Bank liabilities and the monetary transmission mechanism

Using two sources of data on commercial bank liabilities we examine the behavior of various components of deposits following a monetary tightening (downturn) as well as a nonmonetary downturn equal in magnitude to the monetary downturn in order to better understand the portfolio behavior of commercial banks. We find that the increase in total deposits during a monetary tightening (when output is low and interest rates are high) is attributable to an increase in small time deposits and that large time deposits and demand deposits exhibit a decrease. This suggests that banks are able to, at least partially, offset the potentially adverse effects of a monetary tightening on their balance sheet by borrowing and raising additional small time deposits. Further, non-monetary downturns, when both interest rates and output are low, seem to have little effect on the liability position of banks.

The Comovements between Real Activity and Prices in the G7

In this paper, we study the short-run and long-run comovement between prices and real activity in the G7 countries during the postwar period using VAR forecast errors and frequency domain filters. We find that there are several patterns of the correlation coefficients that are the same in all countries. In particular, the correlation at the 'long-run' horizon is virtually always negative and the correlation at the 'short-run' horizon is typically substantially higher. Although there is evidence of positive 'short-run' correlations for some countries it is not very robust to the choice of the price and output variables. In addition, we propose a more efficient method to calculate the covariances of VAR forecast errors and - in contrast to claims made in the literature - we show that band-pass filters isolate the desired set of frequencies not only when the series are stationary but also when they are first or second-order integrated processes.

Post-Retirement Adjustments of Pension Benefits

This paper examines why pension plans increased their liabflities by giving benefit increases to persons no longer working even though almost al lof them were not required to do so by any legally enforceable contract. In our model workers and firms have implicit contracts under which post-retirement increases in benefits are purchased by workers through lower wages or initial benefits. Such arrangements permit both plans and workersto share the risk of uncertain rates of return. They also allow beneficiaries to invest at a higher net rate of return than they could obtain elsewhere because of tax advantages and, in large plans, economies of scale. We also discuss how post-retirement adjustments can be used to influence turnover. Some empirical implications of the model are tested over a sample of beneficiaries of defined benefit plans. The major empirical findings are:(1) There is strong evidence of compensating differentials in final salary and initial pension benefits for beneficiaries receiving post-retirement adjustments.(2) Regardless of how the size of pension plans is measured(beneficiaries, participants, amount of benefits paid), large pension plans provide larger post-retirement benefit increases.(3) Beneficiaries of collectively bargained plans are more likelyto receive benefit increases and, among those receiving benefit increases, receive larger increases.(4) Benefit increases are larger in percentage terms for those who have been retired the longest and for those with the most years of service.

Cardiff Model Toolkit: Community Guidance For Violence Prevention

More than half of violent crime in the United States is not reported to law enforcement, according to the U.S. Department of Justice. That means cities and communities lack a complete understanding of where violence occurs, which limits the ability to develop successful solutions.The Cardiff Violence Prevention Model provides a way for communities to gain a clearer picture about where violence is occurring by combining and mapping both hospital and police data on violence.But more than just an approach to map and understand violence, the Cardiff Model provides a straightforward framework for hospitals, law enforcement agencies, public health agencies, community groups, and others interested in violence prevention to work together and develop collaborative violence prevention strategies

Pan-chromatic observations of the remarkable nova LMC 2012

We present the results of an intensive multiwavelength campaign on nova LMC 2012. This nova evolved very rapidly in all observed wavelengths. The time to fall two magnitudes in the V band was only 2 days. In X-rays the super soft phase began 13$\pm$5 days after discovery and ended around day 50 after discovery. During the super soft phase, the \Swift/XRT and \Chandra\ spectra were consistent with the underlying white dwarf being very hot, $\sim$ 1 MK, and luminous, $\sim$ 10$^{38}$ erg s$^{-1}$. The UV, optical, and near-IR photometry showed a periodic variation after the initial and rapid fading had ended. Timing analysis revealed a consistent 19.24$\pm$0.03 hr period in all UV, optical, and near-IR bands with amplitudes of $\sim$ 0.3 magnitudes which we associate with the orbital period of the central binary. No periods were detected in the corresponding X-ray data sets. A moderately high inclination system, $i$ = 60$\pm$10^{\arcdeg}, was inferred from the early optical emission lines. The {\it HST}/STIS UV spectra were highly unusual with only the \ion{N}{5} (1240\AA) line present and superposed on a blue continuum. The lack of emission lines and the observed UV and optical continua from four epochs can be fit with a low mass ejection event, $\sim$ 10$^{-6}$ M$_{\odot}$, from a hot and massive white dwarf near the Chandrasekhar limit. The white dwarf, in turn, significantly illuminated its subgiant companion which provided the bulk of the observed UV/optical continuum emission at the later dates. The inferred extreme white dwarf characteristics and low mass ejection event favor nova LMC 2012 being a recurrent nova of the U Sco subclass.Comment: 18 figures, 6 tables (one online only containing all the photometry

