New Monetarism in Continuous Time: Methods and Applications*

2020 ◽  
Author(s):  
Michael Choi ◽  
Guillaume Rocheteau
Keyword(s):  
Continuous Time ◽  
Demand Management ◽  
Aggregate Demand ◽  
Open Market ◽  
Time Intervals ◽  
Forward Guidance ◽  
Flows Over Time ◽  
Monetarist Model ◽  
Over Time

Abstract We develop a New Monetarist model in continuous time where agents trade continuously in competitive markets and infrequently in pairwise meetings. Agents can produce and consume both in flows over time intervals and in discrete quantities at points in time. We detail the methodology to solve individual optimisation problems and characterise the full set of perfect foresight equilibria. We illustrate the role of continuous time and the tractability of our approach with three applications related to monetary policy: (i) forward guidance with policy announcements; (ii) aggregate demand management and firm entry; (iii) open market operations with partially liquid assets.

Choice of the Path of Fiscal and Monetary Policy Coordination in China

2009 ◽  
Vol 5 (3) ◽  
pp. 211-224
Author(s):  
Xiuyun Cai
Keyword(s):  
Central Bank ◽  
Supply And Demand ◽  
Aggregate Demand ◽  
Policy Coordination ◽  
Chinese Economy ◽  
Open Market ◽  
Total Size ◽  
Monetary Policies ◽  
Monetary Policy Coordination

he role of monetary policies regulating social the aggregate demand is highlighted, while the role in restructuring the supply and demand are greater limitations. The Central Bank indirectly affects the currency in circulation and the total size of credit by adjusting the statutory deposit reserve rate, the rediscount rate, open market operations; The Central Bank increases or decreases in money supply by limiting the loan quota and the currency issuance. Thus the role of the monetary policies in alleviating serious problems in the field of circulation area is more rapid, clear and effective. However, the central bank can not loan directly to a large number of economic development in lagging industries especially public goods industries as a result of the restrict of the credit funds movement, and therefore the role of monetary policies in improving the social structure and the rate relationship of national economy is relatively limited. The structural imbalance between domestic demand and external demand makes the Chinese economy affected seriously in the circumstances of the U.S. financial crisis and a sudden decline in global demand.

scholarly journals Continuous Time Random Walk with Correlated Waiting Times. The Crucial Role of Inter-Trade Times in Volatility Clustering

Entropy ◽  
2021 ◽  
Vol 23 (12) ◽  
pp. 1576
Author(s):  
Jarosław Klamut ◽  
Tomasz Gubiec
Keyword(s):  
Random Walk ◽  
Stock Market ◽  
Autocorrelation Function ◽  
Continuous Time ◽  
Crucial Role ◽  
Continuous Time Random Walk ◽  
Time Intervals ◽  
Stock Market Returns ◽  
Volatility Clustering

In many physical, social, and economic phenomena, we observe changes in a studied quantity only in discrete, irregularly distributed points in time. The stochastic process usually applied to describe this kind of variable is the continuous-time random walk (CTRW). Despite the popularity of these types of stochastic processes and strong empirical motivation, models with a long-term memory within the sequence of time intervals between observations are rare in the physics literature. Here, we fill this gap by introducing a new family of CTRWs. The memory is introduced to the model by assuming that many consecutive time intervals can be the same. Surprisingly, in this process we can observe a slowly decaying nonlinear autocorrelation function without a fat-tailed distribution of time intervals. Our model, applied to high-frequency stock market data, can successfully describe the slope of decay of the nonlinear autocorrelation function of stock market returns. We achieve this result without imposing any dependence between consecutive price changes. This proves the crucial role of inter-event times in the volatility clustering phenomenon observed in all stock markets.

