Title:A Structured Var For Denmark Under Changing Monetary Regimes
Author(s):JUSELIUS, KatarinaDate:1998Type of Publication:ArticleAbstract:Using recently developed statistical tools for analyzing cointegrated I(2) data, this article models money, income, prices, and interest rates in Denmark. The final model describes the dynamic adjustment to short-run changes ...
Title:A Unique Informationally Efficient and Decentralized Mechanism with Fair Outcomes
Author(s):CALSAMIGLIA, Xavier; KIRMAN, AlanDate:1993Type of Publication:ArticleAbstract:It is shown that any informationally decentralized mechanism that realizes fair allocations over the class of classical pure exchange environments has a message space of dimension no smaller than the number of agents times ...
Title:Accelerating New Product Development By Overcoming Complexity Constraints
Author(s):VASSILAKIS, SpyrosDate:1997Type of Publication:ArticleAbstract:The economic theory of technological change is a theory of investment. Agents invest in an activity called research; a black box process returns a value for a variable that shifts the production function. This paper proposes ...
Title:Acquisition of Information and Share Prices: An Empirical Investigation of Cognitive Dissonance
Author(s):ARGENTESI, Elena; LUETKEPOHL, Helmut; MOTTA, MassimoDate:2010Type of Publication:ArticleAbstract:This paper deals with the determinants of agents' acquisition of information. Our econometric evidence shows that the general index of Italian share-prices and the series of Italy's financial newspaper sales are cointegrated, ...
Title:Actual' Versus 'Virtual' Employment in Europe - Is Spain Different?
Author(s):MARIMON, Ramon; ZILIBOTTI, FabrizioDate:1998Type of Publication:ArticleAbstract:We study the evolution of sectoral employment and labor cost in eleven European countries in the last two decades. Our statistical approach consists in decomposing for country, industry and temporal effects. Virtual economies ...
Title:Adjustment Costs in A Two-Capital Growth Model
Author(s):DUCZYNSKI, PetrDate:2002Type of Publication:ArticleAbstract:Numerous empirical studies observe that output growth depends positively on human capital and negatively on output. This paper demonstrates that an open-economy neoclassical growth model with large adjustment costs for ...
Title:Alfred Marshall lecture: social capital as good culture
Author(s):GUISO, Luigi; SAPIENZA, Paolo; ZINGALES, LuigiDate:2008Type of Publication:ArticleAbstract:To explain the extremely long-term persistence (more than 500 years) of positive historical experiences of cooperation (Putnam 1993), we model the intergenerational transmission of priors about the trustworthiness of others. ...
Title:Altruism and Fairness in Experimental Decisions
Author(s):KOHLER, StefanDate:2011Type of Publication:ArticleAbstract:Experimental evidence from dictator games and simple choice situations indicates concerns for fairness and social welfare in human decision making. At the same time, models of inequality averse agents fail to explain the ...
Title:An Alternative Approach to Modeling and Forecasting Seasonal Time-Series
Author(s):CANOVA, FabioDate:1992Type of Publication:ArticleAbstract:This article proposes an alternative methodology for modeling and forecasting seasonal series. The approach is in the Bayesian autoregression tradition pioneered by Doan, Litterman, and Sims and builds seasonality directly ...
Title:An Empirical Characterization of the Dynamic Effects of Changes in Government Spending and Taxes on Output
Author(s):BLANCHARD, Olivier; PEROTTI, RobertoDate:2002Type of Publication:ArticleAbstract:This paper characterizes the dynamic effects of shocks in government spending and taxes on U. S. activity in the postwar period. It does so by using a mixed structural VAR/event study approach. Identification is achieved ...
Title:An evolutionary theory of inflation inertia
Author(s):ANAGNOSTOPOULOS, Alexis; LICANDRO, Omar; BOVE, Italo; SCHLAG, Karl H.Date:2007Type of Publication:ArticleAbstract:We provide a simple theory of inflation inertia in a staggered price setting framework à la Calvo (1983). Contrary to Calvo's formulation, the frequency of price changes is allowed to vary according to an evolutionary ...
Title:An I(2) Analysis of Inflation and the Markup
Author(s):BANERJEE, Anindya; COCKERELL, Lynne; RUSSELL, BillDate:2001Type of Publication:ArticleAbstract:An I(2) analysis of Australian inflation and the markup is undertaken within an imperfect competition model. It is found that the levels of prices and costs are best characterized as integrated of order 2 and that a linear ...
Title:Ants, Rationality, and Recruitment
Author(s):KIRMAN, AlanDate:1993Type of Publication:ArticleAbstract:This paper offers an explanation of behavior that puzzled entomologists and economists. Ants, faced with two identical food sources, were observed to concentrate more on one of these, but after a period they would turn ...