There are many technologically important problems such as elastohydrodynamics which involve the flows of a fluid over a wide range of pressures. While the density of the fluid remains essentially constant during these flows whereby the fluid can be approximated as being incompressible, the viscosity varies significantly by several orders of magnitude. It is also possible that the viscosity of such fluids depends on the shear rate. Here we consider the flows of a class of incompressible fluids with viscosity that depends on the pressure and shear rate. We establish the existence of weak solutions for the steady flows of such fluids subjected to homogeneous Dirichlet boundary conditions and to specific body forces that are not necessarily assumed to be small. A novel aspect of the study is the manner in which we treat the pressure that allows us to establish its compactness, as well as that of the velocity gradient. The method draws upon the physics of the problem, namely that the notion of incompressibility is an idealization that is attained by letting the compressibility of the fluid to tend to zero.

Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Abstract: We investigate the evolution of the monetary policy transmission mechanism in the Czech Republic over the 1996-2010 period by employing a time-varying parameters Bayesian vector autoregression model with stochastic volatility. We evaluate whether the response of GDP and the price level to exchange rate or interest rate shocks changes over time, with a focus on the period of the recent financial crisis. Furthermore, we augment the estimated system with a lending rate and credit growth to shed light on the relative importance of financial shocks for the macroeconomic environment. Our results suggest that output and prices have become increasingly responsive to monetary policy shocks, probably reflecting financial sector deepening, more persistent monetary policy shocks, and overall economic development associated with disinflation. On the other hand, exchange rate pass-through has weakened somewhat over time, suggesting improved credibility of inflation targeting in the Czech Republic with anchored inflation expectations. We find that credit shocks had a more sizeable impact on output and prices during the period of bank restructuring with difficult access to credit. In general, our results show that financial shocks are less important for the aggregate economy in an environment of a stable financial system. Terms of use: Documents in

Monetary policy transmission, VAR, Real-time data, Sectoral prices, E52, E58, E31,

No abstract