We find that between 20 and 25 percent of the negative covariance between excess returns and inflation is explained by shocks to monetary policy variables. The finding is robust to changes in the monetary policy rule that have occured during the 1966-1998 period. The result contradicts the theory that money supply shocks induce a positive correlation between inflation and returns. Our findings ...

We consider the phenomenology of the 511 keV emission in the Galactic bulge, as recently observed by INTEGRAL, and propose a model is which the positrons are produced by gamma-ray bursts (GRB) associated with mini starbursts in the central molecular zone (CMZ). We show that the positrons can easily diffuse across the bulge on timescales of ∼ 10 7 yr, and that their injection rate by GRBs is com...

This paper provides a general procedure to estimate structural VARs. The algorithm can be used in constant or time varying coe¢ cient models, and in the latter case, the law of motion of the coe¢ cients can be linear or non-linear. It can deal in a uni…ed way with just-identi…ed (recursive or non-recursive) or overidenti…ed systems where identi…cation restrictions are of linear or of nonlinear ...

The paper studies the bank’s lending decision, based on three observed phenomena: Banks earn substantial profits from off-balance sheet activities and services, which they take into account in their lending decisions. Secondly, the critical point in the customer relation is the loan decision: the probability of the customer staying with the bank is a function of the loan extended each time one ...

1. Schroeder AR, Marmor AK, Pantell RH, Newman TB. Impact of pulse oximetry and oxygen therapy on length of stay in bronchiolitis hospitalizations. Arch Pediatr Adolesc Med. 2004;158;527-530. 2. Mallory MD, Shay DK, Garrett J, Bordley WC. Bronchiolitis management preferences and the influence of pulse oximetry and respiratory rate on the decision to admit. Pediatrics [serial online]. 2003;111:e...

The envelope glycoprotein of human immunodeficiency virus type 1 (HIV-1) has several adaptations that allow the virus to evade antibody neutralization. Nevertheless, a few broadly cross-reactive neutralizing antibodies as well as reagents containing portions of CD4, the HIV receptor, have demonstrated partial efficacy in suppressing viral replication. One type of reagent designed for improved H...

Amorphous tantalum oxide thin films were deposited by reactive rf magnetron sputtering onto @001# silicon substrates. Growth temperature, oxygen partial pressure, and total gas pressure have been varied to obtain thin films with different densities. The thin films were analyzed by glancing angle-of-incidence x-ray diffraction, atomic force microscopy, and variable angle-of-incidence spectroscop...

The continuous emergence of virus that are resistant to current anti-viral drugs, combined with the introduction of new viral pathogens for which no therapeutics are available, creates an urgent need for the development of novel broad spectrum antivirals. Type I interferon (IFN) can, by modulating the cellular expression profile, stimulate a non-specific antiviral state. The antiviral and adjuv...

Historically, the banking multiplier has been in a range of 4 to 100, with 25% to 1% reserve ratios at most layers of the banking system encompassing the majority of its range in recent centuries. Here it is shown that multipliers over 1 000 can occur from a new mechanism in banking. This new multiplier uses a default insurance note to insure an outstanding loan in order to return the value of ...

In this paper, I examine the role of banks in propagating local economic shocks from one area to another through their network of bank branches, by exploiting a newly developed branch-level dataset. Specifically, I examine the change in the geographical distribution of small business loans within each bank network in response to: 1) increases in deposit growth due to presence in areas with new ...