Search results for " Multipliers"
showing 10 items of 17 documents
Household Leverage and Fiscal Multipliers
2011
We study the size of fiscal multipliers in response to a government spending shock under different household leverage conditions in a general equilibrium setting with search and matching frictions. We allow for different levels of household indebtedness by changing the intensive margin of borrowing (loan-to-value ratio), as well as the extensive margin, defined as the number of borrowers over total population. The interaction between the consumption decisions of agents with limited access to credit and the process of wage bargaining and vacancy posting delivers two main results: (a) higher initial leverage makes it more likely to find output multipliers higher than one; and (b) a positive g…
An Adaptive Alternating Direction Method of Multipliers
2021
AbstractThe alternating direction method of multipliers (ADMM) is a powerful splitting algorithm for linearly constrained convex optimization problems. In view of its popularity and applicability, a growing attention is drawn toward the ADMM in nonconvex settings. Recent studies of minimization problems for nonconvex functions include various combinations of assumptions on the objective function including, in particular, a Lipschitz gradient assumption. We consider the case where the objective is the sum of a strongly convex function and a weakly convex function. To this end, we present and study an adaptive version of the ADMM which incorporates generalized notions of convexity and penalty…
Analysis of compressor architectures in MOS current-mode logic
2010
This paper is concerned with the design and the comparison of different compressor architectures for high performance multipliers in MOS current-mode logic (MCML). More specifically, three architectures have been designed for 3-2, 4-2 and 5-2 compressors and two architectures for 7-2 compressors. The various implementations for each type of compressor have been compared one another. This investigation indicates that the architectures based exclusively on three-level MCML gates are the most suitable for MCML implementation in terms of speed, power consumption and area. Design guidelines are provided to improve compressor performance. All the compressors were designed in a TSMC 180nm CMOS tec…
On thermoeconomics of energy systems at variable load conditions: integrated optimization of plant design and operation
2007
Abstract Thermoeconomics has been assuming a growing role among the disciplines oriented to the analysis of energy systems, its different methodologies allowing solution of problems in the fields of cost accounting, plant design optimisation and diagnostic of malfunctions. However, the thermoeconomic methodologies as such are particularly appropriate to analyse large industrial systems at steady or quasi-steady operation, but they can be hardly applied to small to medium scale units operating in unsteady conditions to cover a variable energy demand. In this paper, the fundamentals of thermoeconomics for systems operated at variable load are discussed, examining the cost formation process an…
Instruments, rules, and household debt: the effects of fiscal policy
2015
In this paper, we look at the interplay between the level of household leverage in the economy and fiscal policy, the latter characterised by different combinations of instruments and rules. When the fiscal rule is defined on lump-sum transfers, government spending or consumption taxes, the impact multipliers of transitory fiscal shocks become substantially amplified in an environment of easy access to credit by impatient consumers, regardless of the primary instruments used. However, when the government reacts to debt deviations by raising distortionary taxes on income, labour or capital, the effects of household debt on the size of the impact output multipliers vanish or even reverse, no …
Unconventional monetary policy reaction functions: evidence from the US
2020
Abstract We specify unconventional monetary policy reaction functions for the Fed using linear and nonlinear econometric frameworks. We find that nonstandard policy measures are largely driven by the dynamics of inflation and the output gap, with the effect being particularly strong during QE rounds. Moreover, we uncover the presence of asymmetry and regime dependence in central bank’s actions since the global financial crisis, especially concerning the response of the term spread and the shadow short rate to the growth rate of central bank reserves. From a policy perspective and given the lack of a systematic response of monetary policy to asset price growth in nonstandard times, our findi…
Effects of Fiscal Stimulus in Structural Models
2010
The paper assesses, using seven structural models used heavily by policymaking institutions, the effectiveness of temporary fiscal stimulus. Models can, more easily than empirical studies, account for differences between fiscal instruments, for differences between structural characteristics of the economy, and for monetary-fiscal policy interactions. Findings are: (i) There is substantial agreement across models on the sizes of fiscal multipliers. (ii) The sizes of spending and targeted transfers multipliers are large. (iii) Fiscal policy is most effective if it has some persistence and if monetary policy accommodates it. (iv) The perception of permanent fiscal stimulus leads to significant…
Large eddy simulation of inertial particles dispersion in a turbulent gas-particle channel flow bounded by rough walls
2020
The purpose of this paper is to understand the capability and consistency of large eddy simulation (LES) in Eulerian–Lagrangian studies aimed at predicting inertial particle dispersion in turbulent wall-bounded flows, in the absence of ad hoc closure models in the Lagrangian equations of particle motion. The degree of improvement granted by LES models is object of debate, in terms of both accurate prediction of particle accumulation and local particle segregation; therefore, we assessed the accuracy in the prediction of the particle velocity statistics by comparison against direct numerical simulation (DNS) of a finer computational mesh, under both one-way and two-way coupling regimes. We p…
Nonlocal model of Superfluid Turbulence: Constitutive Theory
2014
In this paper, the constitutive restrictions for the fluxes in a nonlocal model of superfluid turbulence are deduced from the entropy principle, using the Liu method of Lagrange multipliers. The proposed model chooses as fundamental fields the density, the velocity, the energy density, the heat flux, and the averaged vortex line length per unit volume. The onstitutive quantities are assumed to depend on the fundamental fields and on their first derivative.
A Time Projection Chamber with GEM-Based Readout
2016
For the International Large Detector concept at the planned International Linear Collider, the use of time projection chambers (TPC) with micro-pattern gas detector readout as the main tracking detector is investigated. In this paper, results from a prototype TPC, placed in a 1 T solenoidal field and read out with three independent GEM-based readout modules, are reported. The TPC was exposed to a 6 GeV electron beam at the DESY II synchrotron. The efficiency for reconstructing hits, the measurement of the drift velocity, the space point resolution and the control of field inhomogeneities are presented.