Assess the crisis management effort following the outbreak of the subprime crisis

In this paper, I employ a linear regression model to examine the effectiveness of four microeconomic variables, namely government debt, GDP growth rate, household consumption growth rate and government spending growth rate, in stimulating economic growth. In order to test the effectiveness of expansionary fiscal policy in different macro-environments, countries were first partitioned into low and high government debt categories. In addition, raw dataset was partitioned into two time periods, respectively, representing normal macroeconomic years and recession years. My results suggest that countercyclical government spending has been an effective stimulation tool but its effect was more significant in countries of low government debt rate or during recession years

The impact of high-order risk attitudes on bank\u27s loan policy

It is well known that prudence plays an important role in the process of decision making under uncertainties. However, how prudence affects a bank\u27s decision on extending fixed rate or variable rate loan has not yet been fully examined. In this dissertation, I use definition of second-order expectation dependence to further identify conditions for the risk prudent (imprudent) bank under state-dependent framework to refrain from extending fixed rate loans. Furthermore, using a set of actual data, I apply a recent developed inference procedure for testing positive expectation dependence to demonstrate the significance of my work in empirical applications. In the end, a non-parametric calibration is conducted and the result is highly consistent with the prevalence of banks that have preference for adjustable rate mortgage in U.S. 30-year prime mortgage market

Effect of interaction with neutrons in matter on flavor conversion of super-light sterile neutrino with active neutrino

A super-light sterile neutrino was proposed to explain the absence of the expected upturn of the survival probability of low energy solar boron neutrinos. This is because this super-light sterile neutrino can oscillate efficiently with electron neutrino through a MSW resonance happened in Sun. One may naturally expect that a similar resonance should happen for neutrinos propagating in Earth matter. We study the flavor conversion of this super-light sterile neutrino with active neutrinos in Earth matter. We find that the scenario of the super-light sterile neutrino can easily pass through possible constraints from experiments which can test the Earth matter effect in oscillation of neutrinos. Interestinlgy, we find that this is because the naively expected resonant conversion disappears or is significantly suppressed due to the presence of a potential $V_n$ which arises from neutral current interaction of neutrino with neutrons in matter. In contrast, the neutron number density in the Sun is negligible and the effect of $V_n$ is effectively switched off. This enables the MSW resonance in Sun needed in oscillation of the super-light sterile neutrino with solar electron neutrinos. It's interesting to note that it is the different situation in the Sun and in the Earth that makes $V_n$ effectively turned off and turned on respectively. This observation makes the scenario of the super-light sterile neutrino quite interesting.Comment: 22 pages, 10 figure

Continuous-wave and Transient Characteristics of Phosphorene Microwave Transistors

Few-layer phosphorene MOSFETs with 0.3-um-long gate and 15-nm-thick Al2O3 gate insulator was found to exhibit a forward-current cutoff frequency of 2 GHz and a maximum oscillation frequency of 8 GHz after de-embedding for the parasitic capacitance associated mainly with the relatively large probe pads. The gate lag and drain lag of the transistor was found to be on the order of 1 us or less, which is consistent with the lack of hysteresis, carrier freeze-out or persistent photoconductivity in DC characteristics. These results confirm that the phosphorene MOSFET can be a viable microwave transistor for both small-signal and large-signal applications.Comment: Accepted for oral presentation at IMS 201