Central bank intervention and overnight uncovered interest rate parity

This paper considers the impact of U.S. and German central bank intervention on the risk premium in forward foreign exchange markets.Foreign exchange - Law and legislation

The risk premium in forward foreign exchange markets and G-3 central bank intervention: evidence of daily effects, 1985-1990

Evidence that forward rates for foreign exchange are not unbiased forecasts of future spot rates suggests a time-varying risk premium. However, there is little evidence that the forecast error is related to fundamentals, although most investigations have lacked high-frequency data. In this paper, we use daily exchange-rate and official Federal Reserve intervention data to test for an impact of intervention on the forecast error. This paper extends recent analyses of daily changes in exchange rates by Baillie and Bollersev (1989) and Hsieh (1989) to the daily forward-rate forecast errors for the dm/US$and yen/US$ rates. We estimate an MA(21) process and utilize GARCH with a conditional student-t distribution. We find that 1) U.S. purchases of dollars on day t-1 affect the day t forecast error (ft-Et[st+k]), 2) there are day-of-the-week effects in the conditional variance, and 3) for the yen/US$ rate, there is GARCH-in-mean. These findings provide some support for considering intervention as a channel through which fundamentals influence risk premiaannel through which fundamentals influence risk premia.Foreign exchange - Law and legislation ; Risk

Intervention as information: a survey

Research has generally failed to find reliable connections between official exchange-market interventions and exchange rates that are consistent with either a monetary or a portfolio-balance theory of exchange-rate determination. Recently economists have suggested that intervention might sometimes influence exchange rates through its effects on agents’ expectations. This survey discusses newer research that analyzes informational aspects of intervention.Foreign exchange - Law and legislation

Search for the Decays B(s)0→e+μ−{B^0_{(s)}\to e^+\mu^-} and B(s)0→e+e−{B^0_{(s)}\to e^+e^-} in CDF Run II

submitted to PRLWe report results from a search for the lepton flavor violating decays $B^0_{(s)}\to e^+\mu^-$, and the flavor-changing neutral-current decays $B^0_{(s)} \to e^+ e^-$. The analysis uses data corresponding to ${\rm 2 fb^{-1}}$ of integrated luminosity of $p \bar{p}$ collisions at $\sqrt{s}=1.96 {\rm TeV}$ collected with the upgraded Collider Detector (CDF II) at the Fermilab Tevatron. The observed number of $B^0_{(s)}$ candidates is consistent with background expectations. The resulting Bayesian upper limits on the branching ratios at 90% credibility level are $\mathcal{B}(B^0_s \to e^{+}\mu^{-}) e^{+}\mu^{-})e^{+}\mu^{-}) 47.8 {\rm TeV/c^2}$, and ${M_{LQ}}(B^0\to e^+ \mu^-) > 59.3 {\rm TeV/c^2}$, at 90% credibility level.We report results from a search for the lepton flavor violating decays Bs0→e+μ- and B0→e+μ-, and the flavor-changing neutral-current decays Bs0→e+e- and B0→e+e-. The analysis uses data corresponding to 2  fb-1 of integrated luminosity of pp̅ collisions at √s=1.96  TeV collected with the upgraded Collider Detector (CDF II) at the Fermilab Tevatron. The observed number of B0 and Bs0 candidates is consistent with background expectations. The resulting Bayesian upper limits on the branching ratios at 90% credibility level are B(Bs0→e+μ-)47.8  TeV/c2, and MLQ(B0→e+μ-)>59.3  TeV/c2, at 90% credibility level.Peer reviewe

Combination of Tevatron searches for the standard model Higgs boson in the W+W- decay mode

Report number: FERMILAB-PUB-10-017-EWe combine searches by the CDF and D0 collaborations for a Higgs boson decaying to W+W-. The data correspond to an integrated total luminosity of 4.8 (CDF) and 5.4 (D0) fb-1 of p-pbar collisions at sqrt{s}=1.96 TeV at the Fermilab Tevatron collider. No excess is observed above background expectation, and resulting limits on Higgs boson production exclude a standard-model Higgs boson in the mass range 162-166 GeV at the 95% C.L.We combine searches by the CDF and D0 Collaborations for a Higgs boson decaying to W+W-. The data correspond to an integrated total luminosity of 4.8 (CDF) and 5.4 (D0) fb-1 of pp̅ collisions at √s=1.96  TeV at the Fermilab Tevatron collider. No excess is observed above background expectation, and resulting limits on Higgs boson production exclude a standard model Higgs boson in the mass range 162–166 GeV at the 95% C.L.Peer reviewe

Search for R-parity Violating Decays of tau Sneutrinos to emu, mutau, and etau Pairs in ppbar Collisions at sqrt(s) = 1.96 TeV

7 pages, 5 figures. To be submitted to Phys. Rev. Lett.We present a search for tau sneutrino production using the Tevatron ppbar collision data collected with the CDF II detector and corresponding to an integrated luminosity of 1 fb^-1. We focus on the scenarios predicted by the R-parity violating (RPV) supersymmetric models in which tau sneutrinos decay to two charged leptons of different flavor. With the data consistent with the standard model expectations, we set the upper limits on sigma(ppbar -> tau sneutrino)*BR(tau sneutrino ->emu,mutau,etau) and use these results to constrain the RPV couplings as a function of tau sneutrino mass.We present a search for supersymmetric neutrino ν˜ production using the Tevatron pp̅ collision data collected with the CDF II detector and corresponding to an integrated luminosity of 1  fb-1. We focus on the scenarios predicted by the R-parity violating (RPV) supersymmetric models in which sneutrinos decay to two charged leptons of different flavor. With the data consistent with the standard model expectations, we set upper limits on σ(pp̅ →ν˜)×BR(ν˜→eμ,μτ,eτ) and use these results to constrain the RPV couplings as a function of the sneutrino mass.Peer reviewe

