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Banco Central De La Republica Argentina - 2016 Financial Statements, Argentina: Banco Central De La Repãºblica

Documents

No abstract provided.

Networks In Conflict: Theory And Evidence From The Great War Of Africa, Michael D. König, Dominic Rohner, Mathias Thoenig, Fabrizio Zilibotti

Discussion Papers

No abstract provided.

Change Detection And The Causal Impact Of The Yield Curve, Stan Hurn, Peter C.B. Phillips, Shu-Ping Shi

Cowles Foundation Discussion Papers

Causal relationships in econometrics are typically based on the concept of predictability and are established in terms of tests for Granger causality. These causal relationships are susceptible to change, especially during times of financial turbulence, making the real-time detection of instability an important practical issue. This paper develops a test for detecting changes in causal relationships based on a recursive rolling window, which is analogous to the procedure used in recent work on financial bubble detection. The limiting distribution of the test takes a simple form under the null hypothesis and is easy to implement in conditions of homoskedasticity, conditional …

Projections And Uncertainties About Climate Change In An Era Of Minimal Climate Policies, William D. Nordhaus

Cowles Foundation Discussion Papers

Climate change remains one of the major international environmental challenges facing nations. Yet nations have to date taken minimal policies to slow climate change. Moreover, there has been no major improvement in emissions trends as of the latest data. The current study uses the updated DICE model to present new projections and the impacts of alternative climate policies. It also presents a new set of estimates of the uncertainties about future climate change and compares the results will those of other integrated assessment models. The study confirms past estimates of likely rapid climate change over the next century if there …

Homogeneity Pursuit In Panel Data Models: Theory And Applications, Peter C.B. Phillips, Liangjun Su, Wuyi Wang

Cowles Foundation Discussion Papers

This paper studies estimation of a panel data model with latent structures where individuals can be classified into different groups where slope parameters are homogeneous within the same group but heterogeneous across groups. To identify the unknown group structure of vector parameters, we design an algorithm called Panel-CARDS which is a systematic extension of the CARDS procedure proposed by Ke, Fan, and Wu (2015) in a cross section framework. The extension addresses the problem of comparing vector coefficients in a panel model for homogeneity and introduces a new concept of controlled classification of multidimensional quantities called the segmentation net. We …

Optimal Auction Design In A Common Value Model, Dirk Bergemann, Benjamin Brooks, Stephen Morris

Cowles Foundation Discussion Papers

We study auction design when bidders have a pure common value equal to the maximum of their independent signals. In the revenue maximizing mechanism, each bidder makes a payment that is independent of his signal and the allocation discriminates in favor of bidders with lower signals. We provide a necessary and sufficient condition under which the optimal mechanism reduces to a posted price under which all bidders are equally likely to get the good. This model of pure common values can equivalently be interpreted as model of resale: the bidders have independent private values at the auction stage, and the …

Informationally Robust Optimal Auction Design, Dirk Bergemann, Benjamin Brooks, Stephen Morris

Cowles Foundation Discussion Papers

A single unit of a good is to be sold by auction to one of two buyers. The good has either a high value or a low value, with known prior probabilities. The designer of the auction knows the prior over values but is uncertain about the correct model of the buyers’ beliefs. The designer evaluates a given auction design by the lowest expected revenue that would be generated across all models of buyers’ information that are consistent with the common prior and across all Bayesian equilibria. An optimal auction for such a seller is constructed, as is a worst-case …

Causal Change Detection In Possibly Integrated Systems: Revisiting The Money-Income Relationship, Shu-Ping Shi, Stan Hurn, Peter C.B. Phillips

Cowles Foundation Discussion Papers

This paper re-examines changes in the causal link between money and income in the United States for over the past half century (1959 - 2014). Three methods for the data-driven discovery of change points in causal relationships are proposed, all of which can be implemented without prior detrending of the data. These methods are a forward recursive algorithm, a recursive rolling algorithm and the rolling window algorithm all of which utilize subsample tests of Granger causality within a lag-augmented vector autoregressive framework. The limit distributions for these subsample Wald tests are provided. The results from a suite of simulation experiments …

Sequentially Testing Polynomial Model Hypotheses Using Power Transforms Of Regressors, Jin Seo Cho, Peter C.B. Phillips

