Fiscal Policy and Economic Stability: Does PIGS stand for Procyclicality In Government Spending?

The Financial Crisis has hit particularly hard countries like Ireland or Spain. Procyclical fiscal policy has contributed to a boom-bust cycle that undermined fiscal positions and deepened current account deficits during the boom. We set up an RBC model of a small open economy, following Mendoza (1991), and introduce the effect of fiscal policy decisions that change over the cycle. We calibrate the model on data for Ireland, and simulate the effect of different spending policies in response to supply shocks. Procyclical fiscal policy distorts intertemporal allocation decisions. Temporary spending boosts in booms spur investment, and hence the need for external finance, and so generates very volatile cycles in investment and the current account. This economic instability is also harmful for the steady state level of output. Our model is able to replicate the relation between the degree of cyclicality of fiscal policy, and the volatility of consumption, investment and the current account observed in OECD countries.

The Stability of the Roommate Problem Revisited

The lack of stability in some matching problems suggests that alternative solution concepts to the core might be applied to find predictable matchings. We propose the absorbing sets as a solution for the class of roommate problems with strict preferences. This solution, which always exists, either gives the matchings in the core or predicts some other matchings when the core is empty. Furthermore, it satisfies an interesting property of outer stability. We also characterize the absorbing sets, determine their number and, in case of multiplicity, we find that they all share a similar structure.

An Approach to the stability of international environmental agreements: the absorbing sets solution

We study international environmental negotiations when agreements between countries can not be binding. A problem with this kind of negotiations is that countries have incentives for free-riding from such agreements. We develope a notion of equilibrium based on the assumption that countries can create and dissolve agreements in their seeking of a larger welfare. This approach leads to a larger degree of cooperation compared to models based on the internal-external stability approach.

Stability of the factorial structure of metabolic syndrome from childhood to adolescence : a 6-year follow-up study

Background: Metabolic syndrome (MS) is a clustering of cardiometabolic risk factors that is considered a predictor of cardiovascular disease, type 2 diabetes and mortality. There is no consistent evidence on whether the MS construct works in the same way in different populations and at different stages in life. Methods: We used confirmatory factor analysis to examine if a single-factor-model including waist circumference, triglycerides/HDL-c, insulin and mean arterial pressure underlies metabolic syndrome from the childhood to adolescence in a 6-years follow-up study in 174 Swedish and 460 Estonian children aged 9 years at baseline. Indeed, we analyze the tracking of a previously validated MS index over this 6-years period. Results: The estimates of goodness-of-fit for the single-factor-model underlying MS were acceptable both in children and adolescents. The construct stability of a new model including the differences from baseline to the end of the follow-up in the components of the proposed model displayed good fit indexes for the change, supporting the hypothesis of a single factor underlying MS component trends. Conclusions: A single-factor-model underlying MS is stable across the puberty in both Estonian and Swedish young people. The MS index tracks acceptably from childhood to adolescence.

Stability and Limit Oscillations of a Control Event-Based Sampling Criterion

This paper investigates the presence of limit oscillations in an adaptive sampling system. The basic sampling criterion operates in the sense that each next sampling occurs when the absolute difference of the signal amplitude with respect to its currently sampled signal equalizes a prescribed threshold amplitude. The sampling criterion is extended involving a prescribed set of amplitudes. The limit oscillations might be interpreted through the equivalence of the adaptive sampling and hold device with a nonlinear one consisting of a relay with multiple hysteresis whose parameterization is, in general, dependent on the initial conditions of the dynamic system. The performed study is performed on the time domain.

Stability of Switched Feedback Time-Varying Dynamic Systems Based on the Properties of the Gap Metric for Operators

The stabilization of dynamic switched control systems is focused on and based on an operator-based formulation. It is assumed that the controlled object and the controller are described by sequences of closed operator pairs (L, C) on a Hilbert space H of the input and output spaces and it is related to the existence of the inverse of the resulting input-output operator being admissible and bounded. The technical mechanism addressed to get the results is the appropriate use of the fact that closed operators being sufficiently close to bounded operators, in terms of the gap metric, are also bounded. That philosophy is followed for the operators describing the input-output relations in switched feedback control systems so as to guarantee the closed-loop stabilization.

Forward-looking Pairwise Stability in Networks with Externalities

We consider cooperation situations where players have network relations. Networks evolve according to a stationary transition probability matrix and at each moment in time players receive payoffs from a stationary allocation rule. Players discount the future by a common factor. The pair formed by an allocation rule and a transition probability matrix is called a forward-looking network formation scheme if, first, the probability that a link is created is positive if the discounted, expected gains to its two participants are positive, and if, second, the probability that a link is eliminated is positive if the discounted, expected gains to at least one of its two participants are positive. The main result is the existence, for all discount factors and all value functions, of a forward-looking network formation scheme. Furthermore, we can always nd a forward-looking network formation scheme such that (i) the allocation rule is component balanced and (ii) the transition probabilities increase in the di erence in payo s for the corresponding players responsible for the transition. We use this dynamic solution concept to explore the tension between e ciency and stability.

