Mortgage interest rate dispersion in the euro area

Despite the remarkable economic and financial convergence over the last ten years in the euro area, mortgage interest rates still differ across countries. This note presents some stylised facts on the heterogeneity of mortgage interest rates across euro area countries on the basis of the Eurosystem’s harmonised MFI interest rate statistics. We also attempt to provide some insights into the reasons behind these cross-country differences using the methodology recently proposed by Affinito and Farabullini (2006). We differ from Affinito and Farabullini (2006) in that we focus on one particular banking market: the market for mortgage loans. This allows us to identify more clearly the role of specific structural features characterising that market in explaining mortgage rate dispersion. More specifically, we investigate the extent to which various mortgage loan demand and supply determinants help explaining the observed dispersion. It turns out that some of the heterogeneity can be explained by these factors, in particular those that relate to the supply side. However, a substantial part of the dispersion remains unexplained suggesting that much of the heterogeneity also reflects country-specific institutional differences that are likely to be caused by differences in the regulatory and fiscal framework of the mortgage markets. In order to test this, we extend our analysis to also include institutional factors and indeed find that crosscountry differences in enforcement procedures, tax subsidies and loan-to-value ratios influence the level of mortgage rates. JEL Classification: C23, E4, F36, G21, N24euro area, financial integration, Interest Rates, Mortgage markets

Extreme Huygens' metasurfaces based on quasi-bound states in the continuum

We introduce the concept and a generic approach to realize Extreme Huygens' Metasurfaces by bridging the concepts of Huygens' conditions and optical bound states in the continuum. This novel paradigm allows creating Huygens' metasurfaces whose quality factors can be tuned over orders of magnitudes, generating extremely dispersive phase modulation. We validate this concept with a proof-of-concept experiment at the near-infrared wavelengths, demonstrating all-dielectric Huygens' metasurfaces with different quality factors. Our study points out a practical route for controlling the radiative decay rate while maintaining the Huygens' condition, complementing existing Huygens' metasurfaces whose bandwidths are relatively broad and complicated to tune. This novel feature can provide new insight for various applications, including optical sensing, dispersion engineering and pulse-shaping, tunable metasurfaces, metadevices with high spectral selectivity, and nonlinear meta-optics

Comprehensive Review of Opinion Summarization

The abundance of opinions on the web has kindled the study of opinion summarization over the last few years. People have introduced various techniques and paradigms to solving this special task. This survey attempts to systematically investigate the different techniques and approaches used in opinion summarization. We provide a multi-perspective classification of the approaches used and highlight some of the key weaknesses of these approaches. This survey also covers evaluation techniques and data sets used in studying the opinion summarization problem. Finally, we provide insights into some of the challenges that are left to be addressed as this will help set the trend for future research in this area.unpublishednot peer reviewe

Four-neutrino analysis of 1.5km-baseline reactor antineutrino oscillations

The masses of sterile neutrinos are not yet known, and depending on the orders of magnitudes, their existence may explain reactor anomalies or the spectral shape of reactor neutrino events at 1.5km-baseline detector. Here, we present four-neutrino analysis of the results announced by RENO and Daya Bay, which performed the definitive measurements of $\theta_{13}$ based on the disappearance of reactor antineutrinos at km-order baselines. Our results using 3+1 scheme include the exclusion curve of $\Delta m^2_{41}$ vs. $\theta_{14}$ and the adjustment of $\theta_{13}$ due to correlation with $\theta_{14}$. The value of $\theta_{13}$ obtained by RENO and Daya Bay with a three-neutrino oscillation analysis is included in the $1\sigma$ interval of $\theta_{13}$ allowed by our four-neutrino analysis.Comment: 14 pages, 7 figures. arXiv admin note: text overlap with arXiv:1303.617

Annealing-induced reduction in nanoscale heterogeneity of thermally evaporated amorphous As2S3 films

The morphology and structural order of thermally deposited and annealed amorphous As2S3 films have been investigated using high resolution transmission electron microscopy. It was found that both the as-deposited and annealed films contained sparsely distributed nanocrystallites of the orpiment As2S3 crystalline phase. However, from selected area electron diffraction both films appeared amorphous. Fluctuation electron microscopy revealed that the as-deposited film contained greater nanoscale inhomogeneity. Low temperature annealing reduced the nanoscale inhomogeneity and resulted in a more homogeneous and energetically favorable network. The reduction in nanoscale inhomogeneity upon low temperature annealing was accompanied by the appearance of a first sharp diffraction peak in the diffraction pattern. This first-sharp diffraction peak has been attributed to chemical ordering of interstitial voids. Our measurements suggest that this chemical short-range ordering is associated with the dissolution of the energetically unfavorable larger correlated structures that contribute to the inhomogeneity of the as-deposited film

Multistage Shifted JACOBI Spectral Method for solving linear & nonlinear Fractional Differential Equations

Department of Mathematical SciencesIn this work, we developed a new numerical method based on the shifted jacobi polynomials for solving linear and nonlinear initial value problem and boundary value problem of fractional differential equation. We extend the conventional spectral approaches such as the Shifted Jacobi Tau(SJT) method for linear problem and the Shifted Jacobi Collocation(SJC) method for nonlinear problem, by using the multistage methodology. These methods are called the Multistage Shifted Jacobi Tau(M-SJT) and the Multistage Shifted Jacobi Collocation(M-SJC) method,respectively. From the several illustrative examples, the advantages of using the proposed methods are discussed for the initial value problem and we compare the proposed methods with exact solution and conventional spectral approaches. In addition, we extend the proposed methods for solving nonlinear boundary value problem of the fractional differential equations. Since all proposed methods are developed for solving the linitial problem, it is necessary to convert the boundary problem to the initial problem. Here we adopt the nonlinear shooting method combined with M-SJC. From the numerical example, the advantages of using the proposed methods are discussed for the nonlinear boundary value problem and we compare the proposed methods with exact solution and conventional spectral approaches.ope

Przyimki wtórne w dyskursie naukowym

Udostępnienie publikacji Wydawnictwa Uniwersytetu Łódzkiego finansowane w ramach projektu „Doskonałość naukowa kluczem do doskonałości kształcenia”. Projekt realizowany jest ze środków Europejskiego Funduszu Społecznego w ramach Programu Operacyjnego Wiedza Edukacja Rozwój; nr umowy: POWER.03.05.00-00-Z092/17-00.