scholarly journals International Yield Spillovers

2021 ◽  
Vol 2021 (001) ◽  
pp. 1-59
Author(s):  
Don H. Kim ◽  
◽  
Marcelo Ochoa ◽  
Keyword(s):  
Euro Area ◽  
Daily Variation ◽  
Low Level ◽  
The Past ◽  
Term Premia ◽  
Foreign Shocks ◽  
The U.S

This paper investigates spillovers from foreign economies to the U.S. through changes in longterm Treasury yields. We document a decline in the contribution of U.S. domestic news to the variance of long-term Treasury yields and an increased importance of overnight yield changes—a rough proxy for the contribution of foreign shocks to U.S. yields—over the past decades. Using a model that identifies U.S., Euro area, and U.K. shocks that move global yields, we estimate that foreign (non-U.S.) shocks account for at least 20 percent of the daily variation in long-term U.S. yields in recent years. We argue that spillovers occur in large part through bond term premia by showing that a low level of foreign yields relative to U.S. yields predicts a decline in distant forward U.S. yields and higher returns on a strategy that is long on a long-term Treasury security and short on a long-term foreign bond.

Afterword

2021 ◽  
pp. 244-248
Author(s):  
Michael J. Rosenfeld
Keyword(s):  
Social Change ◽  
Gay Rights ◽  
Marriage Equality ◽  
Short Term ◽  
The Past ◽  
The Many ◽  
The U.S ◽  
The Way

Gay rights and marriage equality have advanced so far in the U.S. in the past decade that it would be all too easy to assume that the struggle is over. The opponents of gay rights, however, remain powerful. Readers can take inspiration from how dramatically attitudes toward gay rights have liberalized in the past two decades and how transformative the liberalization of attitudes has been. We live in a world where political lies often seem to have the upper hand. It is worth remembering that despite the many short term advantages that lies can yield in politics, the truth has some long term advantages as well. The way the marriage equality movement prevailed should be a lesson to anyone who wants to make progressive social change.

Revising the Declension Narrative: Liberal Arts Colleges, Universities, and Honors Programs, 1870s-2010s

2014 ◽  
Vol 84 (2) ◽  
pp. 243-264 ◽  
Author(s):  
Bruce Kimball
Keyword(s):  
Liberal Arts ◽  
Liberal Arts Colleges ◽  
Liberal Arts College ◽  
Honors Programs ◽  
College Mission ◽  
The Past ◽  
Diversity In Higher Education ◽  
Arts Programs ◽  
The U.S

This article examines the prominent narrative asserting that liberal arts colleges have continuously declined in number and status over the past 130 years. Bruce A. Kimball identifies problems in this declension narrative and proposes a revision positing that the decline of liberal arts colleges began only after 1970. Further, he maintains that the fraction of the U.S. population enrolling in collegiate liberal arts programs has remained surprisingly consistent over the past two centuries. That same fraction continues after 1970 because universities began to replicate the liberal arts college by establishing honors programs, and student enrollment after 1970 shifted from liberal arts colleges to the new subsidized honors programs in universities. Kimball concludes that this shift does not ensure that the fraction of enrollment in collegiate liberal arts will continue to remain consistent in the future. There is reason to doubt the long-term commitment of universities to supporting honors programs devoted to the traditional liberal arts college mission of fostering culture, community, and character, although this mission grows more important and complex as access to and diversity in higher education increase.

scholarly journals Precise Radial Velocities of F, G, K Dwarfs

1988 ◽  
Vol 132 ◽  
pp. 79-81
Author(s):  
Bruce Campbell ◽  
Gordon A. H. Walker
Keyword(s):  
Radial Velocities ◽  
Absorption Lines ◽  
Spectroscopic Binaries ◽  
Brown Dwarf ◽  
Dwarf Stars ◽  
Low Level ◽  
The Past ◽  
Velocity Variations

We have monitored changes in the radial velocities of 24 bright F, G and K dwarf stars (known spectroscopic binaries excluded) for the past six years at CFHT by imposing the absorption lines of HF gas in the spectra to act as wavelength fiducials. The average external error in the δ(velocities) which are based on some 16 stellar lines is 13 m/s corresponds to 0.6 micron in the spectrum or 0.04 of a diode spacing per line. Reductions are complete for 16 stars. There is no evidence for brown dwarf companions in the sample. Two previously unknown spectroscopic binaries were found, and seven stars show indications of significant, long-term, low-level velocity variations which could be interpreted as purturbations by companions of a few Jupiter masses with periods greater than 12 years except for γ Cep, which may have a period of 2.7 years, and ε Eri. Observing time has been guaranteed for at least two more years at CFHT.

scholarly journals The Phillips Curve: Back to the '60s?

