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The new challenge in power systems design and operation is to organize and control smart micro grids supplying aggregation of users and special loads as electric vehicles charging stations. The presence of renewable and storage can help the optimal operation only if a good control manages all the elements of the grid. New models of green buildings and energy communities are proposed. For a real application they need an appropriate and advanced power system equipped with a building automation control system. This article presents an economic model predictive control approach to the problem of managing the electric and heating resources in a smart building in a coordinated way, for the purpose of achieving in real time nearly zero energy consumption and automated participation to demand response programs. The proposed control, leveraging a mixed integer quadratic programming problem, allows to meet manifold thermal and electric users’ requirements and react to inbound demand response signals, while still guaranteeing stable operation of the building's electric and thermal storage equipment. The simulation results, performed for a real case study in Italy, highlight the peculiarities of the proposed approach in the joint handling of electric and thermal building flexibility. [ABSTRACT FROM AUTHOR]

Systemic risk is the risk of a collapse of the entire financial system, typically triggered by the default of one, or more, interconnected financial institutions. In this paper, we estimate the systemic risk contribution of Italian-listed banks for the period 2000-2011. We follow a methodology first proposed by Adrian and Brunnermeier and measure banks' contribution to systemic risk by ΔCoVaR, which measures the contribution of bank i to the financial system VaR when bank i is in a state of distress. We define 'the system' as the set of Italian-listed banks in the sample. First, we find that the information contained in ΔCoVaR is different from that contained in the VaR. Therefore, regulators should take it into account in order to monitor the systemic risk posed by banks. Second, recent policy debate has focused on the danger posed by large banks and on the need to curb their size. We find that size is indeed the main predictor of a bank contribution to systemic risk. However, in the post-Lehman period, leverage is also an important predictor of systemic risk. Consequently, any financial regulation designed only to curb banks' size could not completely eliminate systemic risk because it is exactly in crisis times that leverage becomes relevant. Hence, we conclude that ΔCoVaR is a very useful policy tool for regulators that can estimate which factors are more relevant in terms of contribution to systemic risk. [ABSTRACT FROM AUTHOR]

The present study investigates the human-specificity of the orienting system that allows neonates to look preferentially at faces. Three experiments were carried out to determine whether the face-perception system that is present at birth is broad enough to include both human and nonhuman primate faces. The results demonstrate that the newborns did not show any spontaneous visual preference for the human face when presented simultaneously with a monkey face that shared the same features, configuration, and low-level perceptual properties (Experiment 1). The newborns were, however, able to discriminate between the 2 faces belonging to the 2 different species (Experiment 2). In Experiment 3, the newborns were found to prefer looking at an upright, compared with an inverted, monkey face, as they do for human faces. Overall, the results demonstrate that newborns perceive monkey and human faces in a similar way. These findings are consistent with the hypothesis that the system underlying face preference at birth is broad enough to bias newborns' attention toward both human and nonhuman primate faces. [ABSTRACT FROM AUTHOR]

This paper presents different specifications of a structural VAR model which are useful to identify monetary policy shocks and their macroeconomic effects for the Italian economy in the 1990s. The analysis is based on a detailed institutional description of the functioning of the domestic market for bank reserves. In this setting, we try to establish if monetary policy shocks are better identified using exchange rates or foreign exchange reserves as a conditioning variable for the small open economy framework. Our analysis confirms the view that the Bank of Italy has been targeting the rate on overnight interbank loans in the 1990s. This is coherent with either proposed modelling choices. Therefore, we interpret shocks to the overnight rate as purely exogenous monetary policy shocks and study how they impact the economy. (J.E.L.: E52, F41, F47). [ABSTRACT FROM AUTHOR]