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Title:Illiquidity and Under-Valuation of Firms Author(s):GALE, Douglas; GOTTARDI, Piero
Date:2009Type:Working PaperSeries/Number:EUI ECO; 2009/38Abstract: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 ...
Date:2009Type:Working PaperSeries/Number:EUI ECO; 2009/38Abstract: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 ...
Title:The Forecasting Performance of Real Time Estimates of the EURO Area Output Gap Author(s):MARCELLINO, Massimiliano; MUSSO, AlbertoDate:2010Type:Working PaperSeries/Number:EUI ECO; 2010/15Abstract:This paper provides real time evidence on the usefulness of the euro area output gap as a leading indicator for inflation and growth. A genuine real-time data set for the euro area is used, including vintages of several ...
; MUSSO, AlbertoDate:2010Type:Working PaperSeries/Number:EUI ECO; 2010/15Abstract:This paper provides real time evidence on the usefulness of the euro area output gap as a leading indicator for inflation and growth. A genuine real-time data set for the euro area is used, including vintages of several ...
Title:Internal Hierarchy and Stable Coalition Structures Author(s):MORELLI, Massimo; PARK, In-UckDate:2011Type:Working PaperSeries/Number:EUI ECO; 2011/20Abstract:When an agent decides whether to join a coalition or not, she must consider both i) the expected strength of the coalition and ii) her position in the vertical structure within the coalition. We establish that there exists ...
; PARK, In-UckDate:2011Type:Working PaperSeries/Number:EUI ECO; 2011/20Abstract:When an agent decides whether to join a coalition or not, she must consider both i) the expected strength of the coalition and ii) her position in the vertical structure within the coalition. We establish that there exists ...
Title:Exchange Rates and Fundamentals: Co-movement, long-run relationships and short-run dynamics Author(s):BEKIROS, Stelios D.Date:2011Type:Working PaperSeries/Number:EUI ECO; 2011/21Abstract:The present study builds upon the seminal work of Engel and West [2005, Journal of Political Economy 113, 485-517] and in particular on the relationship between exchange rates and fundamentals. The paper discusses the ...
Date:2011Type:Working PaperSeries/Number:EUI ECO; 2011/21Abstract:The present study builds upon the seminal work of Engel and West [2005, Journal of Political Economy 113, 485-517] and in particular on the relationship between exchange rates and fundamentals. The paper discusses the ...
Title:Forecasting Government Bond Yields with Large Bayesian VARs Author(s):CARRIERO, Andrea; KAPETANIOS, George; MARCELLINO, MassimilianoDate:2010Type:Working PaperSeries/Number:EUI ECO; 2010/17Abstract:We propose a new approach to forecasting the term structure of interest rates, which allows to efficiently extract the information contained in a large panel of yields. In particular, we use a large Bayesian Vector ...
Date:2010Type:Working PaperSeries/Number:EUI ECO; 2010/17Abstract:We propose a new approach to forecasting the term structure of interest rates, which allows to efficiently extract the information contained in a large panel of yields. In particular, we use a large Bayesian Vector ...