Global imbalances: the perspective of the Reserve Bank of India

The pre as well as post crisis discourse on global imbalances has largely focused on the zero-sum current account equation involving United States on the one side and the rest of the world (ROW) on the other. Most of the analysis has been from the perspective of the countries which are perceived to be integral part of the above equation. However, the implications of the imbalances went much beyond these few countries and had profound influence on the financial stability and monetary management in many countries. The huge cross border capital flows during the pre crisis period, arising from the liquidity glut in advanced economies and abetted by the expansion of the financial sector balance sheets, posed significant challenges for domestic policy makers. It is this peripheral perspective that this paper attempts to bring forth. India is indeed a peripheral country as far as global imbalances are concerned as it did not contribute to either the origination or propagation of the imbalances. Its growth process is not dependent in any significant measure either on external demand or capital flows. It does not pursue a policy of achieving a particular level of current account deficit or surplus to support its growth strategy. Its exchange rate is essentially market determined and it does not pursue an explicit policy of reserve accumulation. However, India did face the impact of global imbalances as a receptacle of global funds flow which were essentially volatile in nature. The paper articulates the policy imperatives that arose in this context and the design of policy framework that helped in addressing the challenges. The response was, and continues to be driven by a non-doctrinaire, pragmatic approach with the sole objective of maintaining broader macroeconomic and financial stability.The paper concludes with a discussion on the potential risks to global financial stability on account of persisting global imbalances and the feasibility of post crisis efforts being pursued globally at various multinational fora to address these.

Chemical analysis of charged Li/SO(sub)2 cells

The initial focus of the program was to confirm that charging can indeed result in explosions and constitute a significant safety problem. Results of this initial effort clearly demonstrated that cells do indeed explode on charge and that charging does indeed constitute a real and severe safety problem. The results of the effort to identify the chemical reactions involved in and responsible for the observed behavior are described

New records of Praethecacineta halacari (Schulz) (Suctorea: Ciliophora) from Taiwan, Tanzania and Canada

The present study reports on a range extension of the suctorian species Praethecacineta halacari to the region of He-Ping-Dao, north-east of Taiwan (West Pacific Ocean), Matemwe, the east coast of Unguja, Zanzibar, Tanzania (West Indian Ocean) and Nova Scotia, Canada (West Atlantic Ocean). Praethecacineta halacari is reported here for the first time from Taiwan, Tanzania and Canada. Earlier records include the Caspian Sea, Western Australia, Brazil, India, and various coastal sites in Europe

Development of ambient temperature secondary lithium cells

JPL is developing ambient temperature secondary lithium cells for future spacecraft applications. Prior studies on experimental laboratory type Li-TiS2 cells yielded promising results in terms of cycle life and rate capability. To further assess the performance of this cell, 5 Ah engineering model cells were developed. Initially baseline cells were designed and fabricated. Each cell had 15 cathodes and 16 anodes and the ratio of anode to cathode capacity is 6:1. A solution of 1.5 molar LiAsF6 in 2Me-THF was used as the electrolyte. Cells were evaluated for their cycle life at C/1 and C/5 discharge rates and 100 percent depth of discharge. The cells were cycled between voltage limits 1.7 and 2.8 volts. The rate of charge in all cases is C/10. The results obtained indicate that cells can operate at C/10 to C/2 discharge rates and have an initial energy density of 70 Wh/kg. Cells delivered more than 100 cycles at C/2 discharge rate. The details of cell design, the test program, and the results obtained are described

Early-type galaxies in the SDSS. II. Correlations between observables

A magnitude limited sample of nearly 9000 early-type galaxies, in the redshift range 0.01 < z < 0.3, was selected from the Sloan Digital Sky Survey using morphological and spectral criteria. The sample was used to study how early-type galaxy observables, including luminosity L, effective radius R_o, surface brightness I_o, color, and velocity dispersion sigma, are correlated with one another. Measurement biases are understood with mock catalogs which reproduce all of the observed scaling relations and their dependences on fitting technique. At any given redshift, the intrinsic distribution of luminosities, sizes and velocity dispersions in our sample are all approximately Gaussian. A maximum likelihood analysis shows that sigma ~ L^{0.25\pm 0.012}, R_o ~ L^{0.63\pm 0.025}, and R_o ~ I^{-0.75\pm 0.02} in the r* band. In addition, the mass-to-light ratio within the effective radius scales as M_o/L ~ L^{0.14\pm 0.02} or M_o/L ~ M_o^{0.22\pm 0.05}, and galaxies with larger effective masses have smaller effective densities: Delta_o ~ M_o^{-0.52\pm 0.03}. These relations are approximately the same in the g*, i* and z* bands. Relative to the population at the median redshift in the sample, galaxies at lower and higher redshifts have evolved only little, with more evolution in the bluer bands. The luminosity function is consistent with weak passive luminosity evolution and a formation time of about 9 Gyrs ago.Comment: 29 pages, 11 figures. Accepted by AJ (scheduled for April 2003). This paper is part II of a revised version of astro-ph/011034

Fungal Chitin Dampens Inflammation through IL-10 Induction Mediated by NOD2 and TLR9 Activation

