The effect of interest on reserves on monetary policy

In October 2008 the Federal Reserve began paying banks interest on the reserves they hold. This action was intended to remove the implicit, distortionary tax that reserve requirements impose on banks, as well as help the Fed maintain the fed funds rate at its target. Going forward, interest on reserves is likely to simplify monetary policy implementation, as well as allow the Fed to pursue separate monetary and credit policies.Inflation (Finance) ; Monetary policy

Visualization of structures and cosmic flows in the Local Universe

A visualization of three-dimensional structures and cosmic flows is presented using information from the Extragalactic Distance Database V8k redshift catalog and peculiar velocities from the Cosmicflows-1 survey. Structures within a volume bounded at 8000 km/s on the cardinal Supergalactic axes are explored in terms of both the display of the positions of the 30124 galaxies of the catalog and its reconstructed luminosity density field, corrected to account for growing incompleteness with distance. Cosmography of the Local Universe is discussed with the intent to identify the most prominent structures, including voids, galaxy clusters, filaments and walls. The mapping also benefits from precise distance measures provided through the Cosmicflows-1 observational program. Three-dimensional visualizations of the coherent flows of galaxies in the nearby universe are presented using recent results obtained on the reconstruction of cosmic flows with the Wiener Filter approach. The three major components of the Milky Way motion, namely the expulsion from the Local Void, the infall toward the Virgo Cluster, and the bulk flow of the historic Local Supercluster toward the Great Attractor are illustrated using different visualization techniques and analyzed in the light of the cosmography derived from the V8k redshift and Cosmicflows-1 distance catalogs.Comment: Advancing the physics of cosmic distances Proceedings IAU Symposium No. 289, 2012 R. de Grijs, G. Bono 2012 International Astronomical Unio

Derivation of Distances with the Tully-Fisher Relation: The Antlia Cluster

The Tully-Fisher relation is a correlation between the luminosity and the HI 21cm line width in spiral galaxies (LLW relation). It is used to derive galaxy distances in the interval 7 to 100 Mpc. Closer, the Cepheids, TRGB and Surface Brightness Fluctuation methods give a better accuracy. Further, the SNIa are luminous objects still available for distance measurement purposes, though with a dramatically lower density grid of measurements on the sky. Galaxies in clusters are all at the same distance from the observer. Thus the distance of the cluster derived from a large number of galaxies (N) has an error reduced according to the square root of N. However, not all galaxies in a cluster are suitable for the LLW measurement. The selection criteria we use are explained hereafter; the important point being to avoid Malmquist bias and to not introduce any systematics in the distance measurement.Comment: Moriond0

Cosmic Bulk Flow and the Local Motion from Cosmicflows-2

Full sky surveys of peculiar velocity are arguably the best way to map the large scale structure out to distances of a few times 100 Mpc/h. Using the largest and most accurate ever catalog of galaxy peculiar velocities "Cosmicflows-2", the large scale structure has been reconstructed by means of the Wiener filter and constrained realizations assuming as a Bayesian prior model the LCDM model with the WMAP inferred cosmological parameters. The present paper focuses on studying the bulk flow of the local flow field, defined as the mean velocity of top-hat spheres with radii ranging out to R=500 Mpc/h. The estimated large scale structures, in general, and the bulk flow, in particular, are determined by the tension between the observational data and the assumed prior model. A prerequisite for such an analysis is the requirement that the estimated bulk flow is consistent with the prior model. Such a consistency is found here. At R=50(150) Mpc/h the estimated bulk velocity is 250+/-21 (239+/-38) km/s. The corresponding cosmic variance at these radii is 126(60)km/s, which implies that these estimated bulk flows are dominated by the data and not by the assumed prior model. The estimated bulk velocity is dominated by the data out to R~200 Mpc/h, where the cosmic variance on the individual Supergalactic Cartesian components (of the r.m.s. values) exceeds the variance of the Constrained Realizations by at least a factor of 2. The supergalactic SGX and SGY components of the CMB dipole velocity are recovered by the Wiener filter velocity field down to a very few km/s. The SGZ component of the estimated velocity, the one that is most affected by the Zone of Avoidance, is off by 126 km/s (an almost 2 sigma discrepancy).Comment: 10 pages, accepted for MNRA

The Mid-Infrared Tully-Fisher Relation: Calibration of the SNIa Scale and Ho

This paper builds on a calibration of the SNIa absolute distance scale begun with a core of distances based on the correlation between galaxy rotation rates and optical Ic band photometry. This new work extends the calibration through the use of mid-infrared photometry acquired at 3.6 microns with Spitzer Space Telescope. The great virtue of the satellite observations is constancy of the photometry at a level better than 1% across the sky. The new calibration is based on 39 individual galaxies and 8 clusters that have been the sites of well observed SNIa. The new 3.6 micron calibration is not yet as extensively based as the Ic band calibration but is already sufficient to justify a preliminary report. Distances based on the mid-infrared photometry are 2% greater in the mean than reported at Ic band. This difference is only marginally significant. The Ic band result is confirmed with only a small adjustment. Incorporating a 1% decrease in the LMC distance, the present study indicates Ho = 75.2 +/- 3.0 km/s/Mpc.Comment: Accepted for publication in The Astrophysical Journal Letters, 6 pages, 2 figure

