Automating Exchange Rate Target Zones: Intervention via an Electronic Limit Order Book

This paper describes and analyzes “automated intervention” of a target zone. Unusually detailed information about the order book allows studying intervention effects in a microstructure approach. We find in our sample that intervention increases exchange rate volatility (and spread) for the next minutes but that intervention days show a lower degree of volatility (and spread) than non-intervention days. We also show for intraday data that the price impact of interbank order flow is smaller on intervention days than on non-intervention days. Finally, we reveal that informed banks take different positions than uninformed banks as they tend to trade against the central bank – which reflects a rational stance. Despite this position taking, the targeted exchange rate range holds and volatility, spread and price impact go down. Overall, the credible expression of an intervention band seems to achieve the desired effects of a target zone.foreign exchange, microstructure, intervention, exchange rate

Exchange Rate Management in Emerging Markets: Intervention via an Electronic Limit Order Book

This paper describes and analyzes the implementation of a crawling exchange rate band on an electronic trading platform. The placement of limit orders at the central bank’s target rate serves as a credible policy statement that may coordinate beliefs of market participants. We find for our sample that intervention increases exchange rate volatility (and spread) for the next minutes but that intervention days show a lower degree of volatility (and spread) than non-intervention days. We also show for intraday data that the price impact of interbank order flow is smaller on intervention days than on non-intervention days. These stabilizing effects, however, rely on the conditions of large currency reserves and the existence of capital controls; an electronic market seems to support this goal.exchange rates, intervention, microstructure

A National Veterans Strategy: The Economic, Social and Security Imperative

This publication details the foundational logic supporting a call to action, related to a broad-based effort to articulate and institutionalize a National Veterans Strategy. We argue that coordinated, "whole-of-government" action toward this end is essential to meet the nation's most important economic, social, and security obligations. Furthermore, we contend that the second Obama administration, working in close collaboration with executive agencies, Congress, and the private sector, is well-positioned to act on what we perceive to be a historic opportunity -- capitalizing on both the foundations of veteran-focused policy and progress enacted over the past decade and the overwhelming public support for returning veterans and military families -- to craft and institutionalize a National Veterans Strategy.Our purpose is to provide a researched and logically-developed case for action that is grounded in this nation's social and cultural traditions and attuned to the practical realities of our contemporary economic and political climate

Measurement of the turbulent heat fluxes in mixed convection using combined stereoscopic PIV and PIT

The results of simultaneous measurements of velocity and temperature fields in a turbulent mixed convection airflow are analyzed and discussed. To access local temperature and velocity fields in airflows, we present a combination of stereoscopic particle image velocimetry and particle image thermometry. The obtained flow fields make it possible to determine the local convective heat fluxes, thus givinginsight into the dynamics of plumes and Taylor-Görtler-like vortices. The evaluated mean local heat fluxes further reveal that the main convection roll transports a substantial amount of heat alongthe coolingplate and back to the heated bottomplate. Yet, the associated mean turbulent heat fluxes remain positive as they are dominated by the correlation of the temperature and the vertical velocity component. More specifically, a statistical analysis of the local heat fluxdistribution reveals that Taylor-Görtler-like vortices lead to more skewed distributions of the turbulent convective heat fluxes than plumes

Calibrating from Within: Multipoint Internal Calibration of a Quantitative Mass Spectrometric Assay of Serum Methotrexate.

BACKGROUND:Clinical LC-MS/MS assays traditionally require that samples be run in batches with calibration curves in each batch. This approach is inefficient and presents a barrier to random access analysis. We developed an alternative approach called multipoint internal calibration (MPIC) that eliminated the need for batch-mode analysis. METHODS:The new approach used 4 variants of 13C-labeled methotrexate (0.026-10.3 µM) as an internal calibration curve within each sample. One site carried out a comprehensive validation, which included an evaluation of interferences and matrix effects, lower limit of quantification (LLOQ), and 20-day precision. Three sites evaluated assay precision and linearity. MPIC was also compared with traditional LC-MS/MS and an immunoassay. RESULTS:Recovery of spiked analyte was 93%-102%. The LLOQ was validated to be 0.017 µM. Total variability, determined in a 20-day experiment, was 11.5%CV. In a 5-day variability study performed at each site, total imprecision was 3.4 to 16.8%CV. Linearity was validated throughout the calibrator range (r2 > 0.995, slopes = 0.996-1.01). In comparing 40 samples run in each laboratory, the median interlaboratory imprecision was 6.55%CV. MPIC quantification was comparable to both traditional LC-MS/MS and immunoassay (r2 = 0.96-0.98, slopes = 1.04-1.06). Bland-Altman analysis of all comparisons showed biases rarely exceeding 20% when MTX concentrations were >0.4 µM. CONCLUSION:The MPIC method for serum methotrexate quantification was validated in a multisite proof-of-concept study and represents a big step toward random-access LC-MS/MS analysis, which could change the paradigm of mass spectrometry in the clinical laboratory

