Mass Balance and Accumulation Rate Across Siple Dome, West Antarctica

Snow-accumulation rates and rates of ice-thickness change (mass balance) are studied at several sites on Siple Dome, West Antarctica. Accumulation rates are derived from analyses of gross beta radioactivity in shallow firn cores located along a 60 km transect spanning both flanks and the crest of the dome. There is a north-south gradient in snow-accumulation rate across the dome that is consistent with earlier radar mapping of internal stratigraphy. Orographic processes probably control this distribution. Mass balance is inferred from the difference between global positioning system (GPS)-derived vertical velocities and snow-accumulation rates for sites close to the firn-core locations. Results indicate that there is virtually no net thickness change at four of the five sites. The exception is at the northernmost site where a small amount of thinning is detected, that appears to be inconsistent with other studies. A possible cause of this anomalous thinning is recent retreat of the grounding line of Ice Stream D.

Monetary Policy in a Portfolio Balance Model with Endogenous Physical Capital

We develop a portfolio balance model with real capital accumulation. The introduction of real capital as an asset as well as a good produced and demanded by firms enriches extant portfolio balance models of exchange rate determination. We show that expansionary monetary policy causes exchange rate overshooting, not once, but twice; the secondary repercussion comes through the reaction of firms to changed asset prices and the firms' decisions to invest in real capital. The model sheds further light on the volatility of real and nominal exchange rates, and it suggests that changes in corporate sector profitability may affect exchange rates through portfolio diversification in corporate securities.