177,826 research outputs found
Buccione, R., Rizzo, G., Bloise, A., Calabrese, E., Mongelli, G., 2024. The Pollino UNESCO Global Geopark (southern Italy): a route in the Ancient Tethys Ocean. 37th International Geological Congress 2024, Busan (Korea).
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Asset prices, debt constraints and inefficiency
No full textWe consider (possibly non-stationary) economies with endogenous solvency constraints under uncertainty over an infinite horizon, as in Alvarez and Jermann (2000) [5]. A sort of Cass Criterion (Cass, 1972 [10]) completely characterizes constrained inefficiency under the hypothesis of uniform gains from risk-sharing (which is always satisfied in stationary economies when the autarchy is constrained inefficient). Uniform gains from risk-sharing also guarantee a finite value of the intertemporal aggregate endowment at a constrained optimum. Hence, no equilibrium exhibits a null interest rate in the long run. Finally, constrained inefficiency occurs if and only if there exists a feasible redistribution producing a welfare improvement at all contingencies
An Obtrusive Remark on Capital and Comparative Statics
No full textWe present a simple comparative statics analysis of steady-state equilibria in overlapping generations economies with capital accumulation. We regard comparative statics as paradoxical whenever an exogenous increase in saving propensity induces a decrease (an increase) in consumption at the steady state when interest rate is positive (negative). It is shown that there is an exact relation between paradoxical comparative statics and a perverse intersection of properly identified curves of demand for and supply of capital in value. The demand curve for capital in value coincides with that of neo-Ricardian analysis. We relate our conclusions to some old and recent issues in capital theory
Infinite-Maturity Public Debt and the Fiscal Theory of the Price Level
No full textThe fiscal theory of the price level asserts that the price level is determined by the ratio of outstanding public nominal debt into the present value of real primary budget surpluses of the government. We here argue that price determinacy, in general, fails when at least part of the public debt takes the form of securities of infinite maturity. Indeed, price determinacy requires non-Ricardian fiscal plans and a predetermined nominal debt of the government. As no equilibrium restriction prevents the occurrence of a speculative bubble on infinite-maturity public debt, the initial nominal debt of the government is indeterminate and so is the price level under canonical specifications of non-Ricardian fiscal plans
Long QT syndrome and short QT syndrome: how to make correct diagnosis and what about eligibility for sports activity
No full textCardiologists are involved in evaluating the eligibility of athletes to practise competitive sport and they should therefore be able to identify the electrocardiographic markers of long QT syndrome (LQTS) and short QT syndrome (SQTS). An overview of the clinical criteria to perform measurement of QT interval on 12-lead electrocardiogram is provided herein and several instances in which the diagnosis of either LQTS or SQTS may leave the clinician uncertain are discussed. A critical appraisal of current recommendations for eligibility to competitive sport is also provided as well as some of the authors' personal opinions on the practice of recreational activities in patients with abnormal repolarizatio
Evaluation of Renal Function and Scars in Children With Primary Vesicoureteral Reflux
No full textObjective: To evaluate growth, glomerular and tubular function, renal damage, scars in children affected by primary VUR. Methods: We retrospectively evaluated the clinical records of our Unit from January 2006 to September 2020. For each patient we evaluated growth, laboratoristic and scintigraphic glomerular and tubular function, renal damage and collective system urodynamics at baseline and at the last visit. Results: We enrolled 41 patients affected by primary VUR and treated with continuous antibiotic prophylaxis. Glomerular function and urodynamics did not change over time. EFNa directly correlated with weight (r 0.44 P .004) and TRP inversely correlated with severity of reflux (r -0.32, P .04). Female sex was associated to nephrolithiasis (OR 17.0, P .02) and proteinuria (at T0 OR 5.8 P .03 at T1 OR 5.8, P .03). Daily proteinuria increased with age (r 0.66, P <.0001 at T0 and r 0.44 P .004 at T1) while protein-to-creatinine ratio decreased. Renal scars at T0 inversely correlated with glomerular and tubular function at T1 but they did not correlate with severity or laterality of reflux. Conclusion: Even if renal function remains stable through years, it is critical to identify the subjects with significant congenital renal damage
Appropriate Similarity Measures for Author Cocitation Analysis
No full textWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
FRAGILITY OF COMPETITIVE EQUILIBRIUM WITH RISK OF DEFAULT
No full textWe study competitive equilibrium in sequential economies under limited commitment. Default induces permanent exclusion from financial markets and endogenously determined solvency constraints prevent debt repudiation. Our analysis shows that such an enforcement mechanism is essentially fragile, leading to equilibrium multiplicity. We accomplish this by establishing Welfare Theorems under a weaker notion of constrained efficiency, inspired by Malinvaud, corresponding to the absence of welfare improving feasible redistributions over finite (though indefinite) horizons. A Negishi’s Method permits to show that, for any arbitrary value of social welfare in between autarchy and constrained optimality, there exists an equilibrium attaining that value. Thus, competitive equilibria might differ dramatically in terms of volumes of trade, asset price volatility, individuals’ ability to insure against idiosyncratic risk and consumption inequality
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