Bank heterogeneity and monetary policy transmission

Heterogeneity in the response of banks to a change in monetary policy is an important element in the transmission of this policy through banks. This paper examines the role of bank liquidity, capitalization and market power as internal factors influencing banks’ reaction in terms of lending and risk-taking to monetary policy impulses. The ultimate impact of a monetary policy change on bank performance is also considered. The empirical analysis, using large panel datasets for the United States and the euro area, elucidates the sources of differences in the response of banks to changes in policy interest rates by disaggregating down to the individual bank level. This is achieved by the use of a Local GMM technique that also enables us to quantify the degree of heterogeneity in the transmission mechanism. It is argued that the extensive heterogeneity in banks’ response identifies overlooked consequences of bank behavior and highlights potential monetary sources of the current financial distress. JEL Classification: E44, E52, G21, C14Bank heterogeneity, bank performance, monetary policy, Risk-taking

Bank Heterogeneity and Monetary Policy Transmission

The heterogeneity in the response of banks to a change in monetary policy is an important element in the transmission of this policy through banks. This paper examines the role of bank liquidity, capitalization and market power as internal factors influencing banks’ reaction in terms of lending and risk-taking to monetary policy impulses. The ultimate impact of a monetary policy change on bank performance is also considered. The empirical analysis, using large panel datasets for the United States and the euro area, elucidates the sources of differences in the response of banks to changes in policy interest rates by disaggregating down to the individual bank level. This is achieved by the use of a Local GMM technique that also enables us to quantify the degree of heterogeneity in the transmission mechanism. It is argued that the extensive heterogeneity in banks’ response identifies overlooked consequences of bank behavior and highlights potential monetary sources of the current financial distress.Monetary policy; Bank heterogeneity; Risk-taking; Bank performance

A compact plug-in module for LHC-like trigger emulation

A compact trigger emulation module for evaluating electronic systems for LHC applications has been built using off-the-shelf components. The emulator, which is based on an FPGA, generates both programmable and true-random trigger patterns in compliance with the LHC triggering rules. For the true-random trigger part, the source of randomness is the avalanche effect on a transistor emitter-base diode. The system can be used either as a plug-in module for VME systems or as a standalone device controlled via a standard USB link by a PC running LabVIEW

Road Pavement Asphalt Concretes for Thin Wearing Layers: A Machine Learning Approach towards Stiffness Modulus and Volumetric Properties Prediction

In this study a novel procedure is presented for an efficient development of predictive models of road pavement asphalt concretes mechanical characteristics and volumetric properties, using shallow artificial neural networks. The problems of properly assessing the actual generalization feature of a model and avoiding the effects induced by a fixed training-test data split are addressed. Since machine learning models require a careful definition of the network hyperparameters, a Bayesian approach is presented to set the optimal model configuration. The case study covered a set of 92 asphalt concrete specimens for thin wearing layers

A VME-based readout system for the CMS Preshower sub-detector

The CMS preshower is a fine grain detector that comprises 4288 silicon sensors, each containing 32 strips. The raw data are transferred from the detector to the counting room via 1208 optical fibres. Each fibre carries a 600-byte data packet per event. The maximum average level-1 trigger rate of 100 kHz results in a total data flow of ~72 GB/s from the preshower. For the readout of the preshower, 56 links to the CMS DAQ have been reserved, each having a bandwidth of 200 MB/s (2 kB/event). The total available downstream bandwidth of GB/s necessitates a reduction in the data volume by a factor of at least 7. A modular VME-based system is currently under development. The main objective of each VME board in this system is to acquire on-detector data from at least 22 optical links, perform on-line data reduction and pass the concentrated data to the CMS DAQ. The principle modules that the system is based on are being developed in collaboration with the TOTEM experiment

Linear and nonlinear optical properties of some organoxenon derivatives

We employ a series of state-of-the-art computational techniques to study the effect of inserting one or more Xe atoms in HC2H and HC4H, on the linear and nonlinear optical (L&NLO) properties of the resulting compounds. It has been found that the inserted Xe has a great effect on the L&NLO properties of the organoxenon derivatives. We analyze the bonding in HXeC2H, and the change of the electronic structure, which is induced by inserting Xe, in order to rationalize the observed extraordinary L&NLO properties. The derivatives, which are of interest in this work, have been synthesized in a Xe matrix. Thus the effect of the local field (LF), due to the Xe environment, on the properties of HXeC2H, has also been computed. It has been found that the LF effect on some properties is significant. The calculations have been performed by employing a hierarchy of basis sets and the techniques MP2 and CCSD(T) for taking into account correlation. For the interpretation of the results we have employed the complete active space valence bond and CASSCF/CASPT2 [email protected]

Radiation hardness qualification of PbWO4 scintillation crystals for the CMS Electromagnetic Calorimeter

This is the Pre-print version of the Article. The official published version can be accessed from the link below - Copyright @ 2010 IOPEnsuring the radiation hardness of PbWO4 crystals was one of the main priorities during the construction of the electromagnetic calorimeter of the CMS experiment at CERN. The production on an industrial scale of radiation hard crystals and their certification over a period of several years represented a difficult challenge both for CMS and for the crystal suppliers. The present article reviews the related scientific and technological problems encountered

Intercalibration of the barrel electromagnetic calorimeter of the CMS experiment at start-up

Calibration of the relative response of the individual channels of the barrel electromagnetic calorimeter of the CMS detector was accomplished, before installation, with cosmic ray muons and test beams. One fourth of the calorimeter was exposed to a beam of high energy electrons and the relative calibration of the channels, the intercalibration, was found to be reproducible to a precision of about 0.3%. Additionally, data were collected with cosmic rays for the entire ECAL barrel during the commissioning phase. By comparing the intercalibration constants obtained with the electron beam data with those from the cosmic ray data, it is demonstrated that the latter provide an intercalibration precision of 1.5% over most of the barrel ECAL. The best intercalibration precision is expected to come from the analysis of events collected in situ during the LHC operation. Using data collected with both electrons and pion beams, several aspects of the intercalibration procedures based on electrons or neutral pions were investigated