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Title:Nested Models and Model Uncertainty Author(s):KRIWOLUZKY, Alexander; STOLTENBERG, Christian A.Date:2009Type:Working PaperSeries/Number:EUI ECO; 2009/37Abstract:Uncertainty about the appropriate choice among nested models is a central concern for optimal policy when policy prescriptions from those models differ. The standard procedure is to specify a prior over the parameter space ...
Title:Pre-announcement and Timing - The Effects of a Government Expenditure Shock Author(s):KRIWOLUZKY, AlexanderDate:2009Type:Working PaperSeries/Number:EUI ECO; 2009/40Abstract:This paper investigates the effect of a government expenditure shock on consumption and real wages. I identify the shock by exploiting its pre-announced nature, i.e. different signs of the responses in investment, hours ...
Title:How to Attain Minimax Risk with Applications to Distribution-Free Nonparametric Estimation and Testing Author(s):SCHLAG, Karl H.Date:2007Type:Working PaperSeries/Number:EUI ECO; 2007/04Abstract:We show how to a derive exact distribution-free nonparametric results for minimax risk when underlying random variables have known finite bounds and means are the only parameters of interest. Transform the data with a ...
Title:Distribution-Free Learning Author(s):SCHLAG, Karl H.Date:2007Type:Working PaperSeries/Number:EUI ECO; 2007/01Abstract:We select among rules for learning which of two actions in a stationary decision problem achieves a higher expected payoffs when payoffs realized by both actions are known
in previous instances. Only a bounded set containing ...
Title:Matching Theory and Data: Bayesian Vector Autoregression and Dynamic Stochastic General Equilibrium Models Author(s):KRIWOLUZKY, AlexanderDate:2009Type:Working PaperSeries/Number:EUI ECO; 2009/29Abstract:This paper shows how to identify the structural shocks of a Vector Autoregression (VAR) while simultaneously estimating a dynamic stochastic general equilibrium (DSGE) model that is not assumed to replicate the data-generating ...
Title:Competition, Human Capital and Income Inequality with Limited Commitment Author(s):MARIMON, Ramon; QUADRINI, VincenzoDate:2008Type:Working PaperSeries/Number:EUI ECO; 2008/21Abstract:We develop a dynamic general equilibrium model with two-sided
limited commitment to study how barriers to competition, such as restrictions
to business start-up, affect the incentive to accumulate human
capital. We show ...
Title:Inventors and Impostors: An Economic Analysis of Patent Examination Author(s):SCHUETT, FlorianDate:2009Type:Working PaperSeries/Number:EUI ECO; 2009/28Abstract:The objective of patent examination is to separate the wheat from the chaff. Good applications - those satisfying the patentability criteria, particularly novelty and nonobviousness - should be accepted, while bad applications ...
Title:Labor share decline and intellectual property products capital Author(s):KOH, Dongya; SANTAEULÀLIA-LLOPIS, Raül; ZHENG, YuDate:2015Type:Working PaperSeries/Number:EUI ECO; 2015/05Abstract:We study the behavior of the US labor share over the past 65 years. We find that intellectual property products (IPP) capital entirely accounts for the observed decline of the US labor share, which otherwise is secularly ...
Title:Talent Utilization, a Source of Bias in Measuring TFP Author(s):ZOABI, HosnyDate:2007Type:Working PaperSeries/Number:EUI ECO; 2007/27Abstract:This paper analyzes a model of economic growth that explains differences
in economic structure across countries. It highlights the interplay between
productivity, talents utilization and entrepreneurship incentives. The ...
Title:Money is an Experience Good: Competition and Trust in the Private Provision of Money Author(s):MARIMON, Ramon; NICOLINI, Juan Pablo; TELES, PedroDate:2011Type:Working PaperSeries/Number:EUI ECO; 2011/24Abstract:We study the interplay between competition and trust as efficiency-enhancingmechanims in the private provision of money. With commitment, trust is automatically achieved and competition ensures efficiency. Without commitment, ...