Credit card use after the final mortgage payment: does the magnitude of income shocks matter?

We test the hypothesis that consumption smoothing occurs after large, but not small, expected future income shocks. Even though this hypothesis has often been discussed, formal evidence in support of it is rare. We use individual level, monthly, bank account data to examine how expected income shocks from final mortgage payments impact credit card consumption, and the repayment of credit card debt. Our data allows us to identify the exact magnitude and date of final mortgage payments, and also to exploit the random timing of these expected income shocks across individuals. Our results are consistent with the magnitude hypothesis. JEL Classification:credit card, final mortgage payment, income shocks, monthly mortgage account

Monetary Policy News and Exchange Rate Responses: Do Only Surprises Matter?

This paper shows that exchange rates respond to only the surprise component of an actual US monetary policy change and that failure to disentangle the surprise component from the actual monetary policy change can lead to an underestimation of the impact of monetary policy, or even to a false acceptance of the hypothesis that monetary policy has no impact on exchange rates. This finding implies that there is a need for reexamining the empirical analyses of asset price responses to macro news that do not isolate the unexpected component of news from the expected element. In addition, we add to the debate on how quickly exchange rates respond to news by showing that the exchange rates under study absorb monetary policy surprises within the same day as the news are announced.expectations; monetary policy; federal funds futures; exchange rates

Do Exchange Rates Respond to Day-to-Day Changes in Monetary Policy Expectations? Evidence from the Federal Funds Futures Market.

This paper is the first to utilize the informational content embodied in Federal funds futures contracts for extracting day-to-day changes in expectations of future US monetary policy, in the context of a study of day-to-day exchange rate changes. We analyze more than 12 years of daily exchange rate data and show that continuous day-to-day changes in expectations of future US monetary policy has a significant and systematic impact on day-to-day changes in exchange rates. Our results imply that monetary policy matters for daily exchange rate determination in more ways than merely through infrequent, actual policy changes. Furthermore, when focusing on the actual monetary policy changes, the paper confirms that only the unexpected element of a policy change impacts exchange rates. The presented findings are generally consistent with the notion that exchange rates are forward-looking asset prices.expectations, monetary policy; federal funds futures; exchange rates

Traditions of Seeing and Believing: Some New Books on Whitman

Traditions of Seeing and Believing: Some New Books on Whitma

American Literature and Science

Literature and science are two disciplines are two disciplines often thought to be unrelated, if not actually antagonistic. But Robert J. Scholnick points out that these areas of learning, up through the beginning of the nineteenth century, “were understood as parts of a unitary endeavor.By mid-century they had diverged, but literature and science have continued to interact, conflict, and illuminate each other. In this innovative work, twelve leaders in this emerging interdisciplinary field explore the long engagement of American writers with science and uncover science’s conflicting meanings as a central dimension of the nation’s conception of itself. Reaching back to the Puritan poet-minister-physician Edward Taylor, who wrote at the beginning of the scientific revolution, and forward to Thomas Pynchon, novelist of the cybernetic age, this collection of original essays contains essential work on major writers, including Franklin, Jefferson, Poe, Emerson, Thoreau, Twain, Hart Crane, Dos Passos, and Charles Olson. Through its exploration of the ways that American writers have found in science and technology a vital imaginative stimulus, even while resisting their destructive applications, this book points towards a reconciliation and integration within culture. An innovative look at a neglected dimension of our literary tradition, American Literature and Science stands as both a definition of the field and an invitation to others to continue and extend new modes of inquiry. A thoughtful collection that reveals how the concept of ‘science’ has evolved from Franklin to cyberpunk, and how it has transformed American literary form and expression. —American Literature Innovative. . . . The first systematic examination of this neglected dimension of the American literary tradition. —American Renaissance Literary Reporthttps://uknowledge.uky.edu/upk_english_language_and_literature_north_america/1013/thumbnail.jp

J.G. Holland and the 'Religion of Civilization' in mid-nineteenth Century America

J.G. Holland and the 'Religion of Civilization' in mid-nineteenth Century Americ

"An Unusually Active Market for Calamus": Whitman, Vanity Fair, and the Fate of Humor in a Time of War, 1860-1863

Tracks over twenty references to Whitman, many of them previously unrecorded, appearing in Vanity Fair during its three-and-a-half year existence and discusses the cultural significance of the journal in the context of Whitman\u27s life and career

"The Original Eye": Whitman, Schelling and the Return to Origins

Explores ideas of originality as they relate to Whitman\u27s writing and thought and uses Frederich Schelling to argue that "Whitman\u27s presentation of himself as an original poet in Leaves of Grass was based on an aesthetic strategy involving an imaginative return to origins

The extrasolar planet atmosphere and exosphere: Emission and transmission spectroscopy

We have entered the phase of extrasolar planets characterization, probing their atmospheres for molecules, constraining their horizontal and vertical temperature profiles and estimating the contribution of clouds and hazes. We report here a short review of the current situation using ground based and space based observations, and present the transmission spectra of HD189733b in the spectral range 0.5-24 microns.Comment: 8 pages, 3 figures, invited talk at IAU Symposium 253, Transiting planet, Boston May 2008. Pont F., Queloz D., Sasselov., Torres M. and Holman M. editor