Dynamic Coordination and Intervention Policy

2016 ◽  
Author(s):  
Lin William Cong ◽  
Steven R. Grenadier ◽  
Yunzhi Hu
Author(s):  
Sebastián Fanelli ◽  
Ludwig Straub

Abstract We study a real small open economy with two key ingredients (1) partial segmentation of home and foreign bond markets and (2) a pecuniary externality that makes the real exchange rate excessively volatile in response to capital flows. Partial segmentation implies that, by intervening in the bond markets, the central bank can affect the exchange rate and the spread between home- and foreign-bond yields. Such interventions allow the central bank to address the pecuniary externality, but they are also costly, as foreigners make carry trade profits. We analytically characterize the optimal intervention policy that solves this trade-off: (1) the optimal policy leans against the wind, stabilizing the exchange rate; (2) it involves smooth spreads but allows exchange rates to jump; (3) it partly relies on “forward guidance,” with non-zero interventions even after the shock has subsided; (4) it requires credibility, in that central banks do not intervene without commitment. Finally, we shed light on the global consequences of widespread interventions, using a multi-country extension of our model. We find that, left to themselves, countries over-accumulate reserves, reducing welfare and leading to inefficiently low world interest rates.


2021 ◽  
Vol 4 (1) ◽  
Author(s):  
Dylan H. Morris ◽  
Fernando W. Rossine ◽  
Joshua B. Plotkin ◽  
Simon A. Levin

AbstractIn the absence of drugs and vaccines, policymakers use non-pharmaceutical interventions such as social distancing to decrease rates of disease-causing contact, with the aim of reducing or delaying the epidemic peak. These measures carry social and economic costs, so societies may be unable to maintain them for more than a short period of time. Intervention policy design often relies on numerical simulations of epidemic models, but comparing policies and assessing their robustness demands clear principles that apply across strategies. Here we derive the theoretically optimal strategy for using a time-limited intervention to reduce the peak prevalence of a novel disease in the classic Susceptible-Infectious-Recovered epidemic model. We show that broad classes of easier-to-implement strategies can perform nearly as well as the theoretically optimal strategy. But neither the optimal strategy nor any of these near-optimal strategies is robust to implementation error: small errors in timing the intervention produce large increases in peak prevalence. Our results reveal fundamental principles of non-pharmaceutical disease control and expose their potential fragility. For robust control, an intervention must be strong, early, and ideally sustained.


Author(s):  
Pedro Gil-Madrona ◽  
Sonia J. Romero-Martínez ◽  
Carmen C. Roz-Faraco

The main purpose of this study was to compare the psychomotor development of five-year-old children born preterm and full term. The comparison included physical-motor, perceptual-motor, and socio-relational and affective skills. As low weight is one of the variables that most influences the psychomotor development of premature infants, a secondary aim was to analyze these skills according to their current body mass index (BMI). A prospective simple ex-post facto study was conducted. The sample consisted of 672 five-year-old children enrolled in the third year of early childhood education in the province of Albacete, Spain; 35 of them was born prematurely. Children were evaluated by their teachers using the Checklist of Psychomotor Activities (CPA). The results show that children born preterm had a lower development of their physical-motor skills. In the perceptual-motor field, premature children showed lower scores in the variables related to their body image and body schema, motor dissociation, and visual-motor coordination, as well as in socio-relational and affective aspects. However, the development in laterality, dynamic coordination, motor execution, tonic-postural control, and balance were not affected. These differences were not affected by the current weight, given that the analysis of the BMI indicated no differences in preterm children. This study demonstrated the need to establish protocols oriented to the prevention of the difficulties detected in children with psychomotor high-risk and the needs to reinforce the educational programs in this area to improve the integral development of children born preterm.


Author(s):  
Ho Fung Cheng ◽  
McKinley K. Paul ◽  
Andrea I. d’Aquino ◽  
Charlotte L. Stern ◽  
Chad A. Mirkin

2021 ◽  
Vol 57 (29) ◽  
pp. 3559-3562
Author(s):  
Bernard Boitrel ◽  
Stéphane Le Gac

Unprecedented Möbius-type chiroptical switches result from interplaying a dynamic π-system, labile metal complexes and tunable transfers of chirality.


Author(s):  
Huan Chen ◽  
Jintao Jiang ◽  
Zhe Chen ◽  
Binjie Du ◽  
Chenghao Dai ◽  
...  

New self-powered hydrogels that reversibly change electrical signals in response to circumambient multistimuli are of interest for the development of the next-generation smart sensing devices. In this work, a new...


2015 ◽  
Vol 31 ◽  
pp. v-ix ◽  
Author(s):  
György Buzsáki ◽  
Walter Freeman

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