Competitive Search Equilibrium in the Credit Market under Asymmetric Information and Limited Commitment

This paper develops a model of a competitive search credit market under hidden information and limited commitment. Using the model, it provides a theoretical account that links time delays and costs in financial intermediation as well as lack of collateral to the distribution of credit supply and interest rate spreads. The link sheds light on and explains the possibility of pure credit rationing due to the credit frictions. This paper also demonstrates the possibility of contract dispersion among homogeneous borrowers

Competitive Search Equilibrium in the Credit Market under Asymmetric Information and Limited Commitment

This paper develops a model of a competitive search credit market under hidden information and limited commitment. Using the model, it provides a theoretical account that links time delays and costs in financial intermediation as well as lack of collateral to the distribution of credit supply and interest rate spreads. The link sheds light on and explains the possibility of pure credit rationing due to the credit frictions. This paper also demonstrates the possibility of contract dispersion among homogeneous borrowers

Competitive Search Equilibrium in the Credit Market under Asymmetric Information and Limited Commitment

This paper develops a model of a competitive search credit market under hidden information and limited commitment. Using the model, it provides a theoretical account that links time delays and costs in financial intermediation as well as lack of collateral to the distribution of credit supply and interest rate spreads. The link sheds light on and explains the possibility of pure credit rationing due to the credit frictions. This paper also demonstrates the possibility of contract dispersion among homogeneous borrowers

Competitive Search Equilibrium in the Credit Market under Asymmetric Information and Limited Commitment

This paper develops a model of a competitive search credit market under hidden information and limited commitment. Using the model, it provides a theoretical account that links time delays and costs in financial intermediation as well as lack of collateral to the distribution of credit supply and interest rate spreads. The link sheds light on and explains the possibility of pure credit rationing due to the credit frictions. This paper also demonstrates the possibility of contract dispersion among homogeneous borrowers

Money and Capital Adjustment: Revisiting the Role of Money for Production

This study presents a new monetarist model, in which monetary liquidity is essential for capital adjustment, to analyze the effects of money growth on the production side. Results from revisiting the classic issue of money and capital with this model highlight the role of the diminishing rate of technical substitution between money and capital in the adjustment. When the substitutability between money and capital is sufficiently high, the positive Tobin effect of inflation on the aggregate capital stock and output can dominate the negative price distorting effect of inflation. This case will likely occur when search frictions in the capital market are severe

Flow Characteristics Around Step-Up Street Canyons with Various Building Aspect Ratios

We investigate the flow characteristics around step-up street canyons with various building aspect ratios (ratio of along-canyon building length to street-canyon width, and upwind building height to downwind building height) using a computational fluid dynamics (CFD) model. Simulated results are validated against experimental wind-tunnel results, with the CFD simulations conducted under the same building configurations as those in the wind-tunnel experiments. The CFD model reproduces the measured in-canyon vortex, rooftop recirculation zone above the downwind building, and stagnation point position reasonably well. We analyze the flow characteristics, focusing on the structural change of the in-canyon flows and the interaction between the in- and around-canyon flows with the increase of building-length ratio. The in-canyon flows undergo development and mature stages as the building-length ratio increases. In the development stage (i.e., small building-length ratios), the position of the primary vortex wanders, and the incoming flow closely follows both the upstream and downstream building sidewalls. As a result, increasing momentum transfer from the upper layer contributes to a momentum increase in the in-canyon region, and the vorticity in the in-canyon region also increases. In the mature stage (i.e., large building-length ratios), the primary vortex stabilizes in position, and the incoming flow no longer follows the building sidewalls. This causes momentum loss through the street-canyon lateral boundaries. As the building-length ratio increases, momentum transfer from the upper layer slightly decreases, and the reverse flow, updraft, and streamwise flow in the in-canyon region also slightly decrease, resulting in vorticity reduction

Data-Reserved Periodic Diffusion LMS With Low Communication Cost Over Networks

In this paper, we analyze diffusion strategies in which all nodes attempt to estimate a common vector parameter for achieving distributed estimation in adaptive networks. Under diffusion strategies, each node essentially needs to share processed data with predefined neighbors. Although the use of internode communication has contributed significantly to improving convergence performance based on diffusion, such communications consume a huge quantity of power in data transmission. In developing low-power consumption diffusion strategies, it is very important to reduce the communication cost without significant degradation of convergence performance. For that purpose, we propose a data-reserved periodic diffusion least-mean-squares (LMS) algorithm in which each node updates and transmits an estimate periodically while reserving its measurement data even during non-update time. By applying these reserved data in an adaptation step at update time, the proposed algorithm mitigates the decline in convergence speed incurred by most conventional periodic schemes. For a period p, the total cost of communication is reduced to a factor of 1/p relative to the conventional adapt-then-combine (ATC) diffusion LMS algorithm. The loss of combination steps in this process leads naturally to a slight increase in the steady-state error as the period p increases, as is theoretically confirmed through mathematical analysis. We also prove an interesting property of the proposed algorithm, namely, that it suffers less degradation of the steady-state error than the conventional diffusion in a noisy communication environment. Experimental results show that the proposed algorithm outperforms related conventional algorithms and, in particular, outperforms ATC diffusion LMS over a network with noisy links.11Ysciescopu