Panel discussion

"The Importance of Being Predictable" by John B. Taylor -- "Monetary Policy Under Uncertainty" by Ben S. Bernanke -- "The Importance of Being Predictable" by William PooleMonetary policy

Panel discussion monetary policy modeling: where are we and where should we be going?

Monetary policy ; Inflation (Finance) ; Econometric models

Tests of a multichannel photometer based on silicon diode detectors

A breadboard photometer was constructed that demonstrates a precision of 2 times 10 to the 4th power in the laboratory and scintillation-limited performance when used with an 0.5 m aperture telescope. Because the detectors and preamps are not cooled, only stars with m sub v approx. less than 4 are bright enough to allow the photometer to attain a precision of 1 times 10 to the 3rd power for three minute observations with an 0.5 m aperature telescope. Cooling the telescope should allow much fainter stars to be observed. Increasing the aperture of the telescope will allow higher precision and the observation of fainter stars

Quahogs in Eastern North America: Part II, History by Province and State

The northern quahog, Mercenaria mercenaria, ranges along the Atlantic Coast of North America from the Canadian Maritimes to Florida, while the southern quahog, M. campechiensis, ranges mostly from Florida to southern Mexico. The northern quahog was fished by native North Americans during prehistoric periods. They used the meats as food and the shells as scrapers and as utensils. The European colonists copied the Indians treading method, and they also used short rakes for harvesting quahogs. The Indians of southern New England and Long Island, N.Y., made wampum from quahog shells, used it for ornaments and sold it to the colonists, who, in turn, traded it to other Indians for furs. During the late 1600’s, 1700’s, and 1800’s, wampum was made in small factories for eventual trading with Indians farther west for furs. The quahoging industry has provided people in many coastal communities with a means of earning a livelihood and has given consumers a tasty, wholesome food whether eaten raw, steamed, cooked in chowders, or as stuffed quahogs. More than a dozen methods and types of gear have been used in the last two centuries for harvesting quahogs. They include treading and using various types of rakes and dredges, both of which have undergone continuous improvements in design. Modern dredges are equipped with hydraulic jets and one type has an escalator to bring the quahogs continuously to the boats. In the early 1900’s, most provinces and states established regulations to conserve and maximize yields of their quahog stocks. They include a minimum size, now almost universally a 38-mm shell width, and can include gear limitations and daily quotas. The United States produces far more quahogs than either Canada or Mexico. The leading producer in Canada is Prince Edward Island. In the United States, New York, New Jersey, and Rhode Island lead in quahog production in the north, while Virginia and North Carolina lead in the south. Connecticut and Florida were large producers in the 1990’s. The State of Tabasco leads in Mexican production. In the northeastern United States, the bays with large openings, and thus large exchanges of bay waters with ocean waters, have much larger stocks of quahogs and fisheries than bays with small openings and water exchanges. Quahog stocks in certified beds have been enhanced by transplanting stocks to them from stocks in uncertified waters and by planting seed grown in hatcheries, which grew in number from Massachusetts to Florida in the 1980’s and 1990’s

Effort, Idiosyncratic Risk and Investment Under Uncertainty

This thesis is based upon four very simple premises: 1. managers, not shareholders make the investment decisions for the firm; 2. managers do more than just say "yes" or "no" to investments, they can also exert effort that affects the payoff from investment; 3. executive compensation schemes can cause managers to hold more stock than is optimal for diversification purposes; and 4. many investments can be delayed and involve irreversible capital costs as well as uncertain payoffs. Combining these four premises gives the two central questions this thesis attempts to answer: 1. How does the level of managerial stock-ownership affect the investment decisions managers make for the firm? and 2. given the answer to (1), how does this affect the shareholder's decision to hire a manager? In this thesis I use a continuous time "Real Options" framework to answer these questions. The form of the utility function assumed for the manager has a huge impact on the tractability of the modelling. The assumption of Constant Relative Risk Aversion (CRRA) utility as opposed to Constant Absolute Risk Aversion (CARA) causes the manager's valuation of the cash flow (the very first step of the modelling) to become wealth dependent. This in itself is an interesting issue, but it also poses interesting numerical issues and makes the later steps of the analysis intractable. Because of this we split the substantive analysis of this thesis into two parts. In the first we assume CARA utility in order to remove wealth dependence from the valuation and obtain a "clean path" to the end goal of a dynamic model of hiring, effort and irreversible investment. In the second we focus on CRRA utility thus allowing the manager's valuation to depend on his financial wealth. We then explain the resultant numerical issues, and the appropriate approach to their solution

Hierarchy-of-models Approach for Aggregated-Force Attrition

Proceedings of the 2000 Winter Simulation Conference J. A. Joines, R. R. Barton, K. Kang, and P. A. Fishwick, eds.This paper presents some innovations for overcoming shortcomings in the current state-of-the-art for the hierarchy-of-models approach to modeling aggregatedforce attrition in ground-combat models. The basic concept of such an approach for modeling large-scale system behavior is presented, together with the theoretical underpinnings for modeling attrition in large-scale ground combat. The output of an entity-level discrete-event combat simulation is fit to a Lanchester-type aggregatedreplay model. Use of a reliable statistical-estimation technique for determining model parameters is emphasized. The main innovation is to show how use of more detailed output data (e.g. line-of-sight (LOS) data) from the high-resolution simulation allows one to develop maximum-likelihood estimates. The methodology is applied to a current high-resolution DoD combat model, and a Lanchester-type aggregated-force replay model is developed

Nutritional basis of type 2 diabetes remission.

Roy Taylor and colleagues explain how type 2 diabetes can be reversed by weight loss and avoidance of weight regai