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Credit Shocks and Macroeconomic Fluctuations in Emerging Markets
Romain, Houssa; Mohimont, Jolan; Otrok, Chris - CESifo - 2013
In this paper, we examine the role of global and domestic credit supply shocks in macroeconomic fluctuations for Emerging Markets. For this purpose, we impose a set of zero and sign restrictions within a medium-scale Bayesian Vector Auto-Regressive model. Quarterly data from South Africa and G-7...
Persistent link: https://www.econbiz.de/10010668472
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Slot-Based Approaches to Airport Congestion Management
Brueckner, Jan K. - CESifo - 2008
This paper analyzes slot-based approaches to management of airport congestion, using a model where airlines are asymmetric and internalize airport congestion. Under these circumstances, optimal congestion tolls differ across carriers, and since a slot-sale regime (with its uniform slot price)...
Persistent link: https://www.econbiz.de/10005405737
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Airline Emission Charges: Effects on Airfares, Service Quality, and Aircraft Design
Brueckner, Jan K.; Zhang, Anming - CESifo - 2009
load factors, and raise aircraft fuel efficiency, while having no effect on aircraft size. Given that these adjustments …
Persistent link: https://www.econbiz.de/10005094276
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Measuring Strategic Firm Interaction in Product-Quality Choices: The Case of Airline Flight Frequency
Brueckner, Jan K.; Luo, Dan - CESifo - 2013
This paper investigates strategic interaction among airlines in product-quality choices. Using an instrumental variables approach, the paper estimates flight-frequency reaction functions, which relate an airline’s frequency on a route to its own characteristics and to the frequencies of...
Persistent link: https://www.econbiz.de/10010877953
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Heterogeneity in Exchange Rate Expectations: Evidence on the Chartist-Fundamentalist Approach
Menkhoff, Lukas; Rebitzky, Rafael R.; Schröder, Michael - CESifo - 2008
This paper examines heterogeneity in exchange rate expectations. Whereas agents’ heterogeneity is key in modern … exchange rate models, evidence on determinants of heterogeneity is weak so far. Our sample, covering expectations from about … heterogeneity. The risk premium influences heterogeneity as well, but possible impacts from macroeconomic variables and exchange …
Persistent link: https://www.econbiz.de/10005765679
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Survey Expectations
Pesaran, M. Hashem; Weale, Martin - CESifo - 2005
. Alternative models of expectations formation are reviewed and the importance of allowing for heterogeneity of expectations is …
Persistent link: https://www.econbiz.de/10005765808
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Estimation and Inference in Large Heterogenous Panels with Cross Section Dependence
Pesaran, M. Hashem - CESifo - 2003
This paper presents a new approach to estimation and inference in panel data models with unobserved common factors possibly correlated with exogenously given individual-specific regressors and/or the observed common effects. The basic idea behind the proposed estimation procedure is to filter...
Persistent link: https://www.econbiz.de/10005766003
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Firm Heterogeneity and Credit Risk Diversification
Hanson, Samuel; Pesaran, M. Hashem; Schuermann, Til - CESifo - 2005
assumptions regarding the structure of systematic and idiosyncratic risks and the nature of firm heterogeneity. The theoretical … portfolio weights. In either case, neglecting parameter heterogeneity can lead to underestimation of expected losses. But, once … expected losses are controlled for, neglecting parameter heterogeneity can lead to overestimation of risk, whether measured by …
Persistent link: https://www.econbiz.de/10005766213
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Should we Subsidize Longevity?
Leroux, Marie-Louise; Pestieau, Pierre; Ponthiere, Grégory - CESifo - 2009
This paper studies the design of the optimal non linear taxation in an economy where longevity varies across agents, and depends on three factors: longevity genes, health investment and farsightedness. Provided earnings, farsightedness and genes are correlated, governmental intervention can be...
Persistent link: https://www.econbiz.de/10005000380
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Price Dispersion in the Euro Area: The Case of a Symmetric Oil Price Shock
Carstensen, Kai; Hülsewig, Oliver; Wollmershäuser, Timo - CESifo - 2009
according to the impact of the oil price shock on the overall price level. While cross–country heterogeneity in the short …–run pass–through can be attributed to different weights of energy items in the consumption basket, heterogeneity in the medium …
Persistent link: https://www.econbiz.de/10005013058