This paper employs euro area firm-level data covering the years 2002–18 to examine impact of cross-border debt flows on domestic allocation credit across firms conditional their profitability. As only driven by global push factors are exogenous with respect allocation, I overcome endogeneity instrumenting them a measure uncertainty (VIX). My results show that raise growth rates low performing s...

In this paper we propose a separation result for the stabilization of systems with control and measurement contraints, which clarifies the connection between the solution of a couple of Hamilton Jacobi inequalities (HJI) and the constraints imposed on the control and the estimation error fed back in the control loop. Once a solution of these HJI has been found a measurement feedback controller ...

We address the problem of distributing safety-enhancing devices across a region, where each identical device provides for only local protection of the population. The devices protect non-identical sectors of the population. The sectors of population are exposed to nonidentical intensities of hazard. A method for the screening and prioritizing of needs for the protective devices is described. An...

Industrial buyer-seller relationships are frequently characterized by the fact that the seller and/or the buyer have to dedicate specific up-front investments to the relationship. Marketing research analyzes these relationships on the basis of Transaction Cost Economics (TCE). TCE highlights the risk of hold-up which arises after specific investments are dedicated. However, exogenous uncertaint...

While causes and consequences of uncertainty in the US economy have attracted viable interest, literature still lacks a consensus on several aspects. To name two matters debate, it remains unclear whether shocks are source or result recessions adverse (or even stimulating) effects economy. We find that ambiguous results these regards can be traced back to selection an appropriate identification...

Uncertainty about the future rises in recessions. But is uncertainty a source of business cycle fluctuations or an endogenous response to them, and does the type of uncertainty matter? Answer: sharply higher uncertainty about real economic activity in recessions is fully an endogenous response to other shocks that cause business cycle fluctuations, while uncertainty about financial markets is a...

This paper studies decision-making in the face of two stochastically independent sources uncertainty. It characterizes axiomatically a Subjective Expected Utility representation preferences where subjective beliefs consist product probability measure. The key axioms this characterization both involve some behavioral notions stochastic independence. Our result can be understood as purely version...

Forecasting of hydrologic time series, with the quantification of uncertainty, is an important tool for adaptive water resources management. Nonstationarity, caused by climate forcing and other factors, such as change in physical properties of catchment (urbanization, vegetation change, etc.), makes the forecasting task too difficult to model by traditional Box–Jenkins approaches. In this paper...

this article is an attempt to survey the contraction and cancellation of the reuter’s agreement as a one-sided approach and from special perspective, by using minimalistic ideology and with emphasis on multi-sided and various reasons and factors effective in the process of this contract.  on the basis of this research, in this contraction, different factors came together and augmented one anoth...

neonate ruminants possess little cell-wall and starch degrading enzyme activity. importantly, early establishment of fibrolytic, amylolytic, and proteolytic capacities is influential for the early expansion of the reticulorumen epithelia. such an early development in reticulorumen fermentation will enable a timely hepatic adaptation to volatile fatty acids assimilation. the early nutrient relea...