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PRODID:-//AMSE//Event Calendar//FR
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UID:event-12428@www.amse-aixmarseille.fr
DTSTAMP:20260422T185845Z
CREATED:20260422T185845Z
LAST-MODIFIED:20260422T185845Z
STATUS:CONFIRMED
SEQUENCE:0
SUMMARY:phd seminar - Anita Salvador*\, Aurélien Espic**
DTSTART:20251209T103000Z
DTEND:20251209T113000Z
DESCRIPTION:*In representation learning\, we massively use the Kullback-Lei
 bler (KL) divergence in our model's loss\, and while the KL divergence betw
 een two Gaussian distributions admits a closed-form expression\, this is no
 t the case for mixtures of Gaussians\, for which no analytical solution is 
 available. Current state-of-the-art solutions rely on Monte Carlo estimatio
 ns\, which is computationally expensive\, specially in machine learning whe
 n it must be recomputed at each loss evaluation during training. In this wo
 rk\, we propose a more efficient method to estimate the KL divergence betwe
 en Gaussian mixtures\, aiming to reduce computational cost while maintainin
 g accuracy. We expose analytically and evaluate on a set of toy experiments
  with controlled distributions.**Credit supply shocks can have heterogeneou
 s effects across sectors. In this paper\, I focus on commercial real estate
  (CRE) investors. I first establish empirically that these investors are pa
 rticularly reliant on credit\, as their assets are more easily pledegeable 
 compared to that of other non-financial firms. I then show in a structural 
 general equilibrium model that this feature creates sectoral misallocation 
 in face of credit supply shocks. CRE investors benefit more from credit exp
 ansion than other non-financial firms\, feeding growth in the expansion pha
 se of a credit cycle. However\, their overaccumulation of capital limits th
 e effect of credit expansion on aggregate productivity. In addition\, CRE i
 nvestors are more likely to face a binding capital irreversibility constrai
 nt in the bursting phase of the cycle\, amplifying the recession. Macroprud
 ential policy\, through redistributive taxes on credit\, can correct this s
 ectoral misallocation.\\n\\nContact: Alexandre Arnout: alexandre.arnout[at]
 univ-amu.frPhilippine Escudié: philippine.escudie[at]univ-amu.frArmand Ri
 gotti: armand.rigotti[at]univ-amu.fr\n\nPlus d'informations: https://www.a
 mse-aixmarseille.fr/en/events/anita-salvador-aur%C3%A9lien-espic-0
LOCATION:MEGA - Salle Carine Nourry\, 424\, Chemin du Viaduc\, 13080 Aix-en
 -Provence
URL;VALUE=URI:https://www.amse-aixmarseille.fr/en/events/anita-salvador-aur%C3%A9lien-espic-0
CONTACT:Alexandre Arnout: alexandre.arnout[at]univ-amu.frPhilippine EscudiÃ
 ©:&nbsp\;philippine.escudie[at]univ-amu.frArmand Rigotti:&nbsp\;armand.rigo
 tti[at]univ-amu.fr
TRANSP:OPAQUE
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