Sensitivity Analysis of a Proposed Model for Removal Efficiency of Trihalomethanes (THMs) Using Spray Aeration

Trihalomethanes (THMs) form in drinking water treatment systems as a byproduct of chlorination and are problematic from a public health perspective due to their carcinogenic potential and their potential for additional formation throughout distribution systems. Recently, regulations have tightened on THMs in an attempt to reduce the risk of exposure for consumers at the far ends of distribution systems. Due to widespread use of chlorine and the reluctance of drinking water providers to overhaul current treatment systems, research has been undertaken to investigate post-treatment removal of THMs. One such method is spray aeration, whereby water is recycled in water storage tanks by spraying it through showerheads. Using a spray aeration model and a simple sensitivity analysis, the following study evaluates the influence of various parameters on the model’s output. It was determined that the configuration and magnitude of the recycle flow were the most influential parameters, while spray angle and the distribution of THM species (speciation) were the least influential. These results are important for practitioners as they can help them to determine the most important design parameters for spray aeration systems. Additionally, the following study elucidates the advantages of spray aeration in the removal of brominated THM species

Distinguishing theories of the monetary transmission mechanism.

Monetary policy ; Payment systems ; Macroeconomics

Measuring short-run inflation for central bankers

Inflation (Finance) ; Monetary policy ; Banks and banking, Central

Commentary on "House prices and the stance of monetary policy "

Monetary policy ; Housing - Prices

The Case of the Negative Nominal Interest Rates: New Estimates of the Term Structure of Interest Rates During the Great Depression

During the 1930s and early 1940s U.S. Treasury bonds and notes had negative nominal yields as they approached maturity. But since an investor can always hold cash, this is impossible. Any bond must have a positive nominal yield. This paper poses a resolution to this puzzle: in addition to making coupon payments, Treasury securities were options that gave the owner the right to buy a new security on a future date. The paper proposes a method for valuing this 'exchange privilege' and computing the yield to the coupon bearing component of these composite bond/options. The case of the negative nominal interest rates demonstrates that the construction of accurate data requires close examination of the institutional environment, even when studying financial markets. The corrected bond and note yields are used to calculate new estimates of the term structure of interest rates from 1929 to 1949. These new data allow one to follow changes in the both the level and the shape of the yield curve during the Great Depression.

Understanding the Great Depression: Lessons for Current Policy

Over the four years beginning in the summer of 1929, financial markets, labor markets and goods markets all virtually ceased to function. Throughout this, the government policymaking apparatus seemed helpless. Since the end of the Great Depression, macroeconomists have labored diligently in an effort to understand the circumstances that led to the wholesale collapse of the economy. What lessons can we draw from our study of these events? In this essay, I argue that the Federal Reserve played a key role in nearly every policy failure during this period, and so the major lessons learned from the Great Depression concern the function of the central bank and the financial system. In my view, there is now a broad consensus supporting three conclusions. First, the collapse of the finance system could have been stopped if the central bank had properly understood its function as the lender of last resort. Second, deflation played an extremely important role deepening the Depression. And third, the gold standard, as a method for supporting a fixed exchange rate system, was disastrous.

Effects of tourism operations on the bahavioural patterns of dolphin populations off the Azores with particular emphasis on the common dolphin (Delphinus delphis)

