Search Results - subject:"Sunspots"

Sunspots in global games: Theory and experiment

Heinemann, Frank; Moradi, Homayoon - 2018

sunspots, we provide conditions for a unique equilibrium where agents follow a sunspot announcement depending on the … sunspots, we find that about one-third of groups are eventually coordinating on sunspots, which is inconsistent with the … standard theory. In line with the assumption of subjects expecting others to follow sunspots, subjects overestimate the number …

Persistent link: https://www.econbiz.de/10011985279

War of the waves: Radio and resistance during World War II

Gagliarducci, Stefano; Onorator, Massimiliano G.; … - 2018

What is the role of the media in coordinating and mobilizing insurgency against a foreign military occupation? We analyze this question in the context of the Nazi-fascist occupation of Italy during WWII. We study the effect of BBC radio counter-propaganda (Radio Londra) on the intensity of...

Persistent link: https://www.econbiz.de/10012059358

War of the Waves: Radio and Resistance During World War II

Gagliarducci, Stefano; Onorato, Massimiliano Gaetano; … - 2018

Persistent link: https://www.econbiz.de/10011815816

The Indeterminate Fate of Sunspots in Economics

Cherrier, Beatrice - 2018

development of a loose community of economists interested in indeterminacy and sunspots. We propose several explanations for the … rise, marginalization and eventual normalization of their models. Sunspots were initially developed by Cass and Shell in …

Persistent link: https://www.econbiz.de/10012936808

The Informational Content of Prices When Policy Makers React to Financial Markets

Siemroth, Christoph - 2018

When can policy makers use policy-relevant information from financial market prices and how does policy affect price informativeness? I analyze a novel setting with noise where a policy maker tries to infer information about a state variable from prices to improve policy decisions, and policy in...

Persistent link: https://www.econbiz.de/10012937900

Growth Expectations, Undue Optimism, and Short-Run Fluctuations

Enders, Zeno - 2018

We assess whether “undue optimism” (Pigou) contributes to business cycle fluctuations. In our analysis, optimism (or pessimism) pertains to total factor productivity, which determines economic activity in the long run. Optimism shocks are perceived changes in productivity that do not...

Persistent link: https://www.econbiz.de/10012938129

Frictional Coordination

Angeletos, George-Marios - 2018

The notion that business cycles are driven by demand shocks is subtle. I first review some of the conceptual and empirical challenges faced when trying to accommodate this notion in micro-founded, general-equilibrium models. I next review my own research, which sheds new light on the observed...

Persistent link: https://www.econbiz.de/10012931203

Sovereign debt crises and cross-country assistance

Grisse, Christian; Natvik, Gisle James - 2018

Persistent link: https://www.econbiz.de/10011948327

War of the waves : radio and resistance during World War II

Gagliarducci, Stefano; Onorator, Massimiliano G.; … - 2018

Persistent link: https://www.econbiz.de/10011806554

Fiscal stimulus in an expectation driven liquidity trap

Lustenhouwer, Joep - 2018

I study expectation driven liquidity traps in a model were agents have finite planning horizons and heterogeneous expectations. There are backward-looking agents, who base their expectations on past observations, and forward-looking agents, who observe the expectations of backward-looking...

Persistent link: https://www.econbiz.de/10011919755