Showing 1 - 10 of 91
In this paper we first propose a proxy for the maturity of a country’s export bundle based on product life cycle theory …. Employing a conditional latent class model, we then examine the effect of maturity of countries’ exports on their economic … faster when they specialize in less mature products in an advanced country regime. The effect of maturity turns insignificant …
Persistent link: https://www.econbiz.de/10011083276
average maturity of government debt. We analyse these relationships under two different institutional settings. In one case … given. We identify the main mechanisms through which inflation is affected by debt and debt maturity (a real balance effect … monetary and fiscal policy we find that the persistence and volatility of inflation depends on the sign, size and maturity …
Persistent link: https://www.econbiz.de/10011083281
This paper explores the relationship between inflation and the existence of a publicly-traded, long-maturity, nominal … economically and statistically significant; it is also insensitive to a variety of estimation strategies, including using political …
Persistent link: https://www.econbiz.de/10011084572
We study a two-stage sequential search model with two agents who compete for one job. The agents arrive sequentially, each one in a different stage. The agents' abilities are private information and they are derived from heterogeneous distribution functions. In each stage the designer chooses an...
Persistent link: https://www.econbiz.de/10011276381
A competitive stock market is embedded into a neoclassical growth economy to analyze the interplay between the acquisition of information about firms, its partial revelation through stock prices, capital allocation and income. The stock market allows investors to share their costly private...
Persistent link: https://www.econbiz.de/10009293661
This paper formalizes in a fully-rational model the popular idea that politicians perceive an electoral cost in adopting costly reforms with future benefits and reconciles it with the evidence that reformist governments are not punished by voters. To do so, it proposes a model of elections where...
Persistent link: https://www.econbiz.de/10009644031
We study a general static noisy rational expectations model, where investors have private information about asset payo¤s, with common and private components, and about their own exposure to an aggregate risk factor, and derive conditions for existence and uniqueness (or multiplicity) of...
Persistent link: https://www.econbiz.de/10008466347
We examine the informational effects of M&As by investigating whether bank mergers improve banks’ ability to screen borrowers. By exploiting a dataset in which we observe a measure of a borrower’s default risk that the lenders observe only imperfectly, we find evidence of these informational...
Persistent link: https://www.econbiz.de/10005662112
We consider one polluting industry in an open economy. The national government implements a policy of industrial pollution control by inducing appropriate technological innovations to reduce toxic emissions. The emission-reducing innovations are developed through firm-specific costly...
Persistent link: https://www.econbiz.de/10005666416
This paper studies the factors determining plant size and interplant output allocation within the boundaries of a multiplant firm under conditions of demand uncertainty. It shows that asymmetric information between headquarters and individual plants is one factor determining plant size and...
Persistent link: https://www.econbiz.de/10005666478