9,882 research outputs found

    A Systematic Banking Collapse in a Perfect Foresight World

    Get PDF
    In this paper we present a model in which a systematic banking collapse is possible in a perfect foresight, general equilibrium context. Our aim is to determine con3itions under which a collapse will eventually occur and the timing of such a collapse. The collapse can occur endogenously, driven by market fundamentals. Alternatively, it can be caused by a mass hysteria which generates itself in reality. Vie also compare the assumptions and implications of our model to the observable phenomena of the 1930's.

    Photovoltaic options for solar electric propulsion

    Get PDF
    During the past decade, a number of advances have occurred in solar cell and array technology. These advances have lead to performance improvement for both conventional space arrays and for advanced technology arrays. Performance enhancements have occurred in power density, specific power, and environmental capability. Both state-of-the-art and advanced development cells and array technology are discussed. Present technology will include rigid, rollout, and foldout flexible substrate designs, with silicon and GaAs solar cells. The use of concentrator array systems is also discussed based on both DOD and NASA efforts. The benefits of advanced lightweight array technology, for both near term and far term utilization, and of advanced high efficiency, thin, radiation resistant cells is examined. This includes gallium arsenide on germaniun substrates, indium phosphide, and thin film devices such as copper indium diselenide

    Terrorism and visibility in Algeria’s ‘black decade’: Des hommes et des dieux (2010)

    Get PDF
    This article addresses the audio-visual representation of the victims of Islamic fundamentalist terrorism in Algeria in the 1990s, drawing on both historical and testimonial sources before examining Xavier Beauvois’s Des hommes et des dieux (2010). Based on a true story – the abduction and murder of a group of ex-colonial French monks– it offers a useful platform on which to interrogate the interactions of the representational and the political in relation to terrorism. Critical accounts of contemporary terrorism suggest that there has been a shift in focus from governments and terrorist organisations to an apprehension of the individual victim. However, examinations of the audio-visual can inform terrorism studies, pointing towards representational and socio-political occlusions by illuminating an implicit hierarchy of visibility. Certain lives, generally Western and Christian, are visible and mourned publicly when lost, while others, in this case Algerian, remain without an image

    The Linkage Between Speculative Attack and Target Zone Models of Exchange Rates

    Get PDF
    In this paper we generalize the target zone exchange rate as model formalized by Krugman (1988b) to include finite-sized interventions in defense of the zone. The main contributions of these pages consist of linking the recent developments in the theory of target zones to the mirror-image theory of speculative attacks on asset price fixing regimes and in using aspects of that linkage to give an intuitive interpretation to the smooth pasting" condition usually invoked as a terminal condition.

    Process Consistency and Monetary Reform: Further Evidence and Implications

    Get PDF
    In this paper we provide additional evidence that process consistency may have materialized as a restrictive constraint on the money generation process. In addition to recomputing the time series of process consistency probabilities using new data from the German case, we also supply our empirical technique to the data from the other hyperinflations studied by Cagan. We interpret our results as evidence hearing on the type of transversality condition studied by Brock or by Brock and Scheinkman as a sufficient condition to insure a unique equilibrium in optimizing models with perfect foresight and money.

    Two Notes on Indeterminacy Problems

    Get PDF
    In this paper we show, in an example, that the arbitrary behavior which results in an indeterminacy in the time path of a flexible exchange rate and is associated with "badly behaved" speculation has a manifestation under a regime of fixed rates in an indeterminacy in the time path of government holding of international reserves. Thus, to the extent that arbitrariness is characteristic of agents' behavior it is not resolve6 but only masked by the fixing of exchange rates.
    corecore