House prices crash has become an important feature of macroeconomic crisis. We argue that house prices crash driven by contractionary monetary policy is not only a reaction to crisis, but also accelerates and amplifies the fluctuations of major macroeconomic variable. In this paper, we conduct a...

The crash of house prices has become an important feature of macroeconomic crisis. We argue that the crash of house prices driven by contractionary monetary policy is not only a reaction, but also accelerates and amplifies the fluctuations of major macroeconomic variables. The impulse response...

We consider the inference problem of estimating covariate and genetic effects in a family-based case-control study where families are ascertained on the basis of the number of cases within the family. However, our interest lies not only in estimating the fixed covariate effects but also in...

Two representative computational models for switching between internal models have been proposed (Imamizu et al., 2004), namely a mixture-of-experts model (Gomi and Kawato, 1993; Graybiel et al., 1994; Jordan and Jacobs, 1994), and a modular selection and identification for control model (MOSAIC)...

A reconfigurable modular approach is proposed to construct a responsive manufacturing system to satisfy customers’ varied demand. In order to achieve this, the system employs a three-level control structure. We present the system’s dynamic behavior and optimal layout, as well as performance...

Understanding the logic of fiscal decentralization is pivotal for the next steps of fiscal reform, and retrospection of the literature and evidences accumulated in the field is the first step. As a typical transition economy with rapid and extensive devolution reforms, China is the ideal context...

Payments for environmental services (PES) are a promising mechanism for conservation. PES could either provide additional funding for protected areas, pay land users to conserve biodiversity outside protected areas, or both. For PES to work, it requires a secure long-term source of financing....

In this paper, we use data from Guatemala to map areas that are important for the provision of indirect ecosystem services—services whose benefits are enjoyed at some distance from the ecosystem that provides them, such as watershed services (enjoyed downstream) or biodiversity conservation...

We document that hedge funds nurture mispricing in the Chinese financial market. We exploit the relationship between hedge fund holdings and the degree of mispricing in case that hedge fund holdings of stocks are mainly for arbitrage purpose but not for hedging, and that with and without...