学术论文

We propose a model with costly international financial intermediation that links exchange rate movements to shifts in the demand for domestically produced goods relative to the demand for imported goods (trade rebalancing). Our model is consistent...

This paper proposes a parsimonious framework for designing contingent capital contracts (CoCos). CoCos designed this way (i) are either optimal or incentive compatible for equity holders, (ii) implement a unique equilibrium, and (iii) result in an...

This study scrutinizes the quality of “bottom-up” forecasts of near-term S&P 500 Composite earnings, derived by aggregating analysts’ forecasts for individual firm-level earnings. We examine whether forecasts are broadly consistent with curren...

This paper studies how measured beliefs can be used to identify monetary non-neutrality. In a general equilibrium model with both nominal rigidities and endogenous information acquisition, we analytically characterize firms’ optimal dynamic inform...

We propose an empirical framework in which shocks to worker reallocation, aggregate activity, and labor supply drive the joint dynamics of labor market outcomes and inflation, and where reallocation shocks take two forms depending on whether they ...

The debt sustainability framework for market access countries has been designed by the International Monetary Fund for all market access countries, a set that includes emerging markets and advanced economies. The debt sustainability framework for ...

It is well-known that dollar credit to emerging market (EM) corporates has expanded dramatically in the past two decades. However, the concurrent expansion of local currency credit, facilitated by more developed domestic financial systems, has bee...

We estimate the risk premium for firm-level climate change exposure from 2003 to 2019. Exposure is constructed from discussions of climate-related risks and opportunities in earnings calls. When extracted from realized returns, the unconditional r...

自动驾驶车辆的普及是城市交通发展的重要趋势,然而以交通灯为代表的现有调度方案难以指导这些 车辆高效通过十字路口. 为此,本文设计了一种基于顺序选择的无交通灯十字路口调度方案以提高自动驾驶车辆通行 效率. 首先根据车辆的物理性能对其到达路口的最早时间点进行估算,然后在此基础上寻找车辆可行的计划到达时间 点,最终根据计划到达时间为每辆车制定到达路口的行驶计划. 在 SUMO( Simulation of Urban MObility)平台上进行的 大量仿真实验验证了本文提出方案的有效性. 从实...

Developing a safer and more effective intersection-control system is essential given the trends of rising populations and vehicle numbers. Additionally, as vehicle communication and self-driving technologies evolve, we may create a more intelligen...

coexistence with human-driven cars inevitable. ) e migration from the traditional driving to the intelligent driving ...

Purpose – This paper aims to review the studies on intersection control with connected and automated vehicles (CAVs). Design/methodology/approach – The most seminal and recent research in this area is reviewed. This study specifically focuses on t...

: Debate surrounding the organisation and sustainability of primary care in England highlights the desirability of a more integrated approach to patient care across all settings. One such approach is ‘vertical integration’, where a provider of spe...

Top-to-bottom changes throughout law enforcement agencies (LEAs) are needed to foster a fundamental data culture to improve data initiatives in policing. • LEAs should hire individuals with strong analytic skills into permanent positions and p...

Artificial intelligence (AI) and robotics are revolutionising production, yet their potential to stimulate innovation and change innovation patterns remains underexplored. This paper examines whether AI and robotics can spearhead technological inn...