Title:The Determinants of Corporate Risk in Emerging Markets: An Option-Adjusted Spread Analysis
Author(s):CAVALLO, Eduardo A.; VALENZUELA, PatricioDate:2010Type of Publication:ArticleAbstract:This Study explores the determinants of corporate bond spreads in emerging markets economics. Using a largely unexploited data set, the paper finds that corporate bond spreads are determined by firm-specific variables, ...
Title:The Dynamic Behaviour of Budget Components and Output
Author(s):AFONSO, Antonio; CLAEYS, PeterDate:2008Type of Publication:ArticleAbstract:The main focus of this paper is the relation between the cyclical components of total revenues and expenditures and the budget balance in France, Germany, Portugal, and Spain. We try to uncover past trends behind the ...
Title:The Economics of Split-Ticket Voting in Representative Democracies
Author(s):CHARI, V. V.; JONES, L. E.; MARIMON, DamonDate:1997Type of Publication:ArticleAbstract:In U.S. elections, voters often vote for candidates from different parties for president and Congress. Voters also express dissatisfaction with the performance of Congress as a whole and satisfaction with their own ...
Title:The effect of employment protection on worker effort: absenteeism during and after probation
Author(s):ICHINO, Andrea; RIPHAHN, Regina T.Date:2005Type of Publication:ArticleAbstract:Employment protection systems are widely believed to generate distortions in firms' hiring and firing decisions. However, much less is known about the impact of these regulations on workers' behavior. In this paper we ...
Title:The effect of financial depth on monetary transmission
Author(s):PITZEL, Danny; UUSKULA, LennoDate:2007Type of Publication:ArticleAbstract:Several papers have looked at the relationship between country-specific factors and the strength of monetary transmission. For example, Cecchetti (1999) concentrated on legal aspects, while De Grauwe and Storti (2004) ...
Title:The Effects of Additive Outliers on Tests For Unit Roots and Cointegration
Author(s):FRANSES, Philip Hans; HALDRUP, NielsDate:1994Type of Publication:ArticleAbstract:This article discusses the properties of the univariate Dickey-Fuller test and the Johansen test for the cointegrating rank when there exist additive outlying observations in the time series. We provide analytical as well ...
Title:The Expansion of College Education in the United States: Is There Evidence of Declining Cohort Quality?
Author(s):JUHN, C.; KIM, D. I.; VELLA, FrankDate:2005Type of Publication:ArticleAbstract:This article documents the expansion of college education in the United States and examines to what extent the increase in the number of college graduates may have lead to a decline in the average quality of college ...
Title:The Importance of Composition of Fiscal Policy: Evidence From Different Exchange Rate Regimes
Author(s):LANE, Philip R.; PEROTTI, RobertoDate:2003Type of Publication:ArticleAbstract:We study the macroeconomic effects of fiscal policies in an open economy. We emphasize two transmission mechanisms: the cost channel, by which wage government spending and labor taxes raise the real wage firms must pay, ...
Title:The Linkage of Interest Rates Within the Ems
Author(s):ARTIS, Michael J.; ZHANG, WendaDate:1998Type of Publication:ArticleAbstract:The paper explores the linkage between interest rates in Germany and the United States with those on other currencies within the Exchange Rate Mechanism (ERM) of the European Monetary System. Monthly data on money market ...
Title:The Lira and the Pound in the 1992 Currency Crisis: Fundamentals Or Speculation?
Author(s):FRATIANNI, Michele; ARTIS, Michael J.Date:1996Type of Publication:ArticleAbstract:The prevalent explanation of the Exchange Rate Mechanism (ERM) currency crisis of September, 1992 is that myopic speculation prevailed over the ''fundamentals.'' Our paper explores the reasons why the Italian lira and the ...
Title:The Natural Real Interest Rate and Monetary Policy: A Review
Author(s):GIAMMARIOLI, Nicola; VALLA, NatachaDate:2004Type of Publication:ArticleAbstract:The level of real interest rates actually observed does not necessarily coincide with its natural level. This paper contrasts a number of approaches that have served to elaborate alternative concepts referred to as the ...
Title:The Option to Leave: Conditional Dissociation in the Evolution of Cooperation
Author(s):IZQUIERDO, Segismundo S.; IZQUIERDO, Luis R.; VEGA-REDONDO, FernandoDate:2010Type of Publication:ArticleAbstract:Conditional dissociation, i.e. the option to leave an interacting partner in response to his behaviour, is a mechanism that has been shown to promote cooperation in several settings, but the fundamental features that make ...
Title:The Overnight Interbank Market: Evidence From the G-7 and the Euro Zone
Author(s):PRATI, Alessandro; BARTOLINI, Leonardo; BERTOLA, GiuseppeDate:2003Type of Publication:ArticleAbstract:We study the interbank markets for overnight loans of the major industrial countries, linking the behavior of short-term interest rates to the operating procedures of these countries' central banks. We find that many of ...
Title:The Price Puzzle in the Monetary Transmission Vars with Long-Run Restrictions
Author(s):KRUSEC, DejanDate:2010Type of Publication:ArticleAbstract:This study addresses the price puzzle - a positive response of prices to monetary tightening in VAR models. By using long-run instead of the usual short-run restrictions on the US data including output, prices and interest ...
Title:The Refoundation of the Symmetric Equilibrium in Schumpeterian Growth Models
Author(s):COZZI, Guido; GIORDANI, Paolo; ZAMPARELLI, LucaDate:2007Type of Publication:ArticleAbstract:We provide a refoundation of the symmetric growth equilibrium characterizing the research sector of vertical R&D-driven growth models. We argue that the usual assumptions made in this class of models leave the agents ...