The resultant parameters of effective theory

This is the 4-th paper in the series devoted to a systematic study of the problem of mathematically correct formulation of the rules needed to manage an effective field theory. Here we consider the problem of constructing the full set of essential parameters in the case of the most general effective scattering theory containing no massless particles with spin J > 1/2. We perform the detailed classification of combinations of the Hamiltonian coupling constants and select those which appear in the expressions for renormalized S-matrix elements at a given loop order.Comment: 21 pages, 4 LaTeX figures, submitted to Phys. Rev.

General dynamics of the physical-chemical systems in mammals

Human physiochemistry, thermoregulation, and harmonic oscillation of blood glucose level

A model of stigma in the fed funds market

It is often the case that banks in the US are willing to borrow in the fed funds market (the interbank market for funds) at higher rates than the ones they could obtain by borrowing at the Fed's discount window. This phenomenon is commonly explained as the consequence of the existence of a stigma effect attached to borrowing from the window. Most policymakers and empirical researchers consider the stigma hypothesis plausible. Yet, no formal treatment of the issue has ever been provided in the literature. In this paper, we fill that gap by studying a model of interbank credit where: (1) banks benefit from engaging in intertemporal trade with other banks and with outside investors; and (2) informational frictions limit those trade opportunities. In our model, banks obtain loans in an over-the-counter market (involving search, bilateral matching, and negotiations over the terms of the loan) and hold assets of heterogeneous qualities which in turn determine their ability to repay those loans. When asset quality is not perfectly unobservable by outside investors, information about the actions taken by a bank in the credit market may influence the price at which it can sell its asset. In particular, under some conditions, discount window borrowing may be regarded as a negative signal about the quality of the borrower's assets. In such cases, some of the banks in our model, just as in the data, are willing to accept loans in the interbank market at higher rates than the ones they could obtain at the discount window.Interbank market, Private information, Signaling, Banking

Can the Fed be a payment system innovator?

Competition ; Payment systems

Inflation and unemployment: a layperson's guide to the Phillips curve

Inflation (Finance) ; Unemployment ; Phillips curve

Interest on reserves and daylight credit

Banks and banking ; Interest

The gravitational analogue to the hydrogen atom (A summer study at the borders of quantum mechanics and general relativity)

This article reports on a student summer project performed in 2006 at the University of Frankfurt. It is addressed to undergraduate students familiar with the basic principles of relativistic quantum mechanics and general relativity. The aim of the project was to study the Dirac equation in curved space time. To obtain the general relativistic Dirac equation we use the formulation of gravity as a gauge theory in the first part. After these general considerations we restrict the further discussion to the special case of the Schwarzschild metric. This setting corresponds to the hydrogen atom, with the electromagnetic field replaced by gravity. Although there is a singularity at the event horizon it turns out that a regular solution of the time independent Dirac equation exists. Finally the Dirac equation is solved numerically using suitable boundary conditions.Comment: 19 pages, 3 figure

Takeovers and stock price volatility

An examination of the relation between takeovers and stock price volatility. The analysis focuses on the Martingale (efficient markets) Model of stock price behavior and an alternative view in which stock prices reflect values to participants in a market for corporate control. This paper includes a mathematical treatment of the subject.Stock - Prices

Now how large is the safety net?

According to estimates done by researchers at the Richmond Fed, the federal financial safety net covered $25 trillion in liabilities, or 59 percent of all financial liabilities, at the end of 2008. Such expansion of the safety net has weakened market discipline and contributed to instability in the financial sector. Instead of attempting to address the "too big to fail" problem by breaking up large firms, for instance, policymakers ought to focus on credibly scaling back the safety net and making its boundaries transparent.Financial markets

Barriers & facilitators to extended working life : a focus on a predominately female ageing workforce

Many countries are reforming their pension systems so people stay in work for longer to improve the long-term sustainability of public finances to support an increasing older population. This research aimed to explore the factors that enable or inhibit people to extend working life (EWL) in a large UK based retail organisation. Semi-structured interviews were carried out with a purposive sample (n=30): 15 employees aged ≥ 60 and 15 supervisors supporting these employees. Older workers were predominately female, reflecting the gender profile of the older workers in the organisation. Older workers and supervisors reported that key facilitators to EWL were: good health, the perception that older workers are of value; flexibility and choice; the need for an ongoing conversation across the life-course; the social and community aspect of work as a facilitator to EWL; and, the financial necessity to EWL. Perceived barriers to EWL included poor health, negative impacts of work on health, and a lack of respect and support