169 research outputs found
The Properties of the Equity Premium and the Risk-Free Rate: An Investigation Across Time and Countries
We examine the relationship between the equity premium and the risk-free rate over time for Group of Seven countries. We show the existence of subsample instabilities, cross-country differences, and examine whether a consumption-based CAPM model is able to explain the heterogeneity of the data when cross-country and time-series differences in technology parameters are accounted for. We demonstrate that the basic features of the equity premium and risk-free puzzles remain regardless of the sample period and the country considered. Modifications of the basic setup also fall short of providing an explanation for the puzzles. Copyright 2003, International Monetary Fund
On the sources of business cycles in the G-7
This paper examines sources of cyclical movements in output, inflation and the term structure of interest rates. It employs a novel identification approach which uses the sign of the cross correlation function in response to shocks to catalog orthogonal disturbances. We find that demand shocks are the dominant source output, inflation and term structure fluctuations in six of the G-7 countries. Within the class of demand disturbances, nominal shocks are dominant, but their importance declined after 1982. Furthermore, there are no significant differences in the proportion of term structure variability explained by different structural sources at different horizons.Structural shocks, business cycles, demand disturbances, dynamic correlations, impulse responses
Entropy-Transport distances between unbalanced metric measure spaces
Inspired by the recent theory of Entropy-Transport problems and by the
-distance of Sturm on normalised metric measure spaces, we define a
new class of complete and separable distances between metric measure spaces of
possibly different total mass.
We provide several explicit examples of such distances, where a prominent
role is played by a geodesic metric based on the Hellinger-Kantorovich
distance. Moreover, we discuss some limiting cases of the theory, recovering
the "pure transport" -distance and introducing a new class of "pure
entropic" distances.
We also study in detail the topology induced by such Entropy-Transport
metrics, showing some compactness and stability results for metric measure
spaces satisfying Ricci curvature lower bounds in a synthetic sense.Comment: 36 pages. Comments are welcome
3-[2-(1H-1,3-Benzodiazol-2-yl)ethyl]-1,3-oxazolidin-2-one
In the title compound, C12H13N3O2, the dihedral angle between the oxazolone ring and the benzimidazole unit is 45.0 (5)°, exhibiting a staggered conformation at the Cα—Cβ bond. In the crystal, a strong N—H⋯N hydrogen bond links the molecules into a C(4) chain along the c axis while a C—H⋯O hydrogen-bonding interaction generates a C(5) chain along the a axis, i.e. perpendicular to the other chain
Polarization preserving ultra fast optical shutter for quantum information processing
We present the realization of a ultra fast shutter for optical fields, which
allows to preserve a generic polarization state, based on a self-stabilized
interferometer. It exhibits high (or low) transmittivity when turned on (or
inactive), while the fidelity of the polarization state is high. The shutter is
realized through two beam displacing prisms and a longitudinal Pockels cell.
This can represent a useful tool for controlling light-atom interfaces in
quantum information processing.Comment: 4 pages, 6 figure
Extracellular vesicles in hepatology: Physiological role, involvement in pathogenesis, and therapeutic opportunities.
Since the first descriptions of hepatocyte-released exosome-like vesicles in 2008, the number of publications describing Extracellular Vesicles (EVs) released by liver cells in the context of hepatic physiology and pathology has grown exponentially. This growing interest highlights both the importance that cell-to-cell communication has in the organization of multicellular organisms from a physiological point of view, as well as the opportunity that these circulating organelles offer in diagnostics and therapeutics. In the present review, we summarize systematically and comprehensively the myriad of works that appeared in the last decade and lighted the discussion about the best opportunities for using EVs in liver disease therapeutics
Resolving the Solar Neutrino Problem with KamLAND
We study how well KamLAND, the first terrestrial neutrino experiment capable
of addressing the solar neutrino problem, will perform in ascertaining whether
or not the large mixing angle MSW solution (with and oscillation amplitude ) is correct.
We find that in a year of operation KamLAND will provide unequivocal evidence
for or against this solution. Furthermore, its sensitivity to the
three-neutrino oscillation parameters in this region is sufficiently acute as
to determine to approximately % (for ) and to fix to within (at the
level) with three years of accumulated data, independent of the value
of .Comment: A typographical error is corrected. "3\sigma" is replaced by
"2\sigma" everywher
Concentration and foreign penetration in Latin American banking sectors: Impact on competition and risk
- …