Search results for " shocks"
showing 10 items of 26 documents
The effects of monetary policy shocks on inequality
2018
Abstract This paper provides new evidence of the effect of conventional monetary policy shocks on income inequality. We construct a measure of unanticipated changes in policy rates—changes in short-term interest rates that are orthogonal to unexpected changes in growth and inflation news—for a panel of 32 advanced and emerging market countries over the period 1990–2013. Our main finding is that contractionary monetary policy shocks increase income inequality, on average. The effect is asymmetric—tightening of policy raises inequality more than easing lowers it—and depends on the state of the business cycle. We find some evidence that the effect increases with the share of labor income and i…
Bank-specific shocks and aggregate leverage: Empirical evidence from a panel of developed countries
2020
International audience; This paper investigates the link between shocks in the banking sector and aggregate leverage measured by the credit-to-GDP gap. Using a balanced panel of 15 countries for the period 1989–2016, we exploit the approach due to Gabaix (2011) and consider banking granular shocks as an indicator of banking distress. Using methods that account for potential endogeneity, we find that banking shocks Granger-cause aggregate leverage. In particular, banking shocks tend to increase the level of leverage and cause departures of the credit-to-GDP ratio from its long-term trend.
Modelling systemic price cojumps with Hawkes factor models
2015
Instabilities in the price dynamics of a large number of financial assets are a clear sign of systemic events. By investigating a set of 20 high cap stocks traded at the Italian Stock Exchange, we find that there is a large number of high frequency cojumps. We show that the dynamics of these jumps is described neither by a multivariate Poisson nor by a multivariate Hawkes model. We introduce a Hawkes one factor model which is able to capture simultaneously the time clustering of jumps and the high synchronization of jumps across assets.
3D numerical modeling of YSO accretion shocks
2013
International audience; The dynamics of YSO accretion shocks is determined by radiative processes as well as the strength and structure of the magnetic field. A quasi-periodic emission signature is theoretically expected to be observed, but observations do not confirm any such pattern. In this work, we assume a uniform background field, in the regime of optically thin energy losses, and we study the multi-dimensional shock evolution in the presence of perturbations, i.e. clumps in the stream and an acoustic energy flux flowing at the base of the chromosphere. We perform 3D MHD simulations using the PLUTO code, modeling locally the impact of the infalling gas onto the chromosphere. We find t…
Role of local absorption on the X-ray emission from MHD accretion shocks in classical T Tauri stars
2014
Accretion processes onto classical T Tauri stars (CTTSs) are believed to generate shocks at the stellar surface due to the impact of supersonic downflowing plasma. Although current models of accretion streams provide a plausible global picture of this process, several aspects are still unclear. For example, the observed X-ray luminosity in accretion shocks is, in general, well below the predicted value. A possible explanation discussed in the literature is in terms of significant absorption of the emission due to the thick surrounding medium. Here we consider a 2D MHD model describing an accretion stream propagating through the atmosphere of a CTTS and impacting onto its chromosphere. The m…
A numerical study of postshock oscillations in slowly moving shock waves
2003
Abstract Godunov-type methods and other shock capturing schemes can display pathological behavior in certain flow situations. This paper discusses the numerical anomaly associated to slowly moving shocks. We present a series of numerical experiments that illustrate the formation and propagation of this pathology, and allows us to establish some conclusions and question some previous conjectures for the source of the numerical noise. A simple diagnosis on an explicit Steger-Warming scheme shows that some intermediate states in the first time steps deviate from the true direction and contaminate the flow structure. A remedy is presented in the form of a new flux split method with an entropy i…
Complex singularities and PDEs
2015
In this paper we give a review on the computational methods used to capture and characterize the complex singularities developed by some relevant PDEs. We begin by reviewing the classical singularity tracking method and give an example of application using the Burgers equation as a case study. This method is based on the analysis of the Fourier spectrum of the solution and it allows to determine and characterize the complex singularity closest to the real domain. We then introduce other methods generally used to detect the hidden singularities. In particular we show some applications of the Padé approximation, of the Kida method, and of Borel-Polya method. We apply these techniques to the s…
Reduction of ICD Shock Burden by Eliminating Back-Up Pacing Induced Ventricular Tachyarrhythmias
2014
ICD Shock Reduction by Subthreshold Pacing Introduction Implantable cardioverter defibrillators (ICD) may have the capacity to provoke or worsen ventricular tachyarrhythmias (VT). It has been reported that ICD shocks by itself can increase mortality. This study aimed to determine the role of back-up pacing-induced VT (PIT) in the overall ICD shock burden by avoiding pause-related ventricular back-up pacing. Methods and Results A population of 550 single-chamber ICD patients was studied. Of them, 17 (3%, 69 ± 16 years, 14 male) patients had documented episodes of PIT. A total of 431 VT episodes were documented including 89 (21%) due to PIT. In 3 patients, VT events were exclusively PITs. Aft…
Accretion shock on CTTSs and its X-ray emission
2009
High spectral resolution X-ray observations of classical T Tauri stars (CTTSs) demonstrate the presence of plasma at T~2-3×10^6 K and ne~10^11-10^13 cm-3. Stationary models suggest that this emission is due to shock-heated accreting material. We address this issue by a 1-D hydrodynamic model of the impact of the accretion flow onto a chromosphere of a CTTS with the aim of investigating the stability of accretion shock and the role of the chromosphere. Our simulations include the effects of gravity, radiative losses from optically thin plasma, the thermal conduction and a detailed modeling of the stellar chromosphere. Here we present the results of a simulation based on the parameters of the…
The nearest X-ray emitting protostellar jet observed with HST
2009
The HH 154 jet coming from the YSO binary L1551 IRS5 is one of the closest (about 150 pc) astrophysical jet known. It is therefore a unique laboratory for studies of outflow mechanisms and of the shocks forming at the interaction front between the expanding material and the ambient medium. The substructures (knots) observed within the HH 154 jet were imaged in several spectral bands using the Hubble Space Telescope. This allows us to derive a simple characterization of the physical conditions in different structures as well as to measure the proper motion of the knots in the jet, their flux variability and shock emission over a time base of about ten years. These knots in the jet undergo si…