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NOTE: Staff working papers in the Finance and Economics Discussion Series (FEDS) are preliminary materials circulated to stimulate discussion and critical comment. The analysis and conclusions set forth are those of the authors and do not indicate concurrence by other members of the research staff or the Board of Governors. References in publications to the(More)
43 Central banks as lenders of last resort: experiences during the 2007–10 crisis and lessons for the future Abstract During the 2007–10 financial crisis, central banks accumulated a vast amount of experience in acting as lenders of last resort. This paper reviews the various ways that central banks provided emergency liquidity assistance (ELA) during the(More)
Large-scale protein expression measurements promise to open exciting areas of research, ranging from systematic investigations of post-transcriptional regulation, to numerical models of protein synthesis and decay, to detailed functional analyses of the many proteins expressed by a cell. This promise is even greater when such protein expression data are(More)
BACKGROUND Ovarian transposition is the anatomical relocation of the ovaries from the pelvis to the abdomen. Transposition is beneficial in women who are to undergo pelvic radiation, because it allows maintenance of ovarian function and preservation of assisted reproductive capacity. METHODS The da Vinci surgical system (Intuitive Surgical, Mountainview,(More)
We thank staffs of the Board of Governors of the Federal Reserve and of the Federal Reserve Bank of New York, participants at the Federal Reserve System applied microeconomics conference, the Federal Deposit Insurance Corporation Annual Bank Research Conference and seminar participants at Villanova University for valuable comments. The views presented in(More)
This paper explores the relationship between the health of the financial sector and the rest of the economy. We develop an indicator of financial sector health using a distance-to-default measure based on a Merton-style option pricing model. Our measure spans over three decades and appears to capture periods when financial sector institutions were strong(More)
This study examines the effect of shocks observed in financial markets on output and employment during the Great Depression. We present three main findings. First, an adverse financial shock leads to a decline in the manufacturing sector's output and employment that peaks about 11 months afterward. Next, this shock has a much greater impact on the durables(More)
OBJECTIVES Approximately 80% of patients complain of various symptoms immediately after laparoscopic Nissen fundoplication. These symptoms typically are treated medically without an extensive evaluation to identify the cause. We reviewed our experience of laparoscopic Nissen fundoplication to determine the course of postoperative symptomatology in our(More)
With the rise of international bond markets in the 1990s, the role of sovereign credit ratings has become increasingly important. In the aftermath of Asian Crises a series of empirical studies on the effects of sovereign ratings appeared. The theoretical literature on the topic, however, remains rather scarce. We propose a model of rating agencies that is(More)