2016 ◽  
Vol 106 (5) ◽  
pp. 31-34 ◽  
Author(s):  
Olivier Blanchard
Keyword(s):  
Monetary Policy ◽  
Standard Error ◽  
Phillips Curve ◽  
Inflation Expectations ◽  
Low Level ◽  
The Past ◽  
The U.S

This paper reexamines the behavior of inflation and unemployment and reaches four conclusions: 1) The U.S. Phillips curve is alive and well (at least as well as in the past). 2) Inflation expectations however have become steadily more anchored. 3) The slope of the curve has substantially declined. But the decline dates back to the 1980s rather than to the crisis. 4) The standard error of the residual in the relation is large, especially in comparison to the low level of inflation. Each of the four conclusions presents challenges for the conduct of monetary policy.

scholarly journals Green Construction: Contractor Motivation and Trends in Austin, Texas

2006 ◽  
Vol 1 (2) ◽  
pp. 118-134 ◽  
Author(s):  
Audrey Tinker ◽  
Urs Kreuter ◽  
Richard Burt ◽  
Sherry Bame
Keyword(s):  
Public Education ◽  
Low Cost ◽  
Residential Construction ◽  
Sustainable Communities ◽  
The Past ◽  
Construction Contractor ◽  
Study Population ◽  
The U.S ◽  
Over Time

The purpose of this paper is to describe and assess one of the first comprehensive residential green-builder programs in the U.S. It compares trends of items used in residential construction during the past five years and reports why participating builders chose to incorporate specific items and their level of commitment to the program. This description provides a baseline of strategies to investigate the effect of this program in developing sustainable communities. The builder study population was derived from a database of registered “green” residences built during 1998-2002 in greater Austin, Texas (2,335 homes and 73 listed builders). Almost half the builders constructed just one “green” home, whereas two builders built almost 75% of the green homes during the 5-year study period. Less than 1% of the homes received a perfect 5-star rating, whereas 87% were rated 1 or 2 stars. The frequency of implementing the 122 green features were compared over time and analyzed for correlation with cost and their associated star-value. Cost was the primary factor determining item use frequency. Participating builders generally concurred that the program was successful and beneficial to homeowners but that the additional work required for participation provided little financial reward for builders. While much can be done with low-cost interventions to reduce the negative environmental impacts of residential construction, builder participation may be enhanced by promotion of some of the higher cost features. In addition, public education about the long-term benefits of green homes is needed to increase homeowner participation, and encourage builders to incorporate more environmentally friendly features in the homes they construct.

scholarly journals The evolving relationship between airline profitability and passenger satisfaction

2013 ◽  
Vol 24 (1) ◽  
pp. 7-21
Author(s):  
Kent N Gourdin
Keyword(s):  
Airline Industry ◽  
Structural Changes ◽  
Business Models ◽  
Quality Model ◽  
Short Term ◽  
The Past ◽  
Management Actions ◽  
Passenger Satisfaction ◽  
The U.S

This paper examines the ongoing evolution of the U.S. airline industry under deregulation. After losing money for most of the past 35 years, carriers have made structural changes to their business models that have proven to be, at least in the short term, very profitable. After delineating these management actions, the paper examines their impact on passengers. The author utilizes the Service Quality Model to analyze the long-term implications of this new operating paradigm for passenger satisfaction. Based on this analysis the paper goes on to suggest several actions management could take to improve satisfaction. Finally, conclusions are offered and areas for additional research suggested.

scholarly journals Illusions of Autonomy: Why Europe Cannot Provide for Its Security If the United States Pulls Back

2021 ◽  
Vol 45 (4) ◽  
pp. 7-43
Author(s):  
Hugo Meijer ◽  
Stephen G. Brooks
Keyword(s):  
United States ◽  
The United States ◽  
National Defense ◽  
Policy Issues ◽  
Threat Perceptions ◽  
The Past ◽  
Future State ◽  
Strategic Autonomy ◽  
The U.S

Abstract Europe's security landscape has changed dramatically in the past decade amid Russia's resurgence, mounting doubts about the long-term reliability of the U.S. security commitment, and Europe's growing aspiration for strategic autonomy. This changed security landscape raises an important counterfactual question: Could Europeans develop an autonomous defense capacity if the United States withdrew completely from Europe? The answer to this question has major implications for a range of policy issues and for the ongoing U.S. grand strategy debate in light of the prominent argument by U.S. “restraint” scholars that Europe can easily defend itself. Addressing this question requires an examination of the historical evolution as well as the current and likely future state of European interests and defense capacity. It shows that any European effort to achieve strategic autonomy would be fundamentally hampered by two mutually reinforcing constraints: “strategic cacophony,” namely profound, continent-wide divergences across all domains of national defense policies—most notably, threat perceptions; and severe military capacity shortfalls that would be very costly and time-consuming to close. As a result, Europeans are highly unlikely to develop an autonomous defense capacity anytime soon, even if the United States were to fully withdraw from the continent.

