Why do US banks borrow from the Fed? A fresh look at the ‘reluctance’ phenomenon

The role of several theoretical factors in determining the demand of US banks for borrowed reserves from the Fed is empirically investigated. The main objective is to isolate the candidate(s) most likely responsible for the recent observed phenomenon of banks reluctance to borrow from the Fed, particularly since the mid-1980s. The results indicate that the declining number of banks due to mergers and consolidations holds much of the weight for explaining the weakened demand for borrowed reserves since the mid-1980s. Consistent evidence is found suggesting that US banks may have been unlawfully exploiting the discount window service for profit-taking purposes. This finding proves credible and suggests the need for further loan scrutiny at the Federal discount window.

Early-Middle Jurassic stratigraphy of the Fortrose-Chaslands region, southernmost South Island, New Zealand

The 40 km of coastline from Fortrose to Chaslands Mistake (southeastern South Island, New Zealand) comprises sediments that are part of the Early-Middle Jurassic of the Murihiku Terrane. The sediments are dominantly fluvial with some marine beds and alluvial fan deposition, and display an evolution of fluvial style which progresses from perennial flow to seasonal flow. The McPhee Cove Conglomerate is a prominent unit to the north. It has been used to separate two formations which would otherwise, on inherent lithological grounds, be difficult to distinguish. This paper discusses several similar conglomerates which occur in the south, but which are separated from the type area of the McPhee Conglomerate by major tectonic disruption. Hence, the existing lithostratigraphic nomenclature to the north, including the McPhee Cove Conglomerate, cannot be simply extended southwards. The Fortrose-Chaslands area appears to consist of two tectonic blocks, the Slope Point Block and the Brothers Block, which are separated from each other and from the adjacent Papatowai Block by major strike faults (or fault zones). A change is proposed to the existing stratigraphy which involves recognising all terrestrial sediments as part of the False Island Formation. Four prominent clast-supported conglomerate horizons are named as members of the False Islet Formation: the White Head Conglomerate, Black Bluff Conglomerate. Hoiho Conglomerate, and Slope Point Conglomerate Members. The latter contains five named conglomerate beds.

The mysterious case of Carter Brown: Or, who really killed the Australian author?

Considers the exporting of intellectual property and the ways Sydney publisher Horwits Publications, author Alan Geoffrey Yates and multinational conglomerate Signet negotiated geographical and cultural boundaries to produce one of Australia's successful literary exports. Evolution of Australian paperback publishers to hardcover publishers; Details of a contract for Yates' Peter Carter Brown novels; Procedure followed in editing novels of Yates submitted to Horwitz and Signet; Marketing campaign for Signet in the U.S.; Impact of the pressure of writing deadlines on the quality of the novels.

A theory for optimal monitoring of marine reserves

Monitoring of marine reserves has traditionally focused on the task of rejecting the null hypothesis that marine reserves have no impact on the population and community structure of harvested populations. We consider the role of monitoring of marine reserves to gain information needed for management decisions. In particular we use a decision theoretic framework to answer the question: how long should we monitor the recovery of an over-fished stock to determine the fraction of that stock to reserve? This exposes a natural tension between the cost (in terms of time and money) of additional monitoring, and the benefit of more accurately parameterizing a population model for the stock, that in turn leads to a better decision about the optimal size for the reserve with respect to harvesting. We found that the optimal monitoring time frame is rarely more than 5 years. A higher economic discount rate decreased the optimal monitoring time frame, making the expected benefit of more certainty about parameters in the system negligible compared with the expected gain from earlier exploitation.