We propose a measure for systemic risk: CoVaR, the Value at Risk (VaR) of the nancial system conditional on institutions being under distress. We argue for regulatory requirements that are based on the di¤erence between CoVaR and the nancial system VaR, capturing an institutions (marginal) contribution to systemic risk. Countercyclical regulation should take into account institutions characteristics such as leverage, maturity mismatch and size that predict sys-temic risk contributions. We also explore the extent to which market indicators such as credit default swap spreads and implied equity volatilites predict sys-temic risk contribution.

are then built up by alternating template matching and max pooling operations. We refine the approach in several bi-ologically plausible ways, using simple versions of sparsi-fication and lateral inhibition. We demonstrate the value of retaining some position and scale information above the in-termediate feature

intermediate representation suitable for optimization; and Grimp, an aggregated version of Jimple suitable for decompilation. We describe the motivation for each representation, and the salient points in translating from one representation to another. In order to demonstrate the usefulness of the framework, we

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specification of the translation, with an executable version in Maude, meets the need for unambiguous CAPSL semantics. There are areas still under development, especially surrounding the specification and semantics of goals. Due to the experimental activity, design choices are constantly being

For the open economy the workhorse model in intermediate textbooks still is the Mundell-Fleming model, which basically extends the IS-LM model to open economy problems. The purpose of this paper is to present a simple New Keynesian model of the open economy, that introduces open economy

is not canceled. However, such gauge contributions are naturally small as long as the cutoff is below 6 TeV. Precision electroweak corrections are suppressed relative to those of Technicolor or generic Little Higgs theories. In some versions of the intermediate scenario, the Higgs mass is computable in terms

Handout written by Maggie Johnson and revised by Julie Zelenski. Most compilers translate the source program first to some form of intermediate representation and convert from there into machine code. The intermediate representation is a machine and languageindependent version of the original

We introduce imperfect creditor protection in a multi-country version of Schumpeterian growth theory with technology transfer. The theory predicts that the growth rate of any country with more than some critical level of financial development will converge to the growth rate of the world technology

-address intermediate representation suitable for optimization; and Grimp, an aggregated version of Jimple. Our approach to class le optimization is to rst convert the stack-based bytecode into Jimple, a three-address form more amenable to traditional program optimization, and then convert the optimized Jimple back