scholarly journals A Macroeconomic Framework for Quantifying Systemic Risk

2019 ◽  
Vol 11 (4) ◽  
pp. 1-37 ◽  
Author(s):  
Zhiguo He ◽  
Arvind Krishnamurthy
Keyword(s):  
Systemic Risk ◽  
Financial Intermediation ◽  
Stress Test ◽  
Equity Capital ◽  
The Novel ◽  
Conditional Probabilities ◽  
Steady State Distribution ◽  
State Distribution ◽  
Test Linking ◽  
Normal States

Systemic risk arises when shocks lead to states where a disruption in financial intermediation adversely affects the economy and feeds back into further disrupting financial intermediation. We present a macroeconomic model with a financial intermediary sector subject to an equity capital constraint. The novel aspect of our analysis is that the model produces a stochastic steady state distribution for the economy, in which only some of the states correspond to systemic risk states. The model allows us to examine the transition from “normal” states to systemic risk states. We calibrate our model and use it to match the systemic risk apparent during the 2007/2008 financial crisis. We also use the model to compute the conditional probabilities of arriving at a systemic risk state, such as 2007/2008. Finally, we show how the model can be used to conduct a macroeconomic “stress test” linking a stress scenario to the probability of systemic risk states. (JEL E13, E44, E52, G01, G21, G28)

Kinetic analysis of mechanism of intestinal Na+-dependent sugar transport

1985 ◽  
Vol 248 (5) ◽  
pp. C498-C509 ◽  
Author(s):  
D. Restrepo ◽  
G. A. Kimmich
Keyword(s):  
Experimental Data ◽  
Steady State ◽  
Sugar Transport ◽  
Enzyme Kinetic ◽  
Steady State Distribution ◽  
State Distribution ◽  
Least Squares Fit ◽  
Coupling Stoichiometry ◽  
Rate Limiting ◽  
Kinetics Of

Zero-trans kinetics of Na+-sugar cotransport were investigated. Sugar influx was measured at various sodium and sugar concentrations in K+-loaded cells treated with rotenone and valinomycin. Sugar influx follows Michaelis-Menten kinetics as a function of sugar concentration but not as a function of Na+ concentration. Nine models with 1:1 or 2:1 sodium:sugar stoichiometry were considered. The flux equations for these models were solved assuming steady-state distribution of carrier forms and that translocation across the membrane is rate limiting. Classical enzyme kinetic methods and a least-squares fit of flux equations to the experimental data were used to assess the fit of the different models. Four models can be discarded on this basis. Of the remaining models, we discard two on the basis of the trans sodium dependence and the coupling stoichiometry [G. A. Kimmich and J. Randles, Am. J. Physiol. 247 (Cell Physiol. 16): C74-C82, 1984]. The remaining models are terter ordered mechanisms with sodium debinding first at the trans side. If transfer across the membrane is rate limiting, the binding order can be determined to be sodium:sugar:sodium.

scholarly journals The Evolution of Networks and Local Public Good Provision: A Potential Approach

Games ◽  
2021 ◽  
Vol 12 (3) ◽  
pp. 55
Author(s):  
Markus Kinateder ◽  
Luca Paolo Merlino
Keyword(s):  
Public Good ◽  
Nash Equilibria ◽  
Potential Game ◽  
Public Good Provision ◽  
Local Public Good ◽  
Steady State Distribution ◽  
State Distribution ◽  
Long Run ◽  
Split Graphs ◽  
Good Provision

In this paper, we propose a game in which each player decides with whom to establish a costly connection and how much local public good is provided when benefits are shared among neighbors. We show that, when agents are homogeneous, Nash equilibrium networks are nested split graphs. Additionally, we show that the game is a potential game, even when we introduce heterogeneity along several dimensions. Using this result, we introduce stochastic best reply dynamics and show that this admits a unique and stationary steady state distribution expressed in terms of the potential function of the game. Hence, even if the set of Nash equilibria is potentially very large, the long run predictions are sharp.

scholarly journals On Exact and Approximate Approaches for Stochastic Receptor-Ligand Competition Dynamics—An Ecological Perspective

Mathematics ◽  
2020 ◽  
Vol 8 (6) ◽  
pp. 1014
Author(s):  
Polly-Anne Jeffrey ◽  
Martín López-García ◽  
Mario Castro ◽  
Grant Lythe ◽  
Carmen Molina-París
Keyword(s):  
Summary Statistics ◽  
Steady State Distribution ◽  
State Distribution ◽  
Cellular Receptors ◽  
Stochastic Description ◽  
The Matrix ◽  
Common Resource ◽  
A Cell ◽  
The Common ◽  
Cellular Medium

Cellular receptors on the cell membrane can bind ligand molecules in the extra-cellular medium to form ligand-bound monomers. These interactions ultimately determine the fate of a cell through the resulting intra-cellular signalling cascades. Often, several receptor types can bind a shared ligand leading to the formation of different monomeric complexes, and in turn to competition for the common ligand. Here, we describe competition between two receptors which bind a common ligand in terms of a bi-variate stochastic process. The stochastic description is important to account for fluctuations in the number of molecules. Our interest is in computing two summary statistics—the steady-state distribution of the number of bound monomers and the time to reach a threshold number of monomers of a given kind. The matrix-analytic approach developed in this manuscript is exact, but becomes impractical as the number of molecules in the system increases. Thus, we present novel approximations which can work under low-to-moderate competition scenarios. Our results apply to systems with a larger number of population species (i.e., receptors) competing for a common resource (i.e., ligands), and to competition systems outside the area of molecular dynamics, such as Mathematical Ecology.

PROCESSOR SHARING G-QUEUES WITH INERT CUSTOMERS AND CATASTROPHES: A MODEL FOR SERVER AGING AND REJUVENATION

2017 ◽  
Vol 31 (4) ◽  
pp. 420-435 ◽  
Author(s):  
J.-M. Fourneau ◽  
Y. Ait El Majhoub
Keyword(s):  
Steady State ◽  
Product Form ◽  
Processor Sharing ◽  
Service Capacity ◽  
Steady State Distribution ◽  
State Distribution ◽  
Signal Arrival ◽  
Open Networks ◽  
Networks Of Queues

We consider open networks of queues with Processor-Sharing discipline and signals. The signals deletes all the customers present in the queues and vanish instantaneously. The customers may be usual customers or inert customers. Inert customers do not receive service but the servers still try to share the service capacity between all the customers (inert or usual). Thus a part of the service capacity is wasted. We prove that such a model has a product-form steady-state distribution when the signal arrival rates are positive.

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