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 ...
Title:Arbitrage, Hedging, and Financial Innovation
Author(s):DOW, JamesDate:1998Type of Publication:ArticleAbstract:I consider the costs and benefits of introducing a new security in a standard framework where uninformed traders with hedging needs interact with risk-averse informed traders, Opening a new market may make everyboby worse ...
Title:Are there Any Reliable Leading Indicators for US Inflation and GDP growth?
Author(s):BANERJEE, Anindya; MARCELLINO, MassimilianoDate:2006Type of Publication:ArticleAbstract:In this paper, we evaluate the relative merits of three alternative approaches to extracting information from a large data set for forecasting, namely, the use of an automated model selection procedure, the adoption of a ...
Title:Asymptotic Inference on Cointegrating Rank in Partial Systems
Author(s):HARBO, Ingrid; JOHANSEN, Soren; NIELSEN, Bent; RAHBEK, AndersDate:1998Type of Publication:ArticleAbstract:The likelihood ratio test for cointegrating rank is analyzed for partial (or conditional) systems in the vector autoregressive error-correction model. Under the assumption of weak exogeneity for the cointegrating parameters, ...