379 research outputs found

    Snowmass 2021 CMB-S4 White Paper

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    This Snowmass 2021 White Paper describes the Cosmic Microwave Background Stage 4 project CMB-S4, which is designed to cross critical thresholds in our understanding of the origin and evolution of the Universe, from the highest energies at the dawn of time through the growth of structure to the present day. We provide an overview of the science case, the technical design, and project plan

    Snowmass 2021 CMB-S4 White Paper

    No full text
    This Snowmass 2021 White Paper describes the Cosmic Microwave Background Stage 4 project CMB-S4, which is designed to cross critical thresholds in our understanding of the origin and evolution of the Universe, from the highest energies at the dawn of time through the growth of structure to the present day. We provide an overview of the science case, the technical design, and project plan

    Snowmass 2021 CMB-S4 White Paper

    No full text
    This Snowmass 2021 White Paper describes the Cosmic Microwave Background Stage 4 project CMB-S4, which is designed to cross critical thresholds in our understanding of the origin and evolution of the Universe, from the highest energies at the dawn of time through the growth of structure to the present day. We provide an overview of the science case, the technical design, and project plan

    Current Challenges to World Financial Stability: To What Extent is the Past a Guide for the Future?

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    The chapter discusses current challenges to world financial stability in light of lessons that have been learned from past financial crises. Although there are parallels between the current situation and some of the previous crises, the current situation differs in several important respects. It comes after a decade of extremely low nominal and real interest rates along with subdued inflation and, due to fiscal and monetary policy measures deployed during the GFC and the COVID-19 pandemic, debt/GDP ratios and central banks (CBs) balance sheets are at historically high levels. The recent upsurge of inflation prompted a worldwide process of increase in policy interest rates and reduction in CB assets. An undesirable side effect of this process is that it may trigger several mechanisms that endanger world financial stability. Recent developments in Fintech and the global economic disruptions caused by the war in Ukraine create novel financial vulnerabilities that differ from previous financial crises. The rapid growth of fintech institutions poses new regulatory challenges at the national and international levels. Although no crisis has materialized to date, those developments have increased the odds of a systemic global crisis. Measures designed to mitigate financial vulnerabilities are briefly discussed in the concluding section

    Snowmass 2021 CMB-S4 White Paper

    No full text
    This Snowmass 2021 White Paper describes the Cosmic Microwave Background Stage 4 project CMB-S4, which is designed to cross critical thresholds in our understanding of the origin and evolution of the Universe, from the highest energies at the dawn of time through the growth of structure to the present day. We provide an overview of the science case, the technical design, and project plan

    Snowmass 2021 CMB-S4 White Paper

    Get PDF
    This Snowmass 2021 White Paper describes the Cosmic Microwave Background Stage 4 project CMB-S4, which is designed to cross critical thresholds in our understanding of the origin and evolution of the Universe, from the highest energies at the dawn of time through the growth of structure to the present day. We provide an overview of the science case, the technical design, and project plan

    Snowmass 2021 CMB-S4 White Paper

    No full text
    This Snowmass 2021 White Paper describes the Cosmic Microwave Background Stage 4 project CMB-S4, which is designed to cross critical thresholds in our understanding of the origin and evolution of the Universe, from the highest energies at the dawn of time through the growth of structure to the present day. We provide an overview of the science case, the technical design, and project plan

    Snowmass 2021 CMB-S4 White Paper

    No full text
    This Snowmass 2021 White Paper describes the Cosmic Microwave Background Stage 4 project CMB-S4, which is designed to cross critical thresholds in our understanding of the origin and evolution of the Universe, from the highest energies at the dawn of time through the growth of structure to the present day. We provide an overview of the science case, the technical design, and project plan

    Bailout Uncertainty, Leverage, Duration Mismatches, and Lehman's Collapse

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    Abstract This paper develops a micro-founded general equilibrium model of the financial system composed of ultimate borrowers, ultimate lenders and financial intermediaries. The model is used to investigate the impact of uncertainty about the likelihood of governmental bailouts on leverage, interest rates, the volume of defaults and the real economy. The distinction between risk and uncertainty is implemented by applying the Gilboa-Schmeidler (1989) maxmin with multiple priors framework to lenders' beliefs about the probability of bailout. Lehman's collapse is conceived of as a "black swan" event that led lenders to put a positive mass on low bailout probabilities which were assigned zero mass prior to this event. The analysis implies that such an increase in bailout uncertainty raises interest rates, the volume of defaults in both the real and financial sectors and may, in some cases, lead to a total drying up of credit markets. On the other hand, lower exante * Berglas School of Economics, Tel-Aviv University and CEPR, [email protected] † Stern School of Business, New York University, and The Jerusalem School of Business Administration, The Hebrew University of Jerusalem, [email protected] ‡ We benefited from the reactions of Yakov Amihud and seminar participants at Haifa University, Hebrew University of Jerusalem, Tel-Aviv University, the University of Amsterdam conference on "Bank Crisis Prevention and Resolution" and at the informal "Summer Finance" conference at the Herzeliya Interdisciplinary Center on previous versions. The usual disclaimer applies. 1 bailout uncertainty is conducive to higher leverage -which makes the economy more vulnerable to an increase in uncertainty triggered by events such as not bailing out Lehman. A more general corollary is that larger changes in bailout uncertainty raise the amplitude of changes in leverage and the amplitude of booms and busts. The paper also investigates the impact of expansionary monetary policy on leverage and the real economy
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