Search results for "Shock"
showing 10 items of 1248 documents
Money in an Estimated Business Cycle Model of the Euro Area
2006
We present maximum likelihood estimates of a small scale dynamic general equilibrium model for the Eurozone. We pay special attention to the role of money, both through its direct effect upon private agents’ decisions and as a component of the monetary policy rule. Our results can be summarized as follows. First, we find no direct effect of money upon inflation and output but money growth plays a significant role in the interest rate rule. Second, money demand shocks mainly help to forecast real balances while real shocks explain the bulk of price, output and interest rates fluctuations. Third, the estimated model predicts sensible conditional correlations among those variables both to dema…
Monetary policy, asset prices and consumption in China
2012
Abstract This paper studies the wealth channel in China. Although the wealth channel has been found to be functioning in many advanced countries, its existence is yet to be explored in most emerging economies, also in China. In order to illuminate dynamics between monetary policy, asset prices and consumption, we use the structural vector autoregression method. The findings support the view that a loosening of China's monetary policy does indeed lead to higher asset prices. Furthermore, a positive shock to residential prices increases household consumption, while the role of stock prices seems to be small from the households’ point of view. Finally, we test the existence of the wealth chann…
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…
Gender, Weather Shocks and Welfare: Evidence from Malawi
2017
This paper explores the gender-differentiated effects of weather shocks on households’ welfare in Malawi using panel data aligned with climatic records. Results show that temperature shocks severely affect household welfare, reducing consumption, food consumption and daily caloric intake. The negative welfare effects are more severe for households where land is solely managed by women, a finding that sheds light on the gender-unequal impact of temperature shocks. Our evidence also suggests that women’s vulnerability to temperature shocks is linked to women’s land tenure security, as temperature shocks impact significantly women’s welfare only in patrilineal districts, where statistics show …
Fronts propagating with signal dependent speed in limited diffusion and related Hamilton-Jacobi formulations
2021
We consider a class of limited diffusion equations and explore the formation of diffusion fronts as the result of a combination of diffusive and hyperbolic transport. We analyze a new class of Hamilton-Jacobi equations arising from the convective part of general Fokker-Planck equations ruled by a non-negative diffusion coefficient that depends on the unknown and on the gradient of the unknown. We explore the main features of the solution of the Hamilton-Jacobi equations that contain shocks and propose a suitable numerical scheme that approximates the solution in a consistent way with respect to the solution of the associated Fokker-Planck equation. We analyze three model problems covering d…
Linearly implicit-explicit schemes for the equilibrium dispersive model of chromatography
2018
Abstract Numerical schemes for the nonlinear equilibrium dispersive (ED) model for chromatographic processes with adsorption isotherms of Langmuir type are proposed. This model consists of a system of nonlinear, convection-dominated partial differential equations. The nonlinear convection gives rise to sharp moving transitions between concentrations of different solute components. This property calls for numerical methods with shock capturing capabilities. Based on results by Donat, Guerrero and Mulet (Appl. Numer. Math. 123 (2018) 22–42), conservative shock capturing numerical schemes can be designed for this chromatography model. Since explicit schemes for diffusion problems can pose seve…
Transient solutions for temperature and pressure waves in fluid-saturated porous rocks
1996
SUMMARY In this paper, hot-fluid migration dynamics for a fluid-saturated porous rock is analysed theoretically. We first recall a Bonafede model implemented with a classical scale analysis; this allows us to discuss a fully non-linear formulation related to transient phenomena, which is solved analytically as a solitary shock wave. The resulting time-scales are particularly small, corresponding to intense short-time geothermal phenomena. A novel non-linear migration mechanism, related to Darcy convection, is also discussed.
Defining Kawasaki disease and pediatric inflammatory multisystem syndrome-temporally associated to SARS-CoV-2 infection during SARS-CoV-2 epidemic in…
2021
Abstract Background There is mounting evidence on the existence of a Pediatric Inflammatory Multisystem Syndrome-temporally associated to SARS-CoV-2 infection (PIMS-TS), sharing similarities with Kawasaki Disease (KD). The main outcome of the study were to better characterize the clinical features and the treatment response of PIMS-TS and to explore its relationship with KD determining whether KD and PIMS are two distinct entities. Methods The Rheumatology Study Group of the Italian Pediatric Society launched a survey to enroll patients diagnosed with KD (Kawasaki Disease Group – KDG) or KD-like (Kawacovid Group - KCG) disease between February 1st 2020, and May 31st 2020. Demographic, clini…
Multivariate analysis in the identification of biological targets for designed molecular structures: The BIOTA protocol
2013
In this work the new protocol BIOlogical Target Assignation (BIOTA) for the prediction of the biological target from molecular structures is proposed. BIOTA is based on the Principal Components Analysis (PCA) application on a matrix of ligands versus molecular descriptors. The application of BIOTA could allow to hypothesize the mechanism of action of a candidate drug prior to its biological evaluation or to repurpose old drugs. The protocol can be fine-tuned by choosing opportune targets (biological or not) and molecular descriptors, and it can be useful in every fields in with it is possible to collect set of compounds with known properties. The robustness of the protocol depends from diff…
Breakup and default risks in the great lockdown
2023
Abstract In this paper, we exploit CDS quotes for contracts denominated in different currencies and with different default clauses to estimate the risk of a breakup of the Eurozone and the propagation of breakup and default risks after the COVID-19 shock. Our main result is that the risk of a Eurozone breakup is significant although, quantitatively, it is not larger than in the period before the COVID-19 shock. In addition, we find that an increase in the redenomination risk in one country is associated with an increase in default premia and bond spreads in other Eurozone countries. Finally, we find that a sizeable fraction of the changes in the cost of insuring against redenomination and d…