the relationship between economic growth and developments in the ‎financial sector has been one of the most discussed areas in economics ‎for a long time; and the direction of causality – whether financial ‎development causes economic growth or vice versa – is by no means a ‎settled issue.‎this paper investigates the short- run and long-run granger causality ‎between financial development and e...

The failure of uncovered interest rate parity to explain short-term interest rate movements is well-documented. We show that short-term changes in long-term interest rates do help explain short-term exchange-rate movements. The relationship gets stronger over our sample period, as the liquidity of the exchange rate market increased. We also show that controlling for time-varying exchange-rate r...

Many run-to-run (RtR) control methods have been developed in recent years. Two particular set-valued RtR control schemes based on the Dasgupta-Huang Optimal Bounded Ellipsoid (DHOBE) algorithm are introduced. Compared to other RtR control schemes, the methods in this paper only need to know the bound of the noises, and are easy to implement. The DHOBE algorithm, for each recursion, returns an o...

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Uncertainty appears to have both a short-run and a long-run component, which we measure using rm and macro implied volatility data from options of 30 days to 10 years duration. We ask what may be driving uncertainty over these di erent time horizons, nding that oil price volatility is particularly important for short-run uncertainty, policy uncertainty is particularly important for long-run unc...

An approach to insulin injection therapy is introduced that draws from recent ideas in run-to-run control of batch chemical reactors. The method relies on measurements of blood glucose and does not require a mathematical model. Results are shown for simulation case studies involving a detailed pharmacokinetic model.

Run-to-run optimization exploits the repetitive nature of batch processes to adapt the operating policy in the presence of uncertainty. For problems where terminal constraints play a dominant role in the optimization, the system can be operated close to the optimum simply by satisfying terminal constraints. The input is parameterized by using the knowledge of the shape of the optimal solution a...