The US stock market leads the Federal funds rate and Treasury bond yields

Using a recently introduced method to quantify the time varying lead-lag dependencies between pairs of economic time series (the thermal optimal path method), we test two fundamental tenets of the theory of fixed income: (i) the stock market variations and the yield changes should be anti-correlated; (ii) the change in central bank rates, as a proxy of the monetary policy of the central bank, should be a predictor of the future stock market direction. Using both monthly and weekly data, we found very similar lead-lag dependence between the S&P500 stock market index and the yields of bonds inside two groups: bond yields of short-term maturities (Federal funds rate (FFR), 3M, 6M, 1Y, 2Y, and 3Y) and bond yields of long-term maturities (5Y, 7Y, 10Y, and 20Y). In all cases, we observe the opposite of (i) and (ii). First, the stock market and yields move in the same direction. Second, the stock market leads the yields, including and especially the FFR. Moreover, we find that the short-term yields in the first group lead the long-term yields in the second group before the financial crisis that started mid-2007 and the inverse relationship holds afterwards. These results suggest that the Federal Reserve is increasingly mindful of the stock market behavior, seen at key to the recovery and health of the economy. Long-term investors seem also to have been more reactive and mindful of the signals provided by the financial stock markets than the Federal Reserve itself after the start of the financial crisis. The lead of the S&P500 stock market index over the bond yields of all maturities is confirmed by the traditional lagged cross-correlation analysis.Comment: 12 pages, 7 figures, 1 tabl

Regularized Linear Inversion with Randomized Singular Value Decomposition

In this work, we develop efficient solvers for linear inverse problems based on randomized singular value decomposition (RSVD). This is achieved by combining RSVD with classical regularization methods, e.g., truncated singular value decomposition, Tikhonov regularization, and general Tikhonov regularization with a smoothness penalty. One distinct feature of the proposed approach is that it explicitly preserves the structure of the regularized solution in the sense that it always lies in the range of a certain adjoint operator. We provide error estimates between the approximation and the exact solution under canonical source condition, and interpret the approach in the lens of convex duality. Extensive numerical experiments are provided to illustrate the efficiency and accuracy of the approach.Comment: 20 pages, 4 figure

Holographic DC conductivities from the open string metric

We study the DC conductivities of various holographic models using the open string metric (OSM), which is an effective metric geometrizing density and electromagnetic field effect. We propose a new way to compute the nonlinear conductivity using OSM. As far as the final conductivity formula is concerned, it is equivalent to the Karch-O'Bannon's real-action method. However, it yields a geometrical insight and technical simplifications. Especially, a real-action condition is interpreted as a regular geometry condition of OSM. As applications of the OSM method, we study several holographic models on the quantum Hall effect and strange metal. By comparing a Lifshitz background and the Light-Cone AdS, we show how an extra parameter can change the temperature scaling behavior of conductivity. Finally we discuss how OSM can be used to study other transport coefficients, such as diffusion constant, and effective temperature induced by the effective world volume horizon.Comment: 33 page

Molecular Cloning and Analysis of the Tryptophan oxygenase Gene in the Silkworm, Bombyx mori

A Bombyx mori L. (Lepidoptera: Bombycidae) gene encoding tryptophan oxygenase has been molecularly cloned and analyzed. The tryptophan oxygenase cDNA had 1374 nucleotides that encoded a 401 amino acid protein with an estimated molecular mass of 46.47 kDa and a PI of 5.88. RT-PCR analysis showed that the B. mori tryptophan oxygenase gene was transcribed in all examined stages. Tryptophan oxygenase proteins are relatively well conserved among different orders of arthropods

Variational Methods for Biomolecular Modeling

Structure, function and dynamics of many biomolecular systems can be characterized by the energetic variational principle and the corresponding systems of partial differential equations (PDEs). This principle allows us to focus on the identification of essential energetic components, the optimal parametrization of energies, and the efficient computational implementation of energy variation or minimization. Given the fact that complex biomolecular systems are structurally non-uniform and their interactions occur through contact interfaces, their free energies are associated with various interfaces as well, such as solute-solvent interface, molecular binding interface, lipid domain interface, and membrane surfaces. This fact motivates the inclusion of interface geometry, particular its curvatures, to the parametrization of free energies. Applications of such interface geometry based energetic variational principles are illustrated through three concrete topics: the multiscale modeling of biomolecular electrostatics and solvation that includes the curvature energy of the molecular surface, the formation of microdomains on lipid membrane due to the geometric and molecular mechanics at the lipid interface, and the mean curvature driven protein localization on membrane surfaces. By further implicitly representing the interface using a phase field function over the entire domain, one can simulate the dynamics of the interface and the corresponding energy variation by evolving the phase field function, achieving significant reduction of the number of degrees of freedom and computational complexity. Strategies for improving the efficiency of computational implementations and for extending applications to coarse-graining or multiscale molecular simulations are outlined.Comment: 36 page

Zero Sound in Effective Holographic Theories

We investigate zero sound in $D$-dimensional effective holographic theories, whose action is given by Einstein-Maxwell-Dilaton terms. The bulk spacetimes include both zero temperature backgrounds with anisotropic scaling symmetry and their near-extremal counterparts obtained in 1006.2124 [hep-th], while the massless charge carriers are described by probe D-branes. We discuss thermodynamics of the probe D-branes analytically. In particular, we clarify the conditions under which the specific heat is linear in the temperature, which is a characteristic feature of Fermi liquids. We also compute the retarded Green's functions in the limit of low frequency and low momentum and find quasi-particle excitations in certain regime of the parameters. The retarded Green's functions are plotted at specific values of parameters in $D=4$, where the specific heat is linear in the temperature and the quasi-particle excitation exists. We also calculate the AC conductivity in $D$-dimensions as a by-product.Comment: 29 pages, 1 figur