646 research outputs found
Replication Data for "A Model of Endogenous Risk Intolerance and LSAPs: Asset Prices and Aggregate Demand in a "Covid-19" Shock?"
No full textThis repository contains the code to replicate the figures in "A Model of Endogenous Risk Intolerance and LSAPs: Asset Prices and Aggregate Demand in a "Covid-19" Shock?" by Ricardo Caballero and Alp Simsek (2021). Please start by reading ReadMe.pdf
Speculation and Risk Sharing with New Financial Assets
No full textI investigate the effect of financial innovation on portfolio risks when traders have belief disagreements. I decompose traders’ average portfolio risks into two components: the uninsurable variance, defined as portfolio risks that would obtain without belief disagreements, and the speculative variance, defined as portfolio risks that result from speculation. My main result shows that financial innovation always increases the speculative variance through two distinct channels: by generating new bets and by amplifying traders’ existing bets. When disagreements are large, these effects are sufficiently strong that financial innovation increases average portfolio risks, decreases average portfolio comovements, and generates greater speculative trading volume relative to risk-sharing volume. Moreover, a profit-seeking market maker endogenously introduces speculative assets that increase average portfolio risks
Financial Innovation and Portfolio Risks
No full textI illustrate the effect of financial innovation on portfolio risks by using an example with risk-sharing needs and belief disagreements. I consider two types of innovation: product innovation, formalized as an expansion of new financial assets; and process innovation, formalized as a reduction in transaction costs. When belief disagreements are large, both types of innovation increase portfolio risks. Moreover, endogenous financial innovation is directed towards speculative assets that increase portfolio risks
Liquidity Trap and Excessive Leverage
No full textWe investigate the role of macroprudential policies in mitigating liquidity traps. When constrained households engage in deleveraging, the interest rate needs to fall to induce unconstrained households to pick up the decline in aggregate demand. If the fall in the interest rate is limited by the zero lower bound, aggregate demand is insufficient and the economy enters a liquidity trap. In this environment, households' ex ante leverage and insurance decisions are associated with aggregate demand externalities. Welfare can be improved with macroprudential policies targeted toward reducing leverage. Interest rate policy is inferior to macroprudential policies in dealing with excessive leverage.International Monetary FundCentre for International Governance Innovation (CIGI)Institute for New Economic Thinking (INET
A Welfare Criterion For Models With Distorted Beliefs
No full textThis article proposes a welfare criterion for economies in which agents have heterogeneously distorted beliefs. Instead of taking a stand on whose belief is correct, our criterion asserts that an allocation is belief-neutral efficient (inefficient) if it is efficient (inefficient) under any convex combination of agents’ beliefs. Although this criterion gives an incomplete ranking of social allocations, it can identify positive- and negative-sum speculation driven by conflicting beliefs in a broad range of economic environments
Replication Data for: 'A Risk-Centric Model of Demand Recessions and Speculation'
No full textThe data and programs replicate tables and figures from "A Risk-Centric Model of Demand Recessions and Speculation", by Caballero and Simsek. Please see the Readme file for additional details
Reach for Yield and Fickle Capital Flows
No full textIn Caballero and Simsek (2017), we develop a model of fickle capital flows and show that, when countries are similar, international flows create global liquidity and mitigate crises despite their fickleness. In this paper, we focus on the asymmetric situation of Emerging Markets (EM) exchanging flows with Developed Markets (DM) that feature lower returns but less frequent crises. Relatively high DM returns help to mitigate EM crises by reducing fickle inflows and by providing greater liquidity. The situation dramatically changes as the DM returns fall, as this increases the fickle inflows driven by reach for yield and exacerbates EM crises
QUANTITATIVE ANALYSIS OF SERUM BONE ALP (ALP Ⅲ) IN AFFlNITY ELECTROPHORESIS AND THE PRECIPITATION METHOD CONTAINING LECTIN
No full textFor decades, ALP had been interpreted as a marker enzyme of metabolic bone diseases and an isoenzyme specific for the osteoblast been widely known as ALP Ⅲ, too. Moreover, current tremendous advances in dialysis technology project an impact for the clinical significance of ALP Ⅲ, because of the advent of a new characteristic clinical entity formed renal osteodystrophy (ROD) which had been one of the inevitable complications in long term hemodialysis patients. So far, however, many conventional methods failed to separate clearly ALP Ⅲ from the liver specific ALP (ALP Ⅱ) and present determination of ALP Ⅲ by no means satisfied the clinical demand due to the lack of a direct quantitative method. On the other hand, lectin method, reported originally in 1984 by Rosalki, proved it to be possible to measure ALP Ⅲ directly as well as quantatively. So, the author performed this study to confirm more precisely several conditions of procedure of the lectin method, using established osteoblastic cell line ROS 17/2 as a marker, as well as the availability of its clinical application, and obtained the following results ; 1) The optimum concentration of Wheat-Germ lectin binded fully to ALP Ⅲ was 139 μmol/ml in distilled water. 2) The concentration of Triton X-100 preventing biliary ALP from ALP-lectin complex was 20%. 3) ALP Ⅲ activity incubated with lectin overnight at 4℃ after incubation for 30 min. at 37℃ was higher (mean±S.D, 24.0±15.2%) than that incubated with lectin for 30 min. at 37℃. 4) ALP Ⅲ was clearly separated from the liver fraction using affinity electrophoresis on polyacrylamide gel disc and isoelectric focusing on agarose gel. 5) ALP Ⅲ activity in precipitate showed good correlation (r=0.998) with the differential between total ALP activity and ALP Ⅱ activity in supernate
Factions in the ALP
No full textThis record was harvested from a previous catalogue system and will be withdrawn in 2025. Information in this record may be superseded or incomplete. Visit this record in UMA's new catalogue at: https://archives.library.unimelb.edu.au/nodes/view/317496Article or speech, unidentified author and audience, mostly likely created in 2001 owing to statements in text about the Labor Party's 100 year anniversary.280917
item: [2010.0053.01109] "Factions in the ALP
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