Beyond Resilience and Burnout: The Need for Organizational Change to Promote Humanistic Practice and Teaching in Healthcare

Rapid changes in healthcare organization and practice environments, increasingly driven by business models and commercial interests, are associated with widespread burnout and dissatisfaction among healthcare professionals and pose barriers to humanistic relationship-centered quality care. Studies show burnout and significant stress currently affect over half of US physicians and nurses. Clinicians’ ability to provide compassionate care is significantly challenged. Most solutions to date have included individual interventions designed to enhance well-being and promote resilience. We examined organizational factors that inhibit or promote humanistic practice by faculty physicians in today’s healthcare environment. In this qualitative study, physician faculty who completed a one-year faculty development program in humanism at eight US academic medical centers provided written answers to two open-ended questions: a) What institutional or specific organizational unit-related factors promote humanism for you and others? b) What institutional or specific organizational unit-related factors inhibit or pose barriers, to humanism for you and others? 74% (68/92) of the physicians participated. The constant comparative method was used to analyze responses. We found that organizational culture was the central theme. Motivators of humanism included leadership supportive of humanistic practice, responsibility to role model humanism, organized activities promoting humanism, and practice structures that facilitate humanism. Factors that inhibited humanism included “top down” organizational culture, non-supportive leadership, time and bureaucratic pressures, and non-facilitative practice structures. Our findings suggest that organizational culture is, at a minimum, equally important as individual interventions. We describe features of organizational culture that reinforce humanistic practice and care in healthcare institutions and offer recommendations for organizational change that support the primacy of humanistic, compassionate, high quality patient care. 

Bridge distress caused by approach embankment settlement

Surtees Bridge, which carries the A66(T) over the River Tees near Thornaby-on-Tees in the UK, has been showing signs of distress that predate its opening in 1981. Subsequent investigations have shown that the bridge distress is related to unexpectedly large settlement of the eastern approach embankment. Recent ground investigations prompted by a proposed widening of the river crossing have produced many new data on the alluvial deposits underlying the site, and explain why embankment settlement was so much larger than originally anticipated. Comparison of the geotechnical parameters obtained from the original and more recent ground investigations suggests that the original investigation significantly underestimated the thickness of an alluvial clay layer underlying the site, and that its coefficient of consolidation was overestimated. Settlement analyses using geotechnical data from the original ground investigations predict moderate embankment settlements occurring principally during construction. Settlement analyses based on all the available data predict far larger embankment settlements occurring over extended time periods. The latter analyses predict an embankment settlement similar to that observed and of sufficient magnitude to cause the observed lateral displacement of the bridge due to lateral loading of its piled foundation

The effect of price increases on predicted alcohol purchasing decisions and choice to substitute

Introduction: Few studies have undertaken to explore whether people who consume particular alcoholic beverages have a greater tendency to substitute with cheaper alcohol in response to price increases. The aim of this study was to investigate the effect of price increases on alcohol purchasing decisions, specifically the influence on brand and cross-beverage substitution across demographic, drinking level and socio-economic factors. Method: Data on participants’ alcohol purchasing habits and consumption were collected via an online survey, including their reactions to three price increases to alcoholic beverages types previously purchased. Data were analysed using logistic regression, with substitution behaviour the dependent variable, controlling for demographic and socio-economic factors. Results: Responses to different price increases varied by drinking level, which was consistently and significantly associated with likelihood of substitution behaviour across beverage types. For a 50% increase in price, regardless of whether participants purchased beer, wine, bottled spirits or premixed spirits, drinking at levels which put participants at high risk of short-term harms was associated with a higher likelihood of substitution with cheaper brands or beverage types (OR: 1.729; OR: 1.787; OR: 1.729 and OR: 1.729, respectively). Conclusions: No consistent trends in responses occurred according to respondent characteristics, suggesting that increasing price may be an effective tool to influence purchasing behaviour across the population. Results also suggested that those who drink at levels which put them at high risk of short-term harms may be more likely to circumvent price increases by switching to a cheaper product

Disability Pension Rates Among Immigrants in Norway

Immigrants from low-income countries are more likely than ethnic Norwegians to receive disability pensions. In a previous study in Oslo, we showed that occupational position probably accounted for all of this difference. The present article presents a study of the total population, with data on education and age at receipt of pension. Census and social security data for all persons living in Norway from 1992 to 2003 were used to identify new disability pensions to those aged 30–55 years and eligible in 1992, comprising 15.9% females and 11.4% males. Age-adjusted relative risk was 2.03 (95% CI 1.97–2.08) for non-Western males and 1.30 (1.26–1.36) for non-Western females compared with Westerners, and more than three times higher for males from North Africa/the Middle East. Education did not explain any of the risk differences, but when adjusting for age at pension receipt the differences disappeared completely. This is probably due to their being in predominantly unskilled occupations where there is also a low pension age among ethnic Norwegians