The role of elicited verbal imitation in toddlers’ word learning

2015 ◽  
Vol 43 (2) ◽  
pp. 457-471 ◽  
Author(s):  
ROSEMARY HODGES ◽  
NATALIE MUNRO ◽  
ELISE BAKER ◽  
KARLA McGREGOR ◽  
KIMBERLEY DOCKING ◽  
...  
Keyword(s):  
Word Learning ◽  
Receptive Vocabulary ◽  
Nonword Repetition ◽  
Word Form ◽  
Elicited Imitation ◽  
Time Intervals ◽  
Expressive Phonology ◽  
Over Time

ABSTRACTThis study is about the role of elicited verbal imitation in toddler word learning. Forty-eight toddlers were taught eight nonwords linked to referents. During training, they were asked to imitate the nonwords. Naming of the referents was tested at three intervals (one minute later [uncued], five minutes, and 1–7 days later [cued]) and recognition at the last two intervals. Receptive vocabulary, nonword repetition, and expressive phonology were assessed. The accuracy of elicited imitation during training predicted naming at one and five minutes, but not 1–7 days later. Neither nonword repetition nor expressive phonology was associated with naming over time but extant vocabulary predicted performance at all time intervals. We hypothesize that elicited imitation facilitates word learning in its earliest stages by supporting encoding of the word form into memory and allowing practice of the articulatory-phonological plan. At later stages, vocabulary facilitates integration of the word form into the lexical network.

Hidden Treasure: The Church of England's Stewardship of Its Silver Plate

2018 ◽  
Vol 20 (1) ◽  
pp. 16-50
Author(s):  
Philip Petchey
Keyword(s):  
Legal Issues ◽  
Open Market ◽  
Legal Basis ◽  
Silver Plate ◽  
The Church ◽  
Over Time ◽  
The Way

This article examines the Church of England's stewardship of its silver plate. It explains the way in which the use of chalices, patens and flagons changed over time and considers the legal basis on which church plate is held by churchwardens. It explains how, having initially discountenanced all sales of redundant church plate, consistory courts came to authorise sales to museums. It also explains how, following a series of judgments by George Newsom QC, acting first as Chancellor of both London and St Albans dioceses and later as Deputy Dean of the Court of Arches, sales on the open market were more frequently allowed and then how, following the judgment of the Court of Arches in re St Lawrence, Wootton, a more restrictive approach was re-imposed. It considers the practical and legal issues arising out of that judgment. Finally, it considers the role of the Court of Arches as a maker of policy.

Raza, ciencia, sociedad

2015 ◽  
Vol 2 (4) ◽  
Author(s):  
Peter Wade
Keyword(s):  
Cultural Discourse ◽  
Human Biology ◽  
Science And Society ◽  
Race Science ◽  
And Behavior ◽  
Over Time

<p class="p1"><span class="s1"><strong>Resumen </strong></span>| En este trabajo quiero presentar una cronología convencional del concepto raza que marca un movimiento en el cual raza cambia de ser una idea basada en la cultura y el medio ambiente, a ser algo biológico, inflexible y determinante, para luego volver a ser una noción que habla de la cultura<span class="s2"><strong>.</strong></span>Resumo cómo la idea de raza ha cambiado a través del tiempo, mirando necesariamente el rol que ha desempeñado la ciencia, y enfocando los diferentes discursos de índole <em>natural-cultural </em>sobre los cuerpos, el medio ambiente y el comportamiento, en los cuales las dimensiones culturales y naturales siempre coexisten<span class="s2"><strong>.</strong></span>“La naturaleza” no puede ser entendida solamente como “la biología” y ni la naturaleza ni la biología necesariamente implican sólo el determinismo, la fijeza y la inmutabilidad Estar abiertos a la coexistencia de la cultura y la naturaleza y a la mutabilidad de la naturaleza nos permite ver mejor el ámbito de acción del pensamiento racial.</p><p class="p1"><strong><em>Race, Science and Society</em></strong></p><p class="p1"> </p><p class="p2"><span class="s1"><strong>Abstract </strong></span>| In this article I present and critique a standard chronology of race as, first, a concept rooted in culture and environment, and later in human biology and determinism, and finally back to culture alone<span class="s2"><strong><em>.</em></strong></span>I will outline changing understandings of race over time, with some attention to the role of science, broadly understood, and on the continuing but changing character of race as a natural-cultural discourse about organic bodies, environments and behavior, in which both cultural and natural dimensions always co-exist<span class="s2"><strong><em>.</em></strong></span>“Nature” is not to be understood simply as “biology,” and neither nature nor biology necessarily imply the fixity and determination that they are often assumed nowadays to involve<span class="s2"><strong><em>.</em></strong></span>Being open to the co-existence of culture and nature and the mutability of the latter allows us to better comprehend the whole range of action of racial thinking.</p>

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