Life Between Nations: Third Culture Kids

“Third Culture Kids” (TCKs) spend several years of their childhood living in a different culture than the one their parents grew up in. Each TCK has a different experience, from location to number of moves to years spent abroad, but TCKs tend to share a unique bond, one that can only form from an understanding of what it is like to grow up between nations. Research and observations of TCKs began in the 60’s but the modern understanding of what a third culture kid is has been formed in the past 20 or so years. While there is abundant research on TCKs and the different experiences and challenges they have, there seems to be a lack of fiction targeting older elementary and middle school aged TCKs. Through this creative research project, academic research regarding TCKs was collected and complied so it could be used to write a middle school level story about life in an international school. Children spend a lot of time at school, especially when they are introduced to a new culture or temporary home. The halls of an international school best embody the cultural melting pot that is the “third culture”. This project and the story that accompanies it was written with the goal of perhaps one day helping a TCK as they begin a new chapter of life growing up around the world

Systemic risk and the financial crisis: a primer

How did problems in a relatively small portion of the home mortgage market trigger the most severe financial crisis in the United States since the Great Depression? Several developments played a role, including the proliferation of complex mortgage-backed securities and derivatives with highly opaque structures, high leverage, and inadequate risk management. These, in turn, created systemic risk - that is, the risk that a triggering event, such as the failure of a large financial firm, will seriously impair financial markets and harm the broader economy. This article examines the role of systemic risk in the recent financial crisis. Systemic concerns prompted the Federal Reserve and U.S. Department of the Treasury to act to prevent the bankruptcy of several large financial firms in 2008. The authors explain why the failures of financial firms are more likely to pose systemic risks than the failures of nonfinancial firms and discuss possible remedies for such risks. They conclude that the economy could benefit from reforms that reduce systemic risks, such as the creation of an improved regime for resolving failures of large financial firms.Financial crises ; Systemic risk

Central bank intervention and exchange rate volatility, its continuous and jump components

We analyze the relationship between interventions and volatility at daily and intra-daily frequencies for the two major exchange rate markets. Using recent econometric methods to estimate realized volatility, we employ bipower variation to decompose this volatility into a continuously varying and jump component. Analysis of the timing and direction of jumps and interventions imply that coordinated interventions tend to cause few, but large jumps. Most coordinated operations explain, statistically, an increase in the persistent (continuous) part of exchange rate volatility. This correlation is even stronger on days with jumps.

Seasonal, lunar, and diel patterns in spawning by the giant barrel sponge, Xestospongia muta

Temporal patterns in giant barrel sponge (Xestospongia muta) spawning were compiled from 32 observations spanning 17 years and three Caribbean locations (Florida, Belize, and Haiti). The records were analyzed for patterns in seasonality, lunar periodicity, and diel rhythm to develop a predictive spawning window. Results indicate that spawning is concentrated from mid-April to late May. Most spawning events occurred around the first quarter moon; a smaller pulse occurred just before the third quarter moon. All spawning events were observed in the morning and fell within 779–987 min of the previous night’s sunset. Eggs of X. muta were all negatively buoyant and blanketed the areas within and surrounding the sponge; this limited gamete dispersal may be the driver behind heavily localized genetic retention

PATENTS, R&D AND LAG EFFECTS: EVIDENCE FROM FLEXIBLE METHODS FOR COUNT PANEL DATA ON MANUFACTURING FIRMS

Hausman, Hall and Griliches (1984) and Hall, Griliches and Hausman (1986) investigated whether there was a lag in the patent-R&D relationship for the U.S. manufacturing sector using 1970¿s data. They found that there was little evidence of anything but contemporaneous movement of patents and R&D. We reexamine this important issue employing new longitudinal patent data at the firm level for the U.S. manufacturing sector from 1982 to 1992. To address unique features of the data, we estimate various distributed lag and dynamic multiplicative panel count data models. The paper also develops a new class of count panel data models based on series expansion of the distribution of individual effects. The empirical analyses show that, although results are somewhat sensitive to different estimation methods, the contemporaneous relationship between patenting and R&D expenditures continues to be rather strong, accounting for over 60% of the total R&D elasticity. Regarding the lag structure of the patents-R&D relationship, we do find a significant lag in all empirical specifications. Moreover, the estimated lag effects are higher than have previously been found, suggesting that the contribution of R&D history to current patenting has increased from the 1970¿s to the 1980¿s.Innovative activity, Patents and R&D, Individual effects, count panel data methods.

Wind-Tunnel Investigation of an NACA 66,2-216 Low-Drag Wing with Split Flaps of Various Sizes, Special Report

An investigation was conducted in the NACA 19-foot pressure wind tunnel of a rectangular wing having NACA 66, 2-216 low-drag airfoil sections and various sizes of simple split flaps. The purpose of the investigation was, primarily, to determine the influence of these flap installations on the aerodynamic characteristics of the wing. Complete lift, drag, and pitching-moment characteristics were determined for a range of test Reynolds numbers from about 2,600,000 to 4,600,000 for each of the installations and for the plain wing. The results of this investigation indicate that values of maximum lift coefficient similar to those of wings with conventional airfoil sections and split flaps can be expected of wings having the NACA 66,2-216 low-drag sections. The increment of maximum lift due to the split flap was found to be practically independent of the Reynolds number over the range investigated. The optimum split flap on the basis of maximum lift appears to have a chord about 20% of the wing chord and a deflection of 60 degrees. The C(sub L) max of the wing with the 0.20c partial-span flap deflected 60 degrees is 2.07 at a Reynolds number of 4,600,000 while with the full-span flap it is approximately 2.53; the increment of the maximum lift coefficient due to the flap is approximately proportional to the flap span. Although the addition of a split flap tends to hasten the stall and to cause it to occur more abruptly, little change in pattern is evidenced by observations of the behavior of wool tufts on the wing

Wind-Tunnel Investigation of an NACA Low-Drag Tapered Wing with Straight Trailing Edge and Simple Split Flaps, Special Report

An investigation was conducted in the NACA 19-foot pressure wind tunnel of a tapered wing with straight railing edge having NACA 66 series low-drag airfoil sections and equipped with full-span and partial-span simple split flaps. The airfoil sections used were the NACA 66,2-116 at the root and the 66,2-216 at the tip. The primary purpose of the investigation was to determine the effect of the split flaps on the aerodynamic characteristics of the tapered wing. Complete lift, drag, and pitching-moment coefficients were determined for the plain wing and for each flap arrangement through a Reynold number range of 2,600,000 to 4,600,000. The results of this investigation indicate that values of maximum lift coefficient comparable to values obtained on tapered wings with conventional sections and similar flap installations can be obtained from wings with the NACA low-drag sections. The increment of maximum lift due to the split flap was found to vary somewhat with Reynold number over the range investigated. The C(sub L)max of the wing alone is 1.49 at a Reynolds number of 4,600,000; whereas with the partial-span simple split flap it is 2.22 and with the full-span arrangement, 2.80. Observations of wool tufts on the wing indicate that the addition of split flaps did not appreciable alter the pattern of the stall; even though the stall did occur more abruptly than with the wing alone