We investigate the hypothesis that macroeconomic fluctuations are primitively the results of many microeconomic shocks. We define fundamental volatility as the volatility that would arise from an economy made entirely of idiosyncratic sectoral or firm-level shocks. Fundamental volatility accounts for the swings in macroeconomic volatility in the major world economies in the past half-century. I...

We introduce new subclasses of Fourier hyperfunctions of mixed type, satisfying polynomial growth conditions at infinity, and develop their sheaf and duality theory. We use Fourier transformation and duality to examine relations of these asymptotic and tempered hyperfunctions to known classes of test functions and distributions, especially the Gel’fand-Shilov spaces. Further it is shown that th...

In this paper we study the Fourier-Laplace transform of tempered ultrahyperfunctions introduced by Sebastião e Silva and Hasumi. We establish a generalization of Paley-Wiener-Schwartz theorem for this setting. This theorem is interesting in connection with the microlocal analysis. For this reason, the paper also contains a description of the singularity structure of tempered ultrahyperfunctions...

We extend the model of liquidity risk of Çetin et al. [5] to allow for price impacts. Starting from simple principles, we show that the impact of a trade on prices is directly proportional to the size of the transaction and the amount of liquidity of the asset. This leads to a new characterization of self-financing trading strategies and a sufficient condition for no arbitrage. We show that, wi...

We give a complete and self-contained proof of the existence of a strong solution to the free boundary and optimal stopping problems for pricing American path-dependent options. The framework is sufficiently general to include geometric Asian options with nonconstant volatility and recent path-dependent volatility models.

This paper reexamines the relationship between innation, innation volatility and growth using crosscountry panel data for the past 30 years. With regard to the level of innation, we nd that in contrast to current ndings which are based on cross-sectional time-average regression comparisons, exploiting the time dimension of the data reveals a strong negative correlation between innation and inco...

Two experimental high strength steel weld metals were produced with 7 wt. % nickel and manganese at 2 or 0.5 wt. %. Neural network predictions that Mn reductions increase toughness were confirmed with impact energy increasing from 32 to 113 J at –40 °C. High resolution microstructural investigations showed that both weld metals contained mainly martensite at interdendritic regions and predomina...

Mechanical energy is known to be transferred between a body segment and joint. However, the transformation of this has not been classified. By focusing on racket-holding arm during tennis serve, present study examined translational rotational energies due joint force, investigated kinetic chain from viewpoint energetics. Twenty-two players were asked perform flat services deuce side (i.e., rece...

On the sample of 83 top Slovenian athletes we have studied the frequency of injuries among table tennis, tennis and badminton players, types of injuries and severity of injuries--the latter based on data of players absences from training and/or competition processes. The most liable parts to injuries are shoulder girdle (17.27%), spine (16.55%) and ankle (15.83%), while foot (10.07%) and wrist ...

Abstract The aim of this explorative study was to determine the key inertial measurement unit-based wheelchair mobility performance components during a tennis match. A total 64 matches were played by 15 players (6 women, 5 men, 4 juniors). All individual wheelchairs instrumented with units, two on axes wheels and one frame. 48 potentially relevant outcome variables initially extracted from sens...