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.

A switched-beam antenna of monopoles housed in a radial guide with transition to free space

The design of a switched-beam antenna formed by a circular array of monopoles housed inside a radial guide with a transition to free space is presented. Two alternative types of transitions to free space, one using a truncated conducting cone and the other created by a tapered dielectric material at the edge of the radial guide, are described. The use of the radial guide with transition increases the return-loss bandwidth of the array and enables shaping its beam in elevation. (C) 2004 Wiley Periodicals, Inc.

Combating interference in an indoor wireless-communication system using a phased-array antenna with switched-beam elements

A phased-array antenna with switched-beam elements used to combat interference in an indoor wireless communication system is described. The array uses I-bit phase shifters applied to its elements in order to point its main beam in a desired direction and internal switching of elements in order to form nulls towards interference. The array's capability of suppressing interference is verified by studying its radiation patterns and by performing interference-rejection experiments in an indoor multipath environment. (c) 2005 Wiley Periodicals, Inc.

Molecular motors-based micro- and nano-biocomputation devices

Protein molecular motors, which are natural nano-machines that convert the chemical energy into mechanical work for cellular motion, muscle contraction and cell division, have been integrated in the last decade in primitive nanodevices based on the motility of nano-biological objects in micro- and nano-fabricated structures. However, the motility of microorganisms powered by molecular motors has not been similarly exploited. Moreover, among the proposed devices based on molecular motors, i.e., nanosensors, nano-mechanical devices and nano-imaging devices, biocomputation devices are conspicuously missing. The present contribution discusses, based on the present state of the art nano- and micro-fabrication, the comparative advantages and disadvantages of using nano- and micro-biological objects in future computation devices. (c) 2006 Elsevier B.V. All rights reserved.