scholarly journals The National, All-crops Plant Breeding Coordinating Committee

HortScience ◽  
2006 ◽  
Vol 41 (4) ◽  
pp. 991C-991
Author(s):  
Linda Wessel-Beaver ◽  
Ann Marie Thro
Keyword(s):  
Plant Breeding ◽  
Recent Progress ◽  
The Past ◽  
The Future ◽  
Committee Membership ◽  
National Workshop ◽  
The U.S

The Plant Breeding Coordinating Committee will be a forum for leadership regarding issues, problems, and opportunities of long-term strategic importance to the contribution of plant breeding to national goals. The committee will create the only regular opportunity to provide such leadership across all crops. The nature of plant breeding as an integrative discipline par excellence will be reflected in multidisciplinary committee membership. The past decade has brought major changes in the U.S. national plant breeding investment. In order for administrators and other decisionmakers to understand the implications of the changes and respond most effectively for the future, there is need for a clear analysis of the role of plant breeding for meeting national goals. Although recent changes in investment are the impetus for this committee, the need to articulate the role of plant breeding in meeting national goals is likely to be on-going, regardless of immediate circumstances. This presentation will describe recent progress on organizing this committee, and will ask all plant breeders to begin thinking about the questions to be addressed at the upcoming national workshop.

scholarly journals The Partisan Sorting of `America': How Nationalist Cleavages Shaped the 2016 U.S. Presidential Election

2019 ◽  
Author(s):  
Bart Bonikowski ◽  
Yuval Feinstein ◽  
Sean Bock
Keyword(s):  
Presidential Election ◽  
The Other ◽  
Radical Right ◽  
The Past ◽  
Liberal Democratic ◽  
Institutional Politics ◽  
Long Term Changes ◽  
The Stability ◽  
The U.S

Political scientists have acknowledged the importance of nationalism as a constitutive element of radical-right politics, but have typically empirically reduced the phenomenon to its downstream attitudinal correlates. Sociologists, on the other hand, have extensively studied nationalism, but have only sporadically engaged in debates about institutional politics. In this study, we bring these literatures together by considering how nationalist beliefs shaped respondents' voting preferences in the 2016 U.S. presidential election and how the election outcome built on long-term changes in the distribution of nationalism in the U.S. population. The results suggest that competing understandings of American nationhood were effectively mobilized by candidates from the two parties, both in the 2016 primaries and the general election. Furthermore, over the past twenty years, nationalism has become sorted by party, as Republican identifiers have come to define America in more exclusionary and critical terms and Democrats have increasingly endorsed inclusive and positive conceptions of nationhood. These trends point to the rising demand for radical candidates among Republicans and suggests a potentially bleak future for U.S. politics, as nationalism becomes yet another among multiple overlapping social and cultural cleavages that serve to reinforce partisan divisions and undermine the stability of liberal democratic institutions.

License Renewal Experience in the U.S.: Continue to Seek Long Term Operation or Shutdown?

2016 ◽  
Author(s):  
Garry G. Young
Keyword(s):  
Nuclear Industry ◽  
Significant Progress ◽  
Safe Operation ◽  
Term Operation ◽  
Regulatory Guidance ◽  
The Past ◽  
The Status ◽  
License Renewal ◽  
The U.S

As of January 2016, there were 99 operating nuclear units in the U.S. and the NRC had renewed the operating licenses for 81 of those nuclear units allowing for up to 60 years of safe operation (83 renewed licenses had been issued, but 2 of those units are now shutdown). In addition, the NRC has license renewal applications under review for 11 more units and 5 units have announced plans to submit applications in the next few years. This brings the total of renewed licenses and plans for renewal to almost 100% of the 99 operating units in the U.S. At the end of 2015, there were about 40 nuclear units that had operated for more than 40 years and most of those units are eligible to seek a second license renewal for up to 80 years of operation. [1] Unfortunately, in the past few years, 5 nuclear units have been prematurely shutdown and 3 additional units with licenses to operate for 60 years are scheduled to be prematurely shutdown between 2016 and 2019 for economic reasons. However, the majority of the nuclear plant owners are keeping the option open for long term operation beyond 60 years. NRC and the U.S. nuclear industry have made significant progress in preparing the way for a second round of license renewal applications. For example, the NRC published draft regulatory guidance on the second (or subsequent) license renewal process in December 2015. This paper presents the status of the efforts underway for possible applications for second license renewals for up to 80 years of operation and the issues that may result in additional premature plant shutdowns in the U.S.

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