The Santa Clara, 2018-10-11

https://scholarcommons.scu.edu/tsc/1076/thumbnail.jp

Risk Shocks and Housing Markets

This paper analyzes the role of uncertainty in a multi-sector housing model with financial frictions. We include time varying uncertainty (i.e. risk shocks) in the technology shocks that affect housing production. The analysis demonstrates that risk shocks to the housing production sector are a quantitatively important impulse mechanism for the business cycle. Also, we demonstrate that bankruptcy costs act as an endogenous markup factor in housing prices; as a consequence, the volatility of housing prices is greater than that of output, as observed in the data. The model can also account for the observed countercyclical behavior of risk premia on loans to the housing sector.agency costs, credit channel, time-varying uncertainty, residential investment, housing production, calibration

"Knowledge-Capital, International Trade and Foreign Direct Investment: A Sectoral Analysis"

The knowledge-capital (KC) model of MNEs is now a widely adopted empirical approach to explaining the location and production decisions of global firms based on both horizontal and vertical motivations. While most of the existing studies have focused on highly aggregated national data, we extend this model to sectoral data consisting of broad manufacturing industries and explicitly account for the dynamic nature of international investment data. The empirical results from a dynamic panel data analysis indicate that that the predictions of the KC model regarding MNE behavior vary by the type of industry. Production processes in electronics and transportation-equipment are more characterized by efficient vertical specialization of R&D activities and assembly, while other sectors display more complex motivations.FDI, knowledge-capital model, exports, GMM

UT Digital Repository: 10-11 Annual Report

UT Librarie

Gravitational solution to the Pioneer 10/11 anomaly

A fully relativistic modified gravitational theory including a fifth force skew symmetric field is fitted to the Pioneer 10/11 anomalous acceleration. The theory allows for a variation with distance scales of the gravitational constant G, the fifth force skew symmetric field coupling strength omega and the mass of the skew symmetric field mu=1/lambda. A fit to the available anomalous acceleration data for the Pioneer 10/11 spacecraft is obtained for a phenomenological representation of the "running" constants and values of the associated parameters are shown to exist that are consistent with fifth force experimental bounds. The fit to the acceleration data is consistent with all current satellite, laser ranging and observations for the inner planets.Comment: 14 pages, 3 figures, 3 tables. typo's were corrected at Equations (4) and (12) and a third table including our predictions for the anomalous perihelion advance of the planets was adde

Effects of Variant Narrators in Acts 10-11

One of the cruces interpretum regarding the Acts of the Apostles that continue to reappear in scholarly discussions is why some stories are repeated three or more times. Redaction criticism moved the solutions beyond the earlier theories of multiple sources toward a consensus of attributing repetition to Lukan redaction. One contribution from redactional approaches was the awareness of how emphasis is achieved by repeating accounts of events that are especially pivotal to the overall plot of Acts

Haircuts

“When confidence is lost, liquidity dries up.” The authors investigate the meaning of “confidence” and “liquidity” in the context of the recent financial crisis, which they maintain is a manifestation of an age-old problem with private money creation: banking panics. The authors explain this problem and provide some evidence with respect to the recent crisis.Bank liquidity ; Financial crises

Doubling your monetary base and surviving: some international experience

The authors examine the experience of selected central banks that have used large-scale balance-sheet expansion, frequently referred to as “quantitative easing,” as a monetary policy instrument. The case studies focus on central banks responding to the recent financial crisis and Nordic central banks during the banking crises of the 1990s; others are provided for comparison purposes. The authors conclude that large-scale balance-sheet increases are a viable monetary policy tool provided the public believes the increase will be appropriately reversed.Monetary policy - United States ; Money supply ; Financial crises