What Were They Thinking? The Federal Reserve In The Run-Up To The 2008 Financial Crisis

The Federal Reserve (the Fed) is responsible for monitoring, analyzing and ultimately stabilizing US financial markets. It also has unrivalled access to economic data, high-level connections to financial institutions, and a large staff of professionally trained economists. Why then was it apparently unconcerned by the financial developments that are now widely recognized to have caused the 2008 financial crisis? Using a wide range of Fed documents from the pre-crisis period, particularly the transcripts of meetings of the Federal Open Market Committee (FOMC), this paper shows that Fed policymakers and staff were aware of relevant developments in financial markets, but paid infrequent attention to them and disregarded significant systemic threats. Drawing on literatures in economics, political science and sociology, the paper then demonstrates that the Fed\u27s intellectual paradigm in the years before the crisis focused on ‘post hoc interventionism’ – the institution\u27s ability to limit the fallout should a systemic disturbance arise. Further, the paper argues that institutional routines played a crucial role in maintaining this paradigm and in contributing to the Fed\u27s inadequate attention to the warning signals in the pre-crisis period

Environmental urbanization assessment using gis and multicriteria decision analysis: a case study for Denizli (Turkey) municipal area

In recent years, life quality of the urban areas is a growing interest of civil engineering. Environmental quality is essential to display the position of sustainable development and asserts the corresponding countermeasures to the protection of environment. Urban environmental quality involves multidisciplinary parameters and difficulties to be analyzed. The problem is not only complex but also involves many uncertainties, and decision-making on these issues is a challenging problem which contains many parameters and alternatives inherently. Multicriteria decision analysis (MCDA) is a very prepotent technique to solve that sort of problems, and it guides the users confidence by synthesizing that information. Environmental concerns frequently contain spatial information. Spatial multicriteria decision analysis (SMCDA) that includes Geographic Information System (GIS) is efficient to tackle that type of problems. This study has employed some geographic and urbanization parameters to assess the environmental urbanization quality used by those methods. The study area has been described in five categories: very favorable, favorable, moderate, unfavorable, and very unfavorable. The results are momentous to see the current situation, and they could help to mitigate the related concerns. The study proves that the SMCDA descriptions match the environmental quality perception in the city. © 2018 Erdal Akyol et al

Stabilization of Extra Dimensions at Tree Level

By considering the effects of string winding and momentum modes on a time dependent background, we find a method by which six compact dimensions become stabilized naturally at the self-dual radius while three dimensions grow large.Comment: 15 pages, 2 figures, minor typos correcte

T and S dualities and The cosmological evolution of the dilaton and the scale factors

Cosmologically stabilizing radion along with the dilaton is one of the major concerns of low energy string theory. One can hope that T and S dualities can provide a plausible answer. In this work we study the impact of S and T duality invariances on dilaton gravity. We have shown various instances where physically interesting models arise as a result of imposing the mentioned invariances. In particular S duality has a very privileged effect in that the dilaton equations partially decouple from the evolution of the scale factors. This makes it easy to understand the general rules for the stabilization of the dilaton. We also show that certain T duality invariant actions become S duality invariance compatible. That is they mimic S duality when extra dimensions stabilize.Comment: Corrected a misleading interpretation of the S duality transformation and a wrong comment on d=10. I thank A.Kaya for pointing this out to me in time. So the new version is dealing with d=10 only. Added references and corrected some typos. Minor re-editing. Omitted a section for elaboration in a further study. Corrected further typo

Feasibility of repair of distal penile hypospadias as a day-case surgery

Objective The aim of this study was to present the outcomes of children with distal hypospadias who were operated on outpatient basis.Methods Atotal of 47 consecutive children underwent surgical repair of distal hypospadias in our department. Urethroplasties were performed by the following techniques: stentless meatal advancement-glanuloplasty (MAGPI) or glans approximation procedure (GAP) for glanular hypospadias (14) and tubularized incised plate (TIP) urethroplasty for coronal, subcoronal and midpenil hypospadias with an indwelling urethral catheter or short stent (33). The indwelling urinary catheters were managed by the double diaper technique. Patients were discharged within 6 h after operation. Dressings and catheters were removed on the postoperative day 2 and 6, respectively.Results Voiding difficulty and urinary retention on early postoperative period were observed in 8 patients. Except meatal stenosis in 4 cases and meatal retractions in 2 cases, there were no major complications in any of our patients during the follow-up period, no postoperative fistula or urethral stricture.Conclusion In children, repair of distal penile hypospadias on outpatient basis is feasible. Catheters, urethral stents, drug therapy and dressing are not justifications for hospitalization in such cases.Keywords: hospital stay, hypospadias, outpatient, urethroplasty, wounddressin

Effective Field Theory Approach to String Gas Cosmology

We derive the 4D low energy effective field theory for a closed string gas on a time dependent FRW background. We examine the solutions and find that although the Brandenberger-Vafa mechanism at late times no longer leads to radion stabilization, the radion rolls slowly enough that the scenario is still of interest. In particular, we find a simple example of the string inspired dark matter recently proposed by Gubser and Peebles.Comment: 19 pages, 2 figures, comments adde

On Winding Branes and Cosmological Evolution of Extra Dimensions in String Theory

We consider evolution of compact extra dimensions in cosmology and try to see whether wrapped branes can prevent the expansion of the internal space. Some difficulties of Brandenberger and Vafa mechanism for decompactification are pointed out. In both pure Einstein and dilaton gravities, we study cosmology of winding brane gases in a continuum approximation. The energy momentum tensor is obtained by coupling the brane action to the gravity action and we present several exact solutions for various brane configurations. T-duality invariance of the solutions are established in dilaton gravity. Our results indicate that phenomenologically the most viable scenario can be realized when there is only one brane wrapping over all extra dimensions.Comment: 17 pages, RevTex4, 2 figures, a paragraph added, to appear in Classical and Quantum Gravit

Volume Stabilization and Acceleration in Brane Gas Cosmology

We investigate toy cosmological models in (1+m+p)-dimensions with gas of p-branes wrapping over p-compact dimensions. In addition to winding modes, we consider the effects of momentum modes corresponding to small vibrations of branes and find that the extra dimensions are dynamically stabilized while the others expand. Adding matter, the compact volume may grow slowly depending on the equation of state. We also obtain solutions with winding and momentum modes where the observed space undergoes accelerated expansion.Comment: 20 pages, 3 figures, v2: comments and references added, to appear in JCA