Some Implications of the Zero Lower Bound on Interest Rates for the Term Structure and Monetary Policy

In an economy where cash can be stored costlessly (in nominal terms), the nominal interest rate is bounded below by zero. This paper derives the implications of this nonnegativity constraint for the term structure and shows that it induces a nonlinear and convex relation between short- and long-term interest rates. As a result, the long-term rate responds asymmetrically to changes in the short-term rate, and by less than predicted by a benchmark linear model. In particular, a decrease in the short-term rate leads to a decrease in the long-term rate that is smaller in magnitude than the increase in the long-term rate associated with an increase in the short-term rate of the same size. Up to the extent that monetary policy acts by affecting long-term rates through the term structure, its power is considerably reduced at low interest rates. The empirical predictions of the model are examined using data from Japan.

Heterotachy and long-branch attraction in phylogenetics

Affiliation: Département de Biochimie, Faculté de médecine, Université de Montréal

Practical and Foundational Aspects of Secure Computation

Il y a des problemes qui semblent impossible a resoudre sans l'utilisation d'un tiers parti honnete. Comment est-ce que deux millionnaires peuvent savoir qui est le plus riche sans dire a l'autre la valeur de ses biens ? Que peut-on faire pour prevenir les collisions de satellites quand les trajectoires sont secretes ? Comment est-ce que les chercheurs peuvent apprendre les liens entre des medicaments et des maladies sans compromettre les droits prives du patient ? Comment est-ce qu'une organisation peut ecmpecher le gouvernement d'abuser de l'information dont il dispose en sachant que l'organisation doit n'avoir aucun acces a cette information ? Le Calcul multiparti, une branche de la cryptographie, etudie comment creer des protocoles pour realiser de telles taches sans l'utilisation d'un tiers parti honnete. Les protocoles doivent etre prives, corrects, efficaces et robustes. Un protocole est prive si un adversaire n'apprend rien de plus que ce que lui donnerait un tiers parti honnete. Un protocole est correct si un joueur honnete recoit ce que lui donnerait un tiers parti honnete. Un protocole devrait bien sur etre efficace. Etre robuste correspond au fait qu'un protocole marche meme si un petit ensemble des joueurs triche. On demontre que sous l'hypothese d'un canal de diusion simultane on peut echanger la robustesse pour la validite et le fait d'etre prive contre certains ensembles d'adversaires. Le calcul multiparti a quatre outils de base : le transfert inconscient, la mise en gage, le partage de secret et le brouillage de circuit. Les protocoles du calcul multiparti peuvent etre construits avec uniquements ces outils. On peut aussi construire les protocoles a partir d'hypoth eses calculatoires. Les protocoles construits a partir de ces outils sont souples et peuvent resister aux changements technologiques et a des ameliorations algorithmiques. Nous nous demandons si l'efficacite necessite des hypotheses de calcul. Nous demontrons que ce n'est pas le cas en construisant des protocoles efficaces a partir de ces outils de base. Cette these est constitue de quatre articles rediges en collaboration avec d'autres chercheurs. Ceci constitue la partie mature de ma recherche et sont mes contributions principales au cours de cette periode de temps. Dans le premier ouvrage presente dans cette these, nous etudions la capacite de mise en gage des canaux bruites. Nous demontrons tout d'abord une limite inferieure stricte qui implique que contrairement au transfert inconscient, il n'existe aucun protocole de taux constant pour les mises en gage de bit. Nous demontrons ensuite que, en limitant la facon dont les engagements peuvent etre ouverts, nous pouvons faire mieux et meme un taux constant dans certains cas. Ceci est fait en exploitant la notion de cover-free families . Dans le second article, nous demontrons que pour certains problemes, il existe un echange entre robustesse, la validite et le prive. Il s'effectue en utilisant le partage de secret veriable, une preuve a divulgation nulle, le concept de fantomes et une technique que nous appelons les balles et les bacs. Dans notre troisieme contribution, nous demontrons qu'un grand nombre de protocoles dans la litterature basee sur des hypotheses de calcul peuvent etre instancies a partir d'une primitive appelee Transfert Inconscient Veriable, via le concept de Transfert Inconscient Generalise. Le protocole utilise le partage de secret comme outils de base. Dans la derniere publication, nous counstruisons un protocole efficace avec un nombre constant de rondes pour le calcul a deux parties. L'efficacite du protocole derive du fait qu'on remplace le coeur d'un protocole standard par une primitive qui fonctionne plus ou moins bien mais qui est tres peu couteux. On protege le protocole contre les defauts en utilisant le concept de privacy amplication .

New oligomer-bound antioxidants for improved flex crack resistance and ozone resistance

New oligomer-bound antioxidants have been prepared by condensation reaction. The efficiency and permanence of these oligomer- bound paraphenylene diamines as antioxidants has been compared with conventional amine type antioxidants in NR, SBR, IIR and NBR and in elastomer blends like NR/BR and NR/SBR. The oligomer-bound antioxidants are found to impart improved ozone, flex resistance and mechanical properties to the vulcanizates of NR, SBR, IIR and NBR and to blends of NR/BR and NR/ SBR in comparison with those containing conventional antioxidants.