The Road to Prosperity: Engaging Ramsey for a Better Highway 10

Report and poster completed by students enrolled in PA 5253: Planning and Participation Processes, taught by Dan Milz in fall 2017.This project was completed as part of the 2017-2018 Resilient Communities Project (rcp.umn.edu) partnership with the City of Ramsey. Ramsey is bisected by U.S. Highway 10, which is slated for significant upgrades in the next 20 years to convert the corridor to a limited-access highway. However, the uncertain timing of future Highway 10 improvements makes it difficult for landowners along the corridor to invest in or sell their property. The City wanted to clarify the future vision for the corridor and the timing of planned improvements, and sought assistance designing an outreach and engagement process to connect with stakeholders affected by the plan and future improvements. Students in Dr. Dan Milz’s Planning and Participation Processes class identified strategies to productively engage with the main groups of stakeholders concerned about the future of Highway 10: business owners, residents, and commuters. A final report and poster are available.This project was supported by the Resilient Communities Project (RCP), a program at the University of Minnesota whose mission is to connect communities in Minnesota with U of MN faculty and students to advance community resilience through collaborative, course-based projects. RCP is a program of the Center for Urban and Regional Affairs (CURA). More information at http://www.rcp.umn.edu

Exchange Rate Management in Emerging Markets: Intervention via an Electronic Limit Order Book

This paper describes and analyzes the implementation of a crawling exchange rate band on an electronic trading platform. The placement of limit orders at the central bank's target rate serves as a credible policy statement that may coordinate beliefs of market participants. We find for our sample that intervention increases exchange rate volatility (and spread) for the next minutes but that intervention days show a lower degree of volatility (and spread) than non-intervention days. We also show for intraday data that the price impact of interbank order flow is smaller on intervention days than on non-intervention days. These stabilizing effects, however, rely on the conditions of large currency reserves and the existence of capital controls; an electronic market seems to support this goal

Deep crustal earthquakes in North Tanzania, East Africa: Interplay between tectonic and magmatic processes in an incipient rift

International audienceIn this study, we explore the origin of lower crustal seismicity and the factors controlling rift propagation using seismological data recorded within the youngest part of the East African Rift System, the North Tanzanian Divergence (NTD). Most earthquakes below Lake Manyara occur at depth ranging between 20 and 40 km and have a swarm-like distribution. Focal mechanisms of 26 events indicate a combination of strike-slip and normal faulting involving Archaean basement structures and forming a relay zone. The derived local stress regime is transtensive and the minimum principal stress is oriented N110°E. Crustal seismic tomography reveals low-velocity anomalies below the rifted basins in the NTD, interpreted as localized thermomechanical perturbations promoting fluid release and subsequent seismicity in the lower crust. SKS splitting analysis in the NTD indicates seismic anisotropy beneath 17 stations most likely due to aligned magma lenses and/or dikes beneath the rift and to the lithospheric fabrics. Our results favor a strain pattern intermediate between purely mechanical and purely magmatic. We suggest that melt products arising from a large asthenospheric thermal anomaly enhance lithospheric weakening and facilitate faulting and creeping on critically oriented inherited structures of the Precambrian lower crust. Although the crust is unlikely weakened at a point comparable to other parts of the East African Rift System, this deep-seated thermomechanical process is efficient enough to allow slow rift propagation within the eastern Tanzanian cratonic edge

Somatic evolution and global expansion of an ancient transmissible cancer lineage

The canine transmissible venereal tumour (CTVT) is a cancer lineage that arose several millennia ago and survives by ‘metastasising’ between hosts via cell transfer. The somatic mutations in this cancer record its phylogeography and evolutionary history. We constructed a time-resolved phylogeny from 546 CTVT exomes and describe the lineage’s worldwide expansion. Examining variation in mutational exposure, we identify a highly context-specific mutational process that operated early but subsequently vanished, correlate ultraviolet-light mutagenesis with tumour latitude, and describe tumours with heritable hyperactivity of an endogenous mutational process. CTVT displays little evidence of ongoing positive selection, and negative selection is detectable only in essential genes. We illustrate how long-lived clonal organisms capture changing mutagenic environments, and reveal that neutral drift is the dominant feature of long-term cancer evolution