Optimal Financial Exclusion

2021 ◽  
Vol 13 (4) ◽  
pp. 101-134
Author(s):  
Cyril Monnet ◽  
Erwan Quintin
Keyword(s):  
Steady State ◽  
Equilibrium Path ◽  
Stationary Equilibrium ◽  
Benchmark Model ◽  
Strategic Default ◽  
Financial Exclusion ◽  
Natural Variations

We study efficient exclusion policies in a canonical credit model that features both exogenous and strategic default along the equilibrium path. Policies that maximize welfare in a stationary equilibrium implement exclusion for a finite and deterministic number of periods following default. Front-loading exclusion makes the mass of socially valuable transactions as high as it can be in steady state. Less intuitively, doing so also maximizes the average welfare of excluded agents in equilibrium conditional on the level of incentives provided by the threat of exclusion. We argue that these results are robust to a host of natural variations on our benchmark model. (JEL C73, D53, D86, G21, G32, G51)

CO-MOVEMENT OF STEADY-STATE GOVERNMENT DEBT AND HOUSEHOLD DEBT

2021 ◽  
pp. 1-35
Author(s):  
INSOOK LEE
Keyword(s):  
Steady State ◽  
Interest Rate ◽  
State Government ◽  
Population Aging ◽  
Government Debt ◽  
Household Debt ◽  
Income Shocks ◽  
Stationary Equilibrium ◽  
Income Risk ◽  
Positive Correlations

To understand whether and how movements of government debt and household debt are related, stationary equilibrium government debt and household debt are characterized in a politico-economic model where office-seeking policymakers decide government debt and individual voters can borrow facing uninsurable idiosyncratic income shocks. An increase in uninsurable income risk unconditionally raises stationary equilibrium government debt and aggregate household debt together, while an increase in household-loan collateral value or population aging conditionally does so, entailing positive correlations between these two debts’ movements. In contrast, an increase in interest rate conditionally causes these two debts to move in the opposite directions.

Out-of-Equilibrium Dynamics with Heterogeneous Capital Goods

2016 ◽  
Vol 12 (02) ◽  
pp. 157-173 ◽  
Author(s):  
Vipin P. Veetil
Keyword(s):  
Steady State ◽  
Macro Level ◽  
Equilibrium Path ◽  
Imperfect Markets ◽  
Capital Goods ◽  
Rational Agents ◽  
Equilibrium Dynamics ◽  
Optimal Mix ◽  
State Agents ◽  
Micro Level

This paper studies the problem of accumulating heterogeneous capital goods in an economy with imperfect markets populated by boundedly rational agents. It relaxes classical assumptions about information and cognition. The agents are not capable of computing an equilibrium path to steady state. Agents discover prices by interacting with each other. The economy accumulates a near-optimal mix of capital goods. The structure of interactions between agents filters their behavior in such a way that limited rationality at the micro-level does not translate to grossly inefficient outcomes at the macro-level.

Studies on Water in the Hydration Chamber of a Modified Electron Microscope

1970 ◽  
Vol 28 ◽  
pp. 544-545
Author(s):  
R. C. Moretz ◽  
G. G. Hausner ◽  
D. F. Parsons
Keyword(s):  
Thin Film ◽  
Thin Films ◽  
Electron Microscope ◽  
Steady State ◽  
Room Temperature ◽  
Small Mass ◽  
Equilibrium Pressure ◽  
Biological Objects ◽  
Mechanical Pump ◽  
Differential Pumping

Use of the electron microscope to examine wet objects is possible due to the small mass thickness of the equilibrium pressure of water vapor at room temperature. Previous attempts to examine hydrated biological objects and water itself used a chamber consisting of two small apertures sealed by two thin films. Extensive work in our laboratory showed that such films have an 80% failure rate when wet. Using the principle of differential pumping of the microscope column, we can use open apertures in place of thin film windows.Fig. 1 shows the modified Siemens la specimen chamber with the connections to the water supply and the auxiliary pumping station. A mechanical pump is connected to the vapor supply via a 100μ aperture to maintain steady-state conditions.

Continuous hydrogenolysis of acetal-stabilized lignin in flow

2021 ◽  
Author(s):  
Wu Lan ◽  
Yuan Peng Du ◽  
Songlan Sun ◽  
Jean Behaghel de Bueren ◽  
Florent Héroguel ◽  
...  
Keyword(s):  
Steady State ◽  
Challenges And Opportunities

We performed a steady state high-yielding depolymerization of soluble acetal-stabilized lignin in flow, which offered a window into challenges and opportunities that will be faced when continuously processing this feedstock.

Network reconstruction based on steady-state data

2008 ◽  
Vol 45 ◽  
pp. 161-176 ◽  
Author(s):  
Eduardo D. Sontag
Keyword(s):  
Steady State ◽  
Reverse Engineering ◽  
Theoretical Method ◽  
Network Reconstruction ◽  
Quasi Steady State ◽  
State Data

This paper discusses a theoretical method for the “reverse engineering” of networks based solely on steady-state (and quasi-steady-state) data.

Steady State Disinfection of Water By Ozone and sonozone

1979 ◽  
Vol 1 (4) ◽  
pp. 13-24
Author(s):  
E. Dahi ◽  
E. Lund
Keyword(s):  
Steady State

Olfactory Modulation of Steady- State Visual Evoked Potential Topography in Comparison with Differences in Odor Sensitivity

2002 ◽  
Vol 16 (2) ◽  
pp. 71-81 ◽  
Author(s):  
Caroline M. Owen ◽  
John Patterson ◽  
Richard B. Silberstein
Keyword(s):  
Steady State ◽  
Visual Evoked Potential ◽  
Evoked Potential ◽  
Behavioral Responses ◽  
Simultaneous Recording ◽  
Odor Concentration ◽  
Odor Detection ◽  
Detection Response ◽  
Response Groups ◽  
Visual Evoked

Summary Research was undertaken to determine whether olfactory stimulation can alter steady-state visual evoked potential (SSVEP) topography. Odor-air and air-only stimuli were used to determine whether the SSVEP would be altered when odor was present. Comparisons were also made of the topographic activation associated with air and odor stimulation, with the view toward determining whether the revealed topographic activity would differentiate levels of olfactory sensitivity by clearly identifying supra- and subthreshold odor responses. Using a continuous respiration olfactometer (CRO) to precisely deliver an odor or air stimulus synchronously with the natural respiration, air or odor (n-butanol) was randomly delivered into the inspiratory airstream during the simultaneous recording of SSVEPs and subjective behavioral responses. Subjects were placed in groups based on subjective odor detection response: “yes” and “no” detection groups. In comparison to air, SSVEP topography revealed cortical changes in response to odor stimulation for both response groups, with topographic changes evident for those unable to perceive the odor, showing the presence of a subconscious physiological odor detection response. Differences in regional SSVEP topography were shown for those who reported smelling the odor compared with those who remained unaware of the odor. These changes revealed olfactory modulation of SSVEP topography related to odor awareness and sensitivity and therefore odor concentration relative to thresholds.

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