigate Dutch corporate liquidity management in general, and target adjustment behaviour in particular. To this purpose, we use a simple error correction model of corporate liquidity holdings applied to firm-level data for the period 1977-1997. We confirm the existence of long-run liquidity targets at the firm level. We also find that changes in liquidity holdings are driven by short-run shocks as well as the urge to converge towards targeted liquidity levels. The rate of target convergence is higher when we include more firm-specific information in the target. This result supports the idea that increased precision in defining liquidity targets associates with a faster observed rate of target convergence. It also suggests that the slow speeds of adjustment obtained in many macro studies on money demand are artefacts of aggregation bias.corporate liquidity demand, precautionary liquidity
Where do "red and dead" early-type void galaxies come from?
Void regions of the Universe offer a special environment for studying
cosmology and galaxy formation, which may expose weaknesses in our
understanding of these phenomena. Although galaxies in voids are observed to be
predominately gas rich, star forming and blue, a sub-population of bright red
void galaxies can also be found, whose star formation was shut down long ago.
Are the same processes that quench star formation in denser regions of the
Universe also at work in voids?
We compare the luminosity function of void galaxies in the 2dF Galaxy
Redshift Survey, to those from a galaxy formation model built on the Millennium
Simulation. We show that a global star formation suppression mechanism in the
form of low luminosity "radio mode" AGN heating is sufficient to reproduce the
observed population of void early-types. Radio mode heating is environment
independent other than its dependence on dark matter halo mass, where, above a
critical mass threshold of approximately M_vir~10^12.5 M_sun, gas cooling onto
the galaxy is suppressed and star formation subsequently fades. In the
Millennium Simulation, the void halo mass function is shifted with respect to
denser environments, but still maintains a high mass tail above this critical
threshold. In such void halos, radio mode heating remains efficient and red
galaxies are found; collectively these galaxies match the observed space
density without any modification to the model. Consequently, galaxies living in
vastly different large-scale environments but hosted by halos of similar mass
are predicted to have similar properties, consistent with observations.Comment: 6 pages, 3 figures, accepted MNRA
Nonlocal ultrafast demagnetization dynamics of Co/Pt multilayers by optical field enhancement
The influence on ultrafast demagnetization dynamics of metallic nano-structured gratings deposited on thin films of magnetic Co/Pt multilayers is investigated by the time-resolved optical Kerr effect. Depending on the polarization of the pump pulse, a pronounced enhancement of the demagnetization amplitude is found. Calculation of the inhomogeneous optical field distribution due to plasmon interaction and time-dependent solutions of the coupled electron, lattice, and spin temperatures in two dimensions show good agreement with the experimental data, as well as giving evidence of non-local demagnetization dynamics due to electron diffusion.BMBF, 05K10KTB, Verbundprojekt: FSP 301 - FLASH: Nanoskopische Systeme. Teilprojekt 1.1: Universelle Experimentierkammer fĂŒr Streuexperimente mit kohĂ€renten Femtosekunden-Röntgenpulsen Multi Purpose Coherent Scattering Chamber for FLASH and XFEL 'MPscatt
On the completeness of impulsive gravitational wave space-times
We consider a class of impulsive gravitational wave space-times, which
generalize impulsive pp-waves. They are of the form ,
where is a Riemannian manifold of arbitrary dimension and carries
the line element with the line
element of and the Dirac measure. We prove a completeness result
for such space-times with complete Riemannian part .Comment: 13 pages, minor changes suggested by the referee
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