A review of bank performance in the Fifth district, 1983

Many observers expected 1983 to be a bad year for bank profits because of deposit deregulation, but F. Ward McCarthy Jr. shows in “A Review of Bank Performance in the Fifth District, 1983” that last year proved to be the most profitable of the last five. In this article, McCarthy examines the revenues and expenses of Fifth District banks in order to explain the significant improvement in performance. McCarthy finds the most successful banks last year were the ones that had cost structures that were relatively sensitive to the level of interest rates. He forecasts that in the current year the strength of the economy, the growth in loan demand, and increases in interest rates will increase banks’ gross return on assets. McCarthy also points out that if banks are to increase profitability in an environment of deregulation and rising interest rates, they must be able to contain interest expense and increase revenues from noninterest services.Banks and banking

The Impact of Separate Taxation on the Intra-Household Allocation of Assets: Evidence from the UK

The income tax system in the United Kingdom moved from joint to independent taxation of husbands' and wives' income in 1990. One interesting aspect of independent taxation is the ability for households to choose the division of household assets between the two spouses. This tax reform therefore creates an opportunity for households to engage in a form of tax avoidance by shifting their investment income to the spouse with the lower marginal tax rate. We use Family Expenditure Survey data to examine the impact of this tax reform on the magnitude of investment income shifting between spouses with different marginal tax rates. We find a sizeable shift in the share and incidence of asset income claimed by wives, who typically have lower marginal tax rates, as well as in the incidence of the wife claiming all the household asset income, indicating that households responded to this policy change by reallocating asset ownership.

A review of bank performance in the Fifth district, 1983

Many observers expected 1983 to be a bad year for bank profits because of deposit deregulation, but F. Ward McCarthy Jr. shows in “A Review of Bank Performance in the Fifth District, 1983” that last year proved to be the most profitable of the last five. In this article, McCarthy examines the revenues and expenses of Fifth District banks in order to explain the significant improvement in performance. McCarthy finds the most successful banks last year were the ones that had cost structures that were relatively sensitive to the level of interest rates. He forecasts that in the current year the strength of the economy, the growth in loan demand, and increases in interest rates will increase banks’ gross return on assets. McCarthy also points out that if banks are to increase profitability in an environment of deregulation and rising interest rates, they must be able to contain interest expense and increase revenues from noninterest services.Banks and banking

The evolution of the bank regulatory structure : a reappraisal

In his article, “The Evolution of the Bank Regulatory Structure: A Reappraisal,” F. Ward McCarthy Jr. argues that neither of these competing theories provides a sufficient explanation for the major developments in the bank regulatory framework of the United States. He proposes that the structure of bank regulation has been dictated in part by the desire of governments to enhance their abilities to generate revenue. McCarthy traces the history of government intervention in the banking industry from the colonial period through the 1930s and demonstrates that concern about public finance has been a crucial factor behind every important change in the institutional structure of bank regulation.Banks and banking

Remote sensing applications in forestry - Remote sensing of changes in morphology and physiology of trees under stress Annual progress report

Remote sensing of changes in morphology and physiology of trees under stres

Remote sensing of changes in morphology and physiology of trees under stress Annual progress report

Remote sensing of morphological and physiological changes in trees under stres

Friction-Stir Welding - Heavy Inclusions in Bi-metallic welds of Al 2219/2195

Heavy Inclusions (HI) were detected for the first time by radiographic examination in aluminum alloy 2219forging/2195plate (advancing/retreating side) Friction Sir Welds (FSW) for the Space Shuttle External Tank (ET) Program. Radiographic HI indications appear as either small (approx.0.005"-0.025") individual particles or clusters of small particles. Initial work was performed to verify that the HI was not foreign material or caused by FSW pin tool debris. That and subsequent elemental analysis determined that the HI were large agglomerations of Al2Cu (theta phase), which is the strengthening precipitate in Al2219. A literature search on that subject determined that the agglomeration of phase has also been found in Al2219 bead on plate FSW [Ref. 1]. Since this was detected in ET space flight hardware, an investigative study of the effect of agglomerated theta phase particles in FSW Al2219f/2195p was performed. Numerous panels of various lengths were welded per ET weld procedures and radiographically inspected to determine if any HI was detected. Areas that had HI were sampled for room temperature and cyclic cryogenic (-423F) tensile testing and determined no significant adverse affect on mechanical properties when compared to test specimens without HI and historical data. Fracture surface examination using the Scanning Electron Microscope (SEM) revealed smaller phase agglomerations undetectable by radiographic inspection dispersed throughout the Al2219f/2195p FSW. This indicates that phase agglomeration is inherent to the Al2219f/2195p FSW process and only rarely creates agglomerations large enough to be detected by radiography. HI has not been observed in FSW of plate to plate material for either Al2219 or AL2195

LM cathode thruster system Quarterly progress report, 4 Oct. 1969 - 4 Jan. 1970

Optimization testing of thermally integrated liquid mercury cathode thruster syste

Control algorithms for aerobraking in the Martian atmosphere

The Analytic Predictor Corrector (APC) and Energy Controller (EC) atmospheric guidance concepts were adapted to control an interplanetary vehicle aerobraking in the Martian atmosphere. Changes are made to the APC to improve its robustness to density variations. These changes include adaptation of a new exit phase algorithm, an adaptive transition velocity to initiate the exit phase, refinement of the reference dynamic pressure calculation and two improved density estimation techniques. The modified controller with the hybrid density estimation technique is called the Mars Hybrid Predictor Corrector (MHPC), while the modified controller with a polynomial density estimator is called the Mars Predictor Corrector (MPC). A Lyapunov Steepest Descent Controller (LSDC) is adapted to control the vehicle. The LSDC lacked robustness, so a Lyapunov tracking exit phase algorithm is developed to guide the vehicle along a reference trajectory. This algorithm, when using the hybrid density estimation technique to define the reference path, is called the Lyapunov Hybrid Tracking Controller (LHTC). With the polynomial density estimator used to define the reference trajectory, the algorithm is called the Lyapunov Tracking Controller (LTC). These four new controllers are tested using a six degree of freedom computer simulation to evaluate their robustness. The MHPC, MPC, LHTC, and LTC show dramatic improvements in robustness over the APC and EC

LM cathode thruster system Quarterly progress report, 4 Jan. 1969 - 4 Apr. 1970

Development of 20 cm liquid metal cathode thruster syste