Gathering insights on the forest from the trees: a new metric for financial conditions

By incorporating the Harvey accumulator into the large approximate dynamic factor framework of Doz et al. (2006), we are able to construct a coincident index of financial conditions from a large unbalanced panel of mixed frequency financial indicators. We relate our financial conditions index, or FCI, to the concept of a "financial crisis" using Markov-switching techniques. After demonstrating the ability of the index to capture "crisis" periods in U.S. financial history, we present several policy-geared threshold rules for the FCI using Receiver Operator Characteristics (ROC) curve analysis.Financial crises ; Financial markets

Chicago Fed National Activity Index turns ten - analyzing its first decade of performance

This article discusses how the Chicago Fed National Activity Index has performed as a “real-time” indicator of economic activity and related inflationary pressure.

Monitoring financial stability: a financial conditions index approach

Monitoring financial stability requires an understanding of both how traditional and evolving financial markets relate to each other and how they relate to economic conditions. This article describes two new indexes of financial conditions that aim to quantify these relationships.Financial stability ; Financial crises ; Finance

What is the relationship between large deficits and inflation in industrialized countries?

Examining industrialized countries, the authors find that large deficits are not associated with higher inflation contemporaneously, nor are they associated with the emergence of higher inflation in subsequent years. This finding suggests that countries that can afford large deficits have built solid reputations and institutions supporting a sound monetary policy and the reversion to a stable fiscal regime.

Are the INTEGRAL Intermediate Polars Different?

One of the biggest surprises of the INTEGRAL mission was the detection of large numbers of magnetic cataclysmic variables – in particular the intermediate polar (IP) subclass. Not only have many previously known systems been detected, but many new ones have also been found and subsequently classified from optical follow-up observations, increasing the sample of IPs by ! 15%. We have recently been using a particle hydrodynamic code to investigate the accretion flows of IPs and determine the equilibrium spin-rates and accretion flow patterns across a wide range of orbital periods, mass ratios and magnetic field strengths. We use the results of these accretion flow simulations to examine whether the INTEGRAL IPs differ from the overall population and conclude that they do not. Most IPs are likely to be INTEGRAL sources, given sufficient exposure. Currently however, none of the 'EX Hya-like' IPs, with large spin-to-orbital period ratios and short orbital periods, are detected by INTEGRAL. If this continues to be the case once the whole sky has a comparable INTEGRAL exposure, it may indicate that the ring-like mode of accretion which we demonstrate occurs in these systems is responsible for their different appearance

The first WASP public data release

The WASP (wide angle search for planets) project is an exoplanet transit survey that has been automatically taking wide field images since 2004. Two instruments, one in La Palma and the other in South Africa, continually monitor the night sky, building up light curves of millions of unique objects. These light curves are used to search for the characteristics of exoplanetary transits. This first public data release (DR1) of the WASP archive makes available all the light curve data and images from 2004 up to 2008 in both the Northern and Southern hemispheres. A web interface () to the data allows easy access over the Internet. The data set contains 3 631 972 raw images and 17 970 937 light curves. In total the light curves have 119 930 299 362 data points available between them

Boundary Objects as Facilitators of Knowledge Transfer in Project Based Organisations

Boundary objects are tools used to transfer knowledge across organisational and functional divides. Where boundaries can create challenges for organisational learning and knowledge management, boundary objects can be an effective tool for overcoming them through translation and communication. Much of the project work in today’s large infrastructure organisations is carried out by cross-functional teams under pressure to deliver project objectives on time and within budget and it is crucial for staff to access meaningful information and knowledge from experts in the organisations involved in projects and from other areas of the business. Understanding the features that make boundary objects effective can improve organisational learning and better inform decision-making, eventually improving organisational performance. This paper assesses whether the features of boundary objects found to be effective in biological and manufacturing environments are valid in project-based industries, particularly construction. The findings suggest that, by maximising the efficacy of boundary objects, large construction organisations can address the knowledge-sharing issues literature has identified as arising from the complex and temporary nature of construction projects. This article contributes to theory by identifying three new features of boundary objects, in addition to those listed by Leigh Star, that are used effectively in the organisation under scrutiny. The findings also demonstrate that all of the features in Star’s theory contribute to knowledge transfer in a project-based environment, although not all are as effective compared to other industries