Central bank communication on financial stability

Central banks regularly communicate about financial stability issues, by publishing Financial Stability Reports (FSRs) and through speeches and interviews. The paper asks how such communications affect financial markets. Building a unique dataset, it provides an empirical assessment of the reactions of stock markets to more than 1000 releases of FSRs and speeches by 37 central banks over the past 14 years. The findings suggest that FSRs have a significant and potentially long-lasting effect on stock market returns, and also tend to reduce market volatility. Speeches and interviews, in contrast, have little effect on market returns and do not generate a volatility reduction during tranquil times, but have had a substantial effect during the 2007-10 financial crisis. The findings suggest that financial stability communication by central banks are perceived by markets to contain relevant information, and they underline the importance of differentiating between communication tools, their content and the environment in which they are employed.central bank, financial stability, communication, event study

Central bank communication on financial stability

Central banks regularly communicate about financial stability issues, by publishing Financial Stability Reports (FSRs) and through speeches and interviews. The paper asks how such communications affect financial markets. Building a unique dataset, it provides an empirical assessment of the reactions of stock markets to more than 1000 releases of FSRs and speeches by 37 central banks over the past 14 years. The findings suggest that FSRs have a significant and potentially long-lasting effect on stock market returns, and also tend to reduce market volatility. Speeches and interviews, in contrast, have little effect on market returns and do not generate a volatility reduction during tranquil times, but have had a substantial effect during the 2007-10 financial crisis. The findings suggest that financial stability communication by central banks are perceived by markets to contain relevant information, and they underline the importance of differentiating between communication tools, their content and the environment in which they are employed. JEL Classification: E44, E58, G12Central Bank, communication, event study, financial stability

Nonperturbative calculation of Born-Infeld effects on the Schroedinger spectrum of the hydrogen atom

We present the first nonperturbative numerical calculations of the nonrelativistic hydrogen spectrum as predicted by first-quantized electrodynamics with nonlinear Maxwell-Born-Infeld field equations. We also show rigorous upper and lower bounds on the ground state. When judged against empirical data our results significantly restrict the range of viable values of the new electromagnetic constant which is introduced by the Born-Infeld theory. We assess Born's own proposal for the value of his constant.Comment: 4p., 2 figs, 1 table; submitted for publicatio

The Running Coupling from SU(3) Gauge Theory

We present high precision results on the static quark-antiquark-potential on 32^4 and smaller lattices, using the standard Wilson action at BETA = 6.0, 6.2, 6.4, and 6.8 on the Connection Machine CM-2. Within our statistical errors (1%) we did not observe any finite size effects affecting the potential values, on varying the spatial lattice extent from 0.9 fm up to 3.3 fm. We find violations of asymptotic scaling in the bare coupling up to BETA = 6.8. We demonstrate that scaling violations on the string tension can be considerably reduced by introducing effective coupling schemes, which allow for a safer extrapolation of LAMBDA_Lattice to its continuum value. We are also able to see and to quantify the running of the coupling from the interquark force. From this we extract the ratio \sqrt{SIGMA}/LAMBDA_L. Both methods yield consistent values for the LAMBDA-parameter: LAMBDA_MSbar = 0.558(-0.007+0.017)\sqrt{SIGMA} = 246(-3+7) MeV.Comment: (Talk G. Bali at Lattice 92, Amsterdam), 4 Pages, 4 Postscript figures, LaTeX with espcrc2, and epsf style file

More on SU(3) Lattice Gauge Theory in the Fundamental--Adjoint Plane

We present further evidence for the bulk nature of the phase transition line in the fundamental--adjoint action plane of SU(3) lattice gauge theory. Computing the string tension and some glueball masses along the thermal phase transition line of finite temperature systems with $N_t=4$, which was found to join onto the bulk transition line at its endpoint, we find that the ratio $\sqrt{\sigma} / T_c$ remains approximately constant. However, the mass of the $0^{++}$ glueball decreases as the endpoint of the bulk transition line is approached, while the other glueball masses appear unchanged. This is consistent with the notion that the bulk transition line ends in a critical endpoint with the continuum limit there being a $\phi^4$ theory with a diverging correlation length only in the $0^{++}$ channel.Comment: 4 pages, uuencoded, gziped postscript file. To appear in the Proceedings of LATTICE'95, Melbourne, Australia, 11-15 July, 199

Start Fast, Swim Faster, Turn Fastest: Section Analyses and Normative Data for Individual Medley.

