The Impact of the Federal Reserve Bank's Open Market Operations

The Federal Reserve Bank has the ability to change the money supply and to shape the expectations of market participants through their open market operations. These operations may amount to 20% of the day's volume and are concentrated during the half hour known as `Fed Time'. Using previously unavailable data on open market operations, our paper provides the first comprehensive examination of the impact of the Federal Reserve Bank's trading on both fixed income instruments and foreign currencies. Our results detail a dramatic increase in volatility during Fed Time. Surprisingly, the Fed Time volatility is higher on days when open market operations are absent. In addition, little systematic differences in market impact are observed for reserve-draining versus reserve-adding operations. These results suggest that the financial markets correctly anticipate the purpose of open market operations but are unable to forecast the timing of the operations.

Normalizers of Irreducible Subfactors

We consider normalizers of an irreducible inclusion $N\subseteq M$ of $\mathrm{II}_1$ factors. In the infinite index setting an inclusion $uNu^*\subseteq N$ can be strict, forcing us to also investigate the semigroup of one-sided normalizers. We relate these normalizers of $N$ in $M$ to projections in the basic construction and show that every trace one projection in the relative commutant $N'\cap$ is of the form $u^*e_Nu$ for some unitary $u\in M$ with $uNu^*\subseteq N$. This enables us to identify the normalizers and the algebras they generate in several situations. In particular each normalizer of a tensor product of irreducible subfactors is a tensor product of normalizers modulo a unitary. We also examine normalizers of irreducible subfactors arising from subgroup--group inclusions $H\subseteq G$. Here the normalizers are the normalizing group elements modulo a unitary from $L(H)$. We are also able to identify the finite trace $L(H)$-bimodules in $\ell^2(G)$ as double cosets which are also finite unions of left cosets.Comment: 33 Page

Dispersal of \u3ci\u3eFenusa Dohrnii\u3c/i\u3e (Hymenoptera: Tenthredinidae) From an \u3ci\u3eAlnus\u3c/i\u3e Short-Rotation Forest Plantation

The European alder leafminer, Fenusa dohrnii, is a defoliating insect pest of Alnus in short-rotation forest plantations. A 2-year study was performed to quantify movement from infested stands to uninfested areas. Sticky traps and potted monitor trees were installed at different locations within and at various distances from (0,5, 10, and 20 m) an infested stand to measure adult flight and oviposition activity, respectively. Trap catch and oviposition activity fell off sharply with distance, few insects being trapped or eggs laid at distances of 5 m or greater from the infestation

Energetic Consequences for a Northern, Range-Edge Lizard Population

Lizards at the northern, cool edge of their geographic range in the northern hemisphere should encounter environmental conditions that differ from those living near the core of their range. To better understand how modest climate differences affect lizard energetics, we compared daily feeding and metabolism rates of individual Sceloporus occidentalis in two populations during mid-summer. Chuckanut Beach (CB) was a cool, maritime climate in northern Washington State, and Sondino Ranch (SR) was a warmer, drier climate in southern, inland Washington. We found no difference between populations in daily energy expenditure (DEE), as calculated from doubly labeled water estimates. The CB population, however, had significantly higher prey availability and rate of daily energy intake (DEI) as estimated from fecal pellet masses. Consequently, CB lizards had higher size-adjusted body masses than lizards from SR. Within CB, during midsummer, DEE was similar to DEI. Within the SR population, DEE trended higher than DEI during midsummer, but was not significantly different. We found no population differences in lizard activity, active body temperature, or preferred body temperature. Hence, we infer the longer activity season for the SR population may compensate for the low food availability and high daily energy cost of midsummer. Moreover, for the CB population, we infer that cooler temperatures and higher food availability allow the lizards to compensate for the shorter activity. We also suggest the CB population may benefit from the predicted warmer temperatures associated with climate change given the similar activity-period body temperatures and DEE between these lizard populations assuming food availability is sufficient

Black hole magnetosphere with small scale flux tubes--II. Stability and dynamics

In some Seyfert Galaxies, the hard X-rays that produce fluorescent emission lines are thought to be generated in a hot corona that is compact and located at only a few gravitational radii above the supermassive black hole. We consider the possibility that this X-ray source may be powered by small scale magnetic flux tubes attached to the accretion disk near the black hole. We use three dimensional, time dependent force-free simulations in a simplified setting to study the dynamics of such flux tubes as they get continuously twisted by the central compact star/black hole. We find that, the dynamical evolution of the flux tubes connecting the central compact object and the accretion disk is strongly influenced by the confinement of the surrounding field. Although differential rotation between the central object and the disk tends to inflate the flux tubes, strong confinement from surrounding field quenches the formation of a jet-like outflow, as the inflated flux tube becomes kink unstable and dissipates most of the extracted rotational energy relatively close to the central object. Such a process may be able to heat up the plasma and produce strong X-ray emission. We estimate the energy dissipation rate and discuss its astrophysical implications.Comment: 16 pages, 17 figures. Accepted for publication in MNRA