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Quantitative Easing in the Euro area and SMEs Access to Finance: Who Benefits the Most?
(2019)After the global financial crisis and during the European sovereign debt crisis, bank lending to companies in the euro area slowed down dramatically, bringing the economy close to a credit crunch. It was only after the start of the European Central Bank (ECB) quantitative easing programme in early 2015 that bank lending improved sustainably. This study analyses the impact of the ECB's Public Sector Purchase Programme (PSPP) on the access ...Working Paper -
The near and far of a pair of magnetic capillary disks
(2019)arXivControl on microscopic scales depends critically on our ability to manipulate interactions with different physical fields. The creation of micro-machines therefore requires us to understand how multiple fields, such as surface capillary or electro-magnetic, can be used to produce predictable behaviour. Recently, a spinning micro-raft system was developed that exhibited both static and dynamic self-assembly [Wang et al. (2017) Sci. Adv. ...Working Paper -
Notes on Computational Hardness of Hypothesis Testing: Predictions using the Low-Degree Likelihood Ratio
(2019)arXivWorking Paper -
Subexponential-Time Algorithms for Sparse PCA
(2019)arXivWe study the computational cost of recovering a unit-norm sparse principal component x∈ℝn planted in a random matrix, in either the Wigner or Wishart spiked model (observing either W+λxx⊤ with W drawn from the Gaussian orthogonal ensemble, or N independent samples from (0,In+βxx⊤), respectively). Prior work has shown that when the signal-to-noise ratio (λ or βN/n‾‾‾‾√, respectively) is a small constant and the fraction of nonzero entries ...Working Paper -
U–Pb dating of mineral deposits: From age constraints to ore-forming processes
(2018)Working Paper -
Risk reduction in natural disaster insurance: Experimental evidence on moral hazard and financial incentives
(2018)Working Paper. Risk Management and Decision Processes CenterWorking Paper -
Kinetics of 2D-constrained orbitally-shaken particles
(2018)arXivWe present an experimental study of the kinetics of orbitally-shaken macroscopic particles confined to a two-dimensional bounded domain. Discounting the forcing action of the external periodic actuation, the particles show translational velocities and diffusivity consistent with a confined random walk model. Such experimental system may therefore represent a suitable macroscopic analog to investigate aspects of molecular dynamics and ...Working Paper -
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Climate Shocks, Cyclones, and Economic Growth: Bridging the Micro-Macro Gap
(2018)NBER Working Paper SeriesEmpirical analyses of the impacts of climatic shocks on growth, while critical for policy, have found seemingly disparate results and are seldom incorporated into macroeconomic climate economy models. This paper seeks to bridge this micro-macro gap through the case of tropical cyclones. We first present a stochastic endogenous growth model that can reconcile previous empirical findings. We then empirically estimate the impacts of cyclones ...Working Paper