The real interest rate gap: Measurement and application

For empirical purposes it is suggested to approximate the real interest rate gap by a simple transformation of the difference between two nominal interest rates, the central bank's policy rate and the long-term interest rate. The latter contains information on inflationary expectations and expected real returns from other assets. The suggested measure is used for an empirical analysis of recent monetary policy in a few countries and some new, although preliminary interpretations are obtained, in particular concerning the US and Sweden. In addition, arguments are put forward to include the measure in the analyses under the first pillar of the ECB. The measure is readily available in real time

Verifying the mass-metallicity relation in damped Lyman-alpha selected galaxies at 0.1<z<3.2

A scaling relation has recently been suggested to combine the galaxy mass-metallicity (MZ) relation with metallicities of damped Lyman-alpha systems (DLAs) in quasar spectra. Based on this relation the stellar masses of the absorbing galaxies can be predicted. We test this prediction by measuring the stellar masses of 12 galaxies in confirmed DLA absorber - galaxy pairs in the redshift range 0.1<z<3.2. We find an excellent agreement between the predicted and measured stellar masses over three orders of magnitude, and we determine the average offset $\langle C_{[M/H]} \rangle$ = 0.44+/-0.10 between absorption and emission metallicities. We further test if $C_{[M/H]}$ could depend on the impact parameter and find a correlation at the 5.5sigma level. The impact parameter dependence of the metallicity corresponds to an average metallicity difference of -0.022+/-0.004 dex/kpc. By including this metallicity vs. impact parameter correlation in the prescription instead of $C_{[M/H]}$, the scatter reduces to 0.39 dex in log M*. We provide a prescription how to calculate the stellar mass (M*,DLA) of the galaxy when both the DLA metallicity and DLA galaxy impact parameter is known. We demonstrate that DLA galaxies follow the MZ relation for luminosity-selected galaxies at z=0.7 and z=2.2 when we include a correction for the correlation between impact parameter and metallicity.Comment: 15 pages, 6 figures. Major revision. Accepted for publication in MNRA

On the mass-metallicity relation, velocity dispersion and gravitational well depth of GRB host galaxies

We analyze a sample of 16 absorption systems intrinsic to long duration GRB host galaxies at $z \gtrsim 2$ for which the metallicities are known. We compare the relation between the metallicity and cold gas velocity width for this sample to that of the QSO-DLAs, and find complete agreement. We then compare the redshift evolution of the mass-metallicity relation of our sample to that of QSO-DLAs and find that also GRB hosts favour a late onset of this evolution, around a redshift of $\approx 2.6$. We compute predicted stellar masses for the GRB host galaxies using the prescription determined from QSO-DLA samples and compare the measured stellar masses for the four hosts where stellar masses have been determined from SED fits. We find excellent agreement and conclude that, on basis of all available data and tests, long duration GRB-DLA hosts and intervening QSO-DLAs are consistent with being drawn from the same underlying population. GRB host galaxies and QSO-DLAs are found to have different impact parameter distributions and we briefly discuss how this may affect statistical samples. The impact parameter distribution has two effects. First any metallicity gradient will shift the measured metallicity away from the metallicity in the centre of the galaxy, second the path of the sightline through different parts of the potential well of the dark matter halo will cause different velocity fields to be sampled. We report evidence suggesting that this second effect may have been detected.Comment: 11 pages, 6 figures, 6 tables. Accepted for publication in MNRAS Main Journal. For the definitive version visit http://mnras.oxfordjournals.org