10,079 research outputs found
Essays on monetary policy and financial stability
Doutoramento em EconomiaBy focusing on the relationship between financial stability and monetary policy for the cases of Chile, Colombia, Japan, Portugal and the UK, this thesis aims to add to the existing literature on the fundamental issue of the relationship between financial stability and monetary policy, a traditional topic that gained importance in the aftermath of the GFC as Central Banks lowered policy rates in an effort to rescue their economies. As the zero-lower bound loomed and the reach of traditional monetary policy narrowed, policy makers realised that alternative frameworks were needed and hence, macroprudential policy measures aimed at targeting the financial system as a whole were introduced.
The second chapter looks at the relationship between monetary policy and financial stability, which has gained importance in recent years as Central Bank policy rates neared the zero-lower bound. We use an SVAR model to study the impact of monetary policy shocks on three proxies for financial stability as well as a proxy for economic growth. Monetary policy is represented by policy rates for the EMEs and shadow rates for the AEs in our chapter. Our main results show that monetary policy may be used to correct asset mispricing, to control fluctuations in the real business cycle and also to tame credit cycles in the majority of cases. Our results also show that for the majority of cases, in line with theory, local currencies appreciate following a positive monetary policy shock. Monetary policy intervention may indeed be successful in contributing to or achieving financial stability. However, the results show that monetary policy may not have the ability to maintain or re-establish financial stability in all cases. Alternative policy choices such as macroprudential policy tool frameworks which are aimed at targeting the financial system as a whole may be implemented as a means of fortifying the economy.
The third chapter looks at the institutional setting of the countries in question, the independence of the Central Bank, the political environment and the impact of these factors on financial Abstract stability. I substantiate the literature review discussion with a brief empirical analysis of the effect of Central Bank Independence on credit growth using an existing database created by Romelli (2018). The empirical results show that there is a positive relationship between credit growth and the level of Central Bank Independence (CBI) due to the positive and statistically significant coefficient on the interaction term between growth in domestic credit to the private sector and the level of CBI. When considering domestic credit by deposit money banks and other financial institutions, the interaction term is positive and statistically significant for the case of the UK for the third regression equation. A number of robustness checks show that the coefficient is positive and statistically significant for a number of cases when implementing a variety of estimation methods. Fluctuations in credit growth are larger for higher levels of CBI and hence, in periods of financial instability or ultimately financial crises, CBI would be reined back in an effort to re-establish financial stability. Based on the empirical results, and in an effort to slow down surging credit supply and to maintain financial stability, policy makers and governmental authorities should attempt to decrease the level of CBI when the economy shows signs of overheating and credit supply continues to increase.
The fourth chapter looks at the interaction between macroprudential policy and financial stability. The unexpected interconnectedness of the global economy and the economic blight that occurred as a result of this, recapitulated the need to implement an alternative policy framework aimed at targeting the financial system as a whole and hence, targeting the maintenance of financial stability. In this chapter, an index of domestic macroprudential policy tools is constructed and the effectiveness of these tools in controlling credit growth, managing GDP growth and stabilising inflation growth is studied using a dynamic panel data model for the period between 2000 and 2017. The empirical analysis includes two panels namely an EU panel of 27 countries and a Latin American panel of 7 countries, the chapter also looks at a case study of Japan, Portugal and the UK. Our main results find that a tighter macroprudential policy tool stance leads to a decrease in both credit growth and GDP growth while, a tighter macroprudential policy tool stance results in higher inflation in the majority of cases. Further, we find that capital openness plays a more important role in the case of Latin America, this may be due to the region’s dependence on foreign capital flows and exchange rate movements. Lastly, we find that, in times of higher perceived market volatility, GDP growth tends to be higher and inflation growth tends to be lower in the EU. In the other cases, higher levels of perceived market volatility result in higher inflation, higher credit growth and lower GDP Abstract growth. This is in line with expectations as an increase in perceived market volatility is met with an increased flow of assets into safer markets such as the EU.
This thesis establishes a relationship between financial stability and monetary policy by studying the response of Chile, Colombia, Japan, Portugal and the UK in the aftermath of the GFC as Central Banks lowered policy rates in an effort to rescue their economies. In short, the results of the work conducted in this thesis may be summarised as follows. Our results show that monetary policy contributes to the achievement of financial stability. Still, monetary policy alone is not sufficient and should be reinforced by less traditional policy choices such as macroprudential policy tools. Secondly, we find that the level of CBI should be reined in in times of surging credit supply in an effort to maintain financial stability. Finally, we conclude that macroprudential policy tools play an important role in the achievement of financial stability. These tools should complement traditional monetary policy frameworks and should be adapted for each region.info:eu-repo/semantics/publishedVersio
Hydrodynamic scales of integrable many-particle systems
1. Introduction, 2. Dynamics of the classical Toda lattice, 3. Static
properties, 4. Dyson Brownian motion. , 5. Hydrodynamics for hard rods, 6.
