This paper analyses the dynamics of a monetary economy which is characterized by increasing returns to scale in ...nancial intermediation. Due to the non–convexity, two stationary monetary equilibria may exist. The ...rst equilibrium is a saddle with high economic activity and high competition in banking. In the second equilibrium, competition between banks and economic activity are low. Under ...

 Based on some stationary periodic solutions and stationary soliton solutions, one studies the general solution for the relative lax system, and a number of exact solutions to the Korteweg-de Vries (KdV) equation are first constructed by the known Darboux transformation, these solutions include double and triple singular periodic solutions as well as singular soliton solutions whose amplitude d...

Online convex optimization is a sequential prediction framework with the goal to track and adapt to the environment through evaluating proper convex loss functions. We study efficient particle filtering methods from the perspective of such framework. We formulate an efficient particle filtering methods for non-stationary environment by making connections with the online mirror descent algorithm...

IN THIS ARTICLE we consider an argument put forth by Selgin (1988) in support of the claim that a fractional reserve free banking (FR/FB) system is stable. Selgin argues that, even under an in-concert expansion of fiduciary media by the individual banks, there will be internal mechanisms acting as a brake on such expansion if it is unwarranted by demand to hold such media. Specifically, such ba...

In the last years, the measurement of environmental data in city areas has become an important issue to municipalities due to several national, European and even international climate directives. However, stationary measuring stations are inflexible, cost-intensive and limited to monitoring environmental data in distinct key areas. In this paper we present a decentralized architecture for envir...

Introduction Many models for vehicular mobile radio channels inherently represent the channel's transfer function to be a random process with wide sense stationary, ergodic characteristics of infinite temporal extent. Consideration of a mobile radio environment, however, leads to the observation that since the local environment changes rapidly as a vehicle travels along a street, so too must th...

Species diversity in nature is accomplished by coexistence. In a spatial environment, inferior but rapidly moving species can coexist with superior but relatively stationary species. Recent work showed that chaotic dynamics can provide the spatiotemporal variation in the fitness required for coexistence, via the dynamical mechanism of synchronization and intermittency. Utilizing a realistic mod...

Methods We evaluated the following: The percentage of mis-referrals to stationary wards, i. e. transferals to another specialty than the one chosen by the emergency department within 24 hours. The percentage of re-admitted patients within 30 days after discharge. For assessment we searched the National Patient Registry for all patients admitted to the ED during 2010 compared to 2008, i.e. the y...

We introduce Latent Gaussian Process Regression which is a latent variable extension allowing modelling of non-stationary processes using stationary GP priors. The approach is built on extending the input space of a regression problem with a latent variable that is used to modulate the covariance function over the input space. We show how our approach can be used to model non-stationary process...