The influence of monetary policy over interest rates, and via interest rates over non-financial economic activity, stems from the central bank’s role as a monopolist over the supply of bank reserves. Several trends already visible in the financial markets of many countries today threaten to weaken or even undermine the relevance of that monopoly, and with it the efficacy of monetary policy. The...

Th e fi nancial regulation architecture in both the United States and China developed during eras when retail deposits and bank loans were the primary mode of fi nancial intermediation. Th e function of banks is to transform short-term deposits into long-term loans, while providing liquidity for depositors. Experience has taught regulators hard lessons that this activity must be subject to prud...

Storm water detention has been widely used for on-site runoff release control. The required storm water detention volumes are often determined by the pre-selected release rates for various design events. When a low release rate is selected, the basin stores more storm water volume than required and it results in an insufficient base flow for the downstream habitats. When a high release is selec...

High-resolution seismic data and sediment cores reveal the late Holocene subsurface stratigraphy of the broad Tappan Zee– Piermont region of the Hudson River Estuary. We identify a series of distinct, extensive horizons beneath the marginal flats, channel banks, and main channel in this area. Physical properties and lithology from sediment cores suggest that these horizons are surfaces of erosi...