The monetary-fiscal mix through mid-1976

Monetary policy ; Fiscal policy

The FOMC in 1974: monetary policy during economic uncertainty

Federal Open Market Committee ; Monetary policy

A passive gust alleviation system for a light aircraft

A passive aeromechanical gust alleviation system was examined for application to a Cessna 172. The system employs small auxiliary wings to sense changes in angle of attack and to drive the wing flaps to compensate the resulting incremental lift. The flaps also can be spring loaded to neutralize the effects of variations in dynamic pressure. Conditions for gust alleviation are developed and shown to introduce marginal stability if both vertical and horizontal gusts are compensated. Satisfactory behavior is realized if only vertical gusts are absorbed; however, elevator control is effectively negated by the system. Techniques to couple the elevator and flaps are demonstrated to restore full controllability without sacrifice of gust alleviation

Impact of Size and Delay on Neural Activity in the Rat Limbic Corticostriatal System

A number of factors influence an animal’s economic decisions. Two most commonly studied are the magnitude of and delay to reward. To investigate how these factors are represented in the firing rates of single neurons, we devised a behavioral task that independently manipulated the expected delay to and size of reward. Rats perceived the differently delayed and sized rewards as having different values and were more motivated under short delay and big-reward conditions than under long delay and small reward conditions as measured by percent choice, accuracy, and reaction time. Since the creation of this task, we have recorded from several different brain areas including, orbitofrontal cortex, striatum, amygdala, substantia nigra pars reticulata, and midbrain dopamine neurons. Here, we review and compare those data with a substantial focus on those areas that have been shown to be critical for performance on classic time discounting procedures and provide a potential mechanism by which they might interact when animals are deciding between differently delayed rewards. We found that most brain areas in the cortico-limbic circuit encode both the magnitude and delay to reward delivery in one form or another, but only a few encode them together at the single neuron level

Encoding of Time-Discounted Rewards in Orbitofrontal Cortex Is Independent of Value Representation

SummaryWe monitored single-neuron activity in the orbitofrontal cortex of rats performing a time-discounting task in which the spatial location of the reward predicted whether the delay preceding reward delivery would be short or long. We found that rewards delivered after a short delay elicited a stronger neuronal response than those delivered after a long delay in most neurons. Activity in these neurons was not influenced by reward size when delays were held constant. This was also true for a minority of neurons that exhibited sustained increases in firing in anticipation of delayed reward. Thus, encoding of time-discounted rewards in orbitofrontal cortex is independent of the encoding of absolute reward value. These results are contrary to the proposal that orbitofrontal neurons signal the value of delayed rewards in a common currency and instead suggest alternative proposals for the role this region plays in guiding responses for delayed versus immediate rewards

Advanced modulation technology development for earth station demodulator applications

The purpose of this contract was to develop a high rate (200 Mbps), bandwidth efficient, modulation format using low cost hardware, in 1990's technology. The modulation format chosen is 16-ary continuous phase frequency shift keying (CPFSK). The implementation of the modulation format uses a unique combination of a limiter/discriminator followed by an accumulator to determine transmitted phase. An important feature of the modulation scheme is the way coding is applied to efficiently gain back the performance lost by the close spacing of the phase points

Procedural Justice Versus Risk Factors for Offending: Predicting Recidivism in Youth

Theories of procedural justice suggest that individuals who experience respectful and fair legal decision-making procedures are more likely to believe in the legitimacy of the law, and, in turn, are less likely to reoffend. However, few studies have examined these relationships in youth. To begin to fill this gap in the literature, in the current study the authors studied 92 youth (67 male, 25 female) on probation regarding their perceptions of procedural justice and legitimacy, and then monitored their offending over the subsequent six months. Results indicated that perceptions of procedural justice predicted self-reported offending at three months but not at six months, and that youths’ beliefs about the legitimacy of the law did not mediate this relationship. Furthermore, procedural justice continued to account for unique variance in self-reported offending over and above the predictive power of well-established risk factors for offending (i.e., peer delinquency, substance abuse, psychopathy, and age at first contact with the law). Theoretically, the current study provides evidence that models of procedural justice developed for adults are only partially replicated in a sample of youth; practically, this research suggests that by treating adolescents in a fair and just manner, justice professionals may be able to reduce the likelihood that adolescents will reoffend, at least in the short term.&nbsp

Implementing a Reconciliation and Balancing Model in the U.s. Industry Accounts

As part of the U.S. Bureau of Economic Analysis’ integration initiative (Yuskavage, 2000; Moyer et al., 2004a, 2004b; Lawson et al., 2006), the Industry Accounts Directorate is drawing upon the Stone method (Stone et al., 1942) and Chen (2006) to reconcile the gross operating surplus component of value-added from the 2002 expenditure-based benchmark input-output accounts and the 2002 income-based gross domestic product-by-industry accounts. The objective of the reconciliation is to use information regarding the relative reliabilities of underlying data in both the benchmark input-output use table and the gross domestic product-by-industry accounts in a balanced input-output framework in order to improve intermediate input estimates and gross operating surplus estimates in both accounts. Given a balanced input-output framework, the Stone method also provides a tool for balancing the benchmark use table. This paper presents work by the Industry Accounts Directorate to develop and implement the reconciliation and balancing model. The paper provides overviews of the benchmark use table and gross domestic product-by-industry accounts, including features of external source data and adjustment methodologies that are relevant for the reconciliation. In addition, the paper presents the empirical model that the Industry Accounts Directorate is building and briefly describes the technology used to solve the model. Preliminary work during development of the model shows that reconciling and balancing a large system with disaggregated data is computationally feasible and efficient in pursuit of an economically accurate and reliable benchmark use table and gross domestic product-by-industry accounts.