Revealing the Secrets of the Temple: The Value of Publishing Central Bank Interest Rate Projections

The modern view of monetary policy stresses its role in shaping the entire yield curve of interest rates in order to achieve various macroeconomic objectives. A crucial element of this process involves guiding financial market expectations of future central bank actions. Recently, a few central banks have started to explicitly signal their future policy intentions to the public, and two of these banks have even begun publishing their internal interest rate projections. We examine the macroeconomic effects of direct revelation of a central bank's expectations about the future path of the policy rate. We show that, in an economy where private agents have imperfect information about the determination of monetary policy, central bank communication of interest rate projections can help shape financial market expectations and may improve macroeconomic performance.

Revealing the secrets of the temple: the value of publishing central bank interest rate projections

The modern view of monetary policy stresses its role in shaping the entire yield curve of interest rates in order to achieve various macroeconomic objectives. A crucial element of this process involves guiding financial market expectations of future central bank actions. Recently, a few central banks have started to explicitly signal their future policy intentions to the public, and two of these banks have even begun publishing their internal interest rate projections. We examine the macroeconomic effects of direct revelation of a central bank's expectations about the future path of the policy rate. We show that, in an economy where private agents have imperfect information about the determination of monetary policy, central bank communication of interest rate projections can help shape financial market expectations and may improve macroeconomic performance.Monetary policy

Hastily Formed Networks (HFN) As an Enabler for the Emergency Response Community

The effects of natural or manmade disasters in communications infrastructures are so severe that immediately after the disaster the emergency responders are unable to use them. In addition, some areas do not have any useful infrastructure at all. To bridge this gap in communications, a need exists for a reliable technology not dependent on the existing infrastructure. This thesis focuses on first identifying the problem of communications gaps during natural or manmade disasters and reviewing the impact and potential benefit of implementing a solution based on the Hastily Formed Networks (HFN) model. The research explores the different technological solutions to solve this problem by evaluating documentation for commercial off-the-shelf technologies (COTS). Additionally, the thesis reviews the results of field experimentation conducted to evaluate the performance of these technologies in the field. The ultimate goal is to introduce the HFN concept as an enabler for the Emergency Response Community (ERC). Throughout this research, the focus revolves around testing COTS technologies. The research provides emergency responders with the background knowledge to make decisions on how to best bridge the gap of lack of communications under austere environments, and therefore enable them to provide better response.http://archive.org/details/hastilyformednet109456762Lieutenant Commander, United States Nav

MATHEMATICAL FORMULAS FOR CALCULATING NET RETURNS FROM PARTICIPATION IN GOVERNMENT PROGRAMS, CRP, AND CROP INSURANCE ALTERNATIVES

The purpose of this report is to provide a revised version of the publication, "Mathematical Formulas for Calculating Net Returns from Participation in Government Commodity Programs including Marketing Loans" (Williams and Barnaby, 1994). The change in design of the government commodity programs and development of several crop insurance alternatives has been significant since the previous paper was published. The formulas for calculating net returns incorporate provisions from the Farm Security and Rural Investment Act of 2002 and several crop insurance designs developed in the 1990s. Individuals conducting research or education programs will be able to use this revision for reference when estimating net returns for producers under current commodity program and crop insurance plan provisions.Agricultural Finance,

Profiting from Protecting Small Business Borrowers: Take That to the Bank!

While small businesses represent a significant portion of the economy, there is mounting evidence that the playing field is not level for these firms in access to capital. Based on 10 years of matched-paired mystery shopping tests in banks to investigate bank lending practices and customer experience, the results demonstrate that in almost every instance, minorities were treated more poorly than their White counterparts. However, the authors acknowledge the controversy surrounding this issue, as some question the need for government action to push banks in this direction. Before offering evidence of the impact race can have on the treatment of small business owners who apply for loans, they present two frameworks which support the adoption of race-based criteria in evaluating bank performance, namely, Corporate Social Responsibility and Corporate Social Innovation. They then provide a summary of the results of mystery shopping studies they have conducted, concluding that banks are leaving profits on the table through their discriminatory practices

The genetic control of neocortex volume and covariation with neocortical gene expression in mice

