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Asymmetries play an important role in many macroeconomic models. We show that assumptions on household and firm expectations play a key role in determining the effects of these asymmetries on macroeconomic outcomes. If households and firms have pe...
This paper proposes an approach to enhance the Federal Reserve's readiness to undertake market-functioning asset purchases during Treasury market disruptions. It notes that by tilting the SOMA Treasury portfolio toward bills rather than mainta...
With the rapid development of quantum computing technology, traditionalcryptographic systems are facing unprecedented challenges. Post-Quantum Cryptography(POC), as a new cryptographic technology that can resist attacks from quantum computershas r...
Like students facing hard exam questions, large language models sometimes guess when uncertain, producing plausible yet incorrect statements instead of admitting uncertainty. Such “hallucinations” persist even in state-of-the-art systems and under...
The increasing adoption of artificial intelligence (AI) by financial institutions is transforming their operations, risk management and customer interactions. Nevertheless, the limited explainability of complex AI models, particularly when used in...
We examine the effects of the Federal Reserve's quantitative easing (QE) and quantitative tightening (QT) policies on firm-level financing and real economic outcomes. We construct a novel time series of maturity-specific balance sheet shocks t...
In managing their capital, banks balance the risk of breaching regulatory requirements against the cost of maintaining and speedily restoring “management” buffers. Using 68 quarters of data on 17 US and 17 euro-area banks, we find systematic reduc...
Can a central bank raise interest rates and still see real (inflation-adjusted) rates immediately fall? If so, can we trust the gap between real interest rates and their natural level to be a reliable guide? I explore a puzzle that arises when mov...
Can algorithms enhance bureaucrats’ work in developing countries? In data-poor environments, bureaucrats often exercise discretion over key decisions, such as audit selection. Exploiting newly digitized micro-data, this study conducted an at-scale...
:当前国内智慧养老系统面临着数据采集准确性、无延迟快速通信连接、人工智能干预程度不足等 技术难题,基于此,设计一种基于 5G 网络、人工智能、边缘计算等新兴技术的智慧养老服务平台,通过 5G 定制化专网为养老业务提供低时延、高可靠的通信连接,实现跨系统、终端之间数据的互联互通,促 进养老服务资源、服务系统之间的智慧化协同。