We develop a multiscale simulation method for dense granular drainage, based on the recently proposed spot model, where the particle packing flows by local collective displacements in response to diffusing “spots” of interstitial free volume. By comparing with discrete-element method (DEM)...

The term structure of interest rates is an instrument that gives us the necessary information for valuing deterministic financial cash flows, measuring the economic market expectations and testing the effectiveness of monetary policy decisions. However, it is not directly observable and needs to...