We build a dynamic general equilibrium model with heterogeneous producers and financial market imperfections (collateral constraints and incompleteness). First, we prove the existence of equilibrium and provide a tractable characterization to check whether a sequence is an equilibrium. Second, we study the e↵ects of financial imperfections on economic growth and land prices. Third, we develop a...

Non-thermal TeV γ-ray emission within a multiparsec has been observed from the center region of our Galaxy. We argue that these γ-rays are the result of transient activity of the massive black hole Sgr A that resides at the Galactic Center. Several thousand years ago, the black hole may have experienced an active phase by capturing a red giant star and forming an accretion disk, temporarily beh...

TeV gamma rays emitted by GRBs are converted into electron-positron pairs via interactions with the extragalactic infrared radiation fields. In turn the pairs produced, whose trajectories are randomized by magnetic fields, will inverse Compton scatter off the cosmic microwave background photons. The beamed TeV gamma ray flux from GRBs is thus transformed into a GeV isotropic gamma ray flux, whi...

The challenges brought on by the increasing complexity of electronic products, and the criticality of the materials these devices contain, present an opportunity for maximizing the economic and societal benefits derived from recovery and recycling. Small appliances and computer devices (SACD), including mobile phones, contain significant amounts of precious metals including gold and platinum, t...

Even a single night of total sleep deprivation (SD) can have dramatic effects on economic decision making. Here we tested the novel hypothesis that SD influences economic decisions by altering the valuation process. Using functional magnetic resonance imaging we identified value signals related to the anticipation and the experience of monetary and social rewards (attractive female faces). We t...

This paper examines the relationship between stock market development and economic growth variables in Malaysia and Thailand. We investigated the relationship by using correlation and regression methods for the data from 1988 to 2012 obtained from World Bank data base. Economic growth variables used were gross domestic product and inflation, while stock market development variables were market ...