Commercial paper: a colossal market

Commercial paper issues

How pensions contribute to the premium paid to experienced public school teachers

Many argue that public school systems should stop linking teachers’ salaries so closely to their years of experience. However, the effect of deferred retirement compensation on the premium paid to experienced teachers has, to date, been underappreciated. To shed more light on this issue, we calculate the total compensation earned by teachers in New York City and Philadelphia from both salary and deferred retirement compensation under each system’s currently operating defined-benefit plan. Retirement compensation in both cities is back-loaded, which substantially increases the premium paid to highly experienced teachers. In late-career years, teachers often earn a larger compensation premium from the accrual of pension benefits than from salary. We show that cash-balance retirement plans, which are less back-loaded, would substantially reduce experience premiums without reducing the total compensation for the average entering teacher.http://sites.bu.edu/marcuswinters/files/2017/09/Pensions-and-Experience-Premium.pdfAccepted manuscrip

On the pervasive effects of Federal Reserve settlement regulations

To manage their reserve positions, depository institutions in the United States actively buy and sell deposits at the Federal Reserve Banks via the federal funds market. Beginning in 1991, the Eurodollar market also became an attractive venue for trading deposits at the Federal Reserve Banks. Prior to 1991, the Federal Reserve’s statutory reserve requirement on Eurocurrency liabilities of U.S. banking offices discouraged use of Eurocurrency liabilities as a vehicle for trading deposits at the Federal Reserve. This impediment was removed in December 1990. Beginning in January 1991, the overnight instruments in the federal funds market and in the Eurodollar markets, except for minor differences in risk, became similar vehicles for exchanging deposits at Federal Reserve Banks. Because the risk characteristics of the instruments differ, the law of one price need not hold precisely across the two markets. Yet, the authors hypothesize that, beginning in 1991, the two trading instruments became close enough substitutes that price pressures in one market began to show through to the other. Herein, the authors examine overnight LIBOR for U.S. bank settlement effects. During the period when the federal funds market and Eurodollar markets are similar venues for trading deposits at Federal Reserve Banks, they find strong settlement effects in overnight LIBOR. However, during the period when Eurocurrency liabilities carry a reserve tax, they find no evidence of a settlement effect in overnight LIBOR. Their results suggest that (i) the microstructure of the federal funds market spills over into the markets for substitute assets and (ii) Federal Reserve rules have implications beyond U.S. borders.Federal funds market (United States) ; Euro-dollar market ; Money market funds

Year-end seasonality in one-month LIBOR derivatives

We examine the markets for one-month LIBOR futures contracts and options on those futures for a year-end price effect consistent with the previously identified year-end rate increase in one-month LIBOR. The cash market rate increase appears in forward rates and derivative prices, which allows the derivatives to properly hedge year-end interest rate risk. However, while the year-end effect appears in the derivative contract, these derivative contracts provide biased forecasts of both future interest rates and their volatility. The bias appears to be different at year's end for the LIBOR futures contract, but not for the options contract. The information in the derivatives almost always subsumes simple benchmark forecasts. ; Earlier title: Seasonality in one-month LIBOR derivativesEconometrics ; Monetary policy ; Finance

How banks can self-monitor their lending to comply with the equal credit opportunity act

The authors provide a step-by-step discussion of how an individual lender in the United States can self-monitor its loan process for compliance with the Equal Credit Opportunity Act and provide an empirical example for illustration. Along the way, they discuss the problems faced by individual lenders who attempt to self-monitor their lending process and conclude with a discussion of the continuing, constructive role for bank examiners and regulators in this endeavor.Regulation B: Equal Credit Opportunity

Tissue holder for experimental and Demonstration Surgery

Development of device for holding anatomical tissues during operations is discussed. Device consists of plastic dish with hemispherical recess in center to hold excised eyes. Low vacuum applied to underside of recess insures holding of part

Examination of Sedentary Time, Physical Activity, and Body Mass Index (BMI) in College-Aged Students

Please view abstract in the attached PDF file

A time of flight method to measure the speed of sound using a stereo sound card

We present an inexpensive apparatus for measuring the speed of sound, with a time of flight method, using a computer with a stereo sound board. Students measure the speed of sound by timing the delay between the arrivals of a pulse to two microphones placed at different distances from the source. It can serve as a very effective demonstration, providing a quick measurement of the speed of sound in air; we have used it with great success in Open Days in our Department. It can also be used for a full fledged laboratory determination of the speed of sound in air.Comment: Accepted for publication in The Physics Teache

Alterações nos estoques de carbono do solo após conversão de pastagem em plantios de eucalipto.

Resumo