expenditures to GDP has increased from 8.4% in 1998 to 9.6% in 2003, exceeding the average values in the EU, of 8.2% in 1998 and 8 …

question of dynamic mechanism design under such non-EU preferences. The rest of the paper is organized as follows. The next …,abuyer’sfeasibleactionspaceisacceptorreject,thestrategiesarepure. Ifwenowintroduce randomized strategies, in a non-EU setting , even if an agent is indifferent between two pure actions, he might …

homoskedastic errors, etc.): y t+1 = β 0 + β 1 √ T x t + u t+1 , E(x t u t+1 ) = 0, E(u 2 t+1 ) = σ 2 . (1) In light of x’s weak …). Assumption 3: (a) T −1 summationtext [rT] j=1 U T,j U prime T,j−l ⇒ rΩ l whereΩ l = lim T→∞ T −1 summationtext T t=1 E(U T,j U … prime T,j−l ) for all l ≥ 0, (b) Ω 11,l = 0 all l ≥ τ, (c) sup T−P+1≥1,s≤T E|U T,s | 2q < ∞ for some q > 1, (d) U T,j −EU T …

∗t)+epi,t, epi ∼ iid(0,σ2epi), (4) ut = φuuet+1 +(1−φu)ut−1 +αu (ret −r∗)+eu,t, eu ∼ iid(0,σ2eu), (5) where pi denotes inflation, u ….036 (0.017) (˜ret −r∗)+eu,t, ˆσeu = 0.29, DW = 0.84, (7) The numbers in parentheses are the estimated standard errors of the … funds rate: L = V ar(pi −pi∗)+λVar(u−u∗)+νVar(∆(i)), (8) where Var(x) denotes the unconditional variance of variable x.11 We …

∗t)+epi,t, epi ∼ iid(0,σ2epi), (4) ut = φuuet+1 +(1−φu)ut−1 +αu (ret −r∗)+eu,t, eu ∼ iid(0,σ2eu), (5) where pi denotes inflation, u ….036 (0.017) (˜ret −r∗)+eu,t, ˆσeu = 0.29, DW = 0.84, (7) The numbers in parentheses are the estimated standard errors of the … funds rate: L = V ar(pi −pi∗)+λVar(u−u∗)+νVar(∆(i)), (8) where Var(x) denotes the unconditional variance of variable x.11 We …

-141. Orphanides, Athanasios and Volker Wieland, 2000, Inflation Zone Targeting, Eu- ropean Economic Review, 44 (7) , 1351-1387. Pill …

homoskedastic errors, etc.): y t+1 = β 0 + β 1 √ T x t + u t+1 , E(x t u t+1 ) = 0, E(u 2 t+1 ) = σ 2 . (1) In light of x’s weak …). Assumption 3: (a) T −1 summationtext [rT] j=1 U T,j U prime T,j−l ⇒ rΩ l whereΩ l = lim T→∞ T −1 summationtext T t=1 E(U T,j U … prime T,j−l ) for all l ≥ 0, (b) Ω 11,l = 0 all l ≥ τ, (c) sup T−P+1≥1,s≤T E|U T,s | 2q < ∞ for some q > 1, (d) U T,j −EU T …

the labour force (OLF), and the following transitions are examined: U-E, U-OLF, E-U, E-OLF, OLF-E and OLF-U. I exclude …. The set of the observed variables is covered by xij. (since the time variation in x may be endogenous, the variables are … state type j for any other state in interval It, can be expressed as: Hsij(tjxij;"ijk) = Pr(Tsij = tjTsij > t;xij;"ijk) = X …

goes opposite to the interests of their customers. We urge the Eu- ropean institutions to reconsider this specific aspect … independent returns. Let x t denote the logarithm of one plus the excess equity return in year t.Let X T denote the logarithm of … one plus the cumulative excess equity return over T years, i.e. X T = Σ T t=1 x t . If x 1 ,...,x T are i.i.d. with mean µ …

taxation and government spending. 2. The definition of government expenditures used here is the one on the product side of the …, November 2003 The Levy Economics Institute of Bard College 15 Wealth Transfer Taxation: A Survey helmuth cremer and pierre … Consumption on Inequality in the LIMEW, 1989 and 2000 (Inequality coefficient x 100) Assumptions 1989 2000 Change (%) Benchmark …