Unveiling the Interplay between Central Bank Digital Currency and Bank Deposits

We extend the Real Business Cycle model in Niepelt (2022) to analyze the risk to financial stability following the introduction of a central bank digital currency (CBDC). CBDC competes with commercial bank deposits as households' source of liquidity. We consider different degrees of substitutability between payment instruments and review the equivalence result in Niepelt (2022) by introducing a collateral constraint banks must respect when borrowing from the central bank. When CBDC and deposits are perfect substitutes, the central bank can offer loans to banks that render the introduction of CBDC neutral to the real economy. We show that the optimal level of the central bank's lending rate depends on the restrictiveness of the collateral constraint: the tighter it is, the lower the loan rate the central bank needs to post. However, when CBDC and deposits are imperfect substitutes, the central bank cannot make banks indifferent to the competition from CBDC. It follows that the introduction of CBDC has real effects on the economy.Comment: 41 pages, 11 figure

Estimation of Zero-Inflated Population Mean: A Bootstrapping Approach

A mixture model was adopted from the maximum pseudo-likelihood approach under complex sampling designs to estimate the mean of zero-inflated population. To overcome the complexity and assumptions of asymptotic distribution, the maximum pseudo-likelihood function was used, but a bootstrapping procedure was proposed as an alternative. Bootstrap confidence intervals consistently capture the true means of zero-inflated populations of the simulation studies

Facile synthesis of hematite nanostructures with controlled hollowness and porosity and their comparative photocatalytic activities

State Key Development Program for Basic Research of China [2007CB935603]; National Natural Science Foundation of China [51372212]Hematite nanostructures with similar spindle-like shapes but different hollowness and porosities have been prepared by a facile hydrothermal method. The comparative photocatalytic activities of these samples were investigated and the results might be helpful to further understand the beneficial effects of hollow and porous structures

Synthesis of 2D hollow hematite microplatelets with tuneable porosity and their comparative photocatalytic activities

State Key Development Program for Basic Research of China [2007CB935603]; National Natural Science Foundation of China [51372212]alpha-Fe2O3 2D hollow microplatelets were synthesized by a facile one-pot template-free solvothermal method. The effect of synthetic parameters on the morphology and structure of the product was systematically studied. And the possible formation mechanism was proposed. Interestingly, by simply varying the concentration of NH4F, alpha-Fe2O3 hollow microstructures with similar platelet-like shapes but different porosities can be readily obtained. Their comparative photocatalytic activities were also investigated

X-shaped hollow α-FeOOH penetration twins and their conversion to α-Fe2O3 nanocrystals bound by high-index facets with enhanced photocatalytic activity

通讯作者地址: Wang, ZCNonspherical hollow nanoparticles (NHNPs) have attracted a great deal of attention in recent years due to their unique properties and many promising applications. However, compared to hollow spheres, the fabrication of NHNPs is generally much more difficult and there are only a few successful examples to date. In this work, X-shaped hollow alpha-FeOOH penetration twins were first synthesized by a facile hydrothermal reaction. X-shaped alpha-Fe2O3 hollow nanostructures with high-index {11 (2) over bar3} facets exposed were further obtained via the topotactic transformation of alpha-FeOOH precursor. To the best of our knowledge, this is the first report on the nanostructures with high-index facets as well as a hollow interior. Owing to the special hollow structure and the high-energy surface, the as-obtained alpha-Fe2O3 nanocrystals show excellent visible-light photocatalytic activity toward the degradation of RhB.State Key Development Program for Basic Research of China 2007CB935603 National Natural Science Foundation of China 5137221

Hematite concave nanocubes and their superior catalytic activity for low temperature CO oxidation

Hematite (α-Fe2O3) concave nanocubes bound by high-index {1344} and {1238} facets were synthesized and their catalytic activity for CO oxidation were also investigated. ? 2014 the Partner Organisations

Sensory Communication

Contains table of contents for Section 2, an introduction and reports on twelve research projects.National Institutes of Health Grant R01 DC00117National Institutes of Health Grant R01 DC02032National Institutes of Health/National Institute of Deafness and Other Communication Disorders Grant 2 R01 DC00126National Institutes of Health Grant 2 R01 DC00270National Institutes of Health Contract N01 DC-5-2107National Institutes of Health Grant 2 R01 DC00100U.S. Navy - Office of Naval Research Grant N61339-96-K-0002U.S. Navy - Office of Naval Research Grant N61339-96-K-0003U.S. Navy - Office of Naval Research Grant N00014-97-1-0635U.S. Navy - Office of Naval Research Grant N00014-97-1-0655U.S. Navy - Office of Naval Research Subcontract 40167U.S. Navy - Office of Naval Research Grant N00014-96-1-0379U.S. Air Force - Office of Scientific Research Grant F49620-96-1-0202National Institutes of Health Grant RO1 NS33778Massachusetts General Hospital, Center for Innovative Minimally Invasive Therapy Research Fellowship Gran

Evolving monetary policy effects and financial turmoil In Norway : a factor-augmented VAR approach

In this paper we have analyzed how the e ects of monetary policy in Norway might have been changing over time. In particular, we have paid special attention to how the impact of policy shocks on key economic variables (such as GDP, industrial production, consumption, CPI, stock price index and employment) have evolved around the time of the bankruptcy of Lehman Brothers. By using a FAVAR framework based on a data set of 122 Norwe- gian variables and estimating the model recursively from 2000:M1 to 2014:M12, we show that the e ects of monetary policy on our vari- ables are indeed time-varying. The impulse responses of key economic variables to a monetary policy shock strengthen as we enter into a period of nancial turmoil in late-2008. In general, we nd that if a policy shock were to happen around late-2008 its cumulated impact on a variable after 50 months would be stronger than if the shock were to happen, say, before the crisis. It seems that the cumulated e ect of a policy shock is the strongest precisely during the worst moment of the crisis - the period right after bankruptcy of Lehman Brothers.nhhma

On some statistical aspects of the interval mapping for QTL detection.

Abstract: The advent of complete genetic linkage maps of DNA markers has made the systematic study of mapping the quantitative trait loci (QTL) in experimental organisms feasible. In recent years, methodological research on QTL mapping has been extensively carried out. However, some related statistical problems remain unsolved. In this article, we consider these problems for the method of interval mapping proposed b