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Title:Waiting for the paycheck : individual and aggregate effects of wage payment Author(s):BERNIELL, InésDate:2016Type:Working PaperSeries/Number:EUI MWP; 2016/05Abstract:This paper shows that the frequency at which workers are paid affects the within-month patterns of both household expenditure and aggregate economic activity. To identify causal effects, I exploit two novel sources of ...
Title:Wage dispersion over the business cycle Author(s):MORIN, AnnaïgDate:2013Type:Working PaperSeries/Number:EUI MWP; 2013/28Abstract:In this paper, I establish a positive correlation between wage dispersion and GDP at business cycle frequencies. Moreover, I provide a rationale for the procyclical properties of wage dispersion by studying a dynamic search ...
Title:Nested Models and Model Uncertainty Author(s):KRIWOLUZKY, Alexander; STOLTENBERG, Christian A.Date:2009Type:Working PaperSeries/Number:EUI MWP; 2009/31Abstract: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: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:Self-fulfilling Beliefs and Bounded Bubbles in the U.S. Housing Market Author(s):KASHIWAGI, MasanoriDate:2011-01-01Type:Working PaperSeries/Number:EUI MWP; 2011/08Abstract:This paper provides an equilibrium framework to organize the following empirical observations on the
U.S. housing market from 1975 to 2007: (i) housing tenure and vacancies were approximately
constant, (ii) rents were ...
Title:The length of patents and the timing of innovation Author(s):ROUSAKIS, MichaelDate:2014Type:Working PaperSeries/Number:EUI MWP; 2014/24Abstract:This article evaluates the effects of patent rights on the timing of innovation. As in Shleifer (1986), firms in different sectors receive cost-saving ideas exogenously and sequentially, from which they can make temporary ...
Title:An Empirical Study of Credit Shock Transmission in a Small Open Economy Author(s):BEDOCK, Nathan; STEVANOVIC, DaliborDate:2012Type:Working PaperSeries/Number:EUI MWP; 2012/02Abstract:In this paper we identify and measure the effects of credit shocks in a small open economy. To incorporate information from a large number of economic and financial indicators we use the structural factor-augmented VARMA ...
Title:The Role of Curvature in the Transformation Frontier for Measuring Technology Shocks Author(s):MENNUNI, AlessandroDate:2010-10-28Type:Working PaperSeries/Number:EUI MWP; 2010/27Abstract:In the usual version of the neoclassical growth model used to identify neutral (N-Shock) and investment shocks (I-Shock), a linear transformation frontier between consumption and investment goods is assumed. This paper ...
Title:What can we learn about news shocks from the late 1990s and early 2000s boom-bust period? Author(s):BEN ZEEV, NadavDate:2013Type:Working PaperSeries/Number:EUI MWP; 2013/25Abstract:The boom-bust period of 1997-2003 is commonly viewed as an expectations-driven episode in which overly optimistic expectations about information and communications technology (ICT) were followed by their downward revision. ...
Title:The Great Moderation, the Great Panic and the Great Contraction Author(s):BEAN, CharlesDate:2010Type:OtherSeries/Number:EUI MWP LS; 2010/02Abstract:This lecture examines the causes of the recent financial crisis and subsequent recession. On the macroeconomic side, the Great Moderation encouraged an overly optimistic assessment of risk. Combined with low interest rates, ...