Gaussian affine term structure models attribute time‐varying bond risk premia to changing risk prices driven by the conditional means of the risk factors, while structural models with recursive preferences credit it to stochastic volatility. We reconcile these competing channels by introducing...

Motivated by empirical evidence, we propose an open-economy New Keynesian model with financial integration that allows financial intermediaries to hold foreign long-term bonds. We find financial integration features an amplification for a domestic monetary policy shock and a negative spillover...

We build a tractable New Keynesian model to study four types of monetary and fiscal policy. We find that quantitative easing (QE), lump-sum fiscal transfers, and government spending have the same effects on the aggregate economy when fiscal policy is fully tax financed. Compared with these three...

Classical inventory theory suggests that inventory plays a vital role in matching demand and supply. This paper provides both macro and micro evidence that inventory can be used as a financial instrument to take advantage of arbitrage opportunities in financial markets with limited capital...

Accumulation of cadmium in rice planted in Cd-contaminated soil could cause a severe toxicant impact on humans. A negative influence on Cd absorption of rice was found by hydrochar (HC) addition, which was reported more nutrient and lower phytotoxicity through nitric acid aging. However, there...