What Were They Thinking? The Federal Reserve In The Run-Up To The 2008 Financial Crisis

The Federal Reserve (the Fed) is responsible for monitoring, analyzing and ultimately stabilizing US financial markets. It also has unrivalled access to economic data, high-level connections to financial institutions, and a large staff of professionally trained economists. Why then was it apparently unconcerned by the financial developments that are now widely recognized to have caused the 2008 financial crisis? Using a wide range of Fed documents from the pre-crisis period, particularly the transcripts of meetings of the Federal Open Market Committee (FOMC), this paper shows that Fed policymakers and staff were aware of relevant developments in financial markets, but paid infrequent attention to them and disregarded significant systemic threats. Drawing on literatures in economics, political science and sociology, the paper then demonstrates that the Fed\u27s intellectual paradigm in the years before the crisis focused on ‘post hoc interventionism’ – the institution\u27s ability to limit the fallout should a systemic disturbance arise. Further, the paper argues that institutional routines played a crucial role in maintaining this paradigm and in contributing to the Fed\u27s inadequate attention to the warning signals in the pre-crisis period

Annotated bibliography of research conducted in the Chesapeake Bay National Estuarine Research Reserve, VA

This annotated bibliography of research conducted within the Reserves boundaries is a living document and updated periodically as new and past publications become available to the Reserve. It is designed to identify and provide an abstract/summary of research publications conducted within the four component sites of the Chesapeake Bay National Estuarine Research Reserve - Virginia system. Selected reference material is also available for Reserve relevant work conducted at multiple sites within the York River system. In order to help facilitate searches, the bibliography is categorized by Reserve components (Goodwin Islands, Catlett Islands, Taskinas Creek, and Sweet Hall Marsh) and by work conducted in Multiple Sites along the York River. In addition, each component is subcategorized into biological, geological, chemical and physical, and cultural and socioeconomic subject headings based on the primary focus of the publication. Publications are listed in alphabetical order by senior author under appropriate headings. Following the reference citation, an abstract or summary of the publication is provided

Phase Transitions in a Dusty Plasma with Two Distinct Particle Sizes

In semiconductor manufacturing, contamination due to particulates significantly decreases the yield and quality of device fabrication, therefore increasing the cost of production. Dust particle clouds can be found in almost all plasma processing environments including both plasma etching devices and in plasma deposition processes. Dust particles suspended within such plasmas will acquire an electric charge from collisions with free electrons in the plasma. If the ratio of inter-particle potential energy to the average kinetic energy is sufficient, the particles will form either a liquid structure with short range ordering or a crystalline structure with long range ordering. Otherwise, the dust particle system will remain in a gaseous state. Many experiments have been conducted over the past decade on such colloidal plasmas to discover the character of the systems formed, but more work is needed to fully understand these structures. The preponderance of previous experiments used monodisperse spheres to form complex plasma systems

Higher education, mature students and employment goals: policies and practices in the UK

This article considers recent policies of Higher Education in the UK, which are aimed at widening participation and meeting the needs of employers. The focus is on the growing population of part-time students, and the implications of policies for this group. The article takes a critical perspective on government policies, using data from a major study of mature part-time students, conducted in two specialist institutions in the UK, a London University college and a distance learning university. Findings from this study throw doubt on the feasibility of determining a priori what kind of study pathway is most conducive for the individual in terms of employment gains and opportunities for upward social mobility. In conclusion, doubts are raised as to whether policies such as those of the present UK government are likely to achieve its aims. Such policies are not unique to the UK, and lessons from this country are relevant to most of the developed world

Investigating uptake of N2O in agricultural soils using a high-precision dynamic chamber method

Uptake (or negative flux) of nitrous oxide (N2O)in agricultural soils is a controversial issue which has proved difficult to investigate in the past due to constraints such as instrumental precision and methodological uncertainties. Using a recently developed high-precision quantum cascade laser gas analyser combined with a closed dynamic chamber, a well-defined detection limit of 4 μg N2O-N m could be achieved for individual soil flux measurements. 1220 mea- surements of N2O flux were made from a variety of UK soils using this method, of which 115 indicated uptake by the soil (i.e. a negative flux in the micrometeorological sign convention). Only four of these apparently negative fluxes were greater than the detection limit of the method, which suggests that the vast majority of reported negative fluxes from such measurements are actually due to instrument noise. As such, we suggest that the bulk of negative N2O fluxes reported for agricultural fields are most likely due to limits in detection of a particular flux measurement methodology and not a result of microbiological activity consuming atmospheric N2O