In the recent recession and current economic recovery, policymakers have supported asset prices in the U.S. treasury and mortgage markets, expecting that improvement in the balance sheet of banks will lead to more commercial lending. In general, we document that increases in housing prices in a bank’s deposit base lead banks to decrease commercial lending. Further, we find that a one-standard d...

Persons who handle money for patients with mental disabilities often use access to funds as leverage to promote adherence to treatment. Drawing on data from a five-site study involving interviews of 1011 patients at community mental health centers, this paper explores who provides money assistance, the predictors of leverage use, and its impact on patients. A substantial minority of patients re...

This paper documents new and empirically important interactions between cash-balance leverage dynamics. Cash ratios typically vary widely over extended horizons, with dynamics remarkably similar to (and complementary with) those of capital structure. Leverage cash interact approximately as predicted by the internal-versus-external funding regimes in Myers Majluf (1984). is quite volatile when a...

We characterize equilibrium leverage dynamics in a trade-off model which the firm can continuously adjust and cannot commit to policy ex ante. While ratchet effect leads shareholders issue debt gradually over time, asset growth maturity cause mean-revert slowly toward target. Investors anticipate future issuance raise credit spreads, fully offsetting tax benefits of new debt. Shareholders are t...

The uplink of a cloud radio access network (C-RAN) architecture is studied in which decoding at the cloud takes place via Network Function Virtualization (NFV) on commercial offthe-shelf (COTS) servers. In order to mitigate the impact of straggling decoders in the cloud computing platform, a novel coding strategy is proposed, whereby the cloud re-encodes the received frames via a linear code be...

One of the goals of the government is to increase the competitiveness of domestic firms to export goods and services. Moreover, the role of exports in many economic sectors has been emphasized. There are two essential requirements for developing non-oil exports: first, the presence of firms in export markets and increasing their competitiveness; second, the survival of them in international mar...

Many path planning algorithms leverage A* to determine optimal paths. However, when an actor deviates from the optimal path, a typical application of A* executes a new search from the deviation point to the goal. This approach redundantly calculates paths that may have been examined during the initial search, rather than leveraging previous information. We introduce Plan-B A* (PBA*), which uses...