Equations of generalized hydrodynamics, 7. Linearized hydrodynamics and GGE
dynamical correlations, 8. Domain wall initial states, 9. Toda fluid, 10.
Hydrodynamics of soliton gases, 11. Calogero models, 12. Discretized nonlinear
Schr\"odinger equation , 13. Hydrodynamics for the Lieb-Liniger -Bose
gas, 14. Quantum Toda lattice, 15. Beyond the Euler time scaleComment: 178 pages, 12 Figures. This a much enlarged and substantially
improved version of arXiv:2101.0652
Traversing the FFT Computation Tree for Dimension-Independent Sparse Fourier Transforms
We consider the well-studied Sparse Fourier transform problem, where one aims
to quickly recover an approximately Fourier -sparse vector from observing its time domain representation . In the
exact -sparse case the best known dimension-independent algorithm runs in
near cubic time in and it is unclear whether a faster algorithm like in low
dimensions is possible. Beyond that, all known approaches either suffer from an
exponential dependence on the dimension or can only tolerate a trivial
amount of noise. This is in sharp contrast with the classical FFT of Cooley and
Tukey, which is stable and completely insensitive to the dimension of the input
vector: its runtime is in any dimension for . Our work
aims to address the above issues.
First, we provide a translation/reduction of the exactly -sparse FT
problem to a concrete tree exploration task which asks to recover leaves in
a full binary tree under certain exploration rules. Subsequently, we provide
(a) an almost quadratic in time algorithm for this task, and (b) evidence
that a strongly subquadratic time for Sparse FT via this approach is likely
impossible. We achieve the latter by proving a conditional quadratic time lower
bound on sparse polynomial multipoint evaluation (the classical non-equispaced
sparse FT) which is a core routine in the aforementioned translation. Thus, our
results combined can be viewed as an almost complete understanding of this
approach, which is the only known approach that yields sublinear time
dimension-independent Sparse FT algorithms.
Subsequently, we provide a robustification of our algorithm, yielding a
robust cubic time algorithm under bounded noise. This requires proving
new structural properties of the recently introduced adaptive aliasing filters
combined with a variety of new techniques and ideas
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The History of Periodicals in Hungarian Secondary Mathematics Education Between 1867 and 1956
The purpose of this study was to determine how secondary mathematics education changes in Hungary between 1867 and 1956 were reflected in journal articles of that time. In an attempt to accomplish this purpose, the researcher sought to identify which major political and socioeconomic factors affected the role and content of periodicals, how the content and approach of the topics changed, and who were the most prominent and influential authors of the periodicals between 1867 and 1956. This research investigates Journal of the National Association of Secondary School Teachers, the first periodical devoted to Hungarian secondary education published between 1868 and 1944, and Teaching of Mathematics, the first Hungarian periodical dedicated to mathematic education published between 1953 and 1956. The researcher employed historical-research methodology to examine the articles of the periodicals and categorize them based on similar content such as curriculum, teaching methods, school mathematics, and book/textbook reviews. The study also provides brief summaries of several articles.
This research has shown that the history of Hungarian education in general was often influenced by foreign and domestic politics and ideologies. Studying journal articles provides a unique opportunity to observe real-time communication between educators and administrators and to analyze the effect of social and political changes which influenced mathematics education.
Between 1867 and 1956, Hungary underwent major political and social changes—a dual Monarchy with Austria, independence as a truncated state, and occupation by Germany and later the Soviet Union. These changes significantly altered Hungary as a country and impacted its education system. While every country has undergone political and ideological influences in its educational history, Hungary was particularly affected by neighboring countries such as Germany and later the Soviet Union.
Taking the broader perspective of the evolution of periodicals, this study demonstrated that the history of periodicals as a general form of scientific communication has passed through several stages. The journals, in some respects, are a bridge between educators and were affected by the political atmosphere of the country.
