Regional VARs and the channels of monetary policy

We find that the magnitudes of the regional effects of monetary policy were considerably dampened during the Volcker-Greenspan era. Further, regional differences in the depths of monetary-policy-induced recessions are related to the concentration of the banking sector, whereas differences in the total cost of these recessions are related to industry mix.Monetary policy

Structural breaks and regional disparities in the transmission of monetary policy

Using a regional VAR, we find large differences in the effects of monetary policy shocks across regions of the United States. We also find that the region-level effects of monetary policy differ a great deal between the pre-Volcker and Volcker-Greenspan periods in terms of their depth and length. The two sample periods also yield very different rankings of the regions in terms of the effects of monetary policy. Our regional VAR also suggests that aggregate VARs that ignore regional variations can suffer from severe aggregation bias. We use the results of our regional VAR to find evidence that recession depth related to the banking concentration and that the total cost of recession is related to the industry mix. Finally, we demonstrate that the differences between the two sample periods are due to changes in the mechanism by which monetary policy shocks are propagated.Monetary policy ; Regional economics ; Economic conditions

The Deep Diffuse Extragalactic Radio Sky at 1.75 GHz

We present a study of diffuse extragalactic radio emission at $1.75\,$GHz from part of the ELAIS-S1 field using the Australia Telescope Compact Array. The resulting mosaic is $2.46\,$deg$^2$, with a roughly constant noise region of $0.61\,$deg$^2$ used for analysis. The image has a beam size of $150 \times60\,$arcsec and instrumental $\langle\sigma_{\rm n}\rangle= (52\pm5)\, \mu$Jy beam$^{-1}$. Using point-source models from the ATLAS survey, we subtract the discrete emission in this field for $S \ge 150\, \mu$Jy beam$^{-1}$. Comparison of the source-subtracted probability distribution, or \pd, with the predicted distribution from unsubtracted discrete emission and noise, yields an excess of $(76 \pm 23) \, \mu$Jy beam$^{-1}$. Taking this as an upper limit on any extended emission we constrain several models of extended source counts, assuming $\Omega_{\rm source} \le 2\,$arcmin. The best-fitting models yield temperatures of the radio background from extended emission of $T_{\rm b}=(10\pm7) \,$mK, giving an upper limit on the total temperature at $1.75\,$GHz of $(73\pm10)\,$mK. Further modelling shows that our data are inconsistent with the reported excess temperature of ARCADE2 to a source-count limit of $1\, \mu$Jy. Our new data close a loop-hole in the previous constraints, because of the possibility of extended emission being resolved out at higher resolution. Additionally, we look at a model of cluster halo emission and two WIMP dark matter annihilation source-count models, and discuss general constraints on any predicted counts from such sources. Finally, we report the derived integral count at $1.4\,$GHz using the deepest discrete count plus our new extended-emission limits, providing numbers that can be used for planning future ultra-deep surveys.Comment: 18 pages, 15 figures, 7 tables, Accepted by MNRA

Isolation of Psoroptes scab mite microsatellite markers (Acari: Psoroptidae)

Nine microsatellite markers have been isolated from the scab mite,Psoroptes ovis. These markers have been tested for polymorphism in individual Psoroptes mites originating from two hosts, the European rabbit, Oryctolagus cuniculus, and sheep, Ovis aries. No definitive picture of Psoroptes species’ status or interrelationships exists. This study provides the basis for a new molecular system to elucidate the systematics of groupings within the genus Psoroptes, allowing us to clarify the population dynamics and epidemiology of the mites causing sheep scab world wide

Business cycle phases in U.S. states

The U.S. aggregate business cycle is often characterized as a series of distinct recession and expansion phases. We apply a regime-switching model to state-level coincident indexes to characterize state business cycles in this way. We find that states differ a great deal in the levels of growth that they experience in the two phases: Recession growth rates are related to industry mix, whereas expansion growth rates are related to education and age composition. Further, states differ significantly in the timing of switches between regimes, indicating large differences in the extent to which state business cycle phases are in concord with those of the aggregate economy.Business cycles ; Regional economics

A state-level analysis of the Great Moderation

A number of studies have documented a reduction in aggregate macroeconomic volatility beginning in the early 1980s. Using an empirical model of business cycles, we extend this line of research to state-level employment data and find significant heterogeneity in the timing and magnitude of the state-level volatility reductions. In fact, some states experience no statistically-important reductions in volatility. We then exploit this cross sectional heterogeneity to evaluate hypotheses about the origin of the aggregate volatility reduction. We show that states with relatively high concentrations in the durable-goods and extractive industries tended to experience later breaks. We interpret these results as contradictory to hypotheses that the Great Moderation could have been caused by improved inventory management or less-volatile shocks to energy and/or productivity. Instead, we find results that are more consistent with the view that the most significant contributor to the volatility reduction was improved monetary policy.Macroeconomics ; Econometric models ; Monetary policy

The 2001 recession and the states of the Eighth Federal Reserve District

Recessions ; Federal Reserve District, 8th

Where is an oil shock?

Much of the literature examining the effects of oil shocks asks the question “What is an oil shock?” and has concluded that oil-price increases are asymmetric in their effects on the US economy. That is, sharp increases in oil prices affect economic activity adversely, but sharp decreases in oil prices have no effect. We reconsider the directional symmetry of oil-price shocks by addressing the question Where is an oil shock? , the answer to which reveals a great deal of spatial/directional asymmetry across states. Although most states have typical responses to oil-price shocks—they are affected by positive shocks only—the rest experience either negative shocks only (5 states), both positive and negative shocks (5 states), or neither shock (5 states).Petroleum industry and trade ; Power resources - Prices

Automated clinical system for chromosome analysis

An automatic chromosome analysis system is provided wherein a suitably prepared slide with chromosome spreads thereon is placed on the stage of an automated microscope. The automated microscope stage is computer operated to move the slide to enable detection of chromosome spreads on the slide. The X and Y location of each chromosome spread that is detected is stored. The computer measures the chromosomes in a spread, classifies them by group or by type and also prepares a digital karyotype image. The computer system can also prepare a patient report summarizing the result of the analysis and listing suspected abnormalities