We show that the martingale component in the long-term factorization of the stochastic discount factor due to Alvarez and Jermann (2005) and Hansen and Scheinkman (2009) is highly volatile, produces a downward-sloping term structure of bond Sharpe ratios, and implies that the long bond is far from growth optimality. In contrast, the long forward probabilities forecast an upward sloping term str...

Changes in nominal interest rates must be due to either movements in real interest rates, expected inflation, or the inflation risk premium. We develop a term structure model with regime switches, time-varying prices of risk, and inflation to identify these components of the nominal yield curve. We find that the unconditional real rate curve in the U.S. is fairly flat around 1.3%. In one real r...

The effect of sloping boundaries on thermal convection is studied theoretically and experimentally in the context of a model in which fluid is contained in a differentially heated rectangular box of small aspect ratio (depth/length), inclined at an angle 8 to the vertical. Like its two limiting cases, Benard convection and convection in the vertical slot, there is a steady laminar twodimensiona...

Nonlinear quasigeostrophic flows in two layers over a topographic slope are considered. Scaling the lower layer potential vorticity equation yields two parameters which indicate the degree of nonlinearity in the lower layer. The first, u' (the strength of the deep flow divided by the product of the effective bottom slope and the squared length scale), is related to the advection of relative vor...

The process of mixing by tides interacting with topography involves several stages. First some fraction of the energy contained in the barotropic tide must be converted into baroclinic energy, through the generation of internal tides and turbulent boundary layers. Secondly, the energy in the internal tides must be transmitted into smaller vertical wavelengths, thereby increasing the vertical sh...

AIM A porcelain-fused-to-metal (PFM) veneer crown restoration is considered successful when biological, mechanical, and esthetical concerns are satisfied. Restorations with poor marginal integrity may contribute to the cause of severe caries and periodontal defects. The most important factor in achieving successful marginal integrity is preparation design. Although a sloping shoulder preparatio...

In this retrospective chart review we compared the subjective and objective benefits of active middle ear implants (AMEIs) with conventional hearing aids (HAs) in patients with sloping high tone hearing loss. Thirty-four patients with sensorineural hearing loss were treated with AMEIs. Of these, six had sloping high tone hearing loss and had worn an HA for more than 6 months. Objective assessme...