Cowles Foundation Discussion Papers

We provide a methodology for testing a polynomial model hypothesis by extending the approach and results of Baek, Cho, and Phillips (2015; Journal of Econometrics; BCP) that tests for neglected nonlinearity using power transforms of regressors against arbitrary nonlinearity. We examine and generalize the BCP quasi-likelihood ratio test dealing with the multifold identification problem that arises under the null of the polynomial model. The approach leads to convenient asymptotic theory for inference, has omnibus power against general nonlinear alternatives, and allows estimation of an unknown polynomial degree in a model by way of sequential testing, a technique that is useful …

Belief-Free Rationalizability And Informational Robustness, Dirk Bergemann, Stephen Morris

Cowles Foundation Discussion Papers

We propose an incomplete information analogue of rationalizability. An action is said to be belief-free rationalizable if it survives the following iterated deletion process. At each stage, we delete actions for a type of a player that are not a best response to some conjecture that puts weight only on profiles of types of other players and states that that type thinks possible, combined with actions of those types that have survived so far. We describe a number of applications. This solution concept characterizes the implications of equilibrium when a player is known to have some private information but may …

2016 Performance And Accountability Report, United States: Federal Housing Finance Agency (Fhfa)

Documents

Contains message from the Director, Management's Discussion/Analysis, Performance Section, Financial Section, Other Information, and Appendix.

Imf Financial Operations 2016: Chap. 4 - Special Drawing Rights, International Monetary Fund (Imf)

Documents

No abstract provided.

Product Variety, Across-Market Demand Heterogeneity, And The Value Of Online Retail, Thomas W. Quan, Kevin R. Williams

Cowles Foundation Discussion Papers

Online retail gives consumers access to an astonishing variety of products. However, the additional value created by this variety depends on the extent to which local retailers already satisfy local demand. To quantify the gains and account for local demand, we use detailed data from an online retailer and propose methodology to address a common issue in such data - sparsity of local sales due to sampling and a significant number of local zeros. Our estimates indicate products face substantial demand heterogeneity across markets; as a result, we find gains from online variety that are 30% lower than previous studies.

Product Variety, Across-Market Demand Heterogeneity, And The Value Of Online Retail, Thomas W. Quan, Kevin R. Williams

Cowles Foundation Discussion Papers

Online retail gives consumers access to an astonishing variety of products. However, the additional value created by this variety depends on the extent to which local retailers already satisfy local demand. To quantify the gains and account for local demand, we use detailed data from an online retailer and propose methodology to address a common issue in such data-sparsity of local sales due to sampling and a significant number of local zeros. Our estimates indicate products face substantial demand heterogeneity across markets; as a result, we find gains from online variety that are 45% lower than previous studies.

Product Variety, Across-Market Demand Heterogeneity, And The Value Of Online Retail, Thomas W. Quan, Kevin R. Williams

Cowles Foundation Discussion Papers

Online retail gives consumers access to an astonishing variety of products. However, the additional value created by this variety depends on the extent to which local retailers already satisfy local demand. To quantify the gains and account for local demand, we use detailed data from an online retailer and propose methodology to address a common issue in such data - sparsity of local sales due to sampling and a significant number of local zeros. Our estimates indicate products face substantial demand heterogeneity across markets; as a result, we find gains from online variety that are 30% lower than previous studies.

Three Essays On The Theory Of Money And Financial Institutions Essay 2: The Exchange Economy, Money, And Markets, Martin Shubik

Cowles Foundation Discussion Papers

This essay is the second of three. The first is nontechnical and in part autobiographical describing the evolution of my approach to developing a micro economic theory of money and financial institutions. This essay is devoted to a mathematical sketch of a closed economic exchange system with general equilibrium GE and rational expectations RE viewed game theoretically. It squeezes the last drop out of statics and an illusory dynamics in the form of the RE extension of GE with no other externalities beyond money and markets. The third essay builds on process models adding uncertainty,innovation, an active government, nonsymmetric information …

Troubled Asset Relief Program: New Effort To Wind Down The Community Development Capital Initiative, United States: Government Accountability Office (Gao)

Documents

No abstract provided.

