The ‘Visible Hand’ of the ECB’s Quantitative Easing. CEPS Working Document No. 407/May 2015

Quantitative easing à la ECB has produced so far an impact on long-term nominal rates through ex ante channels: signalling channels, term duration channels, and risk premia channels. The term duration channel will also lead to a lengthening of the average maturity of government debts, with possible implications for fiscal policy. The ECB’s determination to buy government bonds in a fragmented market with a low net supply may also produce an ex post impact, during the actual asset purchases, but less on nominal rates and more on financial plumbing, as recent volatility suggests. As the effects of scarce supply in collateral markets are felt, repo rates remain well below zero. Lower supply and limited re-usability of high quality collateral, capped by regulatory requirements, is a constraint on market liquidity and compresses dealers’ balance sheets. By keeping a depressed yield curve and asset prices high, QE may also accelerate the consolidation of both traditional and capital-market based (dealer) bank business models. What is less clear is how these changing business models will interact with the sharp rise of the asset management industry in the aftermath of the crisis, which raises questions about the implications for global collateral flows and deposit-like funding channels.

Differences in larval nutritional requirements and female oviposition preference reflect the order of fruit colonization of Zaprionus indianus and Drosophila simulans

Species coexist using the same nutritional resource by partitioning it either in space or time, but few studies explore how species-specific nutritional requirements allow partitioning. Zaprionus indianus and Drosophila simulans co-exist in figs by invading the fruit at different stages; Z. indianus colonizes ripe figs, whereas D. simulans oviposits in decaying fruit. Larvae feed on yeast growing on the fruit, which serves as their primary protein source. Because yeast populations increase as fruit decays, we find that ripe fruit has lower protein content than rotting fruit. Therefore, we hypothesized that Z. indianus and D. simulans larvae differ in their dietary requirements for protein. We used nutritional geometry to assess the effects of protein and carbohydrate concentration in the larval diet on life history characters in both species. Survival, development time, and ovariole number respond differently to the composition of the larval diet, with Z. indianus generally performing better across a wider range of protein concentrations. Correspondingly, we found that Z. indianus females preferred to lay eggs on low protein foods, while D. simulans females chose higher protein foods for oviposition when competing with Z. indianus. We propose the different nutritional requirements and oviposition preference of these two species allows them to temporally partition their habitat.

Uranium fuel cycle radiation protection requirements : environmental impact statement.

F available only in microfiche.

Improved commercial vehicle conspicuity and signalling systems. Task I: accident analysis and functional requirements. Interim report.

National Highway Traffic Safety Administration, Washington, D.C.

Sight distance requirements at lane closure work zones on urban freeways. Interim report.

Texas State Department of Highways and Public Transportation, Transportation Planning Division, Austin

Requirements for hazardous waste landfill design, construction, and closure.

"August 1989."

Contractor requirements for the control and security of TSCA confidential business information : security manual.

Mode of access: Internet.

Environmental requirements and pollution tolerance of Plecoptera /

Issued Oct. 1978.

Environmental requirements and pollution tolerance of ephemeroptera /

Oct. 1978.

Department of Defense petroleum requirements and supplies : report of the Investigations Subcommittee of the Committee on Armed Services, House of Representatives, Ninety-sixth Congress, second session.

"June 10, 1980."

Physician requirements, 1990, for cardiology /

Mode of access: Internet.

Labor and material requirements for hospital and nursing home construction.

"January 1983."

Statement of additional or enlarged programs in accordance with Requirements Committee document no. 2021-C. December 20, 1943.

"Restricted. Requirements Committee document no. 2049."(inked out)