Optimal bail out policy, conditionality and constructive ambiguity

This paper addresses the issue of the optimal behaviour of the Lender of Last Resort (LOLR) in its microeconomic role regarding individual financial institutions in distress. It has been argued that the LOLR should not intervene at the microeconomic level and let any defaulting institution face the market discipline, as it will be confronted with the consequences of the risks it has taken. By considering a simple costbenefit analysis we show that this position may lack a sufficient foundation. We establish that, instead, uder reasonable assumptions, the optimal policy has to be conditional on the amount of uninsured debt issued by the defaulting bank. Yet in equilibrium, because the rescue policy is costly, the LOLR will not rescue all the banks that fulfill the uninsured debt requirement condition, but will follow a mixed strategy. This we interpret as the confirmation of the "creative ambiguity" principle, perfectly in line with the central bankers claim that it is efficient for them to have discretion in lending to individual institutions. Alternatively, in other cases, when the social cost of a bank's bankruptcy is too high, it is optimal for the LOLR to bail out the insititution, and this gives support to the "too big to fail" policy.

2008 Condition of the State Address as Delivered, 2008

Condition of the State Address by Governor Culver.

Les collectifs d'hommes autour de la condition masculine en Suisse: état des lieux

Depuis le début des années 70 en Suisse, suite aux changements de configuration entre les sexes, certains hommes se réunissent autour de problématiques en lien avec la masculinité. Qu'ils se posent en soutien, en opposition ou dans le prolongement de débats initiés par le féminisme, ils contribuent à redéfinir et à diffuser de nouveaux modèles de masculinité dans la société.Since the 70's, men in Switzerland have gathered in response to status changes and to social discourses and actions held by feminists. Either as a challenge or as a support of feminist ideas, men's movements have contributed to redefine, create and spread a wide range of representations regarding masculinity.

2008 Condition of the State Address as Delivered, January 15, 2008

State of address from Governor Culver.

Condition of the State of Iowa, 2009.

A transcript of the Condition of the State of Iowa speech by Governor Chet Culver delivered at the State Capitol on January 13, 2009. The governor spoke about the difficulties of the past year in Iowa; tornados, flooding, and economic woes. He also spoke about how the state will overcome the obstacles before it and the basic ideas for his upcomming budgetary decisions.

Corticosterone mediates the condition-dependent component of melanin-based coloration

The handicap principle of sexual selection theory states that colourful phenotypic traits signal aspects of individual quality because only individuals in prime condition can afford to produce and bear conspicuous traits. Melanin-based pigments participate in the elaboration of many secondary sexual characters and, given their role in sexual selection, melanin-based coloration may therefore honestly reject individual quality. Although the expression of melanism is usually under genetic control, in some species it is condition dependent. However, the underlying physiological mechanism is yet unknown. Based on the negative feedback link between corticosterone and melanogenesis ( melanocortins, tyrosinase) in response to stressful environmental factors, we hypothesize that corticosterone mediates the condition-dependent component of melanism. This hypothesis predicts that stressful factors induce a rise in circulating corticosterone which inhibits the secretion of melanocortins and tyrosinase and in turn melanin production. We tested this prediction by manipulating the level of corticosterone at the time of melanin production in nestling barn owls, Tyto alba, a species showing heritable variation in the degree of phaeomelanism from reddish-brown to white. The finding that corticosterone-implanted nestlings produced feathers with less phaeomelanic coloration than placebo-implanted nestlings is consistent with the hypothesis that the environment-mediated reduction in the degree of melanism is, at least in part, caused by a rise in corticosterone. In species in which the expression of melanin-based coloration is condition dependent, we now need a test showing that individuals with less corticosterone and more melanin-based signals are individuals in better condition.

Condition of the State of Iowa, 2010

A transcript of the Condition of the State of Iowa speech by Governor Chet Culver delivered at the State Capitol on January 12, 2010.

The Annual Condition of Education Report, 2007

The Annual Condition of Education Report includes an expanded Background Demographics section. This section contains information on population, economic, and social data, providing a comparison between Iowa, other states, and the Nation. Geographic Information System (GIS) maps are presented to allow the reader to easily compare between two or more geographies. In some instances, trends are also reported. Information displayed in this section was obtained from a variety of sources and is noted on each table or figure. In all areas, the most recent data available were used.

The Annual Condition of Education Report, 2008

The Annual Condition of Education Report includes an expanded Background Demographics section. This section contains information on population, economic, and social data, providing a comparison between Iowa, other states, and the Nation. Geographic Information System (GIS) maps are presented to allow the reader to easily compare between two or more geographies. In some instances, trends are also reported. Information displayed in this section was obtained from a variety of sources and is noted on each table or figure. In all areas, the most recent data available were used.

The Annual Condition of Education Report, 2009

The Annual Condition of Education Report includes an expanded Background Demographics section. This section contains information on population, economic, and social data, providing a comparison between Iowa, other states, and the Nation. Geographic Information System (GIS) maps are presented to allow the reader to easily compare between two or more geographies. In some instances, trends are also reported. Information displayed in this section was obtained from a variety of sources and is noted on each table or figure. In all areas, the most recent data available were used.