11,246 research outputs found
Macroeconomic implications of changes in the term premium
Linearized New Keynesian models and empirical no-arbitrage macro-finance models offer little insight regarding the implications of changes in bond term premiums for economic activity. This paper investigates these implications using both a structural model and a reduced-form framework. The authors show that there is no structural relationship running from the term premium to economic activity, but a reduced-form empirical analysis does suggest that a decline in the term premium has typically been associated with stimulus to real economic activity, which contradicts earlier results in the literature.Macroeconomics ; Finance
Macroeconomic implications of changes in the term premium
Linearized New Keynesian models and empirical no-arbitrage macro-finance models offer little insight regarding the implications of changes in bond term premiums for economic activity. We investigate these implications using both a structural model and a reduced-form framework. We show that there is no structural relationship running from the term premium to economic activity, but a reduced-form empirical analysis does suggest that a decline in the term premium has typically been associated with stimulus to real economic activity, which contradicts earlier results in the literature.Interest rates ; Economic forecasting ; Econometric models
Circular 78
Historically, sales of exotic meats have been limited only by supply. As supply has increased in recent years, national
and international exotic game markets have grown rapidly. In the United States, growth
has occurred primarily in the restaurant section, although over-the-counter sales
have also increased.
The Alaskan reindeer industry is exploring the potential of expanding its meat sales as well as antler sales. Meat production increased from 320,000 pounds in 1987 to 432,000 pounds in 1988. This production increase is reflected in a 27
percent increase in dollar value (Alaska Crop and Livestock Reporting Service, 1989). Under current management procedures, potential meat production has been estimated at 500,000 pounds (Pearson and Lewis, 1988). Any future market expansion
is likely to occur in urban Alaska and in areas outside the state (Jones, 1988)
Life prediction and constitutive models for engine hot section anisotropic materials program
This report presents the results of the first year of a program designed to develop life prediction and constitutive models for two coated single crystal alloys used in gas turbine airfoils. The two alloys are PWA 1480 and Alloy 185. The two oxidation resistant coatings are PWA 273, an aluminide coating, and PWA 286, an overlay NiCoCrAlY coating. To obtain constitutive and/or fatigue data, tests were conducted on coated and uncoated PWA 1480 specimens tensilely loaded in the 100 , 110 , 111 , and 123 directions. A literature survey of constitutive models was completed for both single crystal alloys and metallic coating materials; candidate models were selected. One constitutive model under consideration for single crystal alloys applies Walker's micromechanical viscoplastic formulation to all slip systems participating in the single crystal deformation. The constitutive models for the overlay coating correlate the viscoplastic data well. For the aluminide coating, a unique test method is under development. LCF and TMF tests are underway. The two coatings caused a significant drop in fatigue life, and each produced a much different failure mechanism
The owl spreads its wings: global and international education within the local from critical perspectives
Within an era of a New Knowledge Society, assumptions abound regarding the ‘goodness' and justice of global interconnections and distributions of knowledge through international educational organizations and structures worldwide. Just as George Bush Jr. in attempting to justify the invasion of Iraq made claim to the democratic goodness of the US ‘spreading their freedoms' in the interests of an all-encompassing democratization of the world, so the assumption that sharing educational knowledge, especially an ‘all-knowing North' with a ‘helpless South' is without question for the greater good of all humanity
Electron Bernstein waves in spherical tokamak plasmas with "magnetic wells"
In addition to traditional regimes with monotonously increasing magnetic
field, regimes with "magnetic wells" also occur in spherical tokamaks (STs).
The magnetic field profile inversion modifies significantly the whole picture
of the wave propagation and damping. Since the magnetic wells may become quite
common with further improvement of ST performance, analysis of such
configurations is of interest for assessment of EBW plasma heating an CD
perspectives. In this paper the basic features of the EBWs propagation and
damping for the second cyclotron harmonic in a slab model are considered.Comment: Proc. of 13-th Joint Workshop on ECE and ECRH, N.Novgorod, Russia May
17-20, 2004, 8 pages, 4 fig
A search for 183-GHz emission from water in late-type stars
A search was made for 183 GHz line emission from water vapor in the direction of twelve Mira and two semiregular variables. Upper limits to the emission are in the range of 2000 to 5000 Jy. It is estimated that thermal emission from the inner regions of late type stellar envelopes will be on the order of ten Jy. Maser emission, according to one model, would be an order of magnitude stronger. From the limited set sampled, the possibility of very strong maser emission at 183 GHz cannot yet be ruled out
A Coulomb Gauge Model of Mesons
A model of mesons which is based on the QCD Hamiltonian in Coulomb gauge is
presented. The model relies on a novel quasiparticle basis to improve the
reliability of the Fock space expansion. It is also relativistic, yields chiral
pions, and is tightly constrained by QCD (quark masses are the only
parameters). Applications to hidden flavor mesons yield results which are
comparable to phenomenological constituent quark models while revealing the
limitations of such models.Comment: 13 pages, 1 eps figure, 5 table
Inflation Assisted by Heterotic Axions
We explore the possibility of obtaining inflation in weakly coupled heterotic
string theory, where the model dependent axions are responsible for driving
inflation. This model can be considered as a certain extrapolation of
-inflation, and is an attempt to explicitly realize the so
called N-flation proposal in string theory. The instanton generated potential
for the axions essentially has two parameters; a natural mass scale and the
string coupling . For isotropic compactifications leading to of order
axions in the four dimensional spectrum we find that with
the observed temperature fluctuations in the
CMB are correctly reproduced. We assume an initially random distribution for
the vevs of the axions. The spectral index, , is generically more red
than for -inflation. The greater the vevs, the more red the
spectral index becomes. Allowing for a wide range of vevs 55 -foldings from
the end of inflation, we find . The
tensor-to-scalar ratio, , is more sensitive to the vevs, but typically
smaller than in -inflation. Furthermore, in the regime where the
leading order theory is valid, is bounded by . The spectral index
and the tensor-to-scalar ratio are correlated. For example,
corresponds to .Comment: 1+21 pages, 2 figures, v2: Typos corrected, v3: Typos, very minor
corrections, reference added, to appear in JCA
Canonical Transformations and Path Integral Measures
This paper is a generalization of previous work on the use of classical
canonical transformations to evaluate Hamiltonian path integrals for quantum
mechanical systems. Relevant aspects of the Hamiltonian path integral and its
measure are discussed and used to show that the quantum mechanical version of
the classical transformation does not leave the measure of the path integral
invariant, instead inducing an anomaly. The relation to operator techniques and
ordering problems is discussed, and special attention is paid to incorporation
of the initial and final states of the transition element into the boundary
conditions of the problem. Classical canonical transformations are developed to
render an arbitrary power potential cyclic. The resulting Hamiltonian is
analyzed as a quantum system to show its relation to known quantum mechanical
results. A perturbative argument is used to suppress ordering related terms in
the transformed Hamiltonian in the event that the classical canonical
transformation leads to a nonquadratic cyclic Hamiltonian. The associated
anomalies are analyzed to yield general methods to evaluate the path integral's
prefactor for such systems. The methods are applied to several systems,
including linear and quadratic potentials, the velocity-dependent potential,
and the time-dependent harmonic oscillator.Comment: 28 pages, LaTe
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