Developing financial markets

Central banks have an interest in well-functioning money markets, foreign exchange markets, and secondary markets for government securities. Efficient financial markets support both the monetary stability and financial stability goals of the central bank; and more broadly should benefit economic development. Well-functioning money markets support the transmission of an interest-rate based monetary policy and can provide information to the central bank. Liquid foreign exchange markets can help to stabilise the exchange rate and reduce transaction costs in cross-border trade and transfers. The development of these markets will support the later introduction of related financial markets such as repo and derivatives, which should in turn lead to improved risk management and financial stability, thereby enhancing economic welfare. Liquidity and price stability in short-term interest rate markets can support market-making, and thus liquidity in the securities markets. This in turn should reduce the cost of issuance for the government and other fixed-interest issuers. Indeed the secondary market for government securities may act as a catalyst for wider fixed income securities markets development: its yield curve is the benchmark for the pricing of the private sector credit. The advancement of these markets should be accompanied by the development of the appropriate market infrastructure such as robust payment and settlement systems and supportive legal framework. Many developing economies are characterised by illiquidity in these core markets, and in most cases a surplus of central bank money, in the form of excess commercial bank balances with the central bank. This handbook will look at what the central bank, and the Ministry of Finance as issuer of government securities, could do (and in some cases should not do) in support of the development of these markets.Developing financial markets

Photon Frequency Mode Matching using Acousto-Optic Frequency Beam Splitters

It is a difficult engineering task to create distinct solid state single photon sources which nonetheless emit photons at the same frequency. It is also hard to create entangled photon pairs from quantum dots. In the spirit of quantum engineering we propose a simple optical circuit which can, in the right circumstances, make frequency distinguishable photons frequency indistinguishable. Our circuit can supply a downstream solution to both problems, opening up a large window of allowed frequency mismatches between physical mechanisms. The only components used are spectrum analysers/prisms and an Acousto-Optic Modulator. We also note that an Acousto-Optic Modulator can be used to obtain Hong-Ou-Mandel two photon interference effects from the frequency distinguishable photons generated by distinct sources.Comment: 4 pages, 4 figure

Kinematics of the Broad Line Region in M81

A new model is presented which explains the origin of the broad emission lines observed in the LINER/Seyfert nucleus of M81 in terms of a steady state spherically symmetric inflow, amounting to 1 x 10^-5 Msun/yr, which is sufficient to explain the luminosity of the AGN. The emitting volume has an outer radius of ~1 pc, making it the largest broad line region yet to be measured, and it contains a total mass of ~ 5 x 10^-2 Msun of dense, ~ 10^8 cm^-3, ionized gas, leading to a very low filling factor of ~ 5 x 10^-9. The fact that the BLR in M81 is so large may explain why the AGN is unable to sustain the ionization seen there. Thus, the AGN in M81 is not simply a scaled down quasar.Comment: Accepted for Publication in ApJ 7/21/0

Demands, Backorders, Service Level, Lost Sales And Effective Service Level

The typical way service level is measured in industry is the demand filled over total demand. Unfilled demand becomes a backorder or lost sales. Lost sales demand is often not known or measured by the management.  This paper shows how to estimate the lost sales demand and also shows how to measure an effective service level.  Tables are provided for easy reference and two examples show how to apply the results of this paper to industry situations

2-Level-Service

2-level-service occurs when an inventory system has two or more locations and one location is the source to another location in the network.  The source location receives its stock from a supplier and -- when called upon -- replenishes the stock to another location, here called the 2-level-service location.  This paper shows how to control the inventory at each location and generates table values on inventory levels for a range of scenarios

Matrix Sigma-models for Multi D-brane Dynamics

We describe a dynamical worldsheet origin for the Lagrangian describing the low-energy dynamics of a system of parallel D-branes. We show how matrix-valued collective coordinate fields for the D-branes naturally arise as couplings of a worldsheet sigma-model, and that the quantum dynamics require that these couplings be mutually noncommutative. We show that the low-energy effective action for the sigma-model couplings describes the propagation of an open string in the background of the multiple D-brane configuration, in which all string interactions between the constituent branes are integrated out and the genus expansion is taken into account, with a matrix-valued coupling. The effective field theory is governed by the non-abelian Born-Infeld target space action which leads to the standard one for D-brane field theory.Comment: 14 pages LaTeX, 1 encapsulated postscript figure; uses epsf.te

Using Nominal Group Techniques for Helping New Extension Agents Understand How to Effectively Involve Advisory Committee Members

Advisory committees are a key component of true grassroots extension programming. Seasoned Extension agents can be very adept at using advisory committee members to multiply their efforts while further enhancing skills among these volunteers. For many new Extension agents, however, this can be a great challenge. Through interactive use of the nominal group technique, new Extension agents at the University of Florida have been able to share many ideas about effectively involving advisory committee members, and they have learned about this innovative group process technique