Animal spirits and credit cycles

In this paper we extend the behavioral macroeconomic model as proposed by De Grauwe (2012) to include a banking sector. The behavioral model takes the view that agents have limited cognitive abilities. As a result, it is “rational” to use simple forecasting rules and to subject the use of these rules to a fitness test. Agents are then driven to select the rule that performs best. The behavioral model produces endogenous and self-fulfilling movements of optimism and pessimism (animal spirits). Our main result is that the existence of banks intensifies these movements, creating a greater scope for booms and busts. Thus, banks do not create but amplify animal spirits. We find that increases in the equity ratios of banks tend to reduce the importance of animal spirits over the business cycle. The other policy conclusion we derive from our results is that the central bank has an important responsibility for stabilising output: output stabilization is an instrument to “tame the animal spirits”. This has the effect of improving the trade-off between inflation and output volatility

The Ursinus Weekly, May 15, 1969

Student plea for relevance asserted at Skytop meeting • USGA endorses USC plan; Responsible assembly called - Mass meeting held; March called off • USC makes presentation to committee • Travelin\u27 II smash hit; Tomlinson huge success • Dr. Cyrus Gordon discloses discovery • Editorials: Post mortem - Campus Chest; Agency dilemma • Focus: Chuck Williams • Letters to the editor • Thieves\u27 carnival reviewed • Schnoll bridges gap • Faculty survey • The parent as a dropout - are campus riots your fault? • Opinion: A fairy tale • Sleep away • Polemic, Pt. 2 • The women who virtually run UC • Dress regulations • Ursinus in the springtime: a photographic essay • Dr. Ramsay to speak at banquet • Heisinger captures two sprint titles; Bears place third in championships • Netmen massacre LaSalle to clinch winning season • Five athletes are honored • MAC track championship results • 1919 Nittany Lions were the toughest, says President • Softball girls defeat Trenton; Tennis, lacrosse squads win • Studio art unveiled; Bold talent shown • Spring queen, court named; Highlights Parents Day fete • Cub and Key chosen for grades, activities • Chem. students\u27 research noted • Scholar named • Alumni seminar to feature Kerr • I.F. weekend presents Clam • Bill Buckley to speak at UC graduation • Pre-med elections held • Merck presents grant to Ursinus • UC receives first payment for Library • New York Times critic makes appearance at UC • CCC appoints \u2769 advisors • Templeton to head community drive • Push-a-thon • Ruby in preparation, Centennial featuredhttps://digitalcommons.ursinus.edu/weekly/1175/thumbnail.jp

The Ursinus Weekly, October 10, 1969

Seven join, six leave Ursinus faculty • UC and 500 colleges schedule Vietnam moratorium Wednesday; Classes not officially cancelled • William D. Reimert dies, Ursinus Board President • Dr. E. Lewis\u27 math textbook aids Ursinus blind students • Pre-Med convention • Dean Harris weds Bryn Mawr man • Editorial: A very good year • Focus: Mike Stoner in exile • Compulsory convocation: Its validity and purpose • New view of Ursinus • Dr. Rice endorses Vietnam moratorium • Kitchen cynic: Suppose U.C. had mandatory convocations • Perspectives • To eat or not to eat • Board names new members • Spotlight: Mr. Jones, cook • Centennial plans • Opinion: Suggestions for revision of the school calendar • Weaver raps • Faculty portrait: Mrs. Lucas • Woodstock vs. Ursinus • Essay on the new age • Building plans • Freshman class • Harriers extend streak to 26 • Shuman, Mangan potential greats • Flying Dutchmen edge Bears on late T.D. • Ursinus drops grid opener to Diplomats • Registration system analyzed • Lack of needed funds signals impending collapse of agency • Astronaut Scott Carpenter opens Fall Forum series • Ursinus accounting students rank first twice, and secondhttps://digitalcommons.ursinus.edu/weekly/1149/thumbnail.jp

The Ursinus Weekly, October 24, 1969

Six seniors vie for Homecoming Queen • Ursinus students, faculty observe nationwide Vietnam Moratorium; Hundreds attend night procession • President\u27s statement • Editorial: A day of moratorium, a lifetime of commitment • Focus: Vicki Van Horn • Byerly probes Moratorium, SFARC • The psychiatrist is in • In our mail bag: Sig Nu replies; Moratorium Day; Orientation • Interaction • Deprived students complain • Faculty portrait: Mr. Ehrlich • In the spotlight: Mr. Prindle, custodian • Administration answers: Scholarship cancellations • Sisters speak • Wailing wall shouts • Better homes • Student body rejects current US draft system • Ursinus on display for annual Parents Day fete • Ursinus hosts studies group • Bill Brown elected frosh president • Ten Ursinus seniors selected for \u2770 Who\u27s Who rating • Late Ursinus pass downs Mules • Bear football tide turning • Bakermen even record; Team called balanced • Harriers cop 28th straight • Soph phenom Cash leads Bearettes • October 15, 1969: Vietnam Moratorium at Ursinushttps://digitalcommons.ursinus.edu/weekly/1150/thumbnail.jp

Lepton Flavor Non-Conservation

In the present work we review the most prominent lepton flavor violating processes (\mu \ra e\gamma, \mu \ra 3e, $(\mu , e)$ conversion, $M-\bar M$ oscillations etc), in the context of unified gauge theories. Many currently fashionable extensions of the standard model are considered, such as: {\it i)} extensions of the fermion sector (right-handed neutrino); {\it ii)} minimal extensions involving additional Higgs scalars (more than one isodoublets, singly and doubly charged isosinglets, isotriplets with doubly charged members etc.); {\it iii)} supersymmetric or superstring inspired unified models emphasizing the implications of the renormalization group equations in the leptonic sector. Special attention is given to the experimentaly most interesting $(\mu - e)$ conversion in the presence of nuclei. The relevant nuclear aspects of the amplitudes are discussed in a number of fashionable nuclear models. The main features of the relevant experiments are also discussed, and detailed predictions of the above models are compared to the present experimental limits.Comment: (IOA-300/93, review article, 83p, 6 epsf figures , available upon request from [email protected])