Asymmetric Transmission of Monetary Policy in Europe: a Markov-switching Approach

( Torben W. Hendricks ),( Bernd Kempa ) 세종대학교 경제통합연구소 (구 세종대학교 국제경제연구소) 2008 Journal of Economic Integration Vol.23 No.4

This paper addresses the question of whether the common monetary policy of the European Central Bank is transmitted asymmetrically within the Euro area. To this end, we employ a Markov switching model to identify a credit channel of monetary policy transmission and investigate whether the credit channel is active or passive across four Euro-area countries (France, Germany, Italy and the Netherlands) as well as the United Kingdom at any given point in time. We find the timing and the duration of the regime switches into and out of the credit channel regime to be fairly synchronous for France, Germany and Italy, while being more heterogeneous for both the Netherlands and the United Kingdom. The asymmetry of the credit channel documented in this paper suggests that the heterogeneity of the monetary transmission mechanism is still very much present in the Euro area. This heterogeneity poses serious policy problems for the European Central Bank (ECB), as monetary policy continues to exert differential impacts across individual member countries of the monetary union. Also, it constitutes a convincing reason of why the ECB, the European Commission and a number of national governments actively push for further liberalization of financial markets in Europe.

법의 규범성에 관한 켈젠과 하트의 설명

( Torben Spaak ),권경휘 ( Kyung-hwi Kwon ) 연세법학회(구 연세법학연구회) 2017 연세법학 Vol.30 No.-

필자는 법의 규범성에 관한 문제(법적 당위, 법의 규범적 힘, 행위의 법적 근거들의 본성에 관하여 설명하는 것과 관련된 문제)야말로 법실증주의가 직면한 (비록 유일하게 심각한 문제는 아닐지라도) 가장 심각한 문제라고 생각한다. 다른 글에서 논의한 것처럼, 문제는 법실증주의자들이 도덕적인 의미가 아닌 엄격하게 법적인 의미의 법의 규범성을 설명할 수 있지만 그러한 설명이 법은 행위의 도덕적 근거들 내지 다른 근거들보다 우선한다(trump)고 필연적으로 주장한다는 테제와 양립하기 어렵다는 점이다. 만약 엄격하게 법적인 의미의 규범성이 그렇게 문제가 있다면, 켈젠(Hans Kelsen), 하트(H. L. A. Hart)와 같은 위대한 법사상가들이 법의 규범성을 엄격하게 법적인 의미로 설명하고자 엄청난 노력을 기울였던 이유는 무엇인가라는 의문을 가질 수 있을 것이다. 그들이 실제로는 도덕적인 의미의 법의 규범성에 관심을 가졌던 것은 아닌가? 필자는 그들이 그렇지 않았다고 생각한다. 즉, 그들이 관심을 가졌던 것은 엄격하게 법적인 의미의 규범성이었다. 이 논문은 켈젠과 하트 모두 엄격하게 법적인 의미의 규범성에 관심을 가졌다는 것을 보여주기 위해 규범성의 문제에 관한 켈젠과 하트의 분석을 고찰하고자 한다. 또한 필자는 그들의 설명이 법은 행위의 도덕적 근거들 내지 다른 근거들보다 우선한다고 필연적으로 주장한다는 테제의 제한된 형태와 양립할 수 있다는 것을 주장할 것이다. 비록 필자의 생각에는 엄격하게 법적인 의미의 법의 규범성이 켈젠과 하트가 생각하였던 것만큼 법에 있어서 중요한 특성은 아니지만 말이다. 이 글은 법의 규범성의 문제를 제시하는 것으로 시작할 것이다(제2장). 그 후에는 이 문제와 관한 켈젠과 하트의 분석을 고찰할 것이다(제3장과 제4장). 끝으로는 법의 규범성에 관한 엄격하게 법적인 이해방식이 으뜸패 테제(trump thesis)의 제한적 형태와 양립 가능한가를 고찰하고 엄격하게 법적인 규범성의 중요성에 대하여 말하고자 한다(제5장). The problem about the normativity of law-that is, the problem of accounting for the nature of the legal ought, the law’s normative force, or, if you will, the nature of legal reasons for action-is in my view the most serious if not the only serious question facing legal positivists. The problem, I have argued elsewhere, is that although legal positivists can account for law’s normativity in (what I shall call) the strictly legal sense, but not in (what I shall call) the moral sense, such an account is difficult to combine with the thesis that law necessarily claims to trump moral and other reasons for action. But, one may wonder, if normativity in the strictly legal sense is so problematic, why have first-rate legal thinkers like Hans Kelsen and Herbert Hart expended so much energy in trying to account for the normativity of law in this sense? Were they perhaps really concerned with normativity in the moral sense? I don’t think so. I think they were concerned with normativity in the strictly legal sense. And in this article I am going to consider Kelsen’s and Hart’s analyses of the normativity problem in order to show that both Kelsen and Hart were indeed concerned with normativity in the strictly legal sense. I am also going to argue that their accounts can be combined with a qualified version of the thesis that the law necessarily claims to trump moral and other reasons for action, while suggesting that the normativity of law in the strictly legal sense is not so important a characteristic of law as Kelsen and Hart seem to have thought. I begin by presenting the problem about the normativity of law (Section 2). I then proceed to consider Kelsen’s and Hart’s analyses of this problem (Sections 3-4). Having done that, I consider the possibility of combining the strictly legal conception of law’s normativity with a qualified version of the trump thesis, and add a few words about the significance of strictly legal normativity (Section 5).

