The Stability of Large External Imbalances: The Role of Returns Differentials

Were the U.S. to persistently earn substantially more on its foreign investments ("U.S. claims") than foreigners earn on their U.S. investments ("U.S. liabilities"), the likelihood that the current environment of sizeable global imbalances will evolve in a benign manner increases. However, utilizing data on the actual foreign equity and bond portfolios of U.S. investors and the U.S. equity and bond portfolios of foreign investors, we find that the returns differential of U.S. claims over U.S. liabilities is essentially zero. Ending our sample in 2005, the differential is positive, whereas through 2004 it is negative; in both cases the differential is statistically indecipherable from zero. Moreover, were it not for the poor timing of investors from developed countries, who tend to shift their U.S. portfolios toward (or away from) equities prior to the subsequent underperformance (or strong performance) of equities, the returns differential would be even lower. Thus, in the context of equity and bond portfolios we find no evidence that the U.S. can count on earning more on its claims than it pays on its liabilities.

Viscous/potential flow about multi-element two-dimensional and infinite-span swept wings: Theory and experiment

The viscous subsonic flow past two-dimensional and infinite-span swept multi-component airfoils is studied theoretically and experimentally. The computerized analysis is based on iteratively coupled boundary layer and potential flow analysis. The method, which is restricted to flows with only slight separation, gives surface pressure distribution, chordwise and spanwise boundary layer characteristics, lift, drag, and pitching moment for airfoil configurations with up to four elements. Merging confluent boundary layers are treated. Theoretical predictions are compared with an exact theoretical potential flow solution and with experimental measures made in the Ames 40- by 80-Foot Wind Tunnel for both two-dimensional and infinite-span swept wing configurations. Section lift characteristics are accurately predicted for zero and moderate sweep angles where flow separation effects are negligible

Impact flux of asteroids and water transport to the habitable zone in binary star systems

By now, observations of exoplanets have found more than 50 binary star systems hosting 71 planets. We expect these numbers to increase as more than 70% of the main sequence stars in the solar neighborhood are members of binary or multiple systems. The planetary motion in such systems depends strongly on both the parameters of the stellar system (stellar separation and eccentricity) and the architecture of the planetary system (number of planets and their orbital behaviour). In case a terrestrial planet moves in the so-called habitable zone (HZ) of its host star, the habitability of this planet depends on many parameters. A crucial factor is certainly the amount of water. We investigate in this work the transport of water from beyond the snow-line to the HZ in a binary star system and compare it to a single star system

The Instability Transition for the Restricted 3-Body Problem. III. The Lyapunov Exponent Criterion

We establish a criterion for the stability of planetary orbits in stellar binary systems by using Lyapunov exponents and power spectra for the special case of the circular restricted 3-body problem (CR3BP). The centerpiece of our method is the concept of Lyapunov exponents, which are incorporated into the analysis of orbital stability by integrating the Jacobian of the CR3BP and orthogonalizing the tangent vectors via a well-established algorithm originally developed by Wolf et al. The criterion for orbital stability based on the Lyapunov exponents is independently verified by using power spectra. The obtained results are compared to results presented in the two previous papers of this series. It is shown that the maximum Lyapunov exponent can be used as an indicator for chaotic behaviour of planetary orbits, which is consistent with previous applications of this method, particularly studies for the Solar System. The chaotic behaviour corresponds to either orbital stability or instability, and it depends solely on the mass ratio of the binary components and the initial distance ratio of the planet relative to the stellar separation distance. Our theoretical results allow us to link the study of planetary orbital stability to chaos theory noting that there is a large array of literature on the properties and significance of Lyapunov exponents. Although our results are given for the special case of the CR3BP, we expect that it may be possible to augment the proposed Lyapunov exponent criterion to studies of planets in generalized stellar binary systems, which is strongly motivated by existing observational results as well as results expected from ongoing and future planet search missions.Comment: 10 pages, 8 figures, 3 tables; accepted by Astronomy and Astrophysic

Epidemiology and potential preventative measures for viral infections in children with malignancy and those undergoing hematopoietic cell transplantation.

In pediatric patients with malignancy and those receiving hematopoietic stem cell transplants, bacterial and fungal infections have been the focus of fever and neutropenia episodes for decades. However, improved diagnostic capabilities have revealed viral pathogens as a significant cause of morbidity and mortality. Because of limited effective antiviral therapies, prevention of viral infections is paramount. Pre-exposure and post-exposure prophylaxis and antiviral suppressive therapeutic approaches are reviewed. Additionally, infection control practices specific to this patient population are discussed. A comprehensive approach utilizing each of these can be effective at reducing the negative impact of viral infections

An Optical Sprayer Nozzle Flow Rate Sensor

Ensuring proper flow rates from each nozzle on an agricultural sprayer has become even more important as advances continue to be made in precision application technology. In this article, we describe the structure and testing of a sensor technology based on optical cross-correlation to determine the flow rate of individual sprayer nozzles. An advantage of this technology is that it does not require that impellers or other components be placed in the flow, which could cause plugging. The only moving part in the entire system is a solenoid used to inject a tracer dye. The objective of this study was to evaluate the ability of this sensor technology to determine volumetric flow rate from a single nozzle as used on an agricultural sprayer system. Tests were conducted at four system pressures (100, 200, 300, and 400 kPa) and with four nozzles in the 80° extended-range flat spray nozzle family to produce different flow rates (from 0.46 to 2.74 L min-1). Thirty-five samples were taken for each test condition. Five randomly selected samples were used to create a calibration curve for the sensor system, and the remaining 30 samples were used for validation of performance. The worst absolute error for flow rate estimation in percent was 7.9%, while the mean absolute error in percent was 1.6% for all measurements. While the flow rate estimates for the XRC8006 nozzle at 100 kPa exhibited bias in the errors, for the rest of the test conditions, the errors were clustered around zero. The overall mean absolute error of 1.6% indicates the capability of this sensor technology to monitor flow rate of individual nozzles. However, the bias in errors in one test condition demonstrate that more testing needs to be conducted with a variety of different nozzle types and sprayer configurations before this sensor technology can be considered applicable for all sprayer applications