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.

Minimization variational principles for acoustics, elastodynamics, and electromagnetism in lossy inhomogeneous bodies at fixed frequency

The classical energy minimization principles of Dirichlet and Thompson are extended as minimization principles to acoustics, elastodynamics and electromagnetism in lossy inhomogeneous bodies at fixed frequency. This is done by building upon ideas of Cherkaev and Gibiansky, who derived minimization variational principles for quasistatics. In the absence of free current the primary electromagnetic minimization variational principles have a minimum which is the time-averaged electrical power dissipated in the body. The variational principles provide constraints on the boundary values of the fields when the moduli are known. Conversely, when the boundary values of the fields have been measured, then they provide information about the values of the moduli within the body. This should have application to electromagnetic tomography. We also derive saddle point variational principles which correspond to variational principles of Gurtin, Willis, and Borcea.Comment: 32 pages 0 figures (Previous version omitted references

Expanded operational capabilities of the Langley Mach 7 Scramjet test facility

An experimental research program conducted to expand the operational capabilities of the NASA Langley Mach 7 Scramjet Test Facility is described. Previous scramjet testing in this facility was limited to a single simulated flight condition of Mach 6.9 at an altitude of 115,300 ft. The arc heater research demonstrates the potential of the facility for scramjet testing at simulated flight conditions from Mach 4 (at altitudes from 77,000 to 114,000 ft) to Mach 7 (at latitudes from 108,000 to 149,000 ft). Arc heater electrical characteristics, operational problems, measurements of nitrogen oxide contaminants, and total-temperature profiles are discussed

Organising water: The hidden role of intermediary work

ABSTRACT: The increasingly complex challenges of making water management more sustainable require a critical and detailed understanding of the social organisation of water. This paper examines the hitherto neglected role that 'intermediary' organisations play in reshaping the relations between the provision and use of water and sanitation services. In response to new regulatory, environmental, social, and commercial pressures the relationships between water utilities, consumers, and regulators are changing, creating openings for both new and existing organisations to take on intermediary functions. Drawing on recent EU-funded research we provide the first systematic analysis of intermediary organisations in the European water sector, examining the contexts of their emergence, the ways they work, the functions they perform, and the impacts they can have. With a combination of conceptual and empirical analysis we substantiate and elaborate the case for appreciating the often hidden work of intermediaries. We caution, however, against over-simplistic conclusions on harnessing this potential, highlighting instead the need to reframe perspectives on how water is organised to contemplate actor constellations and interactions beyond the common triad of provider, consumer, and regulator

Vibrational relaxation in expanding N2 and air

New N2 vibrational temperature data, obtained in expanding N2 and air using the electron beam technique, are analyzed permitting the vibrational relaxation times to be determined as a function of temperature. In addition, the effects on N2 vibrational relaxation times of direct vibrational energy transfer between N2 and H2O, between N2 and O2, and between N2 and free electrons introduced from arc contaminants are analyzed. The vibrational relaxation times determined from the present measurements agree with those measured in the expanding flows of shock tunnels and impact tubes. These expanding data also agree with relaxation times observed in acoustical resonant cavities where alternating compressions and expansions take place. The relaxation times in expanding flows (vib-tran exchange process) are found to be approximately 50 times faster than those measured in the compressing flow of shock tubes (tran-vib exchange process). This evidence strongly supports the concept that one relaxation time distribution cannot be applied to both exchange processes

Structure variation and evolution in microphase-separated grafted diblock copolymer films

The phase behavior of grafted d-polystyrene-block-poly(methyl methacrylate) diblock copolymer films is examined, with particular focus on the effect of solvent and annealing time. It was observed that the films undergo a two-step transformation from an initially disordered state, through an ordered metastable state, to the final equilibrium configuration. It was also found that altering the solvent used to wash the films, or complete removal of the solvent prior to thermal annealing using supercritical CO2, could influence the structure of the films in the metastable state, though the final equilibrium state was unaffected. To aid in the understanding to these experimental results, a series of self-consistent field theory calculations were done on a model diblock copolymer brush containing solvent. Of the different models examined, those which contained a solvent selective for the grafted polymer block most accurately matched the observed experimental behavior. We hypothesize that the structure of the films in the metastable state results from solvent enrichment of the film near the film/substrate interface in the case of films washed with solvent or faster relaxation of the nongrafted block for supercritical CO2 treated (solvent free) films. The persistence of the metastable structures was attributed to the slow reorganization of the polymer chains in the absence of solvent