We employ a threshold vector autoregression (TVAR) methodology in order to examine the nonlinear nature of the interactions among credit market conditions, monetary policy, and economic activity. We depart from the existing literature on the subject along two dimensions. First, we focus on a...

This paper decomposes the break-even inflation rates derived from inflation-indexed bonds into inflation risk premia, liquidity risk premia, and inflation expectations. I estimate a common factor model with autoregressive conditionally heteroscedastic (ARCH) errors that extracts co-movements...

Using the standard principal-agent framework, we show that the existence of executives with different levels of productivity introduces a so-far-unexplored channel through which managerial effort incentives are sustained in a setting in which executives are allowed to trade away their...

Grid-connected inverters are key components of distributed generation systems (DGSs) and micro-grids (MGs), because they are effective interfaces for renewable and sustainable distributed energy resources (DERs). Recently, multi-functional grid-connected inverters (MFGCIs) have attracted more...

Microgrid is an effective concept for distributed renewable energies connecting to utility grid. However, enormous challenges have also been brought into the microgrids study considering the intermittence, randomness characteristics of renewable energies. As a result, the power generations of...

Micro-grids are effective concepts and systems to interface renewable and sustainable energy resources into utility, which has been paid significant attention. In this paper, the policies and demonstrations of micro-grids for researches and developments, as well as practical applications in...

We employ a Threshold Vector Autoregression (TVAR) methodology in order to examine the nonlinear nature of the interactions among credit market conditions, monetary policy and economic activity. We depart from the existing literature on the subject along two dimensions. First, we focus on a...

This paper studies the (potential) weak identification of these relationships in the context of a fully specified structural model using Bayesian estimation techniques. We trace the problems to sample size, rather than misspecification bias. We conclude that standard macroeconomic time series...