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 decomposes the break-even inflation rates derived from inflation-indexed bonds into inflation risk premia, liquidity risk premia, and inflation expectations. I estimate a common factor model with autoregressive conditionally heteroscedastic (ARCH) errors that extracts co-movements...

Using the standard principal-agent framework, we show that the existence of executives with different levels of productivity introduces a so-far-unexplored channel through which managerial effort incentives are sustained in a setting in which executives are allowed to trade away their...

Microgrid is an effective concept for distributed renewable energies connecting to utility grid. However, enormous challenges have also been brought into the microgrids study considering the intermittence, randomness characteristics of renewable energies. As a result, the power generations of...