Extracting market expectations from yield curves augmented by money market interest rates: the case of Japan

This paper attempts to extract market expectations about the Japanese economy and the BOJ’s policy stance from the yen yield curves augmented by money market interest rates, during the period from the end of the quantitative easing policy in March 2006. We use (i) the swap yield curves augmented by OIS interest rates (OIS/Swap), and (ii) the JGB yield curve augmented by FB/TB interest rates. First, using the Nelson-Siegel [1987] model, we estimate three latent dynamic factors, which can be interpreted as reflecting market expectations. Second, we investigate the relative importance of price discovery for each factor between OIS/Swap and FBTB/JGB, and find that the former has a more dominant role of price discovery for all factors. Third, we estimate the efficient price for each factor common to both yield curves using a time-series structural model, which enables us to decompose each factor into the efficient price and idiosyncratic factor. JEL Classification: E43, E52, G12overnight index swap, price discovery, structural time-series model, swap spread, yield curve

Introducing planar hydrophobic groups into an alkyl-sulfonated rigid polyimide and how this affects morphology and proton conductivity

Effects on organized structure and proton conductivity by the introduction of hydrophobic groups into the sulfonated polyimide backbone were investigated. A new sulfonated random co-polyimide with ion exchange capacity (IEC) of 2.69 meq. g^ was synthesized. In our previous reports, we demonstrated that alkyl-sulfonated polyimide (ASPI-2, IEC = 3.11 meq. g^) thin film consisting of pyromellitic dianhydride and 3,3′-bis(3-sulfopropoxy)¬benzidine exhibits the organized lamellar structure and high in-plane proton conduction over 10^ S cm^ based on a lyotropic liquid crystalline (LC) property. However, the origin of the lyotropic LC property in the sulfonated polyimide thin films was not clear. In this paper, 20% hydrophobic o-tolidine was introduced into the ASPI-2 polymer backbone to suppress the lyotropic LC property. To discuss the effect on the organized structure and proton conductivity by the introduction of the hydrophobic groups, domain size, internal nanostructure, proton conductivity, water uptake, and proton dissociation from sulfonic acid groups were investigated by polarized optical microscopy, grazing incidence small-angle X-ray scattering, impedance measurements, quartz crystal microbalance, and Fourier transform infrared spectroscopy. The random co-polyimide thin film exhibited the birefringence and in-plane oriented lamellar structure. The lamellar distance was expanded up to 3.0 nm by water uptake. The lamellar expansion, molecular ordering, and proton dissociation showed similar behaviors by water uptake compared to the previous ASPI-2 thin film. Proton conductivity and water uptake per sulfonic acid group exhibited relatively high value of 3.2×10^ S cm^ and 12.5 at relative humidity (RH) = 95% and 298K. The estimated mobility of proton carriers decreased by 74% at λ = 12.5. Results suggest that the 20% substitution by hydrophobic monomers does not affect the structural difference but leads to the strong mobility decrease of proton carriers rather than the decrease of number of density

The International Linear Collider: Report to Snowmass 2021

The International Linear Collider (ILC) is on the table now as a new global energy-frontier accelerator laboratory taking data in the 2030s. The ILC addresses key questions for our current understanding of particle physics. It is based on a proven accelerator technology. Its experiments will challenge the Standard Model of particle physics and will provide a new window to look beyond it. This document brings the story of the ILC up to date, emphasizing its strong physics motivation, its readiness for construction, and the opportunity it presents to the US and the global particle physics community

The International Linear Collider: Report to Snowmass 2021

The International Linear Collider (ILC) is on the table now as a new global energy-frontier accelerator laboratory taking data in the 2030s. The ILC addresses key questions for our current understanding of particle physics. It is based on a proven accelerator technology. Its experiments will challenge the Standard Model of particle physics and will provide a new window to look beyond it. This document brings the story of the ILC up to date, emphasizing its strong physics motivation, its readiness for construction, and the opportunity it presents to the US and the global particle physics community