6,286 research outputs found

    Financial and Economic Review 22.

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    International spillovers of US unconventional monetary policy to emerging market economies

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    This paper analyses whether US unconventional monetary policy (UMP) shocks contribute to the global financial and macroeconomic conditions in EMEs. Using global VAR models, we assessed the possible effects of US UMP on financial and macroeconomic conditions in EMEs and documented the credit channels through which potential spillovers occur, focusing on cross-border portfolio flows. We found that US UMP leads to an increase in bond outflows, in turn, the rise of inflows to EMEs results in a significant response by financial variables, indicating that US UMP generates sizable spillovers by financial terms in EMEs. While these results represent commonalities within a country, there is evidence of cross-country heterogeneity. The magnitude of spillovers depends on the EMEs' trade integration, exchange rate regime, and financial market development. The results of this thesis suggest that EMEs’ policymakers could mitigate their financial vulnerability to US UMP by fostering flexibility of exchange rates as well as domestic financial market development, while such policy might reduce long-run growth

    A Social-Pluralistic View of Science Advising

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    In this dissertation, I bring together two disciplines: Science, Technology, and Society studies and the Philosophy of Science, to develop a social-pluralistic account of science advising. I use three prominent theorists in the philosophy of science to critique three prominent views in the science, technology, and society field relating to science advising. I argue that the science, technology, and society literature does not fully account for the value-ladeness of scientific research. To that end, I develop a social-pluralistic account of science advising: social, because advice should come from panels or institutions rather than individuals, and pluralistic, because we should assess the credibility of advice along several dimensions of objectivity. I then apply my view to two real world examples: first, an EPA report on the harmful effects of environmental tobacco smoke, which faced lawsuits from the tobacco industry, and second, the Government of Canada‚Äôs use of Roundup Ready canola, a biotechnology, as a ‚Äúvalue neutral‚ÄĚ policy response to avoid discussions about the socio-cultural impact of industrial agriculture. These examples help to demonstrate the usefulness of my view in responding to real-world situations. A social-pluralistic view of science advising helps ensure that the role of values in producing scientific knowledge and science advice are legitimate, helps ensure that diverse viewpoints are actively considered as part of the advisory process, and ensures that the resulting advice is independent of any one person‚Äôs views, beliefs, or values

    Linear limit continuation: Theory and an application to two-dimensional Bose-Einstein condensates

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    We present a coherent and effective theoretical framework to systematically construct numerically exact nonlinear solitary waves from their respective linear limits. First, all possible linear degenerate sets are classified for a harmonic potential using lattice planes. For a generic linear degenerate set, distinct wave patterns are identified in the near-linear regime using a random searching algorithm by suitably mixing the linear degenerate states, followed by a numerical continuation in the chemical potential extending the waves into the Thomas-Fermi regime. The method is applied to the two-dimensional, one-component Bose-Einstein condensates, yielding a spectacular set of waveforms. Our method opens a remarkably large program, and many more solitary waves are expected. Finally, the method can be readily generalized to three dimensions, and also multi-component condensates, providing a highly powerful technique for investigating solitary waves in future works.Comment: 29 pages, 12 figure

    A Literature Study On Modern Monetary Theory (Mmt): Implementation And Impact

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    Modern Monetary Theory (MMT) is a contemporary economic theory in which a country with its monetary sovereignty can print as much money as needed to finance public spending without worrying about the effects of inflation or budget deficits. However, there is also criticism of MMT because it ignores the risk of inflation. This study aims to discuss further modern monetary theory (MMT) and the impact of its implementation. This study uses a qualitative approach with the literature study method by obtaining secondary data from books, journal articles, and websites related to money, taxes, full employment, inflation, and MMT, with 88 data. Data was collected from Google Scholar, Scopus, Wall Street, Forbes, New York Times, Project Syndicate, Fraser Institute, and Eureka report. This study uses content analysis through the stages of data collection, data reduction, data presentation, and conclusion. The validity of the data was tested using source triangulation. The study results show that the application of modern monetary theory (MMT) works and positively impacts the economy, especially in countries with monetary sovereignty. However, the application of MMT can also pose serious risks and negative impacts if not implemented carefully. Therefore, the government must consider various factors and risks before implementing MMT. Keywords: Modern Monetary Theory; Money; Taxes; Deficit; Inflation

