Browsing by Subject "D8"

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Browsing by Subject "D8"

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    Title: Good Luck or Good Policy? An expectational theory of macro volatility switches  Author(s): GABALLO, Gaetano Date: 2011-01-01 Type of Publication: Working Paper Series/Report no.: EUI MWP Abstract: In an otherwise unique-equilibrium model, agents are segmented into a few informational islands according to the signal they receive about others' expectations. Even if agents perfectly observe fundamentals, rational-exuberance ...
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    Title: A Test of Narrow Framing and Its Origin  Author(s): GUISO, Luigi Date: 2009 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: I provide a test of narrow framing to explain why individuals turn down small positive expected value lotteries. Participants in a large survey have been asked whether they would accept a small lottery of winning 180 euros ...
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    Title: Illiquidity and Under-Valuation of Firms  Author(s): GALE, Douglas; GOTTARDI, Piero Date: 2009 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We study a competitive model in which market incompleteness implies that debt-financed firms may default in some states of nature and default may lead to the sale of the firms’ assets at fire sale prices when markets are ...
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    Title: Error Cascades in Observational Learning: An Experiment on the Chinos Game  Author(s): FERI, Francesco; MELÉNDEZ-JIMÉNEZ, Miguel A.; PONTI, Giovanni; VEGA-REDONDO, Fernando Date: 2008 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: The paper reports an experimental study based on a variant of the popular Chinos game, which is used as a simple but paradigmatic instance of observational learning. There are three players, arranged in sequence, each of ...
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    Title: Risk Aversion, Wealth, and Background Risk  Author(s): GUISO, Luigi; PAIELLA, Monica Date: 2007 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We use household survey data to construct a direct measure of absolute risk aversion based on the maximum price a consumer is willing to pay for a risky security. We relate this measure to consumers.endowments and attributes ...
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    Title: Prudent Monetary Policy and Cautious Prediction of the Output Gap  Author(s): VAN DER PLOEG, Frederick Date: 2007 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: ABSTRACT Using the results of risk-adjusted linear-quadratic-Gaussian optimal control with perfect and imperfect observation of the economy, we obtain prudent Taylor rules for monetary policies and also allow for imperfect ...