Money and interest rates under a reserves operating target

This study examines the short-run dynamic relationships between nonborrowed reserves, the federal funds rate, and transaction accounts using daily data from 1979 through 1982. Separate models are estimated for each day of the week, and simulation experiments are performed. The results suggest that the funds rate responded quite rapidly to a change in nonborrowed reserves, but that the short-run nonborrowed reserves multiplier for transaction accounts was only about 18 percent of its theoretical maximum. In addition, the Federal Reserve appeared to accommodate about 65 percent of a permanent shock to money, and lagged reserve requirements seemed to delay depository institutions' response to a money shock.Interest rates ; Bank reserves

Evaluating markers of epithelial-mesenchymal transition to identify cancer patients at risk for metastatic disease

Most cancer deaths are due to metastases. Markers of epithelial-mesenchymal transition (EMT) measured in primary tumor cancer cells could be helpful to assess patient risk of metastatic disease, even among those otherwise diagnosed with local disease. Previous studies of EMT markers and patient outcomes used inconsistent methods and did not compare the clinical impact of different expression cut points for the same marker. Using digital image analysis, we measured the EMT markers Snail and E-cadherin in primary tumor specimens from 190 subjects in tissue microarrays from a population-based prospective cohort of colorectal cancer patients and estimated their associations with time-to-death. After measuring continuous marker expression data, we performed a systematic search for the cut point for each marker with the best model fit between dichotomous marker expression and time-to-death. We also assessed the potential clinical impact of different cut points for the same marker. After dichotomizing expression status at the statistically-optimal cut point, we found that Snail expression was not associated with time-to-death. When measured as a weighted average of tumor cores, low E-cadherin expression was associated with a greater risk of dying within 5 years of surgery than high expression (risk difference = 33 %, 95 % confidence interval 3–62 %). Identifying a clinically-optimal cut point for an EMT marker requires trade-offs between strength and precision of the association with patient outcomes, as well as consideration of the number of patients whose treatments might change based on using the marker at a given cut point

Comparison of solitary and collective foraging strategies of Caenorhabditis elegans in patchy food distributions

Collective foraging has been shown to benefit organisms in environments where food is patchily distributed, but whether this is true in the case where organisms do not rely on long range communications to coordinate their collective behaviour has been understudied. To address this question, we use the tractable laboratory model organism Caenorhabditis elegans, where a social strain (npr-1 mutant) and a solitary strain (N2) are available for direct comparison of foraging strategies. We first developed an on-lattice minimal model for comparing collective and solitary foraging strategies, finding that social agents benefit from feeding faster and more efficiently simply due to group formation. Our laboratory foraging experiments with npr-1 and N2 worm populations, however, show an advantage for solitary N2 in all food distribution environments that we tested. We incorporated additional strain43 specific behavioural parameters of npr-1 and N2 worms into our model and computationally identified N2’s higher feeding rate to be the key factor underlying its advantage, without which it is possible to recapitulate the advantage of collective foraging in patchy environments. Our work highlights the theoretical advantage of collective foraging due to group formation alone without long-range interactions, and the valuable role of modelling to guide experiments

BAFF selectively enhances the survival of plasmablasts generated from human memory B cells

The generation of Ig-secreting cells (ISCs) from memory B cells requires interactions between antigen-specific (Ag-specific) B cells, T cells, and dendritic cells. This process must be strictly regulated to ensure sufficient humoral immunity while avoiding production of pathogenic autoantibodies. BAFF, a member of the TNF family, is a key regulator of B cell homeostasis. BAFF exerts its effect by binding to three receptors — transmembrane activator of and CAML interactor (TACI), B cell maturation antigen (BCMA), and BAFF receptor (BAFF-R). To elucidate the contribution of BAFF to the differentiation of B cells into ISCs, we tracked the fate of human memory B cells stimulated with BAFF or CD40L. BAFF and CD40L significantly increased the overall number of surviving B cells. This was achieved via distinct mechanisms. CD40L induced proliferation of nondifferentiated blasts, while BAFF prevented apoptosis of ISCs without enhancing proliferation. The altered responsiveness of activated memory B cells to CD40L and BAFF correlated with changes in surface phenotype such that expression of CD40 and BAFF-R were reduced on ISCs while BCMA was induced. These results suggest BAFF may enhance humoral immunity in vivo by promoting survival of ISCs via a BCMA-dependent mechanism. These findings have wide-ranging implications for the treatment of human immunodeficiencies as well as autoimmune diseases.This work was supported by the National Health and Medical Research Council of Australia. S.G. Tangye was supported by a U2000 Postdoctoral Fellowship awarded by the University of Sydney. P.D. Hodgkin is a Senior Research Fellow of the National Health and Medical Research Council of Australia. F. Mackay is a Wellcome Trust Senior Research Fellow

