The presence of rational price bubbles during the German hyperinflation is tested under two different structural assumptions on the money process. If the money supply is constrained to be exogenous to the current inflation rate, the hypothesis of no bubble can be rejected. However, this is no longer found to be true when a feedback rule from inflation to money creation is allowed. The analysis ...

In contrast with the financial multiplier literature, this note explores a case in which the shock triggering a financial crisis stems from the financial sector itself; it is not a shock stemming from the real sector which gets amplified by, say, agency problems. The micro foundations are provided by the bank run literature epitomized by the seminal paper by Diamond and Dybvig (1983). Financial...

Recent theoretical and experimental studies point to better efficiency of laser-driven ion acceleration when approaching the critical plasma density regime. Simultaneously, this is the condition for observing solitons: "bubble"-like quasi-stationary plasma formations with laser radiation trapped inside. Exploring this regime with ultra-intense solid state lasers is problematic due to the lack o...

INTRODUCTION Achalasia cardia is characterized by failure of the lower esophageal sphincter to relax in response to swallowing and by an absence of peristalsis in the esophageal body. Absence of a gastric air bubble is a well known radiological finding. Pneumatic balloon dilatation results in reappearance of the gastric bubble. CASE PRESENTATION We report the case of a 43-year-old Indian man ...

In the current conditions of over-supply, firms are paying high attention to pricing decisions in order to defend their competitive positioning. Modern pricing strategies are able to take into account changed market conditions or, in other words, demand characterised by strong volatility and non loyal behaviour flanking known loyalty mechanisms. Moreover, suppliers are also looking for innovati...

International equity markets linkages are characterized by nonlinear dependence and asymmetries. We investigate shifts in long run comovements in stock markets by means of an ‘interrupted’ Markov switching cointegration specification. This flexible approach allow us to study to what extent documented changes in global integration are permanent, or whether market linkages are subject to changes....

financial derivatives are new instruments through which hedging, investment and arbitrage are done in a modern economy. although the word 'derivative'primarily reminds us of options and futures, the major focus of the equity derivatives industry worldwide is on index derivatives. launching index options and index futures in tehran stock exchange, not only increases financial market de...

For the past decade, academics and practitioners have debated the existence of a housing bubble. Given the sharp declines in the housing market and the financial crisis, there is little doubt that a bubble occurred and then burst. Nevertheless, an important research question remains, what factors contributed to the creation of the bubble? This research addresses this issue by selecting well und...

We study experimentally the dynamics of laser-induced cavitation bubbles created inside a narrow gap. The gap height, h , is varied from 15 to 400 microm and the resulting bubble dynamics is compared to a semiunbounded fluid. The cavitation bubbles are created with pulsed laser light at constant laser energy and are imaged with a high-speed camera. The bubble lifetime increases with decreasing ...