Tese de Doutoramento, Biologia, 07 de junho de 2018, Universidade dos Açores.Nos Açores encontram-se cerca de 30% das espécies de cetáceos atualmente conhecidas. Esta grande diversidade constitui um suporte para o desenvolvimento de atividades marítimas recreativas como a observação de cetáceos e a natação com golfinhos. Estas atividades começaram nos Açores nos anos 1990 com uma só empresa na ilha de Pico mas atualmente é desenvolvida por 24 empresas distribuídas em quatro ilhas. O crescimento contínuo das atividades recreativas com cetáceos aumenta a probabilidade de que estas tenham efeitos negativos nas populações alvo. Existem vários estudos a nível internacional sobre os efeitos a curto prazo que se podem detetar durante as interações com barcos turísticos. Estes incluem alterações de comportamento, como mudanças de direção e velocidade de deslocamento, de coesão dos grupos ou das vocalizações usadas na comunicação e na ecolocalização. Estas alterações por si só podem levar a um aumento individual do dispêndio energético assim como a uma diminuição da energia adquirida durante a atividade de alimentação, se esta for interrompida. A longo prazo, porém, poderão os impactos individuais refletir-se negativamente ao nível populacional. A atividade está regulamentada nos Açores, estando a revisão da legislação a ser discutida com os operadores. Estes regulamentos visam evitar que as atividades de observação e de natação sejam prejudiciais para as populações de cetáceos. Porém, para a elaboração de uma legislação eficaz é fundamental o conhecimento da ecologia e do comportamento de base das espécies exploradas e os Açores ainda carecem destas informações, assim como dos efeitos das atividades turísticas atuais. Entre as espécies mais avistadas e mais representativas do turismo local encontramos o golfinho comum (Delphinus delphis) que, apesar do seu nome e de ser relativamente abundante nas águas do Arquipélago, permanece uma espécie cujo comportamento é ainda muito pouco conhecido. Outros golfinhos comummente avistados são o roaz (Tursiops truncatus) e o pintado (Stenella frontalis). Neste sentido o presente estudo visa (1) descrever pela primeira vez os patrões comportamentais do golfinho comum, com particular atenção na variabilidade temporal do balanço de atividade, (2) estudar mudanças comportamentais desta espécie durante a interação com os barcos turísticos, sejam estes de observação ou de natação, (3) avaliar a resposta comportamental das três espécies de golfinho durante as atividades de natação, (4) usar os resultados para sugerir medidas e apoiar decisões de gestão em matéria de conservação dos recursos naturais e de desenvolvimento sustentável das atividades turísticas. [...].ABSTRACT: The cetacean diversity observed in the Azores accounts for around 30% of currently known cetacean species. This high level of diversity has supported the development of commercial recreational activities such as whale watching and swim-with-dolphin programs. Both operations are regulated by law, which is currently under revision. In order to produce effective management strategies and avoid detrimental impacts, an assessment of the populations targeted by such activities is imperative. This becomes even more critical in light of the poor, often absent, baseline information currently available for local populations. The short- beaked common dolphins (Delphinus delphis) is the most common species, encountered year- round, and thus is one of the most representative species in this industry. Other dolphin species such as the bottlenose (Tursiops truncatus) and the Atlantic spotted dolphin (Stenella frontalis) are also exposed to swim-with programs. Hence, the objectives of the present study are to (1) describe for the first time the normal undisturbed behavioural patterns of common dolphins, (2) measure behavioural changes resulting from whale watching (common dolphins), (3) investigate swimming-with-dolphins interactions (common, bottlenose and Atlantic spotted dolphins) and (4) provide suggestions for guidelines, especially the swim-with operations, which are considered more invasive and thus potentially have a greater impact. [...].CIRN (Centro de Investigação de Recursos Naturais, University of the Azores), and CIIMAR (Interdisciplinary Centre of Marine and Environmental Research, Porto, Portugal). Arianna Cecchetti was supported by the Regional Fund for Science through the scholarship M.3.1.2/F/036/2011

Legal structure, financial structure, and the monetary policy transmission mechanism

Among the many challenges facing the new Eurosystem - the European Central Bank and the central banks of the eleven members of the European Monetary Union - is the possibility that participating countries will respond differently to interest rate changes. This paper provides evidence that differences in financial structure are the proximate cause for these national asymmetries in monetary policy transmission and that these differences in financial structure are a result of differences in legal structure. The author concludes that unless legal structures are harmonized across Europe, the financial structures and monetary transmission mechanisms of the European Union countries will remain diverseEuropean Central Bank ; European Monetary System (Organization) ; Monetary policy - Europe ; Europe

Measuring the Macroeconomic Risks Posed by Asset Price Booms

Modern central bankers are the risk managers of the financial system. They take actions based not only on point forecasts for growth and inflation, but based on the entire distribution of possible macroeconomic outcomes. In numerous instances monetary policymakers have acted in ways designed to avert disasters. What are the implications of this approach for managin the risks posed by asset price booms? To address this question, I study data from a cross-section of countries to examine the impact of equity and property booms on the entire distribution of deviation in output and price-level from their trends. The results suggest that housing booms worsen growth prospects, creating outsized risks of very bad outcomes. By contrast, equity booms have very little impact on the expected mean and variance of macroeconomic performance, but worsen the worst outcomes.