Evaluation of Bird Shield as a blackbird repellent in ripening rice and sunflower fields

Chemical repellents sometimes can provide a nonlethal alternative for reducing wildlife impacts to agricultural production. In late summer and autumn 2002, we evaluated Bird Shield™ (active ingredient: methyl anthranilate, Bird Shield Repellent Corporation, Spokane, Wash.) as a blackbird (Icteridae) repellent in Missouri rice fields and North Dakota sunflower fields. We selected 5 pairs of ripening rice fields in southeastern Missouri and randomly allocated treatments (treated and control) within pairs. The repellent was aerially applied by fixed-winged aircraft at the recommended label rate and volume (1.17 L Bird Shield/ha and 46.7 L/ha, respectively); 1 field received 2X the label rate. We observed no difference in average bird activity (birds/minute) between treated and control fields over the 3-day posttreatment period (P = 0.503). We used reversed-phase liquid chromatography to quantify methyl anthranilate residues in treated fields. The maximum concentration of methyl anthranilate in rice samples was 4.71 μg/g. This concentration was below reported threshold values that irritate birds. In North Dakota we selected 6 pairs of sunflower fields used by foraging blackbirds. We randomly selected 1 field from each pair for 2 aerial applications of Bird Shield at the label-recommended rate ~1 week apart. The remaining 6 fields served as controls. Daily bird counts, starting the first day of application and continuing for 5–7 days after the second application, showed similar numbers of blackbirds within treated and control fields (P = 0.964). We observed no difference in sunflower damage within treated and control fields (P = 0.172) prior and subsequent to the treatment. Bird Shield was not effective for repelling blackbirds from ripening rice and sunflower fields

Evaluation of Bird Shield as a blackbird repellent in ripening rice and sunflower fields

Chemical repellents sometimes can provide a nonlethal alternative for reducing wildlife impacts to agricultural production. In late summer and autumn 2002, we evaluated Bird Shield™ (active ingredient: methyl anthranilate, Bird Shield Repellent Corporation, Spokane, Wash.) as a blackbird (Icteridae) repellent in Missouri rice fields and North Dakota sunflower fields. We selected 5 pairs of ripening rice fields in southeastern Missouri and randomly allocated treatments (treated and control) within pairs. The repellent was aerially applied by fixed-winged aircraft at the recommended label rate and volume (1.17 L Bird Shield/ha and 46.7 L/ha, respectively); 1 field received 2X the label rate. We observed no difference in average bird activity (birds/minute) between treated and control fields over the 3-day posttreatment period (P = 0.503). We used reversed-phase liquid chromatography to quantify methyl anthranilate residues in treated fields. The maximum concentration of methyl anthranilate in rice samples was 4.71 μg/g. This concentration was below reported threshold values that irritate birds. In North Dakota we selected 6 pairs of sunflower fields used by foraging blackbirds. We randomly selected 1 field from each pair for 2 aerial applications of Bird Shield at the label-recommended rate ~1 week apart. The remaining 6 fields served as controls. Daily bird counts, starting the first day of application and continuing for 5–7 days after the second application, showed similar numbers of blackbirds within treated and control fields (P = 0.964). We observed no difference in sunflower damage within treated and control fields (P = 0.172) prior and subsequent to the treatment. Bird Shield was not effective for repelling blackbirds from ripening rice and sunflower fields

Diverse examples from managing invasive vertebrate species on inhabited islands of the United States

A wide array of sizes, ecosystems, cultures, and invasive wildlife are represented among inhabited islands. Here, six cases from the United States of America (US) are selected to illustrate the high diversity of invasive animal management issues and objectives. We outline the background, define the problems and management objectives. We identify the management approaches and discuss the results and influences as they specifically relate to inhabited islands. The examples are: (1) Gambian giant pouched rats on Grassy Key, Florida; (2) coqui frogs on Kaua’i, Hawai’i; (3) feral swine on Cayo Costa Island, Florida; (4) rodents and monitor lizards on Cocos Island, Guam; (5) black spiny-tailed iguanas (ctenosaurs) on Gasparilla Island, Florida; and (6) mongooses on Puerto Rico. The outcomes of the programs are discussed, particularly in relation to the impact of human habitation on success