This paper details how folklore notions of hygiene and referential transparency of R5RS macros are defeated by a systematic attack. We demonstrate syntax-rules that seem to capture user identi ers and allow their own identi ers to be captured by the closest lexical bindings. In other words, we have written R5RS macros that accomplish what commonly believed to be impossible. We build on the the ...

We propose a novel SAS macro to utilize PROC NLMIXED in SAS to estimate the standard error for AUC when the AUC estimator is based on the trapezoidal rule. Our method accounts for the trapezoidal region-by-region correlation structure. An example is provided for the standard error of the AUC under the ROC curve.

After the collapse of the housing bubble in 2007, severe fire sales of assets in the financial sector are accompanied by a rise in the volatility of asset returns in the non-financial firms. To account for their co-movements, I develop a model that highlights the interaction between the financial health of the banking sector and the volatility of asset returns. The novel feature of the model is...

Monetary environment as the core of financial system has been functionally designed in light of the new set of extensive goals including financial stability, sustainable noninflationary growth, external sustainability, and price stability. A comprehensive monetary policy framework is proposed for Iran which systematically include the new goals, stance variables, instruments, transmission mechan...

Macro-prudential policy is concerned with mitigating system wide risks arising from negative externalities from monetary and financial activities. The need to design a Pigou tax to control systemic risk from financial intermediaries (FIs) has come to the forefront after extensive tax payer bail outs in the aftermath of the 2007 financial crisis. Holistic visualization of the financial system us...

The global financial crisis of 2008–12 prompted a renewal of both analytical thinking and policy practices regarding the interaction and mutual comple­ mentarity between monetary and prudential regulatory policies, given the simul­ taneous objectives of macroeconomic and financial stability. Many of these issues were present before the global financial crisis but have been thoroughly revisited ...

This paper develops a simple business-cycle model in which financial shocks have large macroeconomic effects when private agents are gradually learning their economic environment. When agents update their beliefs about the unobserved process driving financial shocks to the leverage ratio, the responses of output and other aggregates under adaptive learning are significantly larger than under ra...

It is generally accepted that excessive exuberance or gloom in investor sentiment contributes to booms and crashes in asset prices but, because of its complex interaction with other aspects of the valuation process, these effects are not easy to identify with statistical confidence and this limits the scope for crafting an adequate and early policy response. To fill this gap, we develop an ex a...