Browsing ECO Articles by Issue Date

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Browsing ECO Articles by Issue Date

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    Title: Vertex Centralities in Input-Output Networks Reveal the Structure of Modern Economies  Author(s): BLÖCHL, Florian; THEIS, Fabian J.; VEGA-REDONDO, Fernando; FISHER, Eric O’N. Date: 2011 Type of Publication: Article Abstract: Input-output tables describe the flows of goods and services between the sectors of an economy. These tables can be interpreted as weighted directed networks. At the usual level of aggregation, they contain nodes with ...
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    Title: Error Cascades in Observational Learning: An experiment on the Chinos game  Author(s): FERI, Francesco; MELÉNDEZ-JIMÉNEZ, Miguel A.; PONTI, Giovanni; VEGA-REDONDO, Fernando Date: 2011 Type of Publication: Article Abstract: The paper reports an experimental study based on a variant of the popular Chinos game, which is used as a simple but paradigmatic instance of observational learning. There are three players, arranged in sequence, each of ...
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    Title: Threshold Learning Dynamics in Social Networks  Author(s): GONZÁLEZ-AVELLA, Juan Carlos; EGUÍLUZ, Victor M.; MARSILI, Matteo; VEGA-REDONDO, Fernando; SAN MIGUEL, Maxi Date: 2011 Type of Publication: Article Abstract: Social learning is defined as the ability of a population to aggregate information, a process which must crucially depend on the mechanisms of social interaction. Consumers choosing which product to buy, or voters deciding ...
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    Title: Personal Influence: Social context and political competition  Author(s): GALEOTTI, Andrea; MATTOZZI, Andrea Date: 2011 Type of Publication: Article Abstract: This paper studies the effect of social learning on political outcomes in a model of informative campaign advertising. Voters' communication network affects parties' incentives to disclose political information, voters' ...
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    Title: Deposit Insurance and Risk Taking  Author(s): ALLEN, Franklin; CARLETTI, Elena; LEONELLO, Agnese Date: 2011 Type of Publication: Article Abstract: We review the theory of deposit insurance, highlighting the underlying assumptions that were not satisfied during the recent financial crisis and that may have led to serious policy mistakes. In theoretical models, deposit ...
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    Title: Fiscal policy, Pricing Frictions and Monetary Accommodation  Author(s): CANOVA, Fabio; PAPPA, Evi Date: 2011 Type of Publication: Article Abstract: This paper empirically investigates whether the theoretical conditions for government expenditure expansions to be effective, hold for the data. We ask whether the necessary conditions for fiscal effectiveness are relevant ...
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    Title: EUROMIND: A monthly indicator of the euro area economic conditions  Author(s): FRALE, Cecilia; MARCELLINO, Massimiliano; MAZZI, Gianluigi; PROIETTI, Tommaso Date: 2011 Type of Publication: Article Abstract: Continuous monitoring of the evolution of the economy is fundamental for the decisions of public and private decision makers. The paper proposes EUROMIND, which is a new monthly indicator of the euro area economic conditions, ...
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    Title: Econometric Analyses with Backdated Data: Unified Germany and the Euro Area  Author(s): ANGELINI, Elena; MARCELLINO, Massimiliano Date: 2011 Type of Publication: Article Abstract: In this paper we compare alternative approaches for the construction of time series of macroeconomic variables for unified Germany prior to 1991, and then use them for the construction of corresponding time series for the ...
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    Title: Survey Data as Coincident or Leading Indicators  Author(s): FRALE, Cecilia; MARCELLINO, Massimiliano; MAZZI, Gian Luigi; PROIETTI, Tommaso Date: 2010-01-01 Type of Publication: Article Abstract: In this paper we propose a monthly measure for the euro area gross domestic product (GDP) based on a small-scale factor model for mixed-frequency data, featuring two factors: the first is driven by hard data, whereas the ...
