House prices and the stance of monetary policy

This paper estimates a Bayesian vector autoregression for the U.S. economy that includes a housing sector and addresses the following questions: Can developments in the housing sector be explained on the basis of developments in real and nominal gross domestic product and interest rates? What are the effects of housing demand shocks on the economy? How does monetary policy affect the housing market? What are the implications of house price developments for the stance of monetary policy? Regarding the latter question, we implement a Céspedes et al. (2006) version of a monetary conditions index.Monetary policy ; Housing - Prices

Argument-based Belief in Topological Structures

This paper combines two studies: a topological semantics for epistemic notions and abstract argumentation theory. In our combined setting, we use a topological semantics to represent the structure of an agent's collection of evidence, and we use argumentation theory to single out the relevant sets of evidence through which a notion of beliefs grounded on arguments is defined. We discuss the formal properties of this newly defined notion, providing also a formal language with a matching modality together with a sound and complete axiom system for it. Despite the fact that our agent can combine her evidence in a 'rational' way (captured via the topological structure), argument-based beliefs are not closed under conjunction. This illustrates the difference between an agent's reasoning abilities (i.e. the way she is able to combine her available evidence) and the closure properties of her beliefs. We use this point to argue for why the failure of closure under conjunction of belief should not bear the burden of the failure of rationality.Comment: In Proceedings TARK 2017, arXiv:1707.0825

Plasma Diffusion in Self-Consistent Fluctuations

The problem of particle diffusion in position space, as a consequence ofeleclromagnetic fluctuations is addressed. Numerical results obtained with a self-consistent hybrid code are presented, and a method to calculate diffusion coefficient in the direction perpendicular to the mean magnetic field is proposed. The diffusion is estimated for two different types of fluctuations. The first type (resuiting from an agyrotropic in itiai setting)is stationary, wide band white noise, and associated to Gaussian probability distribution function for the magnetic fluctuations. The second type (result ing from a Kelvin-Helmholtz instability) is non-stationary, with a power-law spectrum, and a non-Gaussian probabi lity distribution function. The results of the study allow revisiting the question of loading particles of solar wind origin in the Earth magnetosphere

Evidence Propagation and Consensus Formation in Noisy Environments

We study the effectiveness of consensus formation in multi-agent systems where there is both belief updating based on direct evidence and also belief combination between agents. In particular, we consider the scenario in which a population of agents collaborate on the best-of-n problem where the aim is to reach a consensus about which is the best (alternatively, true) state from amongst a set of states, each with a different quality value (or level of evidence). Agents' beliefs are represented within Dempster-Shafer theory by mass functions and we investigate the macro-level properties of four well-known belief combination operators for this multi-agent consensus formation problem: Dempster's rule, Yager's rule, Dubois & Prade's operator and the averaging operator. The convergence properties of the operators are considered and simulation experiments are conducted for different evidence rates and noise levels. Results show that a combination of updating on direct evidence and belief combination between agents results in better consensus to the best state than does evidence updating alone. We also find that in this framework the operators are robust to noise. Broadly, Yager's rule is shown to be the better operator under various parameter values, i.e. convergence to the best state, robustness to noise, and scalability.Comment: 13th international conference on Scalable Uncertainty Managemen

Logic of Justified Beliefs Based on Argumentation

This manuscript presents a topological argumentation framework for modelling notions of evidence-based (i.e., justified) belief. Our framework relies on so-called topological evidence models to represent the pieces of evidence that an agent has at her disposal, and it uses abstract argumentation theory to select the pieces of evidence that the agent will use to define her beliefs. The tools from abstract argumentation theory allow us to model agents who make decisions in the presence of contradictory information. Thanks to this, it is possible to define two new notions of beliefs, grounded beliefs and fully grounded beliefs. These notions are discussed in this paper, analysed and compared with the existing notion of topological justified belief. This comparison revolves around three main issues: closure under conjunction introduction, the level of consistency and their logical strength.acceptedVersio

A Random Matrix Approach to VARMA Processes

We apply random matrix theory to derive spectral density of large sample covariance matrices generated by multivariate VMA(q), VAR(q) and VARMA(q1,q2) processes. In particular, we consider a limit where the number of random variables N and the number of consecutive time measurements T are large but the ratio N/T is fixed. In this regime the underlying random matrices are asymptotically equivalent to Free Random Variables (FRV). We apply the FRV calculus to calculate the eigenvalue density of the sample covariance for several VARMA-type processes. We explicitly solve the VARMA(1,1) case and demonstrate a perfect agreement between the analytical result and the spectra obtained by Monte Carlo simulations. The proposed method is purely algebraic and can be easily generalized to q1>1 and q2>1.Comment: 16 pages, 6 figures, submitted to New Journal of Physic