In this paper, I provide a possible explanation of why nominally risk-free bonds are essential in monetary economies. I argue that the role of nominal bonds is to enable agents to engage in intertemporal exchanges of money. I show that bonds can only serve this role if they are illiquid (costly to exchange for goods). Finally, I argue that in economies in which nominal bonds are essential, it i...

The effects on ex ante optima of a lag in seeing monetary realizations are studied using a matching model of money. The main new ingredient in the model is meetings in which producers have more information than consumers. A consequence is that increases in the amount of money that occur with small enough probability can have negative impact effects on output, because it is optimal to shut down ...

As part of an integral structure and function study, we characterized the natural epitope on the EGF recognized by the CB-EGF1 monoclonal antibody, by using peptides displayed on the coat protein of filamentous bacteriophages. Data analyzed demonstrated that the CB-EGF1 monoclonal antibody recognizes a conformational epitope, comprising aminoacids S9, H10, Y13, K28, E40 and R41. The identified ...

Throughout his life Erdős showed a particular fascination with inequalities for constrained polynomials. One of his favorite type of polynomial inequalities was Markovand Bernstein-type inequalities. For Erdős, Markovand Bernstein-type inequalities had their own intrinsic interest. He liked to see what happened when the polynomials are restricted in certain ways. Markovand Bernstein-type inequa...

This paper uses a New Monetarist framework to study the trade of indivisible goods with divisible money in a frictional market. We first derive conditions under which stationary equilibrium exists, and then show that if equilibrium exits, it is unique. The uniqueness result is due to the commitment and coordination nature of the pricing mechanisms. Money is superneutral in the model with genera...

We analyze monetary exchange in a model that allows for directed search and multilateral matches. We consider environments with divisible goods and indivisible money, and compare the results with those in models that use random matching and bilateral bargaining. Two different pricing mechanisms are used: ex ante price posting, and ex post bidding (auctions). Also, we consider settings both with...

Abstract We provide the first systematic asset pricing analysis of one main safe categories, repurchase agreement (repo). Based on temporal and cross-sectional variation in short-term rates, we form a carry that, together with market factor, prices these near-money assets linear model. The depicts heterogeneity nonpecuniary convenience yields collateral increases safety premium liquidity reflec...

In this study, we investigated the apoptotic effect of emodin on human pancreatic cancer cell line Panc-1 in vitro and in vivo as well as the possible mechanisms involved. In vitro, human pancreatic cancer cell line Panc-1 was exposed to varying concentrations of emodin (0, 10, 20, 40 or 80 µmol/l). Then the mitochondrial membrane potential (MMP) ...

Flexibility in design increases the expected value of an engineering system, as demonstrated by numerous case studies. By adapting flexibly to uncertain events, operators capture additional value when upside opportunities occur (e.g. demand or price is higher t han expected), and reduce losses in case of downturns. Very often engineers work to satisfy fixed design requirements based on analysts...