Seasonal Stability Tests in gretl. An Application to International Tourism Data

The seasonal stability tests of Canova & Hansen (1995) (CH) provide a method complementary to that of Hylleberg et al. (1990) for testing for seasonal unit roots. But the distribution of the CH tests are unknown in small samples. We present a method to numerically compute critical values and P-values for the CH tests for any sample size and any seasonal periodicity. In fact this method is applicable to the types of seasonality which are commonly in use, but also to any other.

Efficiency vs. Stability in a Mixed Network Formation Model

Documentos de Trabajo

Stability analysis of RF amplifiers based on MIMO pole-zero identification

Spurious oscillations are one of the principal issues faced by microwave and RF circuit designers. The rigorous detection of instabilities or the characterization of measured spurious oscillations is still an ongoing challenge. This project aims to create a new stability analysis CAD program that tackles this chal- lenge. Multiple Input Multiple Output (MIMO) pole-zero identification analysis is introduced on the program as a way to create new methods to automate the stability analysis process and to help designers comprehend the obtained results and prevent incorrect interpretations. The MIMO nature of the analysis contributes to eliminate possible controllability and observability losses and helps differentiate mathematical and physical quasi-cancellations, products of overmodeling. The created program reads Single Input Single Output (SISO) or MIMO frequency response data, and determines the corresponding continuous transfer functions with Vector Fitting. Once the transfer function is calculated, the corresponding pole/zero diagram is mapped enabling the designers to analyze the stability of an amplifier. Three data processing methods are introduced, two of which consist of pole/zero elimina- tions and the latter one on determining the critical nodes of an amplifier. The first pole/zero elimination method is based on eliminating non resonant poles, whilst the second method eliminates the poles with small residue by assuming that their effect on the dynamics of a system is small or non-existent. The critical node detection is also based on the residues; the node at which the effect of a pole on the dynamics is highest is defined as the critical node. In order to evaluate and check the efficiency of the created program, it is compared via examples with another existing commercial stability analysis tool (STAN tool). In this report, the newly created tool is proved to be as rigorous as STAN for detecting instabilities. Additionally, it is determined that the MIMO analysis is a very profitable addition to stability analysis, since it helps to eliminate possible problems of loss of controllability, observability and overmodeling.

Reconciling yield stability with international fisheries agencies precautionary preferences: the role of non constant discount factors in age structured models

International fisheries agencies recommend exploitation paths that satisfy two features. First, for precautionary reasons exploitation paths should avoid high fishing mortality in those fisheries where the biomass is depleted to a degree that jeopardise the stock's capacity to produce the Maximum Sustainable Yield (MSY). Second, for economic and social reasons, captures should be as stable (smooth) as possible over time. In this article we show that a conflict between these two interests may occur when seeking for optimal exploitation paths using age structured bioeconomic approach. Our results show that this conflict be overtaken by using non constant discount factors that value future stocks considering their relative intertemporal scarcity.

Thermal stability and crystallochemical analysis for CoII based coordination polymers with TPP and TPPS porphyrins

Artículo CrystEngComm 2013

Hyers-Ulam-Rassias Stability of Functional Differential Systems with Point and Distributed Delays

This paper investigates stability and asymptotic properties of the error with respect to its nominal version of a nonlinear time-varying perturbed functional differential system subject to point, finite-distributed, and Volterra-type distributed delays associated with linear dynamics together with a class of nonlinear delayed dynamics. The boundedness of the error and its asymptotic convergence to zero are investigated with the results being obtained based on the Hyers-Ulam-Rassias analysis.

Convergence Properties and Fixed Points of Two General Iterative Schemes with Composed Maps in Banach Spaces with Applications to Guaranteed Global Stability

This paper investigates the boundedness and convergence properties of two general iterative processes which involve sequences of self-mappings on either complete metric or Banach spaces. The sequences of self-mappings considered in the first iterative scheme are constructed by linear combinations of a set of self-mappings, each of them being a weighted version of a certain primary self-mapping on the same space. The sequences of self-mappings of the second iterative scheme are powers of an iteration-dependent scaled version of the primary self-mapping. Some applications are also given to the important problem of global stability of a class of extended nonlinear polytopic-type parameterizations of certain dynamic systems.

Stability analysis and observer design for discrete-time SEIR epidemic models

This paper applies Micken's discretization method to obtain a discrete-time SEIR epidemic model. The positivity of the model along with the existence and stability of equilibrium points is discussed for the discrete-time case. Afterwards, the design of a state observer for this discrete-time SEIR epidemic model is tackled. The analysis of the model along with the observer design is faced in an implicit way instead of obtaining first an explicit formulation of the system which is the novelty of the presented approach. Moreover, some sufficient conditions to ensure the asymptotic stability of the observer are provided in terms of a matrix inequality that can be cast in the form of a LMI. The feasibility of the matrix inequality is proved, while some simulation examples show the operation and usefulness of the observer.