    Repurposing repeated remote ischemic postconditioning for multiple sclerosis

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    Multiple sclerosis (MS) is a chronic, autoimmune neurodegenerative disease that is characterized by nervous system demyelination and heterogenous disability. Current disease modifying treatments accessible to Canadians are limited because they are primarily targeting the neuroinflammatory component of the disease, not the neurodegenerative component. There is a need for focus on development of therapies that target the demyelinating insults that people with MS experience. In this study, we evaluate the use of repeated remote ischemic postconditioning (RIC) as a therapeutic target for promoting white matter repair and protection. Due to the novelty of the intervention in the MS field, we first wanted to identify transcriptomic and proteomic changes to the spinal cord with repeated RIC. We found that targets involved in antioxidant, protein synthesis, angiogenesis, axonogenesis, and remyelination pathways (among others) were upregulated with 14 days of consecutive RIC. Using a focal demyelinating mouse model, we also described changes to the lesion environment using the repeated intervention. Repeated RIC did not reduce the lesion size in this injury model. However, targets such as plectin and neurofascin that were upregulated in the transcriptomic and proteomic data sets were also upregulated in the lesion of animals that received treatment. An increase in myelin in the lesion area was also found in the repeated RIC group when compared to sham. Overall, repeated RIC demonstrates potential for future use as a therapy to target white matter repair and protection

    The Impact of Negative Interest Rate Environment on Bank Profitability

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    European banks have undergone a very distinct set of circumstances in recent years. Following the global financial crisis of 2008, interest rates around the world started to decrease. In response to weak economic conditions and the central banks' efforts to achieve their inflation targets, unconventional monetary policies have been implemented in Europe. Negative interest rate policy (NIRP) has been employed by the European Central Bank and central banks in countries such as Sweden and Denmark as a component of their unconventional monetary policy strategies, to stimulate economic growth and maintain price stability. This policy has resulted in nominal interest rates being reduced to levels near zero, and in some cases, even negative levels. This study investigates the potential effects of negative interest rates on the profitability of commercial banks, with a particular emphasis on banks from Germany, Sweden, and Denmark. The central objective of this research is to identify whether there is a relationship between the (near) negative nominal interest rates and the profitability of commercial banks, as evaluated by metrics such as net interest margin (NIM) and return on assets (ROA). Based on an analysis of a dataset comprising of 50 banks from Denmark, Sweden, and Germany, covering the period 2011 to 2021, the findings suggest that negative nominal interest rates lower banks’ net interest margins, that is, the banks’ main source of profitability.Eurooppalaiset pankit ovat käyneet läpi hyvin erikoisia olosuhteita viime vuosina. Maailmanlaajuisen finanssikriisin jälkeen korkotasot alkoivat laskea ympäri maailmaa. Parantaakseen heikkoja taloudellisia olosuhteita sekä pyrkimyksenä saavuttaa inflaatio tavoitteensa, keskuspankit ovat ottaneet käyttöönsä hyvin epätavallisia rahapolitiikan keinoja Euroopassa. Euroopan keskuspankki sekä muun muassa Ruotsin ja Tanskan keskuspankit ovat käyttäneet negatiivisia korkoja osana heidän rahapolitiikan strategioitaan stimuloidakseen talouskasvua ja ylläpitääkseen hintavakautta. Tämä politiikka on johtanut nimelliskorkojen laskemiseen lähelle nollaa ja joissain tapauksissa jopa negatiiviselle tasolle. Tämä tutkimus selvittää negatiivisen korkotason vaikutuksia kaupallisten pankkien kannattavuuteen Saksan, Ruotsin ja Tanskan pankeissa. Tutkimuksen keskeisenä tavoitteena on selvittää, onko (lähes) negatiivisella nimelliskorolla sekä pankkien kannattavuuden mittareilla (korkokate ja oman pääoman tuotto) merkittävää yhteyttä. Analyysi koostuu 50 pankin aineistosta vuosilta 2011-2021. Tulokset viittaava, että negatiiviset nimelliskorot alentavat pankkien korkokatetta, joka on pankkien kannattavuuden pääasiallinen lähde

    New perspectives on A.I. in sentencing. Human decision-making between risk assessment tools and protection of humans rights.

