We explore the asset pricing implications of a RBC model with capital adjustment costs and multiplicative habits in the utility function. The model is consistent with a set of financial regularities that can not be accounted for by standard consumption-based models. It generates the observed equity premium and the market price of risk. It also reproduces the leading countercyclical and lagging ...

The Real Business Cycle (RBC) research program has grown spectacularly over the last decade, as its concepts and methods have diffused into mainstream macroeconomics. Yet, there is increasing skepticism that technology shocks are a major source o f business fluctuations. This chapter exposits the basic RBC model and shows that it requires large technology shocks to produce realistic business cy...

Interaction among the scientific disciplines is of vital importance in modern science. Focusing on the case of Slovenia, we study the dynamics of interdisciplinary sciences from 1960 to 2010. Our approach relies on quantifying the interdisciplinarity of research communities detected in the coauthorship network of Slovenian scientists over time. Examining the evolution of the community structure...

Information sharing among collaborating organizations usually occurs in broad, highly dynamic network-based environments, and formally accessing the resources in a secure manner poses a dificult challenge. The mechanisms must be provided to protect the resources from adversaries. The proposed delegation framework addresses the issue of how to advocate selective information sharing among collabo...

BACKGROUND While the desirability of interdisciplinary inquiry has been widely acknowledged, indeed has become 'the mantra of science policy', the methods of interdisciplinary collaboration are opaque to outsiders and generally remain undescribed. DISCUSSION Many have analysed interdisciplinarity, especially in relation to the creation of new disciplines and institutions. These analyses are b...

This article examined, thought a Cultural Historical Activity Theory lens, how immersiveor pervasive environments and pedagogical agents could more easily support social collaboration as foundation of contemporary learning theory. It is argued that the fundamentalism-liberationism contradiction (learn from versus learn with technology) is no longer justifiable as contemporary technology tools (...

The relay broadcast channel (RBC) is considered, in which a transmitter communicates with two receivers with the assistance of a relay. Based on different degradation orders among the relay and the receivers’ outputs, three types of physically degraded RBCs (PDRBCs) are introduced. Inner bounds and outer bounds are derived on the capacity region of the presented three types. The bounds are tigh...

Consumption in the US leads output at the business cycle frequency. Standard RBC models predict the opposite. We show in this paper that the lack of an endogenous propagation mechanism that can support demand shocks is responsible for the discrepancy between RBC theory and data. ¤I thank two anonymous referees and the editor Harald Uhlig for helpful comments on an earlier version of the paper.

Thanks to the idea of social collaboration, Wikipedia has accumulated vast amount of semistructured knowledge in which the link structure reflects human’s cognition on semantic relationship to some extent. In this paper, we proposed a novel method RCRank to jointly compute conceptconcept relatedness and concept-category relatedness base on the assumption that information carried in concept-conc...