Integration in European Retail Banking : Evidence from savings and lending rates to non-financial corporations

The aim of this paper is to investigate the integration process in the European Union retail banking sector during the period 1995-2008, by analysing deposit and lending rates to nonfinancial corporations which represent one of the main constituents of retail banking. An important contribution of the paper is the application of the recently developed Phillips and Sul (2007a) panel convergence methodology which has not hitherto been employed in this area. This method analyses the degree as well as the speed of convergence, identifies the presence of club formation, and measures the behaviour of each country’s transition path relative to the panel average. The results obtained point to the presence of close convergence in all deposit rates and in the short-term lending rates to non-financial corporations. However, we also detect the presence of heterogeneity in the European retail banking sector with notably some diverse convergence patterns observed for the transition paths for the deposit and lending rates with longer maturities.Submitted Versio

Automated experience-based learning for plug and produce assembly systems

YesThis paper presents a self-learning technique for adapting modular automated assembly systems. The technique consists of automatically analysing sensor data and acquiring experience on the changes made on an assembly system to cope with new production requirements or to recover from disruptions. Experience is generalised into operational knowledge that is used to aid engineers in future adaptations by guiding them throughout the process. At each step, applicable changes are presented and ranked based on: (1) similarity between the current context and those in the experience base; (2) estimate of the impact on system performance. The experience model and the self-learning technique reflect the modular structure of the assembly machine and are particularly suitable for plug and produce systems, which are designed to offer high levels of self-organisation and adaptability. Adaptations can be performed and evaluated at different levels: from the smallest pluggable unit to the whole assembly system. Knowledge on individual modules can be reused when modules are plugged into other systems. An experimental evaluation has been conducted on an industrial case study and the results show that, with experience-based learning, adaptations of plug and produce systems can be performed in a shorter time.European Union [grant number 314762]

Plan Library Reconfigurability in BDI Agents

One of the major advantages of modular architectures in robotic systems is the ability to add or replace nodes, without needing to rearrange the whole system. In this type of system, autonomous agents can aid in the decision making and high-level control of the robot. However, when autonomously replacing a node it can be difficult to reconfigure plans in the agent's plan library while retaining correctness. In this paper, we exploit the formal concept of capabilities in Belief-Desire-Intention agents and describe how agents can reason about these capabilities in order to reconfigure their plan library while retaining overall correctness constraints. To validate our approach, we show the implementation of our framework and an experiment using a practical example in the Mars rover scenario

Results analysis and validation - D5.3

This deliverable describes the validation processes followed to assess the performance of the algorithms and protocols for the operator governed opportunistic networking as defined in the OneFIT Project. Therefore, this document includes the description of the set-up of the different validation platforms, the design of the test plans for each one of them, and the analysis of the results obtained from the tests. A per-scenario approach rather than a per-platform approach has been followed, so an additional analysis has been performed, gathering the results related to each scenario, in order to validate the premises stated to each one of them. The OneFIT concept has been therefore validated for all foreseen business scenarios

Benchmark Yield Undershooting in the E.M.U.

With the elimination of foreign exchange risk among the E.M.U.-member countries, the yield of, say, French benchmark government bonds (henceforth, the yield) should be equal to that of German bonds, plus some credit and liquidity premia. Since both premia are not likely to change substantially from one day to the other, the yield should move in tandem with the German one and the corresponding spread should remain relatively stable. Yet, the yield exhibits a small but economically and statistically significant undershooting in response to changes in the German one, as a result of which the spread tends to decline when the latter increases, and vice-versa. We propose that the undershooting is the product of lagged adjustment in the European bond portfolios that is driven by liquidity considerations and, in particular, by the possibility of excessive bond-price movements in response to changes in the German yield. The empirical results are consistent with this proposition and additionally suggest that the adjustment can last for as long as four days