Overview[ edit ] In ancient times, abortion, along with infanticidewas considered in the context of family planninggender selection, population control, and the property rights of the patriarch.
Louis working papers are preliminary materials circulated to stimulate discussion and critical comment. Recent Working Papers by Laura E. Kliesen, and Michael T.
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Owyang Working Paper A updated November We consider the effects of uncertainty shocks in a nonlinear VAR that allows uncertainty to have amplification effects. When uncertainty is relatively low, fluctuations in uncertainty have small, linear effects.
In periods of high uncertainty, the effect of a further increase in uncertainty is magnified.
We find that uncertainty shocks in this environment have a more pronounced effect on real economic variables. We also conduct counterfactual experiments to determine the channels through which uncertainty acts. Uncertainty propagates through both the household consumption channel and through businesses delaying investment, providing substantial contributions to the decline in GDP observed after uncertainty shocks.
Finally, we find evidence of the ability of systematic monetary policy to mitigate the adverse effects of uncertainty shocks. Manuelli and Juan M. We assume that firms must access the bond market and they issue debt with a flexible structure coupon, face value, and maturity. Since lenders do not refinance projects with positive but small net present value, firms may be forced to default in the first phase.
We call this liquidity risk. The technology is such that earnings can switch to a higher but riskier level. In this second phase firms have access to the equity market but they may default if this is the best option. We call this strategic default risk.
In the model optimal maturity balances these two risks.
We show that firms with poor prospects and firms in more unstable industries will choose shorter maturities even if it is feasible to issue longer debt.
The model also offers predictions on how asset maturity, asset salability, and leverage influence maturity. Even though our model is extremely stylized we find that the predictions are roughly consistent with the evidence.
Moreover, it offers some insights into the factors that determine the structure of the debt. The empirical evidence also shows that a news shock has a significantly larger contemporaneous impact on sovereign credit spreads than a comparable shock to labor productivity.
We develop a quantitative model of news and sovereign debt default with endogenous maturity choice that generates impulse responses very similar to the empirical estimates. The model allows us to interpret the empirical evidence and to identify key parameters.Under review as a conference paper at ICLR SQUEEZENET: ALEXNET-LEVEL ACCURACY WITH 50X FEWER PARAMETERS AND.
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Periods of rain. High 56F. Winds ENE at 5 to 10 mph. Chance of rain %. The abortion debate is the ongoing controversy surrounding the moral, legal, and religious status of induced abortion.
The sides involved in the debate are the self-described “pro-choice” and “pro-life” movements. “Pro-choice” emphasizes the right of women to decide whether to terminate a pregnancy.
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