Four-dimensional Riemannian product manifolds with circulant structures

A 4-dimensional Riemannian manifold equipped with an additional tensor structure, whose fourth power is the identity, is considered. This structure has a circulant matrix with respect to some basis, i.e. the structure is circulant, and it acts as an isometry with respect to the metric. The Riemannian product manifold associated with the considered manifold is studied. Conditions for the metric, which imply that the Riemannian product manifold belongs to each of the basic classes of Staikova-Gribachev's classification, are obtained. Examples of such manifolds are given.Comment: 10 page

Pascal’s wager: tracking an intended reader in the structure of the argument

Pascal’s wager is the name of an argument in favor of belief in God presented by Blaise Pascal in §233 of Thoughts. Ian Hacking (1972) pointed out that Pascal’s text involves three different versions of the argument. This paper proceeds from this identification, but it concerns an examination of the rhetorical strategy realized by Pascal’s argumentation. The final form of Pascal’s argument is considered as a product that could be established only through a specific process of persuasion led with respect to an intended reader with a particular set of initial beliefs. The text uses insights from the pragma‐dialectical approach to argumentation, especially the concept of rhetorical effectiveness of particular choices from the topical potential. The argumentation structure of Pascal’s wager is considered to be a reflection of the anticipated course of dialogue with the reader critically testing the sustainability of Pascal’s standpoint “You should believe in God”. Based on the argumentation reconstruction of three versions of the argument, Pascal’s idea of opponent/audience is identified. A rhetorical analysis of the effects of his argumentative strategy is proposed. The analysis is based on two perspectives on Pascal’s argument: it examines the strategy implemented consistently by all arguments and the strategy of a formulation of different versions of the wager

Mortgage Rate Pass-Through in Switzerland

This paper investigates the speed and completeness of the pass-through from market rates to mortgage rates in Switzerland. The pass-through dynamics are studied under a marginal funding cost perspective. By choosing the appropriate benchmark rates, this study takes into account banks' forecasts of the evolution of their funding costs. It is found that the passthrough of rates of adjustable-rate mortgages is incomplete and sluggish compared to the rates of mortgages with a fixed maturity. For the latter, changes in market rates appear to be transmitted quickly and completely, particularly when benchmark rates are falling. This finding suggests that a low-interest-rate environment stimulates competition among financial institutions. Evidence for a structural change is found for all interest rates. The structural change occurred around the beginning of 2007 for fixed-rate mortgages and in mid-2005 for floating-rate mortgages. For all mortgage rates, asymmetries are detected in the pre-break period. More specifically, the adjustment of fixed-rate-mortgage rates is characterized by downward rigidity, which supports the existence of some form of imperfect competition. By contrast, the rates of adjustable-rate mortgages exhibit upward price stickiness. This result suggests that competition was stronger in this specific mortgage-lending market. In the post-break period, no clear evidence is found in favor of asymmetries with respect to the adjustment coefficient.Interest Rate Pass-Through, Monetary Policy, Mortgages, Cointegration analysis, Panel Data