Credit crunches from occasionally binding bank borrowing constraints

We present a model in which banks and other financial intermediaries face both occasionally binding borrowing constraints, and costs of equity issuance. Near the steady state, these intermediaries can raise equity finance at no cost through retained earnings. However, even moderately large shocks cause their borrowing constraints to bind, leading to contractions in credit offered to firms, and requiring the intermediaries to raise further funds by paying the cost to issue equity. This leads to the occasional sharp increases in interest spreads and the counter-cyclical, positively skewed equity issuance that are characteristic of the credit crunches observed in the data

Microbial decomposition of organic matter and wetting–drying promotes aggregation in artificial soil but porosity increases only in wet-dry condition

Aggregation is one of the key properties influencing the function of soils, including the soil’s potential to stabilise organic carbon and create habitats for micro-organisms. The mechanisms by which organic matter influences aggregation and alters the pore geometry remain largely unknown. We hypothesised that rapid microbial processing of organic matter and wetting and drying of soil promotes aggregation and changes in pore geometry. Using microcosms of silicate clays and sand with either rapidly decomposable glucose or slowly decomposable cellulose, the degree of aggregation (P < 0.001), was greater in glucose treatments than controls that did not receive added carbon or microbial inoculum. We link this to microbial activity through measurements in soil respiration, phospholipids and microbially derived carbon. Our results demonstrate that rapid microbial decomposition of organic matter and microbially derived carbon promote aggregation and the aggregation process was particularly strong in the wet-dry condition (alternating between 30 % and 15 % water content) with significant modification of porosity (P < 0.05) of the aggregates

An ultracold molecular beam for testing fundamental physics

We use two-dimensional transverse laser cooling to produce an ultracold beam of YbF molecules. Through experiments and numerical simulations, we study how the cooling is influenced by the polarization configuration, laser intensity, laser detuning and applied magnetic field. The ultracold part of the beam contains more than $2 \times 10^5$ molecules per shot and has a temperature below 200 $\mu$K, and the cooling yields a 300-fold increase in the brightness of the beam. The method can improve the precision of experiments that use molecules to test fundamental physics. In particular, the beam is suitable for measuring the electron electric dipole moment with a statistical precision better than $10^{-30}$ e cm.Comment: 25 pages, 14 figures. Trajectory simulations added and results compared to experiment; other minor revision

RIDME distance measurements using Gd(iii) tags with a narrow central transition

Methods based on pulse electron paramagnetic resonance allow measurement of the electron-electron dipolar coupling between two spin labels. Here we compare the most popular technique, Double Electron-Electron Resonance (DEER or PELDOR), with the dead-time free 5-pulse Relaxation-Induced Dipolar Modulation Enhancement (RIDME) method for Gd(iii)-Gd(iii) distance measurements at W-band (94.9 GHz, ≈3.5 T) using Gd(iii) tags with a small zero field splitting (ZFS). Such tags are important because of their high EPR sensitivity arising from their narrow central transition. Two systems were investigated: (i) a rigid model compound with an inter-spin distance of 2.35 nm, and (ii) two mutants of a homodimeric protein, both labeled with a DOTA-based Gd(iii) chelate and characterized by an inter-spin distance of around 6 nm, one having a narrow distance distribution and the other a broad distribution. Measurements on the model compound show that RIDME is less sensitive to the complications arising from the failure of the weak coupling approximation which affect DEER measurements on systems characterized by short inter-spin distances between Gd(iii) tags having a narrow central transition. Measurements on the protein samples, which are characterized by a long inter-spin distance, emphasize the complications due to the appearance of harmonics of the dipolar interaction frequency in the RIDME traces for S > 1/2 spin systems, as well as enhanced uncertainties in the background subtraction. In both cases the sensitivity of RIDME was found to be significantly better than DEER. The effects of the experimental parameters on the RIDME trace are discussed.This research was supported by the Israeli Science Foundation (grant 334/14) and was made possible in part by the historic generosity of the Harold Perlman Family (D. G.). We also acknowledge the Australian Research Council for a Discovery grant to G. O. and B. G. (DP150100383) and a Future Fellowship to B. G. (FT130100838). D. G. holds the Erich Klieger professorial chair in Chemical Physics