Outcome of Diagnostic Tests Using Samples from Patients with Culture-Proven Human Monocytic Ehrlichiosis: Implications for Surveillance

We describe the concordance among results from various laboratory tests using samples derived from nine culture-proven cases of human monocytic ehrlichiosis (HME) caused by Ehrlichia chaffeensis. A class-specific indirect immunofluorescence assay for immunoglobulin M (IgM) and IgG, using E. chaffeensis antigen, identified 44 and 33% of the isolation-confirmed HME patients on the basis of samples obtained at initial clinical presentation, respectively; detection of morulae in blood smears was similarly insensitive (22% positive). PCR amplifications of ehrlichial DNA targeting the 16S rRNA gene, the variable-length PCR target gene, and the groESL operon were positive for whole blood specimens obtained from all patients at initial presentation. As most case definitions of HME require a serologic response with compatible illness for a categorization of even probable disease, PCR would have been required to confirm the diagnosis of HME in all nine of these patients without the submission of a convalescent-phase serum sample. These data suggest that many, if not most, cases of HME in patients who present early in the course of the disease may be missed and underscore the limitations of serologically based surveillance systems

Towards Emergent Play in Mixed Reality

This paper presents a system to experience emergent play within a mixed reality environment. Real and virtual objects share a uni- fied representation to allow joint interactions.  These objects may optionally contain an internal mental model to act autonomously based on their beliefs about the world. The experience utilizes intu- itive interaction  patterns using voice, hand gestures and real object manipulation. We author experience by specifying dependency graphs and behavior models, which are extended to support player interactions.  Feedback is provided to ensure the system and player share a common play experience, including  awareness of obstacles and potential solutions. An author can mix features from game, story and agent-based experiences. We demonstrate our system through  an example adventure game using the Microsoft HoloLens

Disclosure of study funding and author conflicts of interest in press releases and the news: A retrospective content analysis with two cohorts

Objectives To examine how often study funding and author conflicts of interest are stated in science and health press releases and in corresponding news; and whether disclosure in press releases is associated with disclosure in news. Second, to specifically examine disclosure rates in industry-funded studies. Design Retrospective content analysis with two cohorts. Setting Press releases about health, psychology or neuroscience research from research universities and journals from 2011 (n=996) and 2015 (n=254) and their associated news stories (n=1250 and 578). Primary outcome measure Mention of study funding and author conflicts of interest. Results In our 2011 cohort, funding was reported in 94% (934/996) of journal articles, 29% (284/996) of press releases and 9% (112/1250) of news. The corresponding figures for 2015 were: 84% (214/254), 52% (131/254) and 10% (58/578). A similar pattern was seen for the industry funding subset. If the press release reported study funding, news was more likely to: 22% if in the press release versus 7% if not in the press release (2011), relative risk (RR) 3.1 (95% CI 2.1 to 4.3); for 2015, corresponding figures were 16% versus 2%, RR 6.8 (95% CI 2.2 to 17). In journal articles, 27% and 22% reported a conflict of interest, while less than 2% of press releases or news ever mentioned these. Conclusions Press releases and associated news did not frequently state funding sources or conflicts of interest. Funding information in press releases was associated with such information in news. Given converging evidence that news draws on press release content, including statements of funding and conflicts of interest in press releases may lead to increased reporting in news

Periodontal Disease and Recurrent Vascular Events in Stroke/Transient Ischemic Attack Patients

Periodontal disease has been shown to be associated with incident stroke. We investigated whether periodontal disease is independently associated with recurrent vascular events and certain inflammatory markers in stroke/TIA patients. In this prospective longitudinal hospital-based cohort study, periodontal disease was assessed in stroke/TIA patients. High periodontal disease was defined as the highest tertile of extent (% of sites) with attachment loss ≥ 5 mm. Serum interleukin-6, high sensitivity C-reactive protein and soluble intracellular adhesion molecule-1 were measured. The patients were followed for recurrent vascular events-stroke, TIA, myocardial infarction and vascular death. In the 106 patients that were evaluated, 40 (38%) showed high periodontal disease and 27 (26%) had recurrent vascular events over a median of 24 months (range 12–24 months). High periodontal disease patients had higher levels of interleukin-6 (p=0.01) and soluble intracellular adhesion molecule-1 (p=0.03). High periodontal disease was associated with recurrent vascular events before (Log rank p=0.01, hazard ratio 2.6, 95% CI, 1.2–5.7) and after adjustment for significant confounders -age and stroke status (Hazard Ratio 2.5, 95% confidence interval, 1.1 to 5.5, p=0.03); adjustment for possible confounders age, males, years of education and cardioembolic strokes (hazard ratio 2.8, 95% confidence interval, 1.2–6.5, p=0.02); and adjustment for propensity score that accounted for all potential measured confounders (hazard ratio 2.8, 95% confidence interval,1.2–6.5, p=0.02). There is an independent association between high periodontal disease and recurrent vascular events in stroke/TIA patients. High periodontal disease is also associated with higher serum levels of interleukin-6 and soluble intracellular adhesion molecule-1