منابع مشابه
Outside Versus Inside Bonds
When agents are liquidity constrained, two options exist — borrow or sell assets. We compare the welfare properties of these options in two economies: in one, agents can borrow (issue inside bonds) and in the other they can sell government bonds (outside bonds). All transactions are voluntary, implying no taxation or forced redemption of private debt. We show that any allocation in the economy ...
متن کاملOutside and Inside Liquidity∗
We consider a model of liquidity demand arising from a possible maturity mismatch between asset revenues and consumption. This liquidity demand can be met with either cash reserves (inside liquidity) or via asset sales for cash (outside liquidity). The question we address is, what determines the mix of inside and outside liquidity in equilibrium? An important source of inefficiency in our model...
متن کاملInside and Outside Liquidity∗
We consider a model of liquidity demand arising from a possible maturity mismatch between asset revenues and consumption. This liquidity demand can be met with either cash reserves (inside liquidity) or via asset sales for cash (outside liquidity). The questions we address are: (a) what determines the mix of inside and outside liquidity in equilibrium? (b) does the market provide an efficient m...
متن کاملThe Inside-Outside Algorithm
This note describes the inside-outside algorithm. The inside-outside algorithm has very important applications to statistical models based on context-free grammars. In particular, it is used in EM estimation of probabilistic context-free grammars, and it is used in estimation of discriminative models for context-free parsing. As we will see, the inside-outside algorithm has many similarities to...
متن کاملIn-Between Space, Dialectic of Inside and Outside in Architecture
Defining space by dividing it to inside and outside is one of human’s ways to recognize his positionin environment. Architecture is created to response to this need for inside/outside spaces. Design of inside and outsideSpaces and relation between them always has been one of necessities for definition and limitation of human livingspaces, but little attention to relation of this two spatial rea...
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ژورنال
عنوان ژورنال: Science
سال: 2007
ISSN: 0036-8075,1095-9203
DOI: 10.1126/science.316.5825.662b