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    The aim of this thesis is to investigate a field that until a few years ago was foreign to and distant from the penal system. The purpose of this undertaking is to account for the role that technology could plays in the Italian Criminal Law system. More specifically, this thesis attempts to scrutinize a very intricate phase of adjudication. After deciding on the type of an individual's liability, a judge must decide on the severity of the penalty. This type of decision implies a prognostic assessment that looks to the future. It is precisely in this field and in prognostic assessments that, as has already been anticipated in the United, instruments and processes are inserted in the pre-trial but also in the decision-making phase. In this contribution, we attempt to describe the current state of this field, trying, as a matter of method, to select the most relevant or most used tools. Using comparative and qualitative methods, the uses of some of these instruments in the supranational legal system are analyzed. Focusing attention on the Italian system, an attempt was made to investigate the nature of the element of an individual's ‚Äėsocial dangerousness‚Äô (pericolosit√† sociale) and capacity to commit offences, types of assessments that are fundamental in our system because they are part of various types of decisions, including the choice of the best sanctioning treatment. It was decided to turn our attention to this latter field because it is believed that the judge does not always have the time, the means and the ability to assess all the elements of a subject and identify the best 'individualizing' treatment in order to fully realize the function of Article 27, paragraph 3 of the Constitution

    A portf√≥li√≥d√∂nt√©sek √©s a nulla kamatl√°b k√∂rnyezet √∂sszef√ľgg√©sei az eur√≥√∂vezet orsz√°gaiban = Portfolio composition and the zero lower bound ‚Äď evidence from the eurozone countries

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    2008 √©s 2020 k√∂z√∂tt a vezetŇĎ k√∂zponti bankok √°ltal√°nos gyakorlata volt, hogy az ir√°nyad√≥ kamatl√°bat 0%-on vagy ak√∂r√ľli √©rt√©ken tartott√°k. A v√°rhat√≥ makrogazdas√°gi k√∂vetkezm√©nyek mellett ‚Äď amelyeket r√©szben a likvidit√°sicsapda-elm√©letek √©s a gazdas√°gpolitika hat√©konys√°g√°t a nulla als√≥ hat√°ron (ZLB) vizsg√°l√≥ struktur√°lis makrogazdas√°gi modellek √≠rnak le ‚Äď a m√©rs√©kelt kamatl√°bak jelentŇĎsen befoly√°solj√°k a gazdas√°gi szereplŇĎk portf√≥li√≥optimaliz√°l√°si d√∂nt√©seit is. A tanulm√°ny arra t√∂rekszik, hogy felt√°rja a vagyonhat√°st a ZLB-n√©l. ElŇĎsz√∂r √∂sszehasonl√≠tja, hogyan v√°ltoztak a k√ľl√∂nb√∂zŇĎ monet√°ris aggreg√°tumok √©s √°gazati portf√≥li√≥k az USA-ban √©s az eur√≥√∂vezetben 2000 √©s 2020 k√∂z√∂tt, szembe√°ll√≠tva az empirikus t√©nyeket az elm√©leti felt√©telez√©sekkel √©s Jap√°n ‚Äěelveszett √©vtized√©nek‚ÄĚ tapasztalataival. M√°sodszor azt vizsg√°lja, hogy z√©r√≥ kamatl√°bn√°l a k√∂z√∂s monet√°ris politika milyen hat√°ssal van az eur√≥√∂vezet egyes orsz√°gaiban az egyes szektorok portf√≥li√≥szerkezet√©re. Az adatok feldolgoz√°s√°hoz hierarchikus klaszterelemz√©st alkalmaztunk, az Eurostat √°gazati p√©nz√ľgyieszk√∂z-statisztik√°inak felhaszn√°l√°s√°val, a 2005 √©s 2019 k√∂z√∂tti idŇĎszakra vonatkoz√≥an. Az √°gazati p√©nz√ľgyieszk√∂z-√°llom√°nyok klaszterk√©pz√©s szempontj√°b√≥l legalkalmasabb eszk√∂z/GDP-v√°ltoz√≥inak kiv√°laszt√°sa ut√°n az orsz√°gokat n√©gyzetes euklideszi t√°vols√°g alapj√°n k√ľl√∂nb√∂zŇĎ klaszterekbe soroltuk, √©s a v√°ltoz√≥kat a z-√©rt√©keket kisz√°m√≠tva standardiz√°ltuk. Az elemz√©s kimutatja, hogy az alacsony kamatl√°bak jelentŇĎs portf√≥li√≥√°trendezŇĎd√©seket okoznak az eur√≥√∂vezet eg√©sz√©ben. Emellett az egyes tag√°llamok k√∂z√∂tt eredetileg sokkal nagyobb elt√©r√©sek mutatkoznak, mint amilyen m√©rt√©kŇĪ v√°ltoz√°sokat a monet√°ris politika a gazdas√°gi √°gazatok portf√≥li√≥-√∂sszet√©tel√©ben elŇĎid√©zett. Mindemellett n√©mi konvergencia is megfigyelhetŇĎ a mag √©s a perif√©ria orsz√°gai k√∂z√∂tt. = Between 2008 and 2020 it has been a common practice among main central banks to keep the policy rate at or around zero. Apart from the expected macroeconomic consequences described partly by liquidity trap theories and structural macroeconomic models discussing the effectiveness of economic policy at the zero lower bound (ZLB), moderate interest rates have a notable influence on the portfolio optimising decisions of economic actors as well. The paper thus endeavours to reveal the wealth effect at the ZLB. Firstly, it compares how the various monetary aggregates and sectoral portfolios changed in the USA and in the eurozone between 2000 and 2020 contrasting the empirical facts with the theoretical assumptions and the experience of the Japan‚Äôs lost decade. Secondly, it examines the impact of the common monetary policy at the ZLB on the portfolio structure of individual countries of the eurozone. Hierarchical cluster analysis is applied using Eurostat sectoral financial asset statistics for selected years between 2005 and 2019. After choosing the best asset-to-GDP variables of sectoral financial asset holdings, countries are separated in different clusters based on Squared Euclidean distance and variables are standardised to z-scores. The analysis revealed that low interest rates cause significant portfolio rearrangements in the eurozone as a whole. Moreover, there is much greater diversity between individual member states originally than the way monetary policy influenced differences in the portfolio composition of economic sectors, even some convergence between core and periphery countries is observable