In general, this study has shown that Journal of the National Association of Secondary School Teachers and Teaching of Mathematics were heavily influenced by social and political changes in Hungary, as well as foreign influences from countries such as Germany and the Soviet Union. These factors collectively formed Hungarian mathematics education between 1867 and 1956
Quantum Mechanics Lecture Notes. Selected Chapters
These are extended lecture notes of the quantum mechanics course which I am
teaching in the Weizmann Institute of Science graduate physics program. They
cover the topics listed below. The first four chapter are posted here. Their
content is detailed on the next page. The other chapters are planned to be
added in the coming months.
1. Motion in External Electromagnetic Field. Gauge Fields in Quantum
Mechanics.
2. Quantum Mechanics of Electromagnetic Field
3. Photon-Matter Interactions
4. Quantization of the Schr\"odinger Field (The Second Quantization)
5. Open Systems. Density Matrix
6. Adiabatic Theory. The Berry Phase. The Born-Oppenheimer Approximation
7. Mean Field Approaches for Many Body Systems -- Fermions and Boson
Topics in Applied Labour Economics
This thesis contributes to applied labour economics, spanning gender and spousal partnership. The first chapter shows that partnered women who work more hours than their spouse report lower life satisfaction. The data, collected from a sample of Australian women, suggest that this decrease in well-being is primarily interpreted as women’s non-compliance with traditional gender roles. This effect is more prevalent among women with less education, older women, and women living in regions with more traditional values. However, a decomposition analysis reveals that the impact of these well-being losses on female labour supply is minor and only plays a supplementary role in explaining the slow convergence of gender in the labour market.The second chapter investigates the wage dynamics of partners with similar careers by analysing a sample of Australian couples using a quasi-experimental design. The findings suggest that women experience significant positive wage effects when they have an occupational association with their partner, while men do not see significant effects. These positive wage effects are particularly pronounced among women who work part-time while their partner works full-time and among women whose partner switches into their occupation. These effects are also stronger for partners with a university degree, and partners' wages increase progressively with the number of years they remain work-related.The third chapter examines the effect of flexible working time arrangements on the gender gap in working hours among women using data from the German Socio-Economic Panel (SOEP). The study finds that flexibility has a positive impact on reducing the gender gap in hours worked among women who choose flexible contracts, especially among full-time working women and women after childbirth. These results indicate that flexibility allows women to better balance work and family responsibilities during periods of increased family duties and highlights the importance of flexible working time arrangements in promoting gender equality in employment
Representative set statements for delta-matroids and the Mader delta-matroid
We present representative sets-style statements for linear delta-matroids,
which are set systems that generalize matroids, with important connections to
matching theory and graph embeddings. Furthermore, our proof uses a new
approach of sieving polynomial families, which generalizes the linear algebra
approach of the representative sets lemma to a setting of bounded-degree
polynomials. The representative sets statements for linear delta-matroids then
follow by analyzing the Pfaffian of the skew-symmetric matrix representing the
delta-matroid. Applying the same framework to the determinant instead of the
Pfaffian recovers the representative sets lemma for linear matroids.
Altogether, this significantly extends the toolbox available for kernelization.
As an application, we show an exact sparsification result for Mader networks:
Let be a graph and a partition of a set of terminals , . A -path in is a path with endpoints
in distinct parts of and internal vertices disjoint from . In
polynomial time, we can derive a graph with ,
such that for every subset there is a packing of
-paths with endpoints in if and only if there is one in
, and . This generalizes the (undirected version of the)
cut-covering lemma, which corresponds to the case that contains
only two blocks.
To prove the Mader network sparsification result, we furthermore define the
class of Mader delta-matroids, and show that they have linear representations.
This should be of independent interest
Hierarchical Quadratic Random Forest Classifier
In this paper, we proposed a hierarchical quadratic random forest classifier
for classifying multiresolution samples extracted from multichannel data. This
forest incorporated a penalized multivariate linear discriminant in each of its
decision nodes and processed squared features to realize quadratic decision
boundaries in the original feature space. The penalized discriminant was based
on a multiclass sparse discriminant analysis and the penalization was based on
a group Lasso regularizer which was an intermediate between the Lasso and the
ridge regularizer. The classification probabilities estimated by this forest
and the features learned by its decision nodes could be used standalone or
foster graph-based classifiers
Proceedings of FORM 2022. Construction The Formation of Living Environment
This study examines the integration of building information modelling (BIM) technologies in operation & maintenance stage in the system of managing real estate that helps to reduce transaction costs. The approach and method are based on Digital Twin technology and Model Based System Engineering (MBSE) approach.
The results of the development of a service for digital facility management and
digital expertise are presented. The connection between physical and digital objects is conceptualized
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