The credit supply channel of monetary policy: evidence from a FAVAR model with sign restrictions

We test whether the credit channel of the monetary policy was present in the United States' economy from January 2001 to April 2016. To this end, we use a factor-augmented vector autoregression, and we impose sensible theoretical sign restrictions in our structural identification scheme. We use the expected substitution effect between bank commercial loans and commercial papers to identify the credit supply channel. We found that the credit channel appears to have operated in the US economy during the sample period. However, when we split the sample, we found that the credit channel did not operate after the subprime crisis (close to the Zero Lower Bound of the interest rate). This result is robust to changing the sign restriction horizons. It supports current views in the literature regarding the ineffectiveness of the credit channel as a means to foster real economic activity during crises episodes

Contact interaction

Many research fields are concerned with contacts between objects or between a human and an object. As a first generality, one can say that contact makes the distinction between existence or absence of short distance physical interaction. Furthermore, the notion of contact means a short distance interaction between two physical entities

Stability

International audienceWhen haptic interactions between a user and a physical object is mediated by haptic devices, or when manipulating a virtual object by means of an haptic device, an essential prerequisite is to preserve the stability of the whole haptic system. Indeed, unstable behaviours of the system can damage the user and the system itself. From a theoretical point of view, stability is the ability of a system to maintain equilibrium under the influence of external factors

Effector

International audienceOne can distinguish between three uses (and related definitions) of the term effector: in human beings, in control systems and robotics (where it is sometimes synonymous of actuator), and in robotics (where it may also refers to the tool attached to the last point in a robotic chain)

Coupled electric and magnetic dipole formulation for planar arrays of dipolar particles: metasurfaces with various electric and/or magnetic meta-atoms per unit cell

The optical properties of infinite planar array of scattering particles, metasurfaces and metagratings, are attracting special attention lately for their rich phenomenology, including both plasmonic and high-refractive-index dielectric meta-atoms with a variety of electric and magnetic resonant responses. Herein we derive a coupled electric and magnetic dipole (CEMD) analytical formulation to describe the reflection and transmission of such periodic arrays, including specular and diffractive orders, valid in the spectral regimes where only dipolar multipoles are needed. Electric and/or magnetic dipoles with all three orientations arising in turn from a single or various meta-atoms per unit cell are considered. The 2D lattice Green function is rewritten in terms of a 1D (chain) version that fully converges and can be easily calculated. Modes emerging as poles of such lattice Green function can be extracted. This formulation can be applied to investigate a wealth of plasmonic, all-dielectric, and hybrid metasurfaces/metagratings of interest throughout the electromagnetic spectrum.Comment: 8 pages, 4 figure

Interface

International audienceGenerally speaking, an interface is the point, area or surface in which converge two or more distinct entities. Therefore, the term interface can be used to denote any mean that realizes the interconnection of two entities

Force feedback device / force properties

International audienceForce feedback devices are, at first sight, a category of haptic devices that are able to exert a controlled force by the means of actuators in their mechanical (or gesture) interaction with a user. This definition, provided for the sake of simplicity, should be considered carefully. Anyhow, the expression force feedback device clearly relates with the idea of a controlled force. Hence, an important mean to evaluate these devices consists in considering their force properties

Fundamentos de Control Automático de Sistemas Continuos y Muestreados

La Ingeniería de Control versa sobre el diseño de leyes matemáticas que gobiernen sistemas físicos conforme a una serie de especificaciones. Esta disciplina es, por tanto, esencial para la automatización de sistemas o procesos industriales. Este manual presenta, en un primer gran bloque, los métodos tradicionales de análisis y diseño de controladores de sistemas continuos (o analógicos). La segunda parte describe las mismas herramientas para sistemas muestreados (o digitales)