Self-fulfilling debt crises

We characterize the values of government debt and the debt's maturity structure under which financial crises brought on by a loss of confidence in the government can arise within a dynamic, stochastic general equilibrium model. We also characterize the optimal policy response of the government to the threat of such a crisis. We show that when the country's fundamentals place it inside the crisis zone, the government is motivated to reduce its debt and exit the crisis zone because this leads to an economic boom and a reduction in the interest rate on the government's debt. We show that this reduction may be quite gradual if debt is high or the probability of a crisis is low. We also show that, while lengthening the maturity of the debt can shrink the crisis zone, credibility-inducing policies can have perverse effects.Debt

Physical Properties of Tar Sand Tailings that Influence Their Ability to Sustain Plant Growth

The mining of bituminous sandstone rock for the purpose of extracting bitumen has created a need for reclamation. One such mine is located in northern Logan County. Their mining operation involves removing large sections of sandstone, which is impregnated with bitumen, and crushing it to sand-sized material. The sand-sized material is then mixed with organic solvents which extract the bitumen. Once separated, the bitumen is stored for future refinement and the spent sand is stockpiled for later disposal. The spent sands or waste material are referred to as tar sand tailings. These tailings have particular properties which make reclamation efforts difficult. One restrictive property is the 30 percent swell factor, which prevents replacement of the tailings into their respective mined area. Another property is the tailings’ hydrophobicity. This water repellence prevents merely spreading the tailings onto the surface. Experiments were conducted at Western Kentucky University during 1984 and 1985 to determine methods to lessen the hydrophobic tendencies and allow for reclamation. These experiments included mixing the tailings with the existing soil and adding surfactants to the tailings. Water holding capacities, infiltration rates, and the ability to sustain plant life were determined and evaluated. It appears that the residual bitumen not removed by the extraction process causes the hydrophobic tendencies of the tailings. This conclusion was based on a comparison of pure tailings and tailings which were subjected to 500°C temperatures for 24 hours which could destroy all organic material, specifically the residual bitumen. The pure tar sand tailing held 0.44 percent moisture and the tailings with the organic material removed held 27.48 percent moisture. Mixtures of tailings and Zanesville soil were also evaluated and compared to the tailings with and without organic material. The percent moisture of the soil was not significantly different from the tailings without organic material. All mixtures were significantly lower than the soil or the tailings without organic material and significantly higher than the pure tar and tailings. However, the mixtures apparently can hold sufficient moisture for plant growth. Water infiltration rates through various mixtures of tailings and soil with and without surfactants were also evaluated. It was concluded that a tailings/soil mixture of 75/25 percent with and without surfactant and 90/10 percent mixture with surfactant allowed the fastest water infiltration. The rate of infiltration is important since the Logan County topography is favorable for runoff erosion. Rye (secale cereale) was grown in various mixtures of tailings and soil with and without surfactants to determine phytotoxic effects. Visual observations of the growing plants indicated no phytotoxic effects due to the bitumen or surfactants. However, dry matter yields of the plants differed significantly. The lower yield of some plants could be attributed to a lack of moisture since the lowest yields were in the pure tailings with and without surfactant. In conclusion, the results of this study revealed that tar sand tailings do have hydrophobic tendencies apparently due to residual bitumen. These tendencies can be buffered by mixing the waste material with an existing soil or by complete combustion of the residual organic material. Also it was concluded that vegetation could be established on the mixtures of tailings and soil and thus, the land reclaimed

Etching of Abraham Lincoln

Engraved portrait of Abraham Lincoln. On the back, there is a quotation from Abraham Lincoln and a poem by Richard Henry Stoddard. from a photograph by Wyatt Eaton (American, born Canadian, 1849-1896) and engraved by Timothy Cole (American, 1852-1931)https://scholarsjunction.msstate.edu/fvw-artifacts/4761/thumbnail.jp

Etching of Abraham Lincoln

Engraved portrait of Abraham Lincoln. On the back, there is a quotation from Abraham Lincoln and a poem by Richard Henry Stoddard. from a photograph by Wyatt Eaton (American, born Canadian, 1849-1896) and engraved by Timothy Cole (American, 1852-1931)https://scholarsjunction.msstate.edu/fvw-prints/1907/thumbnail.jp

The parity effect in Josephson junction arrays

We study the parity effect and transport due to quasiparticles in circuits comprised of many superconducting islands. We develop a general approach and show that it is equivalent to previous methods for describing the parity effect in their more limited regimes of validity. As an example we study transport through linear arrays of Josephson junctions in the limit of negligible Josephson energy and observe the emergence of the parity effect with decreasing number of non-equilibrium quasiparticles. Due to the exponential increase in the number of relevant charge states with increasing length, in multi-junction arrays the parity effect manifests in qualitatively different ways to the two junction case. The role of charge disorder is also studied as this hides much of the parity physics which would otherwise be observed. Nonetheless, we see that the current through a multi-junction array at low bias is limited by the formation of meta-stable even-parity states.Comment: 8 pages, 5 figure

Design, set up and commissioning of a test facility for smokeless rich diesel combustion research

Low Temperature Combustion (LTC) is a strategy that harnesses the properties of exhaust gas, through the use of large quantities of exhaust gas recirculation (EGR), to reduce the peak combustion temperatures below that favoured by the formation processes of oxides of nitrogen (Ox) and those of soot. There is interest within the fuels research community in investigating the effects of diesel fuel formulations on LTC, using a suitable engine test platform. The objective of this study was to design and set up a test apparatus capable of achieving LTC in a diesel research engine, that could subsequently be used to study LTC behaviour with different fuels. In addition, it was necessary to present test data demonstrating the engine's performance, in terms of engine-out emissions and indicated specific fuel consumption (ISFC), transitioning between conventional diesel combustion (CDC) and LTC. The mechanical, electrical and control requirements for attaining CDC and LTC conditions were investigated in the literature and through consultations with experts in the fuels research field. These requirements were distilled into a definitive System Requirement Specification

Slouching Towards Atlanta: The Influence of Churches on Atlanta\u27s Hippie Community

This thesis discusses how local churches and church groups shaped Atlanta’s hippie community during the late-1960s through the early-1970s. The Atlanta Friends Meeting participated in protests and draft counseling, which resonated with the city’s hippies, who in turn influenced some Quakers to adopt hippie dress and to create communal homes. Meanwhile, Harcourt “Harky” Klinefelter formed the Ministry to the Street People, which provided aid to the city’s youth who fell victim to the negative side effects of the Sixties counterculture. In working with the city’s youth, Klinefelter bore witness to the unsanitary conditions of the city’s jail, causing him to lead efforts to have it cleaned. Lastly, a coffeehouse operated by a Methodist minister is detailed that held weekly church services and organized social projects. These projects included employment services, art scholarships, and a free clinic. Together, these individuals and their institutions distinguished Atlanta’s counterculture from those in other cities