Synthesis and Characterization of Chlorinated Paraffin Wax-Bound Paraphenylenediamine Antioxidant and ItsApplication in Natural Rubber

ABSTRACT: p-Phenylenediamine was chemically attached to low molecular weight chlorinated paraffin wax. The polymer-bound p-phenylenediamine was characterized by vapor-phase osmometry (VPO), proton magnetic resonance spectroscopy ('H-NMR), infrared spectroscopy (IR), and thermogravimetric analysis (TGA). The efficiency and permanence of the polymer-bound p-phenylenediamine as an antioxidant was compared with a conventional amine-type antioxidant in natural rubber vulcanizates. The vulcanizates showed improved aging resistance in comparison to vulcanizates containing a conventional antioxidant. The presence of liquid polymer-bound p-phenylenediamine also reduces the amount of the plasticizer required for compounding.

Preparation and Characterisation of Novel Polymer Bound Phenolic Antioxidants and Its Use in Natural Rubber

ABSTRACT: Phenol was chemically attached to low molecular weight chlorinated polyisobutylene and stearic acid respectively. These phenolic antioxidants were characterised by IR, 1H NMR and TGA. The efficiency and permanence of these bound antioxidants were compared with conventional antioxidants in natural rubber vulcanisates. The vulcanisates showed comparable ageing resistance in comparison to vulcanisates containing conventional antioxidants. The presence of liquid polymer bound phenol reduce the amount of plasticiser required for compounding.

Synthesis,Characterisation and Uses of Polymer-bound Antioxidants

Department of Polymer Science and Rubber Technology,Cochin University of Science and Technology

Studies on Pseudoscalar Meson Bound States and Semileptonic Decays in a Relativistic Potential Model

In this thesis quark-antiquark bound states are considered using a relativistic two-body equation for Dirac particles. The mass spectrum of mesons includes bound states involving two heavy quarks or one heavy and one light quark. In order to analyse these states within a unified formalism, it is desirable to have a two-fermion equation that limits to one body Dirac equation with a static interaction for the light quark when the other particle's mass tends to infinity. A suitable two-body equation has been developed by Mandelzweig and Wallace. This equation is solved in momentum space and is used to describe the complete spectrum of mesons. The potential used in this work contains a short range one-gluon exchange interaction and a long range linear confining and constant potential terms. This model is used to investigate the decay processes of heavy mesons. Semileptonic decays are more tractable since there is no final state interactions between the leptons and hadrons that would otherwise complicate the situation. Studies on B and D meson decays are helpful to understand the nonperturbative strong interactions of heavy mesons, which in turn is useful to extract the details of weak interaction process. Calculation of form factors of these semileptonic decays of pseudo scalar mesons are also presented.

Interfacial structure of wild-type and mutant forms of puroindoline-b bound to DPPG monolayers

The interaction of wild-type puroindoline-b (Pin-b+) and two mutant forms having single residue substitutions (G46S or W44R) with L-alpha-dipalmitoylphosphatidyl-dl-glycerol (DPPG) as a Langmuir monolayer at the air/water interface was investigated by neutron reflectivity (NR) and Brewster angle microscopy (BAM). NR profiles were fitted using a three-layer model to enable differences in penetration of protein between the lipid headgroup and acyl regions to be determined. The data showed similar surface excesses for each of the three proteins at the interface; however, it was revealed that the depth of penetration of protein into the lipid region differed for each protein with Pin-b+ penetrating further into the acyl region of the lipid compared to the mutant forms of the protein that interacted with the headgroup region only. BAM images revealed that the domain structure of the DPPG monolayers was disrupted when Pin-b+ adsorption had reached equilibrium, suggesting protein penetration had led to compression of the lipid region. In contrast, the domain structure was unaffected by the W44R mutant, suggesting no change in compression of the lipid region and hence little or no penetration of protein into the lipid layer.

Glutathione and related thiol compounds II: the importance of protein bound glutathione and related protein-bound compounds in gluten proteins

Protein-bound glutathione (PSSG) and protein-bound related thiol compounds, i.e. cysteine (PSSCys), glutamyl-cysteine (PSSGlu-Cys) and cysteinyl-glycine (PSSCys-Gly), were analysed in proteins of Osborne fractions, i.e. gliadin, glutenin and gliadin-, glutenin-subfractions separated by gel filtration chromatography, gel protein and the total gluten proteins separated from wheat varieties with varying breadmaking performances. The results showed that PSSG and some protein-bound related thiol compounds were found in monomeric gliadins, indicating that glutathione and some related thiol compounds are able to form disulphide bonds (SS) with sulphydryl group (SH) of those proteins and the formation of those disulphide bonds may prevent those monomeric proteins from binding to other proteins. It was also observed that a larger amount of PSSG in glutenin proteins was negatively correlated with the molecular weight (M-w) distribution of glutenin polymers, suggesting that PSSG and protein-bound related thiol compounds may play an important role in controlling polymerisation of glutenin. Furthermore, it was found that the level of PSSG in gel protein from flours with poor breadmaking performances was constantly higher and significantly different (p < 0.05) from that of flours with good breadmaking performance. The same trend was observed with gluten samples from breadmaking and biscuitmaking flours. (C) 2003 Elsevier Ltd. All rights reserved.

A new organization for a perceptron-based branch predictor and its FPGA implementation

An unaltered rearrangement of the original computation of a neural based predictor at the algorithmic level is introduced as a new organization. Its FPGA implementation generates circuits that are 1.7 faster than a direct implementation of the original algorithm. This faster clock rate allows to implement predictors with longer history lengths using the nearly the same hardware budget.