The aims of the study were to provide benchmarks and normative data for 100 m, 200 m, and 400 m short-course individual medley (IM) races, investigate differences between the various swimming strokes and turns involved in IM, and quantify the effect and contribution of various race sections on swimming performance. All IM races (n = 320) at the 2019 European Short-Course Swimming Championships were video monitored and digitized with interrater reliability described by a mean intra-class correlation coefficient of 0.968. Normative data were provided for the eight finalists of each event (FINA points = 886 ± 37) and the eight slowest swimmers from each event (FINA points = 688 ± 53). Contribution and effects of race sections on swimming performance were investigated using stepwise regression analysis based on all races of each event. Regression analysis explained 97-100% of total variance in race time and revealed turn time (β ≥ 0.53) as distinguishing factor in short-course IM races in addition to swim velocity (β ≥ -0.28). Start time only affected 100 m (β ≥ 0.14) and 200 m (β ≥ 0.04) events. Fastest turn times were found for the butterfly/backstroke turn. Breaststroke showed slowest swim velocities and no difference between fastest and slowest 100 m IM swimmers. Therefore, breaststroke may provide largest potential for future development in IM race times. Correlation analyses revealed that distance per stroke (r ≥ -0.39, P 0.05) is a performance indicator and may be used by coaches and performance analysts to evaluate stroke mechanics in male IM swimmers despite its more complex assessment. Performance analysts, coaches, and swimmers may use the present normative data to establish minimal and maximal requirements for European Championship participation and to create specific drills in practice

LISA Pathfinder: OPD loop characterisation

The optical metrology system (OMS) of the LISA Pathfinder mission is measuring the distance between two free-floating test masses with unprecedented precision. One of the four OMS heterodyne interferometers reads out the phase difference between the reference and the measurement laser beam. This phase from the reference interferometer is common to all other longitudinal interferometer read outs and therefore subtracted. In addition, the phase is fed back via the digital optical pathlength difference (OPD) control loop to keep it close to zero. Here, we analyse the loop parameters and compare them to on-ground measurement results.DLRFederal Ministry for Economic Affairs and Energ

A comprehensive lattice study of SU(3) glueballs

We present a study of the $SU(3)$ glueball spectrum for all $J^{PC}$ values at lattice spacings down to $a^{-1}=3.73 (6)$ GeV ($\beta=6.4$) using lattices of size up to $32^4$. We extend previous studies and show that the continuum limit has effectively been reached. The number of clearly identified $J^{PC}$ states has been substantially increased. There are no clear signals for spin-exotic glueballs below 3 GeV. A comparison with current experimental glueball candidates is made.Comment: 10 pages including 2 PS figures, Liverpool Preprint: LTH 303, Wuppertal Preprint: WUB 93-1

Surface spontaneous parametric down-conversion

Surface spontaneous parametric down-conversion is predicted as a consequence of continuity requirements for electric- and magnetic-field amplitudes at a discontinuity of chi2 nonlinearity. A generalization of the usual two-photon spectral amplitude is suggested to describe this effect. Examples of nonlinear layered structures and periodically-poled nonlinear crystals show that surface contributions to spontaneous down-conversion can be important.Comment: 4 pages, 3 figure

Alpha_s from the Lattice Potential

We present an extensive study on the direct determination of the running coupling alpha_s from the static quark antiquark force at short distances, in quenched QCD. We find from our high statistics potential analysis that alpha_qq exhibits two-loop asymptotic behaviour for momenta as low as .5 GeV. As a result, we determine the zero flavour Lambda-parameter to be Lambda^0_MSBAR = 0.630(38)\sqrt{\sigma} = 293(18)^{+25}_{-63} MeV. A rough estimate of full QCD effects leads to the five flavour value alpha_MSBAR(m_Z) = .102^{+6}_{-11}. A comparison with other lattice results is made.Comment: 6 pages (LaTeX) with 7 postscript figures (epsf required), Invited talk by K. Schilling held at Lattice '93 conference, Dallas, T