100,324 research outputs found
(Just) first time lucky? The impact of single versus multiple bank lending relationships on firms and banks' behavior
Get PDFThe widespread evidence of multiple bank lending relationships in credit markets suggests that firms are interested in setting up a diversity of banking links. However, it is hard to know from the empirical data whether a firm's observed number of lenders is symptomatic of financial constraints or rather a well-designed strategy. By setting up a model and testing it in a controlled laboratory experiment we are able to uncover the conditions favoring multiple versus single lending strategies of borrowers, as well as the probability to get funding from lenders. We find that borrowers adjust the way they signal their trustworthiness according to the experimental design: they do so by choosing a single lending strategy when the asymmetry of informations is high. Multiple lending is therefore strategically chosen by dishonest borrowers. Instead, when relationship building is possible, the single lending choice reinforces the positive effect of repeatedly interacting with the same lender. In this case, multiple lending is related to borrowers' financial constraints. Finally, when information upon borrowers' behavior is made available, lenders are more likely to punish free-riding behaviors than simple default due to project failure
The Short- and Long-Run Damages of Fiscal Austerity: Keynes beyond Schumpeter
No full textIn this work, we employ the keynes+schumpeter (k+s) agent-based model (dosi et al., 2010, 2013, 2015) to compare short- and long-run effects of keynesian fiscal policies vis-à-vis austerity rules.keywordsbusiness cyclefiscal policypublic debtliquid assetloan lossthese keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves
Letter, [Author unclear] to Paulina T. Merritt
No full textHandwritten letter to Paulina Merritt from an unknown author, October 1, 1876.
Rational Heuristics? Expectations and Behaviors in Evolving. Economies with Heterogeneous Interacting Agents
Get PDFWe analyze the individual and macroeconomic impacts of heterogeneous expecta-tions and action rules within an agent-based model populated by heterogeneous, inter-acting firms. Agents have to cope with acomplex evolving economycharacterized bydeep uncertainty resulting from technical change, imperfect information, coordinationhurdles, and structural breaks. In these circumstances, we find that neither individualnor macroeconomic dynamics improve when agents replace myopic expectations withless naïve learning rules. Our results suggest that fast and frugal robust heuristics maynotbe a second-best option but rather “rational” responses in complex and changingmacroeconomic environments.(JELC63, D8, E32, E6, O4
Balance-Sheet Based and Unconventional Policies in an Agent-Based Model
Get PDFIn this paper we shed more light about the interactions between accounting policies and unconventional monetary policies. By employing a modified version of the Schumpeter meeting Keynes Agent-Based model (KS model) we study the effects that Mark-to-Market (MtM) accounting standards might have in terms of financial stability, economic growth and sustainability of public finances. We also study the effects of Quantitative Easing (QE), modeled as the intervention of the central bank for the clearing of bad-debts accumulated by the financial institutions. Our results suggest that the Mark-to-Market standard might generate instability in the credit side of the economy because of its pro-cyclical nature; the QE instead, being counter-cyclical might counteract the negative effects. However, a QE policy alone, does not outperform a baseline scenario with historical accounting standards and without unconventional monetary policies, suggesting that QE might be useful to counteract peculiar crisis events but shall not become a conventional instrument to be employed at any occasion
Threats and opportunities in the digital era: Automation spikes and employment dynamics
Get PDFThis paper investigates the change in worker flows (i.e. net growth, but also hiring and separation rates) around an investment in automation-intensive goods and, within firms, across occupational categories. Resorting to an integrated dataset encompassing detailed information on firms, their imports, and employer-employee data for French manufacturing employers over the period 2002–2015, we identify ‘automation spikes’ using imports of capital goods embedding automation technologies. Even after controlling for firms’ non-random selection into automation, we find that automation spikes are linked to an increase in firms’ contemporaneous net employment growth rate, jointly explained by a higher hiring rate and a lower separation rate. Furthermore, we find that automation spikes are not associated with significant changes in the composition of the workforce (in terms of 1-digit and 2-digit occupational categories, and routine-intensive vs. non routine-intensive jobs)
Handwritten biographical information on Paulina T. McClung Merritt
No full textA handwritten biography of Paulina T. McClung Merritt by an unknown author, 1892.
Heterogeneous and tissue-specific regulation of effector T cell responses by IFN-gamma during Plasmodium berghei ANKA infection.
Get PDFIFN-γ and T cells are both required for the development of experimental cerebral malaria during Plasmodium berghei ANKA infection. Surprisingly, however, the role of IFN-γ in shaping the effector CD4(+) and CD8(+) T cell response during this infection has not been examined in detail. To address this, we have compared the effector T cell responses in wild-type and IFN-γ(-/-) mice during P. berghei ANKA infection. The expansion of splenic CD4(+) and CD8(+) T cells during P. berghei ANKA infection was unaffected by the absence of IFN-γ, but the contraction phase of the T cell response was significantly attenuated. Splenic T cell activation and effector function were essentially normal in IFN-γ(-/-) mice; however, the migration to, and accumulation of, effector CD4(+) and CD8(+) T cells in the lung, liver, and brain was altered in IFN-γ(-/-) mice. Interestingly, activation and accumulation of T cells in various nonlymphoid organs was differently affected by lack of IFN-γ, suggesting that IFN-γ influences T cell effector function to varying levels in different anatomical locations. Importantly, control of splenic T cell numbers during P. berghei ANKA infection depended on active IFN-γ-dependent environmental signals--leading to T cell apoptosis--rather than upon intrinsic alterations in T cell programming. To our knowledge, this is the first study to fully investigate the role of IFN-γ in modulating T cell function during P. berghei ANKA infection and reveals that IFN-γ is required for efficient contraction of the pool of activated T cells
Dispelling the Myths Behind First-author Citation Counts
Get PDFWe conducted a full-scale evaluative citation analysis study of scholars in the XML research field to explore just how different from each other author rankings resulting from different citation counting methods actually are, and to demonstrate the capability of emerging data and tools on the Web in supporting more realistic citation counting methods. Our results contest some common arguments for the continued
use of first-author citation counts in the evaluation of scholars, such as high correlations between author rankings by first-author citation counts and other citation
counting methods, and high costs of using more realistic citation counting methods that are not well-supported by the ISI databases. It is argued that increasingly available digital full text research papers make it possible for citation analysis studies to go beyond what the ISI databases have directly supported and to employ more
sophisticated methods
Pelevin’s Trinity in the novel “t”: author – protagonist – reader
No full textThe article attempts to interpret Pelevin's artistic strategy in the novel "T" by exploring its subject organization and addressing the key problems of the author, the protagonist, and the reader as they are seen by the researcher. The article analyzes the peculiarities of constructing the narrative reality in the novel "T", and goes on to discuss Pelevin's philosophic models of the development of the humankind, and the emergence of his new anthropology
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