Interest on reserves and daylight credit

Banks and banking ; Interest

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

A helium-3 refrigerator employing capillary confinement of liquid cryogen

A condensation refrigerator suitable for operation in a zero gravity space environment was constructed. The condensed liquid refrigerant is confined by surface tension inside a porous metal matrix. Helium-4 and helium-3 gases were condensed and held in a copper matrix. Evaporative cooling of confined liquid helium-4 resulted in a temperature of 1.4K. Using a zeolite adsorption pump external to the cryostat, a temperature of 0.6 K was achieved through evaporative cooling of liquid helium-3. The amount of time required for complete evaporation of a controlled mass of liquid helium-4 contained in the copper matrix was measured as a function of the applied background power. For heating powers below 18 mW the measured times are consistent with the normal boiling of the confined volume of liquid refrigerant. At background powers above 18 mW the rapid rise in the temperature of the copper matrix the signature of the absence of confined liquid occurs in a time a factor of two shorter than that expected on the basis of an extrapolation of the low power data

The Islamic economic option (IEO) and the challenge of faith to the New World Order.

Islam is an ever-present reality in the political, economic and social life throughout the Arab-Islamic world. In this region, there exists a pervasive notion that Islam should be an integral part of all economic and political aspects of the state. At present, many nations across the Arab-Islamic world face political and economic instability and uncertainty. Since the legitimacy of many regimes in the region is consistently called into question, and since Islamic movements and political parties often form the strongest opposition, the emergence of an Islamic government is a strong possibility. Overall, the purpose of this thesis is to examine the concept of an Islamic Economic Option. This thesis looks at what extent Islamic economic concepts differ from Western economic models. It asks whether or not an IEO could serve as a practical alternative to Western models and form a program that is compatible with the global order. Given an Islamic opposition movement\u27s hypothetical rise to power, this thesis also asks what sort of economic strategy the group would follow and if it would retreat or remain involved in the global economy. (Abstract shortened by UMI.) Source: Masters Abstracts International, Volume: 44-03, page: 1215. Thesis (M.A.)--University of Windsor (Canada), 2005

A model of service design elements to understand innovative service processes

This paper aims to provide an understanding of innovative service design processes by comparing service design logic with the entrepreneurial logics of causation, effectuation and bricolage (CEB). The paper draws upon empirical data to show how both service design logic and entrepreneurship logics may help us to create more innovative service design outcomes. In this process, we hope to understand how the creation of value enters into the service innovation process through co-creation between customers, organisations, ecosystem members and society. Data used within this paper includes deep qualitative interviews with key stakeholders, written documents and participative observation. From our analysis, we develop a model of service innovation design that shows how design logics and entrepreneurial logics influence the development of new and innovative services

Bricolage - a mindset of resourcefulness: stories as a vehicle for mediating means into resources

This study builds on the notion of viewing bricolage as a mindset of resourcefulness rather than seeing it only as a resource integration or resource scarcity. Particularly, we study service innovation processes to shed light on how entrepreneurs use stories of their experience and interactions as a vehicle for mediating means into resources. In order to understand how particular stories contribute to service innovation processes we adopt a process-based methodology (Langley, 1999; Van de Ven & Huber, 1990). Our study shows how a certain knowledge base and a worldview enabled the entrepreneur to understand the power of his own experiences, turn them into opportunities and utilise them as a source for stories of entrepreneurial outcomes. These stories then in turn mediated the available means into resources in various ways

Defending sole singular causal claims

Even given agreement on the totality of conditions that brought about an effect, there often is disagreement about the cause of the effect, for example, the disagreement about the cause of the Gulf oil spill. Different conditions’ being deemed responsible accounts for such disagreements. The defense of the act of deeming a condition responsible often depends on showing that the condition was the appropriate target of interference in order to have avoided the effect

On Characterizing Particle Shape

It is well known that particle shape affects flow characteristics of granular materials, as well as a variety of other solids processing issues such as compaction, rheology, filtration and other two-phase flow problems. The impact of shape crosses many diverse and commercially important applications, including pharmaceuticals, civil engineering, metallurgy, health, and food processing. Two applications studied here include the dry solids flow of lunar simulants (e.g. JSC-1, NU-LHT-2M, OB-1), and the flow properties of wet concrete, including final compressive strength. A multi-dimensional generalized, engineering method to quantitatively characterize particle shapes has been developed, applicable to both single particle orientation and multi-particle assemblies. The two-dimension, three dimension inversion problem is also treated, and the application of these methods to DEM model particles will be discussed. In the case of lunar simulants, flow properties of six lunar simulants have been measured, and the impact of particle shape on flowability - as characterized by the shape method developed here -- is discussed, especially in the context of three simulants of similar size range. In the context of concrete processing, concrete construction is a major contributor to greenhouse gas production, of which the major contributor is cement binding loading. Any optimization in concrete rheology and packing that can reduce cement loading and improve strength loading can also reduce currently required construction safety factors. The characterization approach here is also demonstrated for the impact of rock aggregate shape on concrete slump rheology and dry compressive strength

Induction of interferon alpha from human lymphocytes by autologous, dengue virus-infected monocytes

Human monocytes actively replicate dengue virus. To dissect the primary immune responses to dengue virus-infected monocytes (DV-monocytes), we analyzed the interaction between autologous DV-monocytes and the peripheral blood lymphocytes (PBL) of dengue nonimmune donors. Interferon (IFN) activity was detected when PBL were cultured with DV-monocytes. Cell contact between PBL and DV-monocytes was required for IFN production; however, MHC compatibility between PBL and monocytes was not necessary. DV-monocytes fixed with paraformaldehyde or glutaraldehyde, which produced no infectious virus, also induced high levels of IFN from PBL. The ability of DV-monocytes to induce IFN correlated with the appearance of dengue antigens. The PBL that produce IFN were characterized by FACS sorting using monoclonal and polyclonal antibodies. HLA-DR+ and T3- cells produced high titers of IFN, while HLA-DR- and T3+ cells produced very low or undetectable levels of IFN. Moderate titers of IFN were produced by cells contained in B cell fractions (surface immunoglobulin-positive, B1+, and Leu-12+), and cells contained in natural killer cell fractions (Leu-11+ and OKM1+). Therefore, IFN-producing cells are heterogeneous, and the predominant producer cells are characterized as HLA-DR+ and non-T lymphocytes. The IFN produced was characterized by RIA using mAbs to IFN-alpha and IFN-gamma. The IFN-alpha was the predominant IFN produced; in addition, a low level of IFN-gamma was also detected in some experiments. The culture fluids obtained from PBL exposed to autologous DV-monocytes, which contained high IFN activity, completely inhibited dengue virus infection of monocytes. These results suggest that IFN-alpha produced by PBL exposed to DV-monocytes may play an important role in controlling primary dengue virus infection