Imperfect information aggregation in secondary credit markets has significant consequences for economic cycles. As banks put more weight on mark-to-market gains, they find it optimal to refrain from revealing information about adverse shocks. Consequently, default risk is mispriced, and loan...

This paper estimates the trend inflation of Korea in the framework of an unobserved component model with allowance of outliers and stochastic volatility. The model is estimated in the univariate and the multivariate manner, which considers disaggregate inflation as an indicator of aggregate...

Recent decades have seen advances in using econometric methods to produce more timely and higher-frequency estimates of economic activity at the national level, enabling better tracking of the economy in real time. These advances have not generally been replicated at the sub–national level,...

I propose a model of aggregation of intervals relevant in two contexts: the study of legislative delegation and the study of legal standards of behavior. Six axioms: responsiveness, anonymity, continuity, strategyproofness, and two variants of neutrality are then used to prove several important...

Microbial necromass has been increasingly recognized as an important source of soil organic carbon (C). However, how nitrogen (N) addition regulates microbial necromass decomposition and the size of different necromass pools remain poorly understood. Here, via an incubation of 13 C-labeled...

In this paper we investigate probabilistic counters from the perspective of preserving privacy. We use standard, rigid differential privacy notion. The intuition is that the probabilistic counters do not reveal too much information about individuals, but provide only general information about...

Dye aggregation is a typical phenomenon occurring in dye-sensitized solar cells (DSSCs), which causes a decrease in the electron injection efficiency from the photoexcited dye to titanium dioxide (TiO2). As this results in a decrease in the photovoltaic performance, it cannot be ignored in the...

Granulation plays an important role in various manufacturing sectors, including the chemical, pharmaceutical, and agricultural sectors. Computer simulation by coupling a discrete element method (DEM) and a population balance model (PBM) is a promising method for the rational design and operation...

We study how the timing of technology adoption through capital accumulation shapes firm-level productivity dynamics and quantify its aggregate implications in a model of heterogeneous firms. Using data on the census of incorporated Italian firms and exploiting the lumpiness of capital...

We study the interaction between the inefficiency in the acquisition of private information and trading in financial markets. We show that, as the cost of information declines, traders over-invest in information acquisition and trade too much on their private information. We also show that,...