<p>Abstract</p> <p>Background</p> <p>The size of the cerebral cortex varies widely within human populations, and a large portion of this variance is modulated by genetic factors. The discovery and characterization of these genes and their variants can contribute to an understanding of individual differences in brain development, behavior, and disease susceptibility. Here we use unbiased stereological techniques to map quantitative trait loci (QTLs) that modulate the volume of neocortex.</p> <p>Results</p> <p>We estimated volumes bilaterally in an expanded set of BXD recombinant inbred strains (n = 56 strains and 223 animals) taken from the Mouse Brain Library <url>http://www.mbl.org</url>. We generated matched microarray data for the cerebral cortex in the same large panel of strains and in parental neonates to efficiently nominate and evaluate candidate genes. Volume of the neocortex varies widely, and is a heritable trait. Genome-wide mapping of this trait revealed two QTLs – one on chromosome (Chr) 6 at 88 ± 5 Mb and another at Chr 11 (41 ± 8 Mb). We generated both neonatal and adult neocortical gene expression databases using microarray technology. Using these databases in combination with other bioinformatic tools we have identified positional candidates on these QTL intervals.</p> <p>Conclusion</p> <p>This study is the first to use the expanded set of BXD strains to map neocortical volume, and we found that normal variation of this trait is, at least in part, genetically modulated. These results provide a baseline from which to assess the genetic contribution to regional variation in neocortical volume, as well as other neuroanatomic phenotypes that may contribute to variation in regional volume, such as proliferation, death, and number and packing density of neurons</p

Glucocorticoid Manipulations in Free-Living Animals: Considerations of Dose Delivery, Life-History Context, and Reproductive State

1. Experimental glucocorticoid (GC) manipulations can be useful for identifying the mechanisms that drive life history and fitness variation in free-living animals, but predicting the effects of GC treatment can be complicated. Much of the uncertainty about the effects of GC manipulations stems from their multi-faceted role in organismal metabolism, and their variable influence with respect to life-history stage, ecological context, age, sex, and individual variation. 2. Glucocorticoid hormones have been implicated in the regulation of parental care in many vertebrate taxa but in two seemingly contradictory ways, which sets up a potential corticosterone-induced “reproductive conflict”. GCs mediate adaptive physiological and behavioural responses to stressful events, and elevated levels can lead to trade-offs between reproductive effort and survival (e.g. the current reproduction versus survival hypothesis). The majority of studies examining the fitness effects of GC manipulations extend from this hypothesis. However, when animals are not stressed (likely most of the time) baseline GCs act as key metabolic regulators of daily energy balance, homeostasis, osmoregulation, and food acquisition, with pleiotropic effects on locomotor activity or foraging behaviour. Slight increases in circulating baseline levels can then have positive effects on reproductive effort (e.g. the corticosterone fitness/adaptation hypotheses), but comparatively few GC manipulation studies have targeted these small, non-stress induced increases. 3. We review studies of GC manipulations and examine the specific hypotheses used to predict the effects of manipulations in breeding wildlife. We argue that given the dichotomous function of GCs the current ‘reproduction versus survival’ paradigm is unnecessarily restrictive and predicts only deleterious GC effects on fitness. Therefore, a broader set of hypotheses should be considered when testing the fitness effects of GC manipulations. 4. When framing experimental manipulation studies, we urge researchers to consider three key points: life-history context (e.g. long- vs. short-lived, semelparous vs. iteroparous, etc), ecological context, and dose delivery. &nbsp

Glucocorticoid manipulations in free-living animals: Considerations of dose delivery, life-history context and reproductive state

Experimental glucocorticoid (GC) manipulations can be useful for identifying the mechanisms that drive life-history and fitness variation in free-living animals, but predicting the effects of GC treatment can be complicated. Much of the uncertainty stems from the multi-faceted role of GCs in organismal metabolism, and their variable influence with respect to life-history stage, ecological context, age, sex and individual variation. Glucocorticoid hormones have been implicated in the regulation of parental care in many vertebrate taxa but in two seemingly contradictory ways, which sets up a potential GC-induced \u27reproductive conflict\u27. Circulating GCs mediate adaptive physiological and behavioural responses to stressful events, and elevated levels can lead to trade offs between reproductive effort and survival (e.g. the current reproduction vs. survival hypothesis). The majority of studies examining the fitness effects of GC manipulations extend from this hypothesis. However, when animals are not stressed (likely most of the time) baseline GCs act as key metabolic regulators of daily energy balance, homoeostasis, osmoregulation and food acquisition, with pleiotropic effects on locomotor activity or foraging behaviour. Slight increases in circulating baseline levels can then have positive effects on reproductive effort (e.g. the \u27cort\u27 fitness/adaptation hypotheses), but comparatively few GC manipulation studies have targeted these small, non-stress induced increases. We review studies of GC manipulations and examine the specific hypotheses used to predict the effects of manipulations in wild, breeding vertebrates. We argue that given the dichotomous function of GCs the current \u27reproduction vs. survival\u27 paradigm is unnecessarily restrictive and predicts only deleterious GC effects on fitness. Therefore, a broader set of hypotheses should be considered when testing the fitness effects of GC manipulations. When framing experimental manipulation studies, we urge researchers to consider three key points: life-history context (e.g. long vs. short lived, semelparous vs. iteroparous, etc.), ecological context and dose delivery