flows. Firms with cash flows weighted more to the future have high price ratios, while firms with cash flows weighted more … to the present have low price ratios. We model how investors perceive the risks of these cash flows by specifying a …, but that shocks to the time-varying price of risk are not. As long-horizon equity, growth stocks co-vary more with this …

have broad implications for market efficiency and the implementability of academic factors. …

In this paper we estimate a New-Keynesian DSGE model with heterogeneity in price and wage setting behavior. In a recent … study, Coibion and Gorodnichenko (2011) develop a DSGE model, in which firms follow four different types of price setting … heterogeneity in wage rigidity, such as the persistence in price and the wage inflation, which a standard New Keynesian model with …

In this paper we analyse the relationship between gravity variables and f.o.b. export unit values using Hungarian firm-product …-destination data. By taking firm-product level selection into account we show that export unit values increase with distance even for … particular firm-product combinations. This cannot be explained by models assuming firm- or even firm-product level selection and …