Goodness-of-fit analysis of the Cosmicflows-2 database of velocities

The goodness-of-fit (GoF) of the Cosmicflows-2 (CF2) database of peculiar velocities with the LCDM standard model of cosmology is presented. Standard application of the Chi^2 statistics of the full database, of its 4,838 data points, is hampered by the small scale nonlinear dynamics which is not accounted for by the (linear regime) velocity power spectrum. The bulk velocity constitutes a highly compressed representation of the data which filters out the small scales non-linear modes. Hence the statistics of the bulk flow provides an efficient tool for assessing the GoF of the data given a model. The particular approach introduced here is to use the (spherical top-hat window) bulk velocity extracted from the Wiener filter reconstruction of the 3D velocity field as a linear low pass filtered highly compressed representation of the CF2 data. An ensemble 2250 random linear realizations of the WMAP/LCDM model has been used to calculate the bulk velocity auto-covariance matrix. We find that the CF2 data is consistent with the WMAP/LCDM model to better than the 2 sigma confidence limits. This provides a further validation that the CF2 database is consistent with the standard model of cosmology.Comment: submitted to MNRAS, V2 : solved page sizing proble

The Arrowhead Mini-Supercluster of Galaxies

Superclusters of galaxies can be defined kinematically from local evaluations of the velocity shear tensor. The location where the smallest eigenvalue of the shear is positive and maximal defines the center of a basin of attraction. Velocity and density fields are reconstructed with Wiener Filter techniques. Local velocities due to the density field in a restricted region can be separated from external tidal flows, permitting the identification of boundaries separating inward flows toward a basin of attraction and outward flows. This methodology was used to define the Laniakea Supercluster that includes the Milky Way. Large adjacent structures include Perseus-Pisces, Coma, Hercules, and Shapley but current kinematic data are insufficient to capture their full domains. However there is a small region trapped between Laniakea, Perseus-Pisces, and Coma that is close enough to be reliably characterized and that satisfies the kinematic definition of a supercluster. Because of its shape, it is given the name the Arrowhead Supercluster. This entity does not contain any major clusters. A characteristic dimension is ~25 Mpc and the contained mass is only ~10^15 Msun.Comment: Accepted for publication in The Astrophysical Journal. Video can be viewed at http://irfu.cea.fr/arrowhea

Bimodality of Galaxy Disk Central Surface Brightness Distribution in the Spitzer 3.6 micron band

We report on measurements of the disk central surface brightnesses (mu0) at 3.6 microns for 438 galaxies selected by distance and absolute magnitude cutoffs from the 2350+ galaxies in the Spitzer Survey of Stellar Structure in Galaxies (S4G), one of the largest and deepest homogeneous mid-infrared datasets of nearby galaxies. Our sample contains nearly 3 times more galaxies than the most recent study of the mu0 distribution. We demonstrate that there is a bimodality in the distribution of mu0. Between the low and high surface brightness galaxy regimes there is a lack of intermediate surface brightness galaxies. Caveats invoked in the literature from small number statistics to the knowledge of the environmental influences, and possible biases from low signal to noise data or corrections for galaxy inclination are investigated. Analyses show that the bimodal distribution of mu0 cannot be due to any of these biases or statistical fluctuations. It is highly probable that galaxies settle in two stable modes: a dark matter dominated mode where the dark matter dominates at all radii - this gives birth to low surface brightness galaxies - and a baryonic matter dominated mode where the baryons dominate the dark matter in the central parts - this gives rise to the high surface brightness disks. The lack of intermediate surface brightness objects suggests that galaxies avoid (staying in) a mode where dark matter and baryons are co-dominant in the central parts of galaxies.Comment: Accepted for publication in MNRAS, 9 pages, 10 figures, 1 tabl

The mid-infrared Tully-Fisher relation: Spitzer Surface Photometry

The availability of photometric imaging of several thousand galaxies with the Spitzer Space Telescope enables a mid-infrared calibration of the correlation between luminosity and rotation in spiral galaxies. The most important advantage of the new calibration in the 3.6 micron band, IRAC ch.1, is photometric consistency across the entire sky. Additional advantages are minimal obscuration, observations of flux dominated by old stars, and sensitivity to low surface brightness levels due to favorable backgrounds. Through Spitzer cycle 7 roughly 3000 galaxies had been observed and images of these are available at the Spitzer archive. In cycle 8 a program called Cosmic Flows with Spitzer has been initiated that will increase by 1274 the available sample of spiral galaxies with inclinations greater than 45 degrees from face-on suitable for distance measurements. This paper describes procedures based on the photometry package Archangel that are being employed to analyze both the archival and the new data in a uniform way. We give results for 235 galaxies, our calibrator sample for the Tully-Fisher relation. Galaxy magnitudes are determined with uncertainties held below 0.05 mag for normal spiral systems. A subsequent paper will describe the calibration of the [3.6] luminosity-rotation relation.Comment: Accepted for publication in The Astronomical Journal, 12 pages, 9 figure