1,173 research outputs found

    Endogenous capital depreciation and technology shocks

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    I examine the dynamic impact of capital maintenance on key aggregates through the depreciation rate. I find that two factors are crucial for the short-run effects of Total Factor Productivity and Investment-Specific shocks: (i) the marginal efficiency of maintenance and its connection with the rate of utilization, and (ii) the interplay between the intertemporal effect of maintenance and the substitution effect between maintenance and utilization. The latter is expressed by the relative size of the elasticity of maintenance to the Hicksian elasticity of complementarity between maintenance and utilization. These theoretical results suggest that to match the observed responses of the macroeconomic aggregates the sign of the cross derivative should be negative and that the relative size of the Hicksian elasticity should be smaller than the maintenance elasticity of marginal depreciation. Finally, the model suggests that the main macroeconomic aggregates react procyclically, with the exception of maintenance, the behavior of which depends on the type of the shock

    An analogue of Dubrovin's conjecture

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    We propose an analogue of Dubrovin's conjecture for the case where Fano manifolds have quantum connections of exponential type. It includes the case where the quantum cohomology rings are not necessarily semisimple. The conjecture is described as an isomorphism of two linear algebraic structures, which we call "mutation systems". Given such a Fano manifold XX, one of the structures is given by the Stokes structure of the quantum connection of XX, and the other is given by a semiorthogonal decomposition of the derived category of coherent sheaves on XX. We also prove the conjecture for a class of smooth Fano complete intersections in a projective space.Comment: 42 pages. To appear at Annales de l'Institut Fourie

    Real effects of bank capital regulations: global evidence

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    We examine the effect of the full set of bank capital regulations (capital stringency) on loan growth, using bank-level data for a maximum of 125 countries over the period 1998-2011. Contrary to standard theoretical considerations, we find that overall capital stringency only has a weak negative effect on loan growth. In fact, this effect is completely offset if banks hold moderately high levels of capital. Interestingly, the components of capital stringency that have the strongest negative effect on loan growth are those related to the prevention of banks to use as capital borrowed funds and assets other than cash or government securities. In contrast, compliance with Basel guidelines in using Basel- and credit-risk weights has a much less potent effect on loan growth

    Induced Minor Free Graphs: Isomorphism and Clique-width

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    Given two graphs GG and HH, we say that GG contains HH as an induced minor if a graph isomorphic to HH can be obtained from GG by a sequence of vertex deletions and edge contractions. We study the complexity of Graph Isomorphism on graphs that exclude a fixed graph as an induced minor. More precisely, we determine for every graph HH that Graph Isomorphism is polynomial-time solvable on HH-induced-minor-free graphs or that it is GI-complete. Additionally, we classify those graphs HH for which HH-induced-minor-free graphs have bounded clique-width. These two results complement similar dichotomies for graphs that exclude a fixed graph as an induced subgraph, minor, or subgraph.Comment: 16 pages, 5 figures. An extended abstract of this paper previously appeared in the proceedings of the 41st International Workshop on Graph-Theoretic Concepts in Computer Science (WG 2015

    モジュラー多様体の双有理幾何学とコンパクト化及びモジュラー形式の数論について

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    京都大学新制・課程博士博士(理学)甲第24385号理博第4884号新制||理||1699(附属図書館)京都大学大学院理学研究科数学・数理解析専攻(主査)准教授 伊藤 哲史, 教授 雪江 明彦, 教授 池田 保学位規則第4条第1項該当Doctor of ScienceKyoto UniversityDFA
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