Reputational contagion and optimal regulatory forbearance

This paper examines common regulation as cause of interbank contagion. Studies based on the correlation of bank assets and the extent of interbank lending may underestimate the likelihood of contagion because they do not incorporate the fact that banks have a common regulator. In our model, the failure of one bank can undermine the public’s confidence in the competence of the banking regulator, and hence in other banks chartered by the same regulator. Thus depositors may withdraw funds from their, unconnected, banks. The optimal regulatory response to this ‘panic’ behaviour can be to privately exhibit forbearance to the initially failing bank in the hope that it - and hence other vulnerable banks - survives. By contrast, public bailouts are ineffective in preventing panics and must be bolstered by other measures such as increased deposit insurance coverage. Regulatory transparency improves confidence ex ante but impedes regulators’ ability to stem panics ex post. JEL Classification: G21, G28Bank Regulation, Contagion, Reputation

Simple is Revealing: Experiencing Public Transportation Illuminates a City

Author describes how a simple experiential learning assignment can provide an eye-opening, community-building, and integrative learning experience for honors students

Risk? Crisis? Emergency? Implications of the new climate emergency framing for governance and policy

The term “climate emergency” represents a new phase in climate change framing that many hope will invigorate more climate action. Yet there has been relatively little discussion of how the new emergency framing might shape broader governance and policy. In this advanced review, we critically review and synthesize existing literature on crisis and emergency to inform our understanding of how this new shift might affect governance and policy. Specifically, we explore the literature on crisis governance and policy to argue that there is no simple answer to whether the “climate emergency” framing will be supportive of climate governance and policy; rather, more work needs to be done to understand how different political actors respond according to their perceptions, interests and values. To assist this endeavor, we develop a typology of four policy pathways, ranging from “no emergency,” to “no emergency, but recognize risk,” “emergency as a threat” and “emergency as an opportunity.” We highlight the need to consider the effects of multiple and overlapping emergency frames, using the example of the intersection of climate change and COVID-19. Finally, we suggest new interdisciplinary research directions for critically analyzing and refining this new phase of climate change framing

Probing the dynamical state of galaxy clusters

We show how hydrostatic equilibrium in galaxy clusters can be quantitatively probed combining X-ray, SZ, and gravitational-lensing data. Our previously published method for recovering three-dimensional cluster gas distributions avoids the assumption of hydrostatic equilibrium. Independent reconstructions of cumulative total-mass profiles can then be obtained from the gas distribution, assuming hydrostatic equilibrium, and from gravitational lensing, neglecting it. Hydrostatic equilibrium can then be quantified comparing the two. We describe this procedure in detail and show that it performs well on progressively realistic synthetic data. An application to a cluster merger demonstrates how hydrostatic equilibrium is violated and restored as the merger proceeds.Comment: 10 pages, 6 figures, submitted to A&

“I Believe I Know Better Even than the Psychiatrists What Caused It”: Exploring the Development of Causal Beliefs in People Experiencing Psychosis

This study aimed to describe the causal beliefs of individuals experiencing psychosis, specifically exploring how they are developed and maintained. Individuals with experience of psychosis were recruited from mental health services for in-depth interviews. A thematic analysis was used to analyse transcripts and key themes were identified. Fifteen interviews were conducted. Individuals were engaged in the process of exploring explanations for their experiences and reported sophisticated models of causation. Participants described a change in their beliefs, with the cause of their experiences not immediately clear. Individuals generated their models via external (family, professionals) and internal (evaluative, positive affect) processes and reported differing levels of conviction in relation to their beliefs. Clinicians should take the opportunity to explore the causal beliefs of their service-users, as they are able to provide intelligent and thoughtful explanatory models. In particular, clinicians should be aware of the emotional impact of different aetiological models and their personal role in the development of a client’s beliefs

The Impact of Causal Explanations on Outcome in People Experiencing Psychosis: A Systematic Review

Findings suggest that the way an individual understands their experiences has important consequences on subsequent health behaviour. One aspect of an individual's understanding is what they believe has caused their experiences. This has been associated with treatment outcome and attitudes towards mental health problems. The aim of this systematic review was to examine the impact of causal beliefs on treatment outcome and stigma in people experiencing psychosis. Three main databases were searched and 21 articles that investigated various aspects of treatment outcome, and stigma in relation to causal beliefs was included in the review. Overall, there were a small number of replicated findings which limits the interpretation of results. There is an indication that causal explanations are associated with various treatment outcomes, including attitudes towards treatment and satisfaction with therapeutic relationships as well as internalized stigma. Spiritual beliefs appeared to be adopted as a coping mechanism and a way to reduce stigma but did not appear to be associated with treatment outcome. Individuals with psychosis do appear to develop causal beliefs that may be associated with engagement with services and treatment, as well as impacting on their attitudes towards themselves and others with mental illness

