Measuring monetary policy expectations from financial market instruments

This paper reviews the main instruments and associated yield curves that can be used to measure financial market participants’ expectations of future UK monetary policy rates. We attempt to evaluate these instruments and curves in terms of their ability to forecast policy rates over the period from October 1992, when the United Kingdom first adopted an explicit inflation target, to March 2007. We also investigate several model-based methods of estimating forward term premia, in order to calculate riskadjusted forward interest rates. On the basis of both in and out-of-sample test results, we conclude that, given the uncertainties involved, it is unwise to rely on any one technique to measure policy rate expectations and that the best approach is to take an inclusive approach, using a variety of methods and information. JEL Classification: E43, E44, E52forecasting, Interest Rates, term premia

Genralized Robustness of Entanglement

The robustness of entanglement results of Vidal and Tarrach considered the problem whereby an entangled state is mixed with a separable state so that the overall state becomes non-entangled. In general it is known that there are also cases when entangled states are mixed with other entangled states and where the sum is separable. In this paper, we treat the more general case where entangled states can be mixed with any states so that the resulting mixture is unentangled. It is found that entangled pure states for this generalized case have the same robustness as the restricted case of Vidal and Tarrach.Comment: Final version. Editorial changes and references added to independent wor

Settlement of Shallow Foundations Constructed over Reinforced Soil: Design Estimates vs. Measurements

Faced with difficult soil conditions for the support of two 6-story office towers in Dublin, CA and of a 6-story parking garage in Sacramento, CA, engineers recommended the use of Geopier Rammed Aggregate Piers to reinforce the soil for the support of high bearing capacity spread footings instead of deep foundations. Foundation selection for both sites was influenced by long-term settlement performance, schedule and cost savings, and seismic uplift resistance. Rammed aggregate piers were installed to strengthen upper weak and compressible soil layers resulting in a substantially stiffer soil layer on which shallow, high bearing capacity spread footings were constructed. Several rammed aggregate piers were also installed with steel anchors to resist seismically induced overturning forces. Design parameter values were confirmed by full scale aggregate pier modulus tests and uplift tests and a 24 hour load test at the Dublin site. Total settlements were estimated to be less than 1½ inches for the Sacramento site and less than 1 inch for the Dublin site. Measured settlements are less than 1 inches total for both projects with differential settlements less than ½ inches, confirming the design approaches and soil properties used for design. Site selection, rammed aggregate pier design methodology, modulus and uplift load test results, and measured settlement performance are presented for two projects in California

Using Updates to Educate Policy Makers About Water Programs at Land-Grant Institutions

We developed a regional two-page color newsletter called PNWWATER UPDATE that focuses on specific water resource issues in the Pacific Northwest to meet the needs of our stakeholders. This newsletter is distributed to our congressional delegation and all state legislators serving on education, environment, or agriculture committees. Fifty-seven policy makers on our mailing list for the last 2 years evaluated the value of this newsletter. In general, policy makers found the newsletter to be of high quality, timely, and informative, and thought that it addressed the water quality priorities in the region

Physics of windblown particles

A laboratory facility proposed for the Space Station to investigate fundamental aspects of windblown particles is described. The experiments would take advantage of the environment afforded in earth orbit and would be an extension of research currently being conducted on the geology and physics of windblown sediments on earth, Mars, and Venus. Aeolian (wind) processes are reviewed in the planetary context, the scientific rational is given for specific experiments to be conducted, the experiment apparatus (the Carousel Wind Tunnel, or CWT) is described, and a plan presented for implementing the proposed research program

Neuroimaging DICOM and NIfTI Data Curation Primer

This work was created as part of the “Specialized Data Curation” Workshop #3 held at Washington University in St. Louis, MO on November 5-6, 2019.Institute of Museum and Library Services RE-85-18-0040-1