Title:Should the UK join EMU?
Author(s):ARTIS, Michael J.Date:2000Type of Publication:Article
Title:Sign Prediction and Volatility Dynamics with Hybrid Neurofuzzy Approaches
Author(s):BEKIROS, Stelios D.Date:2011Type of Publication:ArticleAbstract:Reliable forecasting techniques for financial applications are important for investors either to make profit by trading or hedge against potential market risks. In this paper the efficiency of a trading strategy based on ...
Title:Similarities and Differences When Building Trust: The Role of Cultures
Author(s):BORNHORST, Fabian; ICHINO, Andrea; KIRCHKAMP, Oliver; SCHLAG, Karl H.; WINTER, EyalDate:2010Type of Publication:ArticleAbstract:We run an experiment in which students of different European nationalities are matched in groups of five and repeatedly choose with whom within their group they want to play a trust game. Participants observe of each other ...
Title:Skills, Search and the Persistence of High Unemployment
Author(s):ORTIGUEIRA, SalvadorDate:2006Type of Publication:ArticleAbstract:The persistence of high-unemployment rates in Europe has fueled theories advocating the existence of multiple natural rates of unemployment. Labor-market institutions and increasing returns to scale have been singled out ...
Title:A Small Monetary System for the Euro Area Based on German Data
Author(s):BRUEGGEMANN, Ralf; LUETKEPOHL, HelmutDate:2006Type of Publication:ArticleAbstract:Previous euro area money demand studies have used aggregated national time series data from the countries participating in the European Monetary Union (EMU). However, aggregation may be problematic because macroeconomic ...
Title:Social Roles as an Effective Learning Mechanism
Author(s):SCHLAG, Karl H.; POLLOCK, GregoryDate:1999Type of Publication:ArticleAbstract:Using the 'Buyer-Seller' game as an idealized form of social interaction across complementary roles, we examine two forms of 'myopic learning', where individuals try to improve their response to their immediately past ...
Title:Social Security and Risk Sharing
Author(s):GOTTARDI, Piero; KUBLER, FelixDate:2011-01-01Type of Publication:ArticleAbstract:In this paper we identify conditions under which the introduction of a pay-as-you-go social security system is ex ante Pareto-improving in a stochastic OLG economy with capital accumulation and land. We argue that these ...
Title:Some Consequences of Temporal Aggregation in Empirical Analysis
Author(s):MARCELLINO, MassimilianoDate:1999Type of Publication:ArticleAbstract:I derive the generating mechanism of a temporally aggregated process when the disaggregated one belongs to the vector autoregressive integrated moving average class. I then study the effects of temporal aggregation on a ...
Title:'Some Contagion, some Interdependence': More Pitfalls in Tests of Financial Contagion
Author(s):CORSETTI, Giancarlo; PERICOLI, Marcello; SBRACIA, MassimoDate:2005Type of Publication:ArticleAbstract:This paper builds on a standard factor model of stock market returns to reconsider recent empirical literature on contagion in financial markets based on bivariate correlation analysis. According to this literature, contagion ...
Title:Sophisticated Imitation in Cyclic Games
Author(s):SCHLAG, Karl H.; HOFBAUER, JosefDate:2000Type of Publication:ArticleAbstract:Individuals belonging to two large populations are repeatedly randomly matched to play a cyclic $2\times 2$ game such as Matching Pennies. Between matching rounds, individuals sometimes change their strategy after observing ...
Title:Spillovers in Industrial Districts
Author(s):GUISO, Luigi; SCHIVARDI, FabianoDate:2007Type of Publication:ArticleAbstract:We study the role of social interaction (SI) in determining firms’ employment adjustments in industrial districts. We assume that SI matters only among firms that are both similar and geographically close. Our first test ...
Title:Sticky Prices and Volatile Output
Author(s):ELLISON, Martin; SCOTT, A.Date:2000Type of Publication:ArticleAbstract:We examine the effect of introducing a specific type of price stickiness into a stochastic growth model, subject to a cash in advance constraint. As in previous studies, we find the introduction of price rigidities provides ...
Title:Stochastic Linear Trends - Models and Estimators
Author(s):MARAVALL, AgustinDate:1993Type of Publication:ArticleAbstract:The paper considers stochastic linear trends in series with a higher than annual frequency of observation. Using an approach based on ARIMA models, some of the trend models for the model interpretation of trend estimation ...