Asset encumbrance is a central concept in the context of banks’ liquidity crises, as it associated with their capacity to obtain secured funding. This occasional paper summarises work carried out by task force on asset encumbrance, bringing together analyses ECB and those national competent authorities working topic. First, we describe how has evolved euro area banks, focusing country business ...

Affine jump-diffusion (AJD) processes constitute a large and widely used class of continuoustime asset pricing models that balance tractability and flexibility in matching market data. The prices of e.g., bonds, options, and other assets in AJD models are given by extended pricing transforms that have an exponential-affine form; these transforms have been characterized in great generality by Du...

The membrane-bound pyrroloquinoline quinone (PQQ)-containing quinoprotein glucose dehydrogenase (mGDH) in Escherichia coli functions by catalyzing glucose oxidation in the periplasm and by transferring electrons directly to ubiquinone (UQ) in the respiratory chain. To clarify the intramolecular electron transfer of mGDH, quantitation and identification of UQ were performed, indicating that puri...

Synchronization of growth rates are an important feature of international business cycles, particularly in relation to regional integration projects such as the single currency in Europe. Synchronization of growth rates clearly enhances the e¤ectiveness of European Central Bank monetary policy, ensuring that policy changes are attuned to the dynamics of growth and business cycles in the majorit...

The crystal structure of a previously unreported polymorph (form II) of 2,4-dinitro-phenyl-hydrazine (DNPH), C6H6N4O4, was determined at 90 K. The first polymorph (form I) is described in the monoclinic space group P21/c [Okabe et al. (1993 ▶). Acta Cryst. C49, 1678-1680; Wardell et al. (2006 ▶). Acta Cryst. C62, o318-320], whereas form II is in the monoclinic space group Cc. The mol-ecular str...

The issue of whether the public sector enhances or retards long-run economic growth has been debated passionately in recent years. We use meta-analysis to shed light on the issue. A sample of 93 published studies, yielding 123 meta-observations, is used to examine the robustness of the evidence regarding the impact of fiscal policy on growth. Five fiscal policy areas are considered: general gov...

Hydrocarbons were the major lipid class extracted by hexane from the vitelline membrane surface of dechorionated eggs of the house fly, Musca domestica, the New World screwworm, Cochliomyia hominivorax, the secondary screwworm, Cochliomyia macellaria, the green bottle fly, Phaenicia sericata, the sheep blow fly, Lucilia cuprina and the Mexican fruit fly, Anastrepha ludens. The length of time th...

On the domain of Choquet expected utility preferences with risk neutral lottery evaluation and totally monotone capacities, we demonstrate that proper scoring rules do not exist. This implies the non-existence of proper scoring rules for any larger class of preferences (CEU with convex capacities, multiple priors). We also show that if a decision maker whose behavior conforms to the multiple pr...

City size distributions are known to be well approximated by power laws across many countries. By far the most popular explanation for such power-law regularities is in terms of random growth processes, where power laws arise asymptotically from the assumption of iid growth rates among all cities within a given country. But this assumption has additional consequences. Since all subsets of citie...