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Implications of Central Bank Digital Currencies for Monetary Policy Transmission
This fintech note presents an analysis of the implications of central bank digital currency (CBDC) for monetary policy. In our framework, the implications of CBDC issuance on monetary policy are intermediated by its impact on key parts of the macroeconomic environment. The note also makes a distinction between “level effects”—whereby the introduction of CBDCs could tighten or loosen financial conditions as a shock—and “transmission effects,” whereby CBDCs change the impact of a given monetary policy shock on output, employment, and inflation. In general, the effects of CBDCs on monetary policy transmission are expected to be relatively small in normal times; however, these effects can be more significant in an environment with low interest rates or financial market stress.
Household Debt and Borrower-Based Measures in Finland: Insights from a Heterogeneous Agent Model
We analyze the effects of borrower-based macroprudential tools in Finland. To evaluate the efficiency of the tools, we construct a heterogeneous agent model in which households endogenously determine their housing size and liquid asset levels under two types of borrowing constraints: (i) a loan-to-value (LTV) limit and (ii) a debt-to-income (DTI) limit. When an unexpected negative income shock hits the economy, we find that a larger and more persistent drop in consumption is observed under the LTV limit compared to the DTI limit. Our results indicate that although DTI caps tend to be unpopular with lower income households because they limit the amount they can borrow, DTI caps are beneficial even on distributional grounds in stabilizing consumption. Specifically, DTI caps mitigate the consumption decline in recessions by restricting high leverage, and thus, they can usefully complement LTV caps.
Proceedings of the Twenty Sixth General Assembly Prague 2006
IAU Transactions XXVIB contains the Proceedings of the IAU XXVII General Assembly held in Prague, 14-25 August 2006, hosting a total of 2412 participants from 73 countries. The Assembly featured a rich scientific program, comprising 6 Symposia, 17 Joint Discussions and 7 Special Sessions. During the program about 650 papers were presented and more than 1550 posters displayed. The Proceedings of the 6 Symposia have been published in the Proceedings of the IAU Symposia Series, and the proceedings of the Joint Discussions and Special Sessions feature in IAU Highlights of Astronomy, 14. Together with those 7 volumes, these Transactions cover the entire General Assembly. In addition to the scientific program, the XXVI General Assembly hosted the regular Business Meetings of the EC, the 12 Divisions, 40 Commissions and 75 Working Groups. This volume records the organizational and administrative business of the XXVI General Assembly and the status of the IAU membership.
Proceedings of the Twenty Seventh General Assembly Rio de Janeiro 2009
A complete record of the formal organisational and administrative proceedings of the XXVII General Assembly of the International Astronomical Union.
Numerical Astrophysics
These are the proceedings of international conference on Numerical As trophysics 1998 (NAP98), held at National Olympic Memorial Youth Cen ter, in Tokyo, Japan in the period of March 10 - 13, 1998, and hosted by the National Astronomical Observatory, Japan (NAOJ). In the last decade numerical simulations have grown up as a major tool for astrophysics. Numerical simulations give us invaluable informa tion on complex systems and physical processes under extreme conditions which can be neither realized by experiments nor directly observed. Super computers and special purpose computers may work as very large telescopes and special purpose telescopes for theoretical astrophysics, respectively. Nu...
Coronary Angioscopy
This book presents a thorough review of coronary angioscopy, ranging from instructions on its use to the latest advances. Starting with the structure and fundamental principles of angioscopy, it shows readers how to apply the image to comprehensive care of coronary-artery patients. Plentiful color photos and illustrations will enable readers to investigate and classify plaques and thrombi and to evaluate coronary stent- and drug-based therapies. The authors are leading researchers on angioscopy. This book offers the perfect guide not only for new clinicians but also for cardiologists who have already adopted this technique for medical examination and treatment. Angioscopy is a unique medical technique for visualizing the interior of blood vessels and helps physicians not only to diagnose the pathology but also to measure the effectiveness of Percutaneous coronary intervention (PCI) or antiarteriosclerotic drugs. Furthermore, the recently developed molecular angioscopy approach allows us to observe Low-density lipoprotein (LDL) oxide, collagen, and macrophages, and is rapidly growing in importance.
Scientific and Technical Aerospace Reports
Lists citations with abstracts for aerospace related reports obtained from world wide sources and announces documents that have recently been entered into the NASA Scientific and Technical Information Database.