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    Title: Exchange Rate Volatility and Export Performance: A cointegrated VAR approach  Author(s): BOUG, Pål; FAGERENG, Andreas Date: 2010-01-01 Type of Publication: Article Abstract: During the last decades Norwegian exporters have-despite various forms of exchange rate targeting-faced a rather volatile exchange rate which may have influenced their behaviour. Recently, the shift to inflation targeting ...
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    Title: The Effect of Taxes and Bans on Passive Smoking  Author(s): ADDA, Jérôme; CORNAGLIA, Francesca Date: 2010-01-01 Type of Publication: Article Abstract: We evaluate the effect of smoking bans and excise taxes on the exposure to tobacco smoke of nonsmokers, and we show their unintended consequences on children. Smoking bans perversely increase nonsmokers' exposure by ...
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    Title: Excessive Pricing: Towards clarity and economic coherence  Author(s): CALCAGNO, Claudio A.; WALKER, Mike Date: 2010-01-01 Type of Publication: Article Abstract: One of the thorniest areas of antitrust enforcement is whether, and how, to deal with excessive pricing allegations. Even in jurisdictions that have laws against excessive pricing, there has been little case law on the ...
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    Title: Factor-GMM Estimation with Large Sets of Possibly Weak Instruments  Author(s): KAPETANIOS, George; MARCELLINO, Massimiliano Date: 2010-01-01 Type of Publication: Article Abstract: The use of factor analysis for instrumental variable estimation when the number of instruments tends to infinity is analysed. In particular, the focus is on situations where many weak instruments exist and/or the factor ...
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    Title: Factor-MIDAS for Nowcasting and Forecasting with Ragged-Edge Data: A Model Comparison for German GDP  Author(s): MARCELLINO, Massimiliano; SCHUMACHER, Christian Date: 2010-01-01 Type of Publication: Article Abstract: In this article, we merge two strands from the recent econometric literature. First, factor models based on large sets of macroeconomic variables for forecasting, which have generally proven useful for forecasting. However, ...
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    Title: Introduction to Advances in Business Cycle Analysis and Forecasting  Author(s): MARCELLINO, Massimiliano; MAZZI, Gian Luigi Date: 2010 Type of Publication: Article
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    Title: Path Forecast Evaluation  Author(s): JORDÀ, Òscar; MARCELLINO, Massimiliano Date: 2010 Type of Publication: Article Abstract: A path forecast refers to the sequence of forecasts 1 to H periods into the future. A summary of the range of possible paths the predicted variable may follow for a given confidence level requires construction of simultaneous ...
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    Title: Decision Makers Facing Uncertainty: Theory Versus Evidence  Author(s): GIORDANI, Paolo E.; SCHLAG, Karl H.; ZWART, Sanne Date: 2010 Type of Publication: Article Abstract: This paper aims at assessing cultural differences in uncertainty attitude across Europe. We select questions from the European Values Survey (EVS) capturing salient features of uncertain scenarios (safe versus uncertain, ...
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    Title: Network Games  Author(s): GALEOTTI, Andrea; GOYAL, Sanjeev; JACKSON, Matthew O.; VEGA-REDONDO, Fernando; YARIV, Leeat Date: 2010 Type of Publication: Article Abstract: In contexts ranging from public goods provision to information collection, a player's well-being depends on his or her own action as well as on the actions taken by his or her neighbours. We provide a framework to analyse ...
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    Title: Peer Effects and Peer Avoidance: The Diffusion of Behavior in Coevolving Networks  Author(s): FOSCO, Constanza; MARSILI, Matteo; VEGA-REDONDO, Fernando Date: 2010 Type of Publication: Article Abstract: We study the long-run emergence of behavioral patterns in dynamic complex networks. Individuals can display two kinds of behavior: G(good) or B (bad). We assume that the exposure of a G agent to bad behavior on the part ...
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    Title: Labor-Market Volatility in the Search-And-Matching Model: The Role of Investment-Specific Technology Shocks  Author(s): FACCINI, Renato; ORTIGUEIRA, Salvador Date: 2010 Type of Publication: Article Abstract: Shocks to investment-specific technology have been identified as a main source of U.S. aggregate output volatility. In this paper, we present a model with frictions in the labor market and explore the contribution of these ...