Browsing Department of Economics (ECO) by Type "Working Paper"

DSpace/Manakin Repository

Browsing Department of Economics (ECO) by Type "Working Paper"

Sort by: Order: Results:

  • Icon
    Title: I Prefer Not to Know! Analyzing the decision of getting information about your ability  Author(s): GRANADOS ZAMBRANO, Paulina Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: The recognition that information is, most of the time, incomplete and imperfect is essential in understanding the nature of the formation of beliefs. To understand human behavior in the area of (academic) performance, the ...
  • Icon
    Title: Choice of Sample Split in Out-of-Sample Forecast Evaluation  Author(s): HANSEN, Peter Reinhard; TIMMERMANN, Allan Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: Out-of-sample tests of forecast performance depend on how a given data set is split into estimation and evaluation periods, yet no guidance exists on how to choose the split point. Empirical forecast evaluation results can ...
  •  
    Title: A Model for Ordinal Responses with an Application to Policy Interest Rate  Author(s): SIRCHENKO, Andrei Date: 2012 Type of Publication: Working Paper Series/Report no.: Economics Education and Research Consortium (EERC) Working Papers Abstract: The decisions to reduce, leave unchanged, or increase (the price, rating, policy interest rate, etc.) are often characterized by abundant no-change outcomes that are generated by different processes. Moreover, the positive ...
  • Icon
    Title: Turnout and Policy: The role of candidates  Author(s): VALASEK, Justin Mattias Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI MWP Abstract: Turnout is an important determinant of which candidate wins an election. Since candidates know this, it follows that they will consider turnout when choosing their policy platforms. In this paper I formally examine the ...
  • Icon
    Title: Realized Beta GARCH: Multivariate GARCH model with realized measures of volatility and covolatility  Author(s): HANSEN, Peter Reinhard; LUNDE, Asger; VOEV, Valeri Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We introduce a multivariate GARCH model that incorporates realized measures of volatility and covolatility. The realized measures extract information about the current level of volatility and covolatility from high-frequency ...
  • Icon
    Title: Social Networks and the Process of “Globalization”  Author(s): DUERNECKER, Georg; VEGA-REDONDO, Fernando Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We propose a stylised dynamic model to understand the role of social networks in the phenomenon we call “globalization.” This term refers to the process by which even agents who are geographically far apart come to interact, ...
  • Icon
    Title: With Strings Attached: Grandparent-provided child care, fertility, and female labour market outcomes  Author(s): GARCIA-MORAN, Eva; KUEHN, Zoe Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI MWP Abstract: Grandparents are regular providers of free child care. Similar to any other form of child care, availability of grandparent-provided child care affects fertility and labor market decisions of women positively. We find that ...
  • Icon
    Title: Equivalence Between Out-of-Sample Forecast: Comparisons and Wald statistics  Author(s): HANSEN, Peter Reinhard; TIMMERMANN, Allan Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We establish the equivalence between a commonly used out-of-sample test of equal predictive accuracy and the difference between two Wald statistics. This equivalence greatly simplifies the computational burden of calculating ...
  • Icon
    Title: Cash-on-Hand and the Duration of Job Search. Quasi-Experimental Evidence from Norway  Author(s): BASTEN, Christoph; FAGERENG, Andreas; TELLE, Kjetil Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We identify the causal effect of lump-sum severance payments on non-employment duration in Norway by exploiting a discontinuity in eligibility at age 50. We find that a severance payment worth 1.2 months’ earnings at the ...
  • Icon
    Title: Testing Causality between Two Vectors in Multivariate GARCH Models  Author(s): WOŹNIAK, Tomasz Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: Spillover and contagion effects have gained significant interest in the recent years of financial crisis. Attention has not only been directed to relations between returns of financial variables, but to spillovers in risk ...
  • Icon
    Title: Granger-Causal Analysis of VARMA-GARCH Models  Author(s): WOŹNIAK, Tomasz Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: Recent economic developments have shown the importance of spillover and contagion effects in financial markets. Such effects are not limited to relations between the levels of financial variables but also impact on their ...
  • Icon
    Title: The Career Costs of Children  Author(s): ADDA, Jérôme; DUSTMANN, Christian; STEVENS, Katrien Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: This paper analyzes the life-cycle career costs associated with child rearing and decomposes their effects into unearned wages (as women drop out of the labor market), loss of human capital, and selection into more ...
  • Icon
    Title: Financial Crisis Resolution  Author(s): SCHROTH, Josef Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI MWP Abstract: This paper studies a dynamic version of the Holmstrom-Tirole model of intermediated finance. I show that competitive equilibria are not constrained efficient when the economy experiences a financial crises. A pecuniary ...
  • Icon
    Title: Optimal Debt Bias in Corporate Income Taxation  Author(s): SIMON, Jenny Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI MWP Abstract: I present a rationale for a government to discriminate between debt and equity financing when taxing corporate income. For risk-averse entrepreneurs, equity generates more surplus than debt, because it provides financing ...
  • Icon
    Title: Financial Markets as a Commitment Device for the Government  Author(s): SIMON, Jenny Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI MWP Abstract: How does the presence of financial markets shape the government's ability to implement social redistribution? Individuals do not typically constrain consumption to equal their net-of-tax income every period. Instead, access ...
  • Icon
    Title: Strategic Campaigning with Vote and Turnout Buying: Theory and evidence  Author(s): CASAS, Agustin Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI MWP Abstract: In this paper, I model the relationship between potential voters and a politician, who can pay citizens to vote for him – vote buying – or to show up to vote – turnout buying. This model is used to explore the optimal ...
  • Icon
    Title: Reaction to Technology Shocks in Markov-Switchings Structural VARs: Identification via heteroskedasticity  Author(s): NETŠUNAJEV, Aleksei Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: The paper reconsiders the conflicting results in the debate connected to the effects of technology shocks on hours worked in the bivariate system. Given major dissatisfaction with the just-identifying long-run restrictions, ...
  • Icon
    Title: Asymmetric Awareness and Moral Hazzard  Author(s): AUSTER, Sarah Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: This paper introduces asymmetric awareness into the classical principal-agent model and discusses the optimal contract between a fully aware principal and an unaware agent. The principal enlarges the agent’s awareness ...
  • Icon
    Title: Family Firms and the Agency Cost of Debt: The role of soft information during a crisis  Author(s): D’AURIZIO, Leandro; OLIVIERO, Tommaso; ROMANO, Livio Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: In this paper we study how access to bank lending during the recent financial crisis differed between family and non-family firms. Our theoretical prediction is that the presence of a family block-holder in the company ...
  • Icon
    Title: Risk-Sharing and Retrading in Incomplete Markets  Author(s): GOTTARDI, Piero; RAHI, Rohit Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: At a competitive equilibrium of an incomplete-markets economy agents’ marginal valuations for the tradable assets are equalized ex-ante. We characterize the finest partition of the state space conditional on which this ...