Title:Macroeconomics of Subsistence Points
Author(s):RAVN, Morten O.; SCHMITT-GROHE, Stephanie; URIBE, MartinDate:2008Type of Publication:ArticleAbstract:This paper explores the macroeconomic consequences of preferences displaying a subsistence point. It departs from the existing related literature by assuming that subsistence points are specific to each variety of goods ...
Title:Making Government Accountable: Lessons from a Federal Job Training Program
Author(s):COURTY, Pascal; MARSCHKE, GeraldDate:2007Type of Publication:ArticleAbstract:This article describes the evolution of a performance measurement system in a government job training program. In this program, a federal agency establishes performance measures and standards for substate agencies. The ...
Title:Mark-to-market Accounting and Liquidity Pricing
Author(s):CARLETTI, Elena; ALLEN, FranklinDate:2008Type of Publication:ArticleAbstract:When liquidity plays an important role as in financial crises, asset prices may reflect the amount of liquidity available rather than the asset's future earning power. Using market prices to assess financial institutions’ ...
Title:Market regulation and firm performance : the case of smoking bans in the United Kingdom
Author(s):ADDA, Jérôme; BERLINSKI, Samuel; MACHIN, StephenDate:2012Type of Publication:ArticleAbstract:This paper analyzes the effects on firms of a ban on smoking in public places. Our empirical strategy relies on comparing outcomes in Scotland before and after the Scottish smoking ban (introduced in March 2006) with those ...
Title:Markets and Contracts
Author(s):BISIN, Alberto; GEANAKOPOLS, John; GOTTARDI, Piero; MINELLI, Enrico; POLEMARCHAKIS, HeraklesDate:2011Type of Publication:ArticleAbstract:Economies with asymmetric information are encompassed by an extension of the model of general competitive equilibrium that does not require an explicit modeling of private information. Sellers have discretion over deliveries ...
Title:Markov Switching Causality and the Money-Output Relationship
Author(s):RAVN, Morten O.; PSARADAKIS, Zacharias; SOLA, MartinDate:2005Type of Publication:ArticleAbstract:The causal link between monetary variables and output is one of the most studied issues in macroeconomics. One puzzle from this literature is that the results of causality tests appear to be sensitive with respect to the ...
Title:Mergers and national champions
Author(s):MOTTA, Massimo; RUTA, MicheleDate:2008Type of Publication:ArticleAbstract:The suspicion that national governments were in various forms promoting or defending domestic national champions (or discouraging foreign ones) arose in a long list of recent merger cases. This paper provides an analysis ...
Title:MIDAS vs. Mixed-Frequency VAR: Nowcasting GDP in the Euro Area
Author(s):KUZIN, Vladimir; MARCELLINO, Massimiliano; SCHUMACHER, ChristianDate:2011Type of Publication:ArticleAbstract:This paper compares the mixed-data sampling (MIDAS) and mixed-frequency VAR (MF-VAR) approaches to model specification in the presence of mixed-frequency data, e.g. monthly and quarterly series. MIDAS leads to parsimonious ...
Title:The mixed blessing of IMF intervention: Signalling versus liquidity support
Author(s):ZWART, SanneDate:2007Type of Publication:ArticleAbstract:Although IMF support is supposed to benefit a country, it might be bad news that the IMF believes intervention is necessary. This paper analyzes a bank run model in which both the liquidity effect and the signalling effect ...
Title:Modeling and Forecasting Exchange-Rates With a Bayesian Time-Varying Coefficient Model
Author(s):CANOVA, FabioDate:1993Type of Publication:ArticleAbstract:This paper employs a multivariate Bayesian time-varying coefficients (TVC) approach to model and forecast exchange rate data. It is shown that, if used as a data-generating mechanism, a TVC model induces nonlinearities in ...
Title:Modeling and Forecasting Stock Return Volatility Using a Random Level Shift Model
Author(s):LU, Yang K.; PERRON, PierreDate:2010Type of Publication:ArticleAbstract:We consider the estimation of a random level shift model for which the series of interest is the sum of a short-memory process and a jump or level shift component. For the latter component, we specify the commonly used ...