    Expectations and expertise in artificial intelligence: specialist views and historical perspectives on conceptualisation, promise, and funding

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    Artificial intelligence’s (AI) distinctiveness as a technoscientific field that imitates the ability to think went through a resurgence of interest post-2010, attracting a flood of scientific and popular expectations as to its utopian or dystopian transformative consequences. This thesis offers observations about the formation and dynamics of expectations based on documentary material from the previous periods of perceived AI hype (1960-1975 and 1980-1990, including in-between periods of perceived dormancy), and 25 interviews with UK-based AI specialists, directly involved with its development, who commented on the issues during the crucial period of uncertainty (2017-2019) and intense negotiation through which AI gained momentum prior to its regulation and relatively stabilised new rounds of long-term investment (2020-2021). This examination applies and contributes to longitudinal studies in the sociology of expectations (SoE) and studies of experience and expertise (SEE) frameworks, proposing a historical sociology of expertise and expectations framework. The research questions, focusing on the interplay between hype mobilisation and governance, are: (1) What is the relationship between AI practical development and the broader expectational environment, in terms of funding and conceptualisation of AI? (2) To what extent does informal and non-developer assessment of expectations influence formal articulations of foresight? (3) What can historical examinations of AI’s conceptual and promissory settings tell about the current rebranding of AI? The following contributions are made: (1) I extend SEE by paying greater attention to the interplay between technoscientific experts and wider collective arenas of discourse amongst non-specialists and showing how AI’s contemporary research cultures are overwhelmingly influenced by the hype environment but also contribute to it. This further highlights the interaction between competing rationales focusing on exploratory, curiosity-driven scientific research against exploitation-oriented strategies at formal and informal levels. (2) I suggest benefits of examining promissory environments in AI and related technoscientific fields longitudinally, treating contemporary expectations as historical products of sociotechnical trajectories through an authoritative historical reading of AI’s shifting conceptualisation and attached expectations as a response to availability of funding and broader national imaginaries. This comes with the benefit of better perceiving technological hype as migrating from social group to social group instead of fading through reductionist cycles of disillusionment; either by rebranding of technical operations, or by the investigation of a given field by non-technical practitioners. It also sensitises to critically examine broader social expectations as factors for shifts in perception about theoretical/basic science research transforming into applied technological fields. Finally, (3) I offer a model for understanding the significance of interplay between conceptualisations, promising, and motivations across groups within competing dynamics of collective and individual expectations and diverse sources of expertise
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