Capital utilization: maintenance costs and the business cycle

In this paper we analyze the role played by capacity utilization and maintenance costs in the propagation of aggregate fluctuations. To this purpose we use an extension of the general equilibrium stochastic growth model that incorporates a depreciation technology depending both upon capital utilization (depreciation in use assumption) and maintenance costs. In addition, we argue that the maintenance activity must be countercyclical, because it is cheaper for the firm to repair and maintain machines when they are stopped than when machines are being employed. We show that the propagation mechanism associated to our technology assumption is quantitatively important: the countercyclicality of maintenance costs contributes significantly to magnify and propagate aggregate fluctuations

Capital utilization: maintenance costs and the business cycle.

In this paper we analyze the role played by capacity utilization and maintenance costs in the propagation of aggregate fluctuations. To this purpose we use an extension of the general equilibrium stochastic growth model that incorporates a depreciation technology depending both upon capital utilization (depreciation in use assumption) and maintenance costs. In addition, we argue that the maintenance activity must be countercyclical, because it is cheaper for the firm to repair and maintain machines when they are stopped than when machines are being employed. We show that the propagation mechanism associated to our technology assumption is quantitatively important: the countercyclicality of maintenance costs contributes significantly to magnify and propagate aggregate fluctuations.Business Cycles; Capital Utilization; Maintenance Costs; Endogenous Depreciation;

Is Discrete Time a Good Representation of Continuous Time?

Economists model time as continuous or discrete. The recent literature on continuous time models with delays should help to bridge the gap between these two families of models. In this note, we propose a simple time–to–build model in continuous time, and show that a discrete time version is a true representation of the continuous time problem under some sufficient conditions.Discrete Time, Continuous Time, Time–to–Build, Delay, DDEs

The Welfare Cost of Business Cycles in an Economy with Nonclearing Markets

In this paper we measure the welfare cost of fluctuations in a simple representative agent economy with nonclearing markets. The market friction we consider involves price rigidities and a voluntary exchange rationing scheme. These features are incorporated into an otherwise standard neoclassical growth model. We show that the frictions we introduce make the losses from fluctuations much bigger than in a frictionless environment.Cost of business cycles, Nonclearing markets, Dynamic general equilibrium

3D Convolutional Neural Networks for Brain Tumor Segmentation: A Comparison of Multi-resolution Architectures

This paper analyzes the use of 3D Convolutional Neural Networks for brain tumor segmentation in MR images. We address the problem using three different architectures that combine fine and coarse features to obtain the final segmentation. We compare three different networks that use multi-resolution features in terms of both design and performance and we show that they improve their single-resolution counterparts

Trade Shoks and Aggregate Fluctuations in an Oil-Exporting Economy

In this paper we analyze the role of trade shocks in shaping aggregate fluctuations in Venezuela from 1950 to 1995. To this end a stochastic general equilibrium model of a small open economy whose main productive activity rests in the exports of a single basic product is specified. Shocks to the terms of trade which are directly associated to oil price changes are modelled as a foreign transfer. We find that this approach gives predictions that are consistent with the time series properties of Venezuela when i) the income efect of consumption more than compensates the substitution effect that generates the oil transfer and, ii) there is imperfect capital mobility. In particular, our model specification captures the observed patterns of the main aggregates after the oil resource boom of 1974.Trade shocks, Aggregate fuctuations, Emerging economies.

Costly capital reallocation and enery use

In time series data, energy use does not change much with energy price changes. However, energy use is responsive to international differences in energy prices in cross-section data across countries. In this paper we consider a model of energy use in which production takes place at individual plants and capital can be used either to directly produce output or to reduce the energy required to run the plant. We assume that reallocating capital from one use to another is costly. This turns out to be crucial for the quantitative properties of the model to be in conformity with the low short-run and high long-run elasticities of energy use seen in data

The short-run dynamics of optimal growth models with delays

Differential equations with advanced and delayed time arguments may arise in the optimality conditions of simple growth models with delays. Models with investment gestation lags (time-to-build), consumption gestation lags (habit formation) or learning by using lie in this category. In this paper, we propose a shooting method to deal with leads and lags in the Euler system associated to dynamic general equilibrium models in continuous time. We introduce the discussion describing the dynamics that emerge under various assumptions on learning by using and gestation lags. Then, we implement the numerical method we propose to solve for the short run dynamics of a neoclassical growth model with a simple time to-build-lag.Time-to-build, Shooting method, DDEs.

Not just a Women’s Issue: Evaluating Gender Violence Prevention Programs for Men on College Campuses

As the attention surrounding sexual violence on college campuses grows, colleges are feeling increased pressure to address the issue. One such way is gender violence prevention programming, specifically for engaging men. This study is a comparative analysis of three such programs: Mentors in Violence Prevention, Coaching Boys into Men, and A Call to Men. The current study was guided by the research questions: What past scholarship informs current approaches to sexual violence on college campuses, specifically approaches aimed at men? What criteria should be used to evaluate these programs? What guidance can help inform campuses as well as current and future programs? Programs were analyzed based on a synthesis of criteria given from previous research. The results showed that there is room for improvement in the programs currently available nationally to best foster real change on campus. These criteria could be the basis of guidance for programming for men to improve these programs or the development of other programs, both nationally and campus based