The discussion of Claudio Borio’s and Franklin Allen’s papers left me thinking that history has not been kind to the Wallis Committee of Inquiry into the Australian Financial System. It would appear that banks complement fi nancial markets, rather than substitute for them, to a far greater extent than assumed by the Committee. This even led to speculation that the Wallis architecture of creatin...

We generated exact probability distributions for sample sizes up to 35 in each of three groups ( 105 N  ) and up to 10 in each of four groups ( 40 N  ). We provided a portion of these exact probability tables and compared the exact distributions to the chi-square, gamma, and beta approximations. The beta approximation was best in terms of the root mean squared error. At specific significance ...

In a multi-group experimental design where interest is in a univariate response, the nonparametric Kruskal-Wallis test [Kniskal and Wallis (1952)] provides a potentially more powerful alternative to the parametric one-way analysis of variance when the assumptions of normality are in question. For multivariate response, Puri and Sen (1966) proposed a generalization of the KmskalWallis test that ...

The high sensitivity of cavity ring-down spectroscopy has allowed us to observe a few perpendicular vibrational overtone transitions of HCN in the visible. These transitions display a sizable Herman– Wallis effect, that is an asymmetry in the relative intensities of the R and P branch lines. We have developed a theory for the first-order Herman–Wallis effect based upon using variational vibrati...