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Showing posts with the label cycle of Frenkel

Metastability and Eye Movements: A Dynamical‑Systems Interpretation

  1. Why metastability is a natural language for gaze behavior The idea that perception, attention, and neural activity evolve through transiently stable states has deep roots in cognitive science and neuroscience. Concepts such as attractors , basins , noise‑induced transitions , and escape times appear in work on perceptual switching, decision‑making, and neural population dynamics (Kelso, 1995; Rabinovich et al., 2008; Deco & Jirsa, 2012). Eye movements, especially the alternation between fixations and saccades ,   fit remarkably well into this metastable picture. The Freidlin–Wentzell theory of rare events (Freidlin & Wentzell, 2012) provides a rigorous mathematical language for these intuitions. 2. Fixations as metastable states  Consider the gaze position X t as the state of a stochastic dynamical system. During a fixation the  gaze remains confined to a small region, microsaccades and noise generate small fluctuations, and the gaze tends to return...

ANALYSIS OF THE CURRENT ACCOUNT BALANCES: GREECE, SPAIN AND ITALY

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We have already seen [ here ] that the difference between national savings and investment  corresponds to the  current account balance . A country   gets into debt with foreign countries if it saves too little (i.e., if it consumes too much) or if it makes too many capital expenditures.  Let's see now the time course of the current account under its possible different perspecitives for some euro area (EA) countries whose financial status and outlook are suffering (Greece, Spain,  Italy ). Data have been collected from the IMF :  World Economic Outlook  October 2012  [ here ] . The synthetic matrix of the elaborated data for all the countries of the EA is downloadable here . 1. GREECE The first country that we consider is Greece, which has been the earliest to be exposed to the financial crisis within the EA. Greece, often is represented as the bad model. Figure1-3. The c urrent account and its components (1991-2013): Greece ....

EURO CURRENCY DOES NOT CIRCULATE IN AN OPTIMAL CURRENCY AREA

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1. PRIVATE VICE, PUBLIC VICE In the " Fable of the Bees " (1705)  Bernard Mandeville represented the paradox " private vices, public benefits " [1] . He showed that actions which may be considered vicious from the individual perspective, give benefits for the collectivity. By rewording this sentence,  one would say that prosperity relies on expenditure (vice) rather than on saving (virtue). And going a step further, if that  assessment were applied in terms of the whole private and public sectors, then one would expect that deficits of the private sector yields benefits to the public sector.    Instead, this is not always the case. Especially when the imbalance in the private sector becomes too large.  In a previous post [ here ] we introduced the fundamental identity of macroeconomics which allows  to assess the contribution of both the private sector and the public sector to the formation of the current account balance :  10)...

GOVERNMENT DEBT, PRIVATE DEBT & CURRENT ACCOUNT BALANCE IN EURO ZONE: A MANIFESTATION OF THE CYCLE OF FRENKEL

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The balance of payments is the statistical statement that systematically summarises, for a specific time period, the economic transactions of an economy with the rest of the world. The Balance of Payments is broken down into three broad sub-balances: the current account, the capital account, and the financial account.  Current account is the major driver of net lending/net borrowing of an economy; it provides important information about the economic relations of a country with the rest of the world. It covers all transactions (other than those in financial items) that involve economic values and occur between resident and non-resident units.  By analyzing [ source of data ] the performances of some countries in the euro area (Germany, Italy, Spain, France, Greece and the Nederlands) in three different periods (1995:2000; 2001:2007; 2008:2011) we can note that:  A) the northern countries (Germany and the Nederlands) have had significant benefits from the introduc...

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