A note on the expectations hypothesis at the founding of the Fed

One of the most influential tests of the expectations hypothesis is Mankiw and Miron (1986), who found that the spread between the long-term and short-term rates provided predictive power for the short-term rate before the Fed's founding but not after. They suggested that the failure of the expectations hypothesis after the Fed's founding was due to the Fed's practice of smoothing short-term interest rates. We show that their finding that the expectations hypothesis fares better prior to the Fed's founding is due to the fact that the test they employ tends to generate results that are more favorable to the expectations hypothesis during periods when there is extreme volatility in the short-term rate. (Earlier version titled: The expectations theory and the founding of the Fed: another look at the evidence)Interest rates ; Rational expectations (Economic theory) ; Federal Reserve System - History

Any Time? Any Place? The impact on student learning of an on-line learning environment.

Original paper can be found at: http://www.actapress.com/Content_of_Proceeding.aspx?proceedingID=292#pages Copyright ACTA Press [Full text of this paper is not available in the UHRA]An increasing number of HE institutions are adopting virtual and managed learning environments (VLEs and MLEs), which offer flexible access to on-line learning materials all day and every day. There are multiple claims about e-learning enhancing learning and teaching (eg. [1] Britain and Liber, 1999; [2]Conole, 2002; [4]Allen, 2003; [5]Littlejohn and Higginson, 2003) such as supporting active learning, facilitative rather than didactic teaching and increased student motivation but these are not pre determined outcomes. Much depends on how lecturers use the available technology and how students respond to that use. This paper reports on a research project which has evaluated the students' own experience of on-line learning at the University of Hertfordshire. Using its own institution-wide MLE (StudyNet) academic staff at the university have been able to offer students on-line access to their study material from September 2001. Activities available for students using StudyNet include participating in discussion forums, using formative assessment materials and accessing journal articles as well as viewing and downloading courseware for each of their courses. Students were invited to participate in a questionnaire and focus groups to identify the characteristics of the on-line learning environment which benefited their learning

Optimizing an array of antennas for cellular coverage from a high altitude platform

In a wireless communications network served by a high altitude platform (HAP) the cochannel interference is a function of the antenna beamwidth, angular separation and. sidelobe level. At the millimeter wave frequencies proposed for HAPs, an array of aperture type antennas on the platform is a practicable solution for serving the cells. We present a method for predicting cochannel interference based on curve-fit approximations for radiation patterns of elliptic beams which illuminate cell edges with optimum power, and a means of estimating optimum beamwidths for each cell of a regular hexagonal layout. The method is then applied to a 121 cell architecture. Where sidelobes are modeled As a flat floor at 40-dB below peak directivity, a cell cluster size of four yields carrier-to-interference ratios (CIRs), which vary from 15 dB at cell edges to 27 dB at cell centers. On adopting a cluster size of seven, these figures increase, respectively, to 19 and 30 dB. On reducing the sidelobe level, the. improvement in CIR can be quantified. The method also readily allows for regions of overlapping channel coverage to be shown

What Works and Looking Ahead: A Comparative Study of UK and US Policies and Practices Facilitating Return to Work for People with Disabilities

Independent research organizations in the US and the UK were commissioned to review the research on ‘what works’ in facilitating return to work for people with disabilities, and to consider current developments in the light of the evidence. They produced two background papers for the UK/US Pathways to Work in the 21st Century Seminar. This paper aims to summarize the key points of interest in those US and UK papers. The view expressed here are those of the authors

Technology improvement pathways to cost-effective vehicle electrification: Preprint

Electrifying transportation can reduce or eliminate dependence on foreign fuels, emission of green house gases, and emission of pollutants. One challenge is finding a pathway for vehicles that gains wide market acceptance to achieve a meaningful benefit. This paper evaluates several approaches aimed at making plug-in electric vehicles (EV) and plug-in hybrid electric vehicles (PHEVs) cost-effective including opportunity charging, replacing the battery over the vehicle life, improving battery life, reducing battery cost, and providing electric power directly to the vehicle during a portion of its travel. Many combinations of PHEV electric range and battery power are included. For each case, the model accounts for battery cycle life and the national distribution of driving distances to size the battery optimally. Using the current estimates of battery life and cost, only the dynamically plugged-in pathway was cost-effective to the consumer. Significant improvements in battery life and battery cost also made PHEVs more cost-effective than today’s hybrid electric vehicles (HEVs) and conventional internal combustion engine vehicles (CVs)

Owner perceptions of their cat's quality of life when treated with a modified University of Wisconsin-Madison protocol for lymphoma

The objectives of this study were to assess owner perceptions of their cat’s quality of life during treatment for lymphoma with a doxorubicin-containing multi-agent chemotherapy protocol, whether various health-related parameters correlated with quality of life scores, and to assess owner satisfaction with the protocol

Fossil biomass preserved as graphitic carbon in a late paleoproterozoic banded iron formation metamorphosed at more than 550°C

Metamorphism is thought to destroy microfossils, partly through devolatilization and graphitization of biogenic organic matter. However, the extent to which there is a loss of molecular, elemental and isotope signatures from biomass during high-temperature metamorphism is not clearly established. We report on graphitic structures inside and coating apatite grains from the c. 1850 Ma Michigamme silicate banded iron formation from Michigan, metamorphosed above 550°C. Traces of N, S, O, H, Ca and Fe are preserved in this graphitic carbon and X-ray spectra show traces of aliphatic groups. Graphitic carbon has an expanded lattice around 3.6 Å, forms microscopic concentrically-layered and radiating polygonal flakes and has homogeneous δ13C values around −22‰, identical to bulk analyses. Graphitic carbon inside apatite is associated with nanometre-size ammoniated phyllosilicate. Precursors of these metamorphic minerals and graphitic carbon originated from ferruginous clayrich sediments with biomass. We conclude that graphite coatings and inclusions in apatite grains indicate fluid remobilization during amphibolite-facies metamorphism of precursor biomass. This new evidence fills in observational gaps of metamorphosed biomass into graphite and supports the existence of biosignatures in the highly metamorphosed iron formation from the Eoarchean Akilia Association, which dates from the beginning of the sedimentary rock record