Using 'business cycle accounting' (BCA), Chari, Kehoe and McGrattan (2006) (CKM) conclude that models of financial frictions which create a wedge in the intertemporal Euler equation are not promising avenues for modeling business cycle dynamics. There are two reasons that this conclusion is not...

In this paper we propose a method to characterize the time series properties of individual consumption, income and interest rates using micro data, as studies in labour economics have characterized the time series properties of hours and earnings. Our approach, however, does not remove aggregate...

We use micro data on young married households from the Japanese Panel Survey of Consumers in order to analyze the importance of borrowing constraints in Japan. We find (1) that 8 to 15 percent of young married Japanese households are borrowing-constrained, (2) that household assets and the...

We use micro data on young married households from the Japanese Panel Survey of Consumers in order to analyze the importance of borrowing constraints in Japan. We find (1) that 8 to 15 percent of young married Japanese households are borrowing-constrained, (2) that household assets and the...

Using 'business cycle accounting' (BCA), Chari, Kehoe and McGrattan (2006) (CKM) conclude that models of financial frictions which create a wedge in the intertemporal Euler equation are not promising avenues for modeling business cycle dynamics. There are two reasons that this conclusion is not...

We established the existence of weak solutions of the fourth-order elliptic equation of the form <Equation ID="Equa1"> <EquationSource Format="TEX">$$\begin{aligned} \Delta ^2 u -\Delta u + a(x)u=\lambda b(x) f(u) + \mu g (x, u), \qquad x \in \mathbb{R }^N, u \in H^2(\mathbb{R }^N), \end{aligned}$$</EquationSource> </Equation>where <InlineEquation ID="IEq3"> <EquationSource Format="TEX">$$\lambda $$</EquationSource> </InlineEquation> is a positive parameter, <InlineEquation ID="IEq4">...</inlineequation></equationsource></inlineequation></equationsource></equation>

We present a second order image decomposition model to perform denoising and texture extraction. We look for the decomposition f=u+v+w where u is a first order term, v a second order term and w the (0 order) remainder term. For highly textured images the model gives a two-scale texture...