Defining simple and comprehensive assessment units for CO2 storage in saline formations beneath the UK North Sea and continental shelf

In the UK, by far the largest CO2 storage opportunities lie offshore. The North Sea in particular has a long and complex geological history, with potential reservoirs geographically widespread and occurring at multiple stratigraphic levels. Diverse storage estimates have been made, using a range of working methods, and yielding different values, e.g. SCCS (2009); Bentham (2006). Consequently the UK Storage Appraisal Project (UKSAP), commissioned and funded by the Energy Technologies Institute (ETI), is undertaking the most comprehensive assessment to date, using abundant legacy seismic and borehole data. This study has a remit to use best current practice, consistent between locations, to calculate the CO2 storage capacity of the entire UK Continental Shelf (UKCS) within saline aquifers and hydrocarbon fields. The potential storage formations have been subdivided into units for assessment, and filtered to remove units with only a small estimated storage capacity to concentrate resources on more viable units. The size of potential storage units approximate to a power law distribution, similar to that of hydrocarbon fields, with a large number of small units and a small number of large units

Immunodominant Tuberculosis CD8 Antigens Preferentially Restricted by HLA-B

CD8+ T cells are essential for host defense to intracellular bacterial pathogens such as Mycobacterium tuberculosis (Mtb), Salmonella species, and Listeria monocytogenes, yet the repertoire and dominance pattern of human CD8 antigens for these pathogens remains poorly characterized. Tuberculosis (TB), the disease caused by Mtb infection, remains one of the leading causes of infectious morbidity and mortality worldwide and is the most frequent opportunistic infection in individuals with HIV/AIDS. Therefore, we undertook this study to define immunodominant CD8 Mtb antigens. First, using IFN-γ ELISPOT and synthetic peptide arrays as a source of antigen, we measured ex vivo frequencies of CD8+ T cells recognizing known immunodominant CD4+ T cell antigens in persons with latent tuberculosis infection. In addition, limiting dilution was used to generate panels of Mtb-specific T cell clones. Using the peptide arrays, we identified the antigenic specificity of the majority of T cell clones, defining several new epitopes. In all cases, peptide representing the minimal epitope bound to the major histocompatibility complex (MHC)-restricting allele with high affinity, and in all but one case the restricting allele was an HLA-B allele. Furthermore, individuals from whom the T cell clone was isolated harbored high ex vivo frequency CD8+ T cell responses specific for the epitope, and in individuals tested, the epitope represented the single immunodominant response within the CD8 antigen. We conclude that Mtb-specific CD8+ T cells are found in high frequency in infected individuals and are restricted predominantly by HLA-B alleles, and that synthetic peptide arrays can be used to define epitope specificities without prior bias as to MHC binding affinity. These findings provide an improved understanding of immunodominance in humans and may contribute to a development of an effective TB vaccine and improved immunodiagnostics

Geologically constrained evolutionary geomechanical modelling of diapir and basin evolution: a case study from the Tarfaya basin, West African coast

We systematically incorporate burial history, sea floor geometry and tectonic loads from a sequential kinematic restoration model into a 2D evolutionary geomechanical model that simulates the formation of the Sandia salt diapir, Tarfaya basin, NW African Coast. We use a poro-elastoplastic description for the sediment behaviour and a viscoplastic description for the salt. Sedimentation is coupled with salt flow and regional shortening to determine the sediment porosity and strength and to capture the interaction between salt and sediments. We find that temporal and spatial variation in sedimentation rate is a key control on the kinematic evolution of the salt system. Incorporation of sedimentation rates from the kinematic restoration at a location east of Sandia leads to a final geomechanical model geometry very similar to that observed in seismic reflection data. We also find that changes in the variation of shortening rates can significantly affect the present-day stress state above salt. Overall, incorporating kinematic restoration data into evolutionary models provides insights into the key parameters that control the evolution of geologic systems. Furthermore, it enables more realistic evolutionary geomechanical models, which, in turn, provide insights into sediment stress and porosity