We explore the connection between shock observability and equilibrium. When aggregate shocks are unobserved the rational expectations solutions remain unchanged if contemporaneous aggregate outcomes are observable, but their stability under adaptive learning must be reconsidered. We obtain learning stability conditions and show that, provided there is not large positive expectational feedback, ...

The present study aims at developing an aggregate financial stability index by using banking sector indices to assess financial stability and examine if the variable of credit-to-GDP gap corresponds to its long-term trend which represents the macro-prudential indicator has co-movement with the built financial stability index? To this end, monthly banking balance sheet data were collected from t...

Hydro-economic river basin models (HERBM) based on mathematical programming are conventionally formulated as explicit 'aggregate optimization' problems with a single, aggregate objective function. Often unintended, this format implicitly assumes that decisions on water allocation are made via central planning or functioning markets such as to maximize social welfare. In the absence of perfect w...

Glomalin-related soil protein (GRSP) contributes to the formation and maintenance of soil aggregates, it is however remains unclear whether long-term intensive manure amendments alter soil aggregates stability and whether GRSP regulates these changes. Based on a three-decade long fertilization experiment in northeast China, this study examined the impact of long-term manure input on soil organi...

Spreading informationthrough a network of devices is core activity for most distributed systems. Self-stabilizing algorithms information spreading are one the key building blocks enabling aggregate computing to provide resilient coordination in open complex This article improves general block literature by making it perturbations, establishes its global uniform asymptotic stability, and proves ...

Structure is an important factor of soil functioning in ecosystems. Soil aggregate size distributions are commonly used to characterize soil structure. Relationships between density of dry soil aggregates and aggregate size present a different way to use aggregate-related information in soil structure characterization. Those relationships have been simulated assuming soils to be mass fractals. ...