Dust reverberation mapping in the era of big optical surveys and its cosmological application

The time lag between optical and near-infrared (IR) flux variability can be taken as a means to determine the sublimation radius of the dusty "torus" around supermassive black holes in active galactic nuclei (AGN). I will show that data from big optical survey telescopes, e.g. the Large Synoptic Survey Telescope (LSST), can be used to measure dust sublimation radii as well. The method makes use of the fact that the Wien tail of the hot dust emission reaches into the optical and can be reliably recovered with high-quality photometry. Simulations show that dust sublimation radii for a large sample of AGN can be reliably established out to redshift z ~ 0.1-0.2 with the LSST. Owing to the ubiquitous presence of AGN up to high redshifts, they have been studies as cosmological probes. Here, I discuss how optically-determined dust time lags fit into the suggestion of using the dust sublimation radius as a "standard candle" and propose and extension of the dust time lags as "standard rulers" in combination with IR interferometry.Comment: 6 pages, 4 figures, 1 table; accepted by ApJL (Feb 18, 2014

The borderscape of detention: media depictions of the denizens of Woomera

Abstract: Border anxieties pervade discussions of refugees, asylum seekers and the defence of white privilege. Many scholars have explored the significance of borderlands/borderscapes in shaping and defending the white western self. The defence of a ‘vulnerable’ white subject includes the demonisation of the asylum seeker other and a deep fear of the erosion of ‘patriarchal white sovereignty’. In print news texts about lip sewing by asylum seekers, a common theme is the location of Woomera and other detention centres as ‘states of exception’ or part of ‘not-Australia’. Using Kristeva’s notion of the ‘abject’ I explore the ‘dark’ place of Woomera and its (voluntary and involuntary) residents in news texts and the role such texts play in constituting what Rutherford (2000) called the ‘good’ white Australian subject. I explore how news texts depict ‘Woomera’ to marginalise both external and internal Others – asylum seekers and white residents – and find that such symbols of abjection reveal the extent to which news representations continue to involve white projections, desires and imaginings of the cultural and class Other.   Ron Hoenig is a PhD student in journalism and cultural studies. His thesis focuses on the Australian media‟s depiction of lip sewing by asylum seekers. This paper was presented at the „ReOrienting the World: Decolonial Horizons‟ international symposium at the International Centre for Muslim and non-Muslim Understanding, University of South Australia, 22–23 March 2011. He would like to acknowledge that this paper was developed on the traditional lands of the Kaurna people and would like to thank three anonymous referees for their very helpful suggestions for redrafting this paper

Global financial crisis and the regulatory environment: where do we go from here? (President's message)

Global financial crisis

Detection techniques for tenuous planetary atmospheres Semiannual report, 1 Jul. - 31 Dec. 1968

Absorption and desorption of oxygen by zinc oxide film irradiated by ultraviolet ligh

Rethinking financial regulation

In recent years, revolutionary changes in financial markets, combined with incidents such as Barings and Daiwa, have revived concerns about the adequacy of financial regulation. Historically, financial regulatory policy has been driven by the view that to maintain the health of the financial system you must maintain the health of individual institutions.> In light of ongoing changes in financial markets, however, extending the traditional approach to financial market regulation may not work. Extending the traditional approach may be too costly and difficult, especially for large, globally active institutions, because of the complexities of many new activities and financial instruments. Given these difficulties, it seems appropriate to ask whether there is an alternative regulatory approach to promoting financial stability and protecting government safety nets without sacrificing efficiency or stifling innovation.> In an article based on comments made at the annual World Economic Forum in Davos, Switzerland, Mr. Hoenig provides some thoughts on possible alternatives. First, instead of regulating to make institutions fail-safe, an alternative approach would be to strengthen the stability of the financial system by designing procedures that prevent large interbank exposures in the payments system and interbank deposits. Second, although moral hazard problems can be contained through traditional regulatory approaches, an alternative would be to require those institutions that engage in an expanding array of complex activities to give up direct access to government safety nets in return for reduced regulation and oversight.Bank supervision ; Financial institutions ; Financial markets

Should more supervisory information be publicly disclosed?

Within our financial system, a bank’s prospects and viability depend on its ability to attract investors and customers. This fundamental need means that banks and bank management must operate under the framework of market discipline and in a manner that meets the dictates of market participants. In other words, market discipline serves as the principal force influencing the performance of our financial markets.> In a speech given at the Federal Reserve Bank of Chicago’s Annual Conference on Bank Structure and Competition, Mr. Hoenig explored how the financial revolution we are now experiencing is clearly increasing the importance of market discipline in banking. Most notably, the removal of many traditional bank regulatory restraints and controls over the past few decades is expanding the role of the marketplace in allocating financial resources, encouraging innovation, and exerting discipline over banks.> However, as the importance of market discipline is increasing, an essential prerequisite for effective market discipline–timely and accurate information to guide market participants–is becoming more difficult to achieve, even with the many advances we are making in processing and analyzing financial data. Consequently, a critical goal for us to explore is how to enhance market discipline by providing market participants with adequate, timely, and accurate information for making decisions. Mr. Hoenig’s comments focus on what bank supervisors might be able to do to improve market access to information on banking organizations and to thereby enhance financial market discipline.Bank supervision

Central Bank session comments

Debit cards ; Credit cards ; Payment systems

The evolution of the payments system: a U.S. perspective

In an article adapted from a speech made to at the Annual Conference of the National Bank of Austria in May of this year, Federal Reserve Bank of Kansas City President Hoenig examines recent and prospective changes in the U.S. payments system. The theme of his remarks is that the rate at which a payments system develops depends largely on a struggle between rapid technological change and natural barriers to new product acceptance. This ongoing conflict explains why Americans have seen revolutionary developments in large-dollar payments but only evolutionary developments in small-dollar and retail means of payment.> Mr. Hoenig first examines recent trends in the U.S. payments system. Second, he explores why progress has been so slow in small-dollar and retail payments by examining some of the barriers that have limited payments system progress. Third, he offers his thoughts on how the U.S. system is likely to evolve over time. Finally, he identifies the types of public policy issues the United States is likely to encounter as it moves toward a world of electronic money.Payment systems

Exploring the macro-prudential aspects of financial sector supervision

In a speech given at the Bank of International Settlements in Basil, Switzerland, in April, President Hoenig discussed how financial supervisors and monetary policymakers can contribute to a stable financial system that fully supports sustainable economic growth. ; Several financial crises in the United States over recent years have also coincided with and been influenced by a period of rapid and path-breaking changes in our financial markets. These changes in our financial structure in turn are altering the nature of the financial crises we experience. Increasingly, crises originate in capital markets and are characterized by asset-price volatility and disruptions in market liquidity. ; Mr. Hoenig reviewed the major changes evident in the U.S. financial sector and some of the supervisory steps already taken to address recent crises within the changing financial system. He also discussed the appropriate role for macro-prudential supervision and what could reasonably be accomplished under this framework, including shifting more attention to capital markets and the need to prevent costly financial crises there.Financial markets ; Financial institutions ; Financial crises