Funding: JW and NARG thank the Wellcome Trust (080088, 086827, 075470), The Wellcome Trust Strategic Award in Medical Mycology and Fungal Immunology (097377) and the European Union ALLFUN (FP7/2007 2013, HEALTH-2010-260338) for funding. MGN was supported by a Vici grant of the Netherlands Organisation for Scientific Research. AJPB and DMM were funded by STRIFE, ERC-2009-AdG-249793 and AJPB additionally by FINSysB, PITN-GA-2008-214004 and the BBSRC [BB/F00513X/1]. MDL was supported by the MRC (MR/J008230/1). GDB and SV were funded by the Wellcome Trust (086558) and TB and MK were funded by the Deutsche Forschungsgemeinschaft (Bi 696/3-1; Bi 696/5-2; Bi 696/10-1). MS was supported by the Deutsche Forschungsgemeinschaft (Sch 897/1-3) and the National Institute of Dental and Craniofacial Research (R01 DE017514-01). TDK and RKSM were funded by the National Institute of Health (AR056296, AI101935) and the American Lebanese Syrian Associated Charities (ALSAC). The funders had no role in study design, data collection and analysis, decision to publish, or preparation of the manuscript.Peer reviewedPublisher PD

The Near-Infrared Number Counts and Luminosity Functions of Local Galaxies

This study presents a wide-field near-infrared (K-band) survey in two fields; SA 68 and Lynx 2. The survey covers an area of 0.6 deg.$^2$, complete to K=16.5. A total of 867 galaxies are detected in this survey of which 175 have available redshifts. The near-infrared number counts to K=16.5 mag. are estimated from the complete photometric survey and are found to be in close agreement with other available studies. The sample is corrected for incompleteness in redshift space, using selection function in the form of a Fermi-Dirac distribution. This is then used to estimate the local near-infrared luminosity function of galaxies. A Schechter fit to the infrared data gives: M$^\ast_K = -25.1 \pm 0.3$, $\alpha = -1.3\pm 0.2$ and $\phi^\ast =(1.5\pm 0.5)\times 10^{-3}$ Mpc$^{-3}$ (for H$_0=50$ Km/sec/Mpc and q$_0=0.5$). When reduced to $\alpha=-1$, this agrees with other available estimates of the local IRLF. We find a steeper slope for the faint-end of the infrared luminosity function when compared to previous studies. This is interpreted as due to the presence of a population of faint but evolved (metal rich) galaxies in the local Universe. However, it is not from the same population as the faint blue galaxies found in the optical surveys. The characteristic magnitude ($M^\ast_K$) of the local IRLF indicates that the bright red galaxies ($M_K\sim -27$ mag.) have a space density of $\le 5\times 10^{-5}$ Mpc$^{-3}$ and hence, are not likely to be local objects.Comment: 24 pages, 8 figures, AASTEX 4.0, published in ApJ 492, 45

Characterization of VHF radar observations associated with equatorial Spread F by narrow-band optical measurements

International audienceThe VHF radars have been extensively used to investigate the structures and dynamics of equatorial Spread F (ESF) irregularities. However, unambiguous identification of the nature of the structures in terms of plasma depletion or enhancement requires another technique, as the return echo measured by VHF radar is proportional to the square of the electron density fluctuations. In order to address this issue, co-ordinated radar backscatter and thermospheric airglow intensity measurements were carried out during March 2003 from the MST radar site at Gadanki. Temporal variations of 630.0-nm and 777.4-nm emission intensities reveal small-scale ("micro") and large-scale ("macro") variations during the period of observation. The micro variations are absent on non-ESF nights while the macro variations are present on both ESF and non-ESF nights. In addition to the well-known anti-correlation between the base height of the F-region and the nocturnal variation of thermospheric airglow intensities, the variation of the base height of the F-layer, on occasion, is found to manifest as a bottomside wave-like structure, as seen by VHF radar on an ESF night. The micro variations in the airglow intensities are associated with large-scale irregular plasma structures and found to be in correspondence with the "plume" structures obtained by VHF radar. In addition to the commonly observed depletions with upward movement, the observation unequivocally reveals the presence of plasma enhancements which move downwards. The observation of enhancement in 777.4-nm airglow intensity, which is characterized as plasma enhancement, provides an experimental verification of the earlier prediction based on numerical modeling studies

The Sloan Digital Sky Survey: The Cosmic Spectrum and Star-Formation History

We present a determination of the `Cosmic Optical Spectrum' of the Universe, i.e. the ensemble emission from galaxies, as determined from the red-selected Sloan Digital Sky Survey main galaxy sample and compare with previous results of the blue-selected 2dF Galaxy Redshift Survey. Broadly we find good agreement in both the spectrum and the derived star-formation histories. If we use a power-law star-formation history model where star-formation rate $\propto (1+z)^\beta$ out to z=1, then we find that $\beta$ of 2 to 3 is still the most likely model and there is no evidence for current surveys missing large amounts of star formation at high redshift. In particular `Fossil Cosmology' of the local universe gives measures of star-formation history which are consistent with direct observations at high redshift. Using the photometry of SDSS we are able to derive the cosmic spectrum in absolute units (i.e.$W \AA$^{-1}$Mpc$^{-3}$) at 2--5\AA resolution and find good agreement with published broad-band luminosity densities. For a Salpeter IMF the best fit stellar mass/light ratio is 3.7--7.5$\Msun/\Lsun$in the r-band (corresponding to$\omstars h = 0.0025$--0.0055) and from both the stellar emission history and the H$\alpha$luminosity density independently we find a cosmological star-formation rate of 0.03--0.04 h$\Msun$yr$^{-1}$Mpc$^{-3}$ today.Comment: 17 pages, 11 figures, ApJ in press (April 10th 2003