We employ a threshold vector autoregression (TVAR) methodology in order to examine the nonlinear nature of the interactions among credit market conditions, monetary policy, and economic activity. We depart from the existing literature on the subject along two dimensions. First, we focus on a...

This paper examines how foreign portfolio investment (FPI) in the US and its components affect the US macroeconomic conditions. We estimate a Dynamic Factor Model to extract comovements from 31 indicators to obtain three composite measures of the US market conditions, which correspond to real...

In this paper, we identify exogenous shocks to credit demand, financial inter-mediation, and supply of funds, and determine the contribution of these shocks to fluctuations in the credit market and overall economic activity. We estimate a structural vector auto-regression model where the three...

We employ a threshold vector autoregression (TVAR) methodology in order to examine the nonlinear nature of the interactions among credit market conditions, monetary policy, and economic activity. We depart from the existing literature on the subject along two dimensions. First, we focus on a...

This paper integrates a financial accelerator mechanism à la Bernanke et al. (1999) and time-varying uncertainty into a medium-scale Dynamic New Keynesian model. In our model, uncertainty emerges from monetary policy (policy uncertainty) as well as from financial risks (micro uncertainty) and...

This paper integrates a financial accelerator mechanism à la Bernanke et al. (1999) and time-varying uncertainty into a Dynamic New Keynesian model. We examine the extent to which uncertainty and credit conditions interact with one another. The idea is that uncertainty aggravates the...

We examine the interaction of uncertainty and credit frictions in a New Keynesian framework. To do so, uncertainty is modeled as time-varying stochastic volatility – the product of monetary policy uncertainty, financial risk (micro-uncertainty), and macrouncertainty. The model is solved...

Bimetal PtFe 3 nanoparticles were synthesized to obtain the 5.8% PtFe 3 -CeO 2 catalyst, which showed a high toluene oxidation activity (T 100 =226 ℃), an excellent catalytic stability (125 h, 99.5%) and a good water resistance ability (70h, 99.5%). To clarify the coupling effect of lattice...

Since the formation of the East Asian Summit (EAS) in 2005, Energy Market Integration (EMI) in East Asia has become one of the initiatives endorsed and actively promoted by EAS governments. Electricity market integration in East Asia is an important component of EMI. It is argued that an...