XMM-Newton X-ray Observations of the Wolf-Rayet Binary System WR 147

We present results of a 20 ksec X-ray observation of the Wolf-Rayet (WR) binary system WR 147 obtained with XMM-Newton. Previous studies have shown that this system consists of a nitrogen-type WN8 star plus an OB companion whose winds are interacting to produce a colliding wind shock. X-ray spectra from the pn and MOS detectors confirm the high extinction reported from IR studies and reveal hot plasma including the first detection of the Fe K-alpha line complex at 6.67 keV. Spectral fits with a constant-temperature plane-parallel shock model give a shock temperature kT(shock) = 2.7 keV [T(shock) ~ 31 MK], close to but slightly hotter than the maximum temperature predicted for a colliding wind shock. Optically thin plasma models suggest even higher temperatures, which are not yet ruled out. The X-ray spectra are harder than can be accounted for using 2D numerical colliding wind shock models based on nominal mass-loss parameters. Possible explanations include: (i) underestimates of the terminal wind speeds or wind abundances, (ii) overly simplistic colliding wind models, or (iii) the presence of other X-ray emission mechanisms besides colliding wind shocks. Further improvement of the numerical models to include potentially important physics such as non-equilibrium ionization will be needed to rigorously test the colliding wind interpretation.Comment: 8 pages, 7 figure

X-Rays From Massive OB Stars: Thermal Emission From Radiative Shocks

Chandra gratings spectra of a sample of 15 massive OB stars were analyzed under the basic assumption that the X-ray emission is produced in an ensemble of shocks formed in the winds driven by these objects. Shocks develop either as a result of radiation-driven instabilities or due to confinement of the wind by relatively strong magnetic field, and since they are radiative, a simple model of their X-ray emission was developed that allows a direct comparison with observations. According to our model, the shock structures (clumps, complete or fractional shells) eventually become `cold' clouds in the X-ray sky of the star. As a result, it is expected that for large covering factors of the hot clumps, there is a high probability for X-ray absorption by the `cold' clouds, resulting in blue-shifted spectral lines. Our analysis has revealed that such a correlation indeed exists for the considered sample of OB stars. As to the temperature characteristics of the X-ray emission plasma, the studied OB stars fall in two groups: (i) one with plasma temperature limited to 0.1-0.4 keV; (ii) the other wtih X-rays produced in plasmas at considerably higher temperatures. We argue that the two groups correspond to different mechanisms for the origin of X-rays: in radiative-driven instability shocks and in magnetically-confined wind shocks, respectively.Comment: 11 pages, 4 figures, 2 tables; accepted for publication in MNRA

Evaluating pharmacist input into the pharmaceutical care of patients in dispensing medical practices in remote and rural areas of Scotland.

Background. - The Highlands and the Western Isles are the two most remote and rural areas of Scotland, with many medical practices in areas where pharmacies would not be viable. Recent regulations state that that dispensing medical practices in these areas must receive pharmacist support for patients who would benefit. Objective. - This study aimed to evaluate pilot services, which centred on the provision of patient centred pharmaceutical care. Methods. A realist type evaluation was conducted by an independent research team comprising collecting quantitative data around what occurred during the consultation followed by interviews with purposive samples of staff (n = 14) and patients (n = 18). Results. - A total of 873 medicines related issues were identified in 473 patients reviewed, with the main issue being 'inappropriate dose, frequency, duration'. Just under half (39.7%) of issues were managed by the pharmacist without any medical input. Interviews indicated a high level of appreciation, although there was an increase in workload for some staff. While the need for telephone based pharmacist consultations for some patients was understood, there was a preference for face to face. All were supportive of continuing and extending the service. Conclusion. - The clinical pharmacist service was both needed and valued highly by staff and patients. In Scotland, this aligns with the Government vision and action plan, 'Prescription for Excellence', that by 2023 all patient facing pharmacists will be independent prescribers with those in remote and rural areas entitled to 'equity of access to such expertise'

Comparing usage of a web and app stress management intervention : an observational study

Choices in the design and delivery of digital health behaviour interventions may have a direct influence on subsequent usage and engagement. Few studies have been able to make direct, detailed comparisons of differences in usage between interventions that are delivered via web or app. This study compared the usage of two versions of a digital stress management intervention, one delivered via a website (Healthy Paths) and the other delivered via an app (Healthy Mind). Design modifications were introduced within Healthy Mind to take account of reported differences in how individuals engage with websites compared to apps and mobile phones. Data were collected as part of an observational study nested within a broader exploratory trial of Healthy Mind. Objective usage of Healthy Paths and Healthy Mind were automatically recorded, including frequency and duration of logins, access to specific components within the intervention and order of page/screen visits. Usage was compared for a two week period following initial registration. In total, 381 participants completed the registration process for Healthy Paths (web) and 162 participants completed the registration process for Healthy Mind (app). App users logged in twice as often (Mdn = 2.00) as web users (Mdn = 1.00), U = 13,059.50, p ≤ 0.001, but spent half as much time (Mdn = 5.23 min) on the intervention compared to web users (Mdn = 10.52 min), U = 19,740.00, p ≤ 0.001. Visual exploration of usage patterns over time revealed that a significantly higher proportion of app users (n = 126, 82.35%) accessed both types of support available within the intervention (i.e. awareness and change-focused tools) compared to web users (n = 92, 40.17%), χ2(1, n = 382) = 66.60, p < 0.001. This study suggests that the digital platform used to deliver an intervention (i.e. web versus app) and specific design choices (e.g. navigation, length and volume of content) may be associated with differences in how the intervention content is used. Broad summative usage data (e.g. total time spent on the intervention) may mask important differences in how an intervention is used by different user groups if it is not complemented by more fine-grained analyses of usage patterns over time. Trial registration number: ISRCTN67177737