On KP-II type equations on cylinders

In this article we study the generalized dispersion version of the Kadomtsev-Petviashvili II equation, on \T \times \R and \T \times \R^2. We start by proving bilinear Strichartz type estimates, dependent only on the dimension of the domain but not on the dispersion. Their analogues in terms of Bourgain spaces are then used as the main tool for the proof of bilinear estimates of the nonlinear terms of the equation and consequently of local well-posedness for the Cauchy problem.Comment: 32 page

(Un)anticipated monetary policy in a DSGE model with a shadow banking system : [Version 21 Juni 2012]

Motivated by the U.S. events of the 2000s, we address whether a too low for too long interest rate policy may generate a boom-bust cycle. We simulate anticipated and unanticipated monetary policies in state-of-the-art DSGE models and in a model with bond financing via a shadow banking system, in which the bond spread is calibrated for normal and optimistic times. Our results suggest that the U.S. boom-bust was caused by the combination of (i) too low for too long interest rates, (ii) excessive optimism and (iii) a failure of agents to anticipate the extent of the abnormally favorable conditions