Additional Actions Could Help Ensure The Achievement Of Stress Test Goals, United States: Government Accountability Office (Gao), Federal Reserve System

Documents

Report to the Chairman, Committee on Financial Services, House of Representatives

Product Variety, Across-Market Demand Heterogeneity, And The Value Of Online Retail, Thomas W. Quan, Kevin R. Williams

Cowles Foundation Discussion Papers

Online retail gives consumers access to an astonishing variety of products. However, the additional value created by this variety depends on the extent to which local retailers already satisfy local demand. To quantify the gains and account for local demand, we use detailed data from an online retailer and propose methodology to address a common issue in such data-sparsity of local sales due to sampling and a significant number of local zeros. Our estimates indicate products face substantial demand heterogeneity across markets; as a result, we find gains from online variety that are 45% lower than previous studies.

Sweden: Financial System Stability Assessment, International Monetary Fund (Imf): Monetary And Capital Markets Department

Documents

No abstract provided.

Runs On Money Market Mutual Funds, Lawrence Schmidt, Allan Timmermann, Russ Wermers

Documents

No abstract provided.

The Housing Crisis And The Rise In Student Loans, Gene Amromin, Janice Eberly, John Mondragaon

Documents

No abstract provided.

State Aid Sa.39543 (2015/N), Sa.41134 (2015/N), Sa.41925 (2015/N), Sa.43547 (2015/N) - Italy Second Amendment To The Resolution Of Banca Delle Marche S.P.A., Banca Popolare Dell'etruria E Del Lazio Soc. Coop., Cassa Di Risparmio Di Ferrara S.P.A. And Cass, European Union: European Commission

Documents

No abstract provided.

Imf Global Financial Stability Report: October 2016: Fostering Stability In A Low-Growth, Low-Rate Era, International Monetary Fund (Imf) Staff

Documents

No abstract provided.

Yale Medicine : Alumni Bulletin Of The School Of Medicine, Autumn 2016, Yale University. School Of Medicine

Yale Medicine Magazine - alumni bulletin and magazine

This is the Autumn 2016 issue of Yale Medicine: alumni bulletin of the School of Medicine, v. 51, no. 1. Prepared in cooperation with the alumni and development offices at the School of Medicine. Earlier volumes are called Yale School of Medicine alumni bulletins, dating from v.1 (1953) through v.13 (1965).

Policy Speech By Prime Minister To The 192th Session Of The Diet, Government Of Japan

Documents

No abstract provided.

Financial Market Fragmentation In The Euro Area: State Of Play, Paul Berenberg-Gossler, Henrik Enderlein, Salomon Fielder, Klaus-J¼Rgen Gern, Matthias Raddant, Ulrich Stolzenburg, Christophe Blot, Paul Hubert, Fabien Labondance, Corrado Macchiarelli, Panagiotis Koutroumpis

Documents

No abstract provided.

Crossing Paths: Musical And Ritual Interactivity Between The Ḥamadsha And Gnawa In Sidi Ali, Morocco, Christopher J. Witulski

Yale Journal of Music & Religion

The processions occurring in Moroccan pilgrimages--such as those in Sidi Ali, a small town situated in the mountains outside of Meknes and Fez--are important sites that instigate an aesthetic negotiation within nearby possession ceremonies. The many musical groups that punctuate the cacophonous atmosphere during the annual pilgrimage are affiliated with a many of the country’s diverse mystical brotherhoods, including the gnawa, ḥamadsha, and ʿīsāwa. Through a detailed ethnographic description of processions and rituals from two of these groups, this article outlines ways in which musical tastes flow between the different events, informing the aesthetics of both outdoor …

War Of The Worlds: Music And Cosmological Battles In The Balinese Cremation Procession, Michael B. Bakan

Yale Journal of Music & Religion

Abstract

This article explores processional action as a form of cosmological intervention in Hindu-Balinese cremation processions, focusing on the multiple and intersecting functions of a particular type of Balinese instrumental music ensemble: the gamelan beleganjur. It explores the alternately “enlivening and protective aspects” (DeVale 1990, 62) that underlie the use of beleganjur music in the ngaben, or cremation ritual, showing how beleganjur’s sonic power and rhythmic drive serve to combat malevolent spirit beings, strengthen and inspire processional participants in their efforts to meet challenging ritual obligations, and grant courage to the souls of deceased individuals embarking on their …

Tender Offer Memorandum, Carinthian Compensation Payment Fund

Documents

No abstract provided.