3,298 research outputs found
Estimating Estate-Specific Price-to-Rent Ratios in Shanghai and Shenzhen: A Bayesian Approach
The price-to-rent ratio, a common yardstick for the value of housing, is difficult to estimate when rental properties are poor substitutes of owner-occupied homes. In this study, we estimate price-to-rent ratios of residential properties in two major cities in China, where urban high-rises (estates) comprise both rental and owner-occupied units. We conduct Bayesian inference on estate-specific parameters by using information of rental units to elicit priors of the unobserved rents of units sold in the same estate. We find that the price-to-rent ratios tend to be higher for low-end properties. We discuss economic explanations for the phenomenon and the policy implications.
Asymmetric Monetary Policy in Australia
We find evidence for asymmetric behaviour in Australian monetary policy. During 1984-1990, the Reserve Bank of Australia acted with considerable discretion yielding poor performance of an interest rate rule. However it behaved asymmetrically to inflation and the output gap in downturns and upturns. On embracing inflation targeting from 1991, it enhanced its credibility by anchoring inflation expectations. Not only did its actions become more predictable in 1991-2002, it responded asymmetrically only to output, switching to act more acutely in downturns. While its asymmetric behaviour could result from asymmetric preferences or non-linear aggregate supply, our results support the former explanation.non-linear Phillips curve; Interest rate rules; asymmetric preferences; generalized method of moments; inflation targeting; credibility
Introducing Theranostics Journal - From the Editor-in-Chief
Theranostics is a multidisciplinary journal that publishes innovative and original research papers reflecting the field of molecular imaging, molecular therapeutics, multifunctional nanoparticle platforms, image-guided therapy, and translational nanomedicine. A broad spectrum of biomedical research that can be applied to future theranostic applications is encouraged
GPT-PINN: Generative Pre-Trained Physics-Informed Neural Networks toward non-intrusive Meta-learning of parametric PDEs
Physics-Informed Neural Network (PINN) has proven itself a powerful tool to
obtain the numerical solutions of nonlinear partial differential equations
(PDEs) leveraging the expressivity of deep neural networks and the computing
power of modern heterogeneous hardware. However, its training is still
time-consuming, especially in the multi-query and real-time simulation
settings, and its parameterization often overly excessive. In this paper, we
propose the Generative Pre-Trained PINN (GPT-PINN) to mitigate both challenges
in the setting of parametric PDEs. GPT-PINN represents a brand-new
meta-learning paradigm for parametric systems. As a network of networks, its
outer-/meta-network is hyper-reduced with only one hidden layer having
significantly reduced number of neurons. Moreover, its activation function at
each hidden neuron is a (full) PINN pre-trained at a judiciously selected
system configuration. The meta-network adaptively ``learns'' the parametric
dependence of the system and ``grows'' this hidden layer one neuron at a time.
In the end, by encompassing a very small number of networks trained at this set
of adaptively-selected parameter values, the meta-network is capable of
generating surrogate solutions for the parametric system across the entire
parameter domain accurately and efficiently
Estimating Estate-Specific Price-to-Rent Ratios in Shanghai and Shenzhen: A Bayesian Approach
The price-to-rent ratio, a common yardstick for the value of housing, is difficult to estimate when rental properties are poor substitutes of owner-occupied homes. In this study we estimate price-to-rent ratios of residential properties in two major cities in China, where urban high-rises (estates) comprise both rental and owner-occupied units. We conduct Bayesian inference on estate-specific parameters, using information of rental units to elicit priors of the unobserved rents of units sold in the same estate. We find that the price-to-rent ratios tend to be higher for low-end properties. We discuss economic explanations for the phenomenon and the policy implications
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