How the credit channel works: differentiating the bank lending channel and the balance sheet channel

The credit channel of monetary policy transmission operates through changes in lending. To examine this channel, we explore how movements in the real federal funds rate affect bank lending. Using data on individual loans from the Survey of Terms of Bank Lending, we are able to differentiate two ways the credit channel can work: by affecting overall bank lending (the bank lending channel) and by affecting the allocation of loans (the balance sheet channel). We find evidence consistent with the operation of both internal credit channels. During periods of tight monetary policy, banks adjust their stock of loans by reducing the maturity of loan originations and they reallocate their short-term loan supply from small firms to large firms. These results are stronger for large banks than for small banks.Monetary policy ; Bank loans

Fiber Bragg Grating Sensor System for Monitoring Smart Composite Aerospace Structures

Lightweight, electromagnetic interference (EMI) immune, fiber-optic, sensor- based structural health monitoring (SHM) will play an increasing role in aerospace structures ranging from aircraft wings to jet engine vanes. Fiber Bragg Grating (FBG) sensors for SHM include advanced signal processing, system and damage identification, and location and quantification algorithms. Potentially, the solution could be developed into an autonomous onboard system to inspect and perform non-destructive evaluation and SHM. A novel method has been developed to massively multiplex FBG sensors, supported by a parallel processing interrogator, which enables high sampling rates combined with highly distributed sensing (up to 96 sensors per system). The interrogation system comprises several subsystems. A broadband optical source subsystem (BOSS) and routing and interface module (RIM) send light from the interrogation system to a composite embedded FBG sensor matrix, which returns measurand-dependent wavelengths back to the interrogation system for measurement with subpicometer resolution. In particular, the returned wavelengths are channeled by the RIM to a photonic signal processing subsystem based on powerful optical chips, then passed through an optoelectronic interface to an analog post-detection electronics subsystem, digital post-detection electronics subsystem, and finally via a data interface to a computer. A range of composite structures has been fabricated with FBGs embedded. Stress tensile, bending, and dynamic strain tests were performed. The experimental work proved that the FBG sensors have a good level of accuracy in measuring the static response of the tested composite coupons (down to submicrostrain levels), the capability to detect and monitor dynamic loads, and the ability to detect defects in composites by a variety of methods including monitoring the decay time under different dynamic loading conditions. In addition to quasi-static and dynamic load monitoring, the system can capture acoustic emission events that can be a prelude to structural failure, as well as piezoactuator-induced ultrasonic Lamb-waves-based techniques as a basis for damage detection

The Effect of the Pendency of Claims for Compensation Upon Behavior Indicative of Pain

Recent theories endeavoring to explain manifestations of pain in humans have increasingly recognized the effect of sociological and psychological processes on pain.This article reports findings made in a research project based on the hypothesis that the pendency of a claim for compensation has the effect of causing greater, more intense, and more persistent pain than would otherwise be experienced if persons had not sought compensation. The study assumed that pain can most accurately be measured by observing behavior indicative of pain and focused on data reflecting such behavior. The lawyer-author of this article thought the study might demonstrate that current compensation practices are a significant cause of pain behavior, and anticipated that such a finding could lead to revision of claims procedures or even changes in methods of compensation. The project revealed, however, no significant effects of either litigation or representation by attorneys upon the pain behavior of persons having workmen\u27s compensation claims with the Department of Labor and Industries of the State of Washington

Structural Health Monitoring with Fiber Bragg Grating and Piezo Arrays

Structural health monitoring (SHM) is one of the most important tools available for the maintenance, safety, and integrity of aerospace structural systems. Lightweight, electromagnetic-interference- immune, fiber-optic sensor-based SHM will play an increasing role in more secure air transportation systems. Manufacturers and maintenance personnel have pressing needs for significantly improving safety and reliability while providing for lower inspection and maintenance costs. Undetected or untreated damage may grow and lead to catastrophic structural failure. Damage can originate from the strain/stress history of the material, imperfections of domain boundaries in metals, delamination in multi-layer materials, or the impact of machine tools in the manufacturing process. Damage can likewise develop during service life from wear and tear, or under extraordinary circumstances such as with unusual forces, temperature cycling, or impact of flying objects. Monitoring and early detection are key to preventing a catastrophic failure of structures, especially when these are expected to perform near their limit conditions

Amphibian Development in the Virtual Absence of Gravity

To test whether gravity is required for normal amphibian development, Xenopus laevis females were induced to ovulate aboard the orbiting Space Shuttle. Eggs were fertilized in vitro, and although early embryonic stages showed some abnormalities, the embryos were able to regulate and produce nearly normal larvae. These results demonstrate that a vertebrate can ovulate in the virtual absence of gravity and that the eggs can develop to a free-living stage

Article 9: Secured Transactions (Comment) of Uniform Commercial Code Annotations

Review of SCHLEIMER V. ARROWHEAD GARAGE, INC. 260 N.Y.S.2d 271 (Civ. Ct. 1965