Thermal degradation chemistry of ruthenium complexes in the dye-sensitized solar cell and strategies for reducing the dark current

Torben Lund,Phuong Tuyet Nguyen 한국고분자학회 2016 한국고분자학회 학술대회 연구논문 초록집 Vol.41 No.2

Product Market Integration and Wage Formation

( Torben M. Andersen ),( Jan Rose Sφrensen ) 세종대학교 경제통합연구소 (구 세종대학교 국제경제연구소) 2000 Journal of Economic Integration Vol.15 No.2

This paper analyses the basic labour market inter-dependencies among countries with intra-industrial trade and imper fectly competitive product and labour markets. The paper stresses two major channels through which increased integration may affect product markets and therefore in turn labour markets. First, market entry becomes easier and/or less costly implying that m o re goods become traded goods. Second, market integration among economies already open to trade may reduce the explicit or implicit trade costs of selling in foreign markets. It is found that the two channels have different implications for wage formation. (JEL Classifications: F12, F15, J31, J51)

Product Market Integration and Wage Formation

Andersen, Torben M.,Sørensen, Jan Rose 세종대학교 국제경제연구소 2000 Journal of Economic Integration Vol.15 No.2

This paper analysis the basic labour market inter-dependencies among countries with intra-industrial trade and imperfectly competitive product and labour markets. The paper stresses two major channel through which increased integration may affect product markets and therefore in turn labour markets. First, market entry becomes easier and/or less costly implying that more goods become traded goods. Second, market integration among economies already open to trade may reduce the explicit or implicit trade costs of selling in foreign markets. It is found that the two channels have different implications for wage formation.

Control Allocation for Double-ended Ferries with Full-scale Experimental Results

Tobias R. Torben,Astrid H. Brodtkorb,Asgeir J. Sørensen 제어·로봇·시스템학회 2020 International Journal of Control, Automation, and Vol.18 No.3

A novel control allocation algorithm for double-ended ferries with symmetrical thruster configuration is proposed. The allocation problem is formulated using the extended thrust representation, resulting in a four dimensional constrained optimization problem. Using the thrust configuration constraint, the optimization problem is reduced to a scalar bounded optimization problem, for which there exists fast solvers. We propose a cost function and bounds such that the allocation algorithm supports the standard way of performing manual thruster control on ferries. The real-time performance of the proposed algorithm is demonstrated in a simulation study, and in full-scale experiments.

Stacking-dependent energetics and electronic structure of ultrathin polymorphicV2VI3topological insulator nanofilms

Li, Can,Winzer, Torben,Walsh, Aron,Yan, Binghai,Stampfl, Catherine,Soon, Aloysius American Physical Society 2014 Physical review. B, Condensed matter and materials Vol.90 No.7

Introducing a Reduced Design Load Basis for Ultimate Blade Load Estimations

Christian Pavese,Carlo Tibaldi,Torben J. Larsen,Taeseong Kim,Kenneth Thomsen 한국신재생에너지학회 2016 한국신재생에너지학회 학술대회논문집 Vol.2016 No.11

International guidelines for contrast-enhanced ultrasonography: ultrasound imaging in the new millennium

Christian Pállson Nolsøe,Torben Lorentzen 대한초음파의학회 2016 ULTRASONOGRAPHY Vol.35 No.2

The intent of this review is to discuss and comment on common clinical scenarios in whichcontrast-enhanced ultrasonography (CEUS) may play a decisive role and to illustrate importantpoints with typical cases. With the advent of CEUS, the scope of indications for ultrasonographyhas been dramatically extended, and now includes functional imaging and tissue characterization,which in many cases enable tumor diagnosis without a biopsy. It is virtually impossible toimagine the practice of modern medicine as we know it in high-income countries without theuse of imaging, and yet, an estimated two thirds of the global population may receive no suchcare. Ultrasound imaging with CEUS has the potential to correct this inequity.

Lithium Ion Disorder and Conduction Mechanism in LiCe(BH₄)₃Cl

Lee, Young-Su,Ley, Morten B.,Jensen, Torben R.,Cho, Young Whan American Chemical Society 2016 JOURNAL OF PHYSICAL CHEMISTRY C - Vol.120 No.34

<P>We investigate the diffusion mechanism of Li ions in LiCe(BH4)(3)Cl, which exhibits fast Li ion conduction. It was previously shown that eight Li ions partially occupy the 12d Wyckoff sites in the I (4) over bar 3m structure and the Li ion diffusion takes place via jumping through the three-dimensional network of the 12d sites. In this study, we employ first-principles-nudged elastic band simulation to elucidate the diffusion mechanism and discover that the Li ion does not directly jump to the neighboring 12d site, but instead passes through the closest 6b site. Moreover, the 6b site turns out to be another stable Li ion site, not just a transient point during a jump event. The occupation of the 6b site and the Li ion diffusion mechanism were assured by first-principles molecular dynamics simulations. The partial occupancy of the 12d site and 6b site at 500 K is approximately 1/2 and 1/3, respectively. The experimental diffraction data can be consistently interpreted. The peculiar crystal structure of LiCe(BH4)(3)Cl allowing efficient and fast Li ion diffusion is again highlighted together with the role of [BH4](-) ion in thermodynamically stabilizing LiCe(BH4)(3)Cl.</P>