Does the Federal Reserve Follow a Non-Linear Taylor Rule?

The Taylor rule has become one of the most studied strategies for monetary policy. Yet, little is known whether the Federal Reserve follows a non-linear Taylor rule. This paper employs the smooth transition regression model and asks the question: does the Federal Reserve change its policy-rule according to the level of inflation and/or the output gap? I find that the Federal Reserve does follow a non-linear Taylor rule and, more importantly, that the Federal Reserve followed a non-linear Taylor rule during the golden era of monetary policy, 1985-2005, and a linear Taylor rule throughout the dark age of monetary policy, 1960-1979. Thus, good monetary policy is associated with a non-linear Taylor rule: once inflation approaches a certain threshold, the Federal Reserve adjusts its policy-rule and begins to respond more forcefully to inflation.

Oxygen Supplementing, Biocompatible Outer Membranes for Enhanced Performance of Implantable Glucose Sensors

Lack of linearity and sensitivity, oxygen dependence, biofouling and tissue inflammation hinder the development of implantable biosensors for continuous monitoring of glucose. Herein, we report the development of stacked outer membranes based on LBL/PVA hydrogels that improve sensor sensitivity, linearity, oxygen independence and counter biofouling and inflammation. While the inner LBL membrane affords tunable diffusivity, the outer PVA is capable of releasing anti-inflammatory drugs/tissue response modifying agents to counter acute and chronic inflammation, and to induce neo-angiogenesis at the implant site. Sensors were fabricated by immobilizing GOx enzyme on top of 50 μm platinum wires, followed by deposition of stacked LBL/PVA hydrogel membranes. The response of the sensors at 0.7V to various glucose concentrations was studied. Michelis-Menten analysis was performed to quantify sensor performance in terms of linearity and oxygen dependence. The interplay between sensor performance and inward glucose diffusivity was elucidated using (i) various LBL membranes and (ii) various freeze-thaw (FT) cycles of PVA. Incorporation of LBL/PVA stacked membranes resulted in an 8 fold increase in sensor linearity and a 9 fold decrease in oxygen dependence compared to controls. The enhancement in the sensor performance is attributed to (i) the oxygen storing capability of PVA hydrogel due to the formation of hydrophobic domains during its freezing/ thawing employed for its physical crosslinking and (ii) regulation of glucose flux by the inner LBL membrane. Such membranes offer significant advantages over presently available outer membranes in lieu of (i) their ability to control inflammation, (ii) their modulus that closely matches that of subcutaneous human tissue, (iii) non-necessity of reactive chemical crosslinking agents, (iv) tunable sensitivity and (v) supplemental storage of oxygen.

The Effects Of Reinforcement Inclusions On Wear Tolerance, Playing Quality And Physical Properties In A Silt Loam And Sand Rootzone Matrix

Reinforcement inclusions have been advocated to alleviate wear, compaction, and unstable surfaces in sports fields, but little research on the effects of these materials has been conducted in the USA. Experiments were established on a native silt loam and a sand rootzone matrix, seeded with a Kentucky bluegrass (Poa pratensis L.) blend, at the Joseph Troll Turf Research Center, University of Massachusetts, Amherst, USA to determine the effects of reinforcement inclusions on wear, surface hardness, traction, ball roll, ball bounce resilience, water infiltration rate, soil bulk density, air porosity, total porosity, and root weights. Three types of reinforcement inclusions (Sportgrass, Netlon, Turfgrids) were tested along with a non-reinforced control in a three year study. The treatments were set out in a randomized complete block design with four replications in both soils. No inclusion provided less wear or greater infiltration or air-filled porosity relative to the control. Reinforcement inclusions showed significant differences, however, in surface hardness, traction, and ball roll relative to the control, although this varied with the time of year. Infiltration rates, airfilled porosity, total pore space, bulk density, hardness, traction, ball roll, and ball rebound were greater on the sand rootzone than on the silt loam. Significant correlations were present between soil bulk density, surface hardness, traction, and ball roll. Based on our study, the use of reinforcement inclusions to provide better wear tolerance for sand or native soil athletic fields is not warranted. Certain playing surface characteristics, however, may be slightly improved with the use of reinforcement inclusions. The use of sands for sports surfaces is justified based upon the improvement in playing quality characteristics and soil physical properties important to a good playing surface.