Can Europe recover without credit?

Data from 135 countries covering five decades suggests that creditless recoveries, in which the stock of real credit does not return to the pre-crisis level for three years after the GDP trough, are not rare and are characterised by remarkable real GDP growth rates: 4.7 percent per year in middle-income countries and 3.2 percent per year in high-income countries. However, the implications of these historical episodes for the current European situation are limited, for two main reasons. First, creditless recoveries are much less common in highincome countries, than in low-income countries which are financially undeveloped. European economies heavily depend on bank loans and research suggests that loan supply played a major role in the recent weak credit performance of Europe. There are reasons to believe that, despite various efforts, normal lending has not yet been restored. Limited loan supply could be disruptive for the European economic recovery and there has been only a minor substitution of bank loans with debt securities. Second, creditless recoveries were associated with significant real exchange rate depreciation, which has hardly occurred so far in most of Europe. This stylised fact suggests that it might be difficult to re-establish economic growth in the absence of sizeable real exchange rate depreciation, if credit growth does not return

Observation of individual molecules trapped on a nanostructured insulator

For the first time, ordered polar molecules confined in monolayer-deep rectangular pits produced on an alkali halide surface by electron irradiation have been resolved at room temperature by non-contact atomic force microscopy. Molecules self-assemble in a specific fashion inside pits of width smaller than 15 nm. By contrast no ordered aggregates of molecules are observed on flat terraces. Conclusions regarding nucleation and ordering mechanisms are drawn. Trapping in pits as small as 2 nm opens a route to address single molecules

Sex hormone-binding globulin regulation of androgen bioactivity in vivo : validation of the free hormone hypothesis

Sex hormone-binding globulin (SHBG) is the high-affinity binding protein for androgens and estrogens. According to the free hormone hypothesis, SHBG modulates the bioactivity of sex steroids by limiting their diffusion into target tissues. Still, the in vivo physiological role of circulating SHBG remains unclear, especially since mice and rats lack circulating SHBG post-natally. To test the free hormone hypothesis in vivo, we examined total and free sex steroid concentrations and bioactivity on target organs in mice expressing a human SHBG transgene. SHBG increased total androgen and estrogen concentrations via hypothalamic-pituitary feedback regulation and prolonged ligand half-life. Despite markedly raised total sex steroid concentrations, free testosterone was unaffected while sex steroid bioactivity on male and female reproductive organs was attenuated. This occurred via a liganddependent, genotype-independent mechanism according to in vitro seminal vesicle organ cultures. These results provide compelling support for the determination of free or bioavailable sex steroid concentrations in medicine, and clarify important comparative differences between translational mouse models and human endocrinology

Results from the Project 8 phase-1 cyclotron radiation emission spectroscopy detector

The Project 8 collaboration seeks to measure the absolute neutrino mass scale by means of precision spectroscopy of the beta decay of tritium. Our technique, cyclotron radiation emission spectroscopy, measures the frequency of the radiation emitted by electrons produced by decays in an ambient magnetic field. Because the cyclotron frequency is inversely proportional to the electron's Lorentz factor, this is also a measurement of the electron's energy. In order to demonstrate the viability of this technique, we have assembled and successfully operated a prototype system, which uses a rectangular waveguide to collect the cyclotron radiation from internal conversion electrons emitted from a gaseous $^{83m}$Kr source. Here we present the main design aspects of the first phase prototype, which was operated during parts of 2014 and 2015. We will also discuss the procedures used to analyze these data, along with the features which have been observed and the performance achieved to date.Comment: 3 pages; 2 figures; Proceedings of Neutrino 2016, XXVII International Conference on Neutrino Physics and Astrophysics, 4-9 July 2016, London, U

Electron Radiated Power in Cyclotron Radiation Emission Spectroscopy Experiments

The recently developed technique of Cyclotron Radiation Emission Spectroscopy (CRES) uses frequency information from the cyclotron motion of an electron in a magnetic bottle to infer its kinetic energy. Here we derive the expected radio frequency signal from an electron in a waveguide CRES apparatus from first principles. We demonstrate that the frequency-domain signal is rich in information about the electron's kinematic parameters, and extract a set of measurables that in a suitably designed system are sufficient for disentangling the electron's kinetic energy from the rest of its kinematic features. This lays the groundwork for high-resolution energy measurements in future CRES experiments, such as the Project 8 neutrino mass measurement.Comment: 15 pages, 10 figure