TARP beneficiaries and their lending patterns during the financial crisis

This paper provides a systematic analysis of the lending performance of U.S. commercial banks and savings institutions that received financial support through the Capital Purchase Program (CPP) established in October 2008. The authors combine U.S. Treasury data on recipients of the CPP with quarterly financial data for the entire population of depository institutions to reconstruct aggregate lending and gross credit flows (expansion and contraction). CPP institutions experienced a less severe lending contraction than non-CPP institutions for all types of loans and bank asset levels. The authors find no evidence of unusual reallocation of lending across depository institutions.Troubled Asset Relief Program ; Financial crises

Scaling Laws and Luminosity Segregation

We debate how the scaling properties of the angular correlation function w(θ) depend on luminosity segregation. Under the approximation that there is no deviation from Euclidean geometry and no evolution, we find that the scaling with catalog depth (D*) is the same both for a luminosity (L) independent clustering length (r0) and for a generic dependence of r0 on L. Recent angular data, however, extend to depths where the above approximation is unsuitable and the simple scaling w ∝ D should be modified. We find that such modifications depend on the shape of the L-dependence of r0 and are indeed different depending on whether luminosity segregation is or is not considered. In particular, we find that a luminosity segregation as observed at z = 0 causes effects of the same order as varying the rate of clustering evolution. For the sake of example, we apply our expressions to available angular galaxy data in the B- and R-bands and show that significant constraints on the evolution of clustering can already be found with public data

Multiscale model for the effects of adaptive immunity suppression on the viral therapy of cancer

Oncolytic virotherapy - the use of viruses that specifically kill tumor cells - is an innovative and highly promising route for treating cancer. However, its therapeutic outcomes are mainly impaired by the host immune response to the viral infection. In the present work, we propose a multiscale mathematical model to study how the immune response interferes with the viral oncolytic activity. The model assumes that cytotoxic T cells can induce apoptosis in infected cancer cells and that free viruses can be inactivated by neutralizing antibodies or cleared at a constant rate by the innate immune response. Our simulations suggest that reprogramming the immune microenvironment in tumors could substantially enhance the oncolytic virotherapy in immune-competent hosts. Viable routes to such reprogramming are either in situ virus-mediated impairing of CD$8^+$ T cells motility or blockade of B and T lymphocytes recruitment. Our theoretical results can shed light on the design of viral vectors or new protocols with neat potential impacts on the clinical practice.Comment: 14 pages, 4 figure

EXISTENTIALLY CLOSED BROUWERIAN SEMILATTICES

The variety of Brouwerian semilattices is amalgamable and locally finite, hence by well-known results, it has a model completion (whose models are the existen- tially closed structures). In this paper, we supply a finite and rather simple axiomatization of the model completio

Real-Time Description of the Electronic Dynamics for a Molecule close to a Plasmonic Nanoparticle

The optical properties of molecules close to plasmonic nanostructures greatly differ from their isolated molecule counterparts. To theoretically investigate such systems in a Quantum Chemistry perspective, one has to take into account that the plasmonic nanostructure (e.g., a metal nanoparticle - NP) is often too large to be treated atomistically. Therefore, a multiscale description, where the molecule is treated by an ab initio approach and the metal NP by a lower level description, is needed. Here we present an extension of one such multiscale model [Corni, S.; Tomasi, J. {\it J. Chem. Phys.} {\bf 2001}, {\it 114}, 3739] originally inspired by the Polarizable Continuum Model, to a real-time description of the electronic dynamics of the molecule and of the NP. In particular, we adopt a Time-Dependent Configuration Interaction (TD CI) approach for the molecule, the metal NP is described as a continuous dielectric of complex shape characterized by a Drude-Lorentz dielectric function and the molecule- NP electromagnetic coupling is treated by an equation-of-motion (EOM) extension of the quasi-static Boundary Element Method (BEM). The model includes the effects of both the mutual molecule- NP time-dependent polarization and the modification of the probing electromagnetic field due to the plasmonic resonances of the NP. Finally, such an approach is applied to the investigation of the light absorption of a model chromophore, LiCN, in the presence of a metal NP of complex shape.Comment: This is the final peer-reviewed manuscript accepted for publication of an open access article published under an ACS AuthorChoice License, which permits copying and redistribution of the article or any adaptations for non-commercial purposes. Link to the original article: http://pubs.acs.org/doi/abs/10.1021/acs.jpcc.6b1108

Long-range epidemic spreading with immunization

We study the phase transition between survival and extinction in an epidemic process with long-range interactions and immunization. This model can be viewed as the well-known general epidemic process (GEP) in which nearest-neighbor interactions are replaced by Levy flights over distances r which are distributed as P(r) ~ r^(-d-sigma). By extensive numerical simulations we confirm previous field-theoretical results obtained by Janssen et al. [Eur. Phys. J. B7, 137 (1999)].Comment: LaTeX, 14 pages, 4 eps figure

William Poole in der modernen Makroökonomik: Exegese des ursprünglichen Beitrags und seiner Fortentwicklungen für die offene Volkswirtschaft

Given all the evidence supporting Milton Friedman's proposition that inflation is now and everywhere a monetary phenomenon, it seems that we are wrong when we tend to ignore the behaviour of the monetary aggregates at our peril. The total neglect of information about the monetary aggregates in the Taylor rule is possibly a strong signal into that erroneous direction. Moreover, so-called "New Keynesianism" has put forward that there is no more need to treat the money market equilibrium in an "LM-setting". Our paper goes back to William Poole's seminal paper on interest rate and money supply rules and extends his earlier work to the open economy, various types of shocks and to the analysis of cooperative and non-cooperative behaviour of central banks. The results achieved confirm that the inclusion of the money market equilibrium enhances the possibilities to compare the costs and benefits of different monetary policy strategies under cooperative or non-cooperative behaviour. --Schockabsorption,Zins- vs. Geldmengenregeln,(Nicht-)Kooperative Geldpolitik bei flexiblen Wechselkursen