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No-Trade in the Laboratory
Angrisani, Marco; Guarino, Antonio; Huck, Steffen; … - CESifo - 2008
other participants. In treatments with no gains from trade, theory predicts no trading activity, whereas, in treatments with …
Persistent link: https://www.econbiz.de/10005406359
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Measuring Agents' Reaction to Private and Public Information in Games with Strategic Complementarities
Cornand, Camille; Heinemann, Frank - CESifo - 2010
behavior of others. This may lead to welfare-reducing ‘overreactions’ to public signals. We present an experiment based on a …
Persistent link: https://www.econbiz.de/10008572521
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Exchange Rate Expectations of Chartists and Fundamentalists
Dick, Christian D.; Menkhoff, Lukas - CESifo - 2013
This paper provides novel evidence on exchange rate expectations of both chartists and fundamentalists separately. These groups indeed form expectations differently. Chartists change their expectations more often; however, all professionals’ expectations vary considerably as they generally...
Persistent link: https://www.econbiz.de/10010636592
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Monetary Policy with Diverse Private Expectations
Kurz, Mordecai; Motolese, Maurizio; Piccillo, Giulia; … - CESifo - 2015
standard results about a smooth trade-off between inflation and output volatility. Our results are: (i) The policy space … volatility of variables to be non monotone in policy parameters. (iii) When beliefs are diverse a central bank must also consider … the volatility of individual consumption and the related volatility of financial markets. We show aggressive anti …
Persistent link: https://www.econbiz.de/10011205380
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Testing Uncovered Interest Rate Parity Using LIBOR
Omer, Muhammad; Haan, Jakob de; Scholtens, Bert - CESifo - 2012
We test Uncovered Interest Parity (UIP) using LIBOR interest rates for a wide range of maturities. In contrast to other markets, LIBOR markets have minimal frictions which could lead to rejecting UIP. Using panel unit root test suggested by Palm, Smeekes, and Urbain (2010) and cointegration...
Persistent link: https://www.econbiz.de/10010552442
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Systematic Consumption Risk in Currency Returns
Hoffmann, Mathias; Suter, Rahel - CESifo - 2013
We sort currencies by countries’ consumption growth over the past four quarters. Currency portfolios of countries experiencing consumption booms have higher Sharpe ratios than those of countries going through a consumption-based recession. A carry strategy that goes short in countries that are...
Persistent link: https://www.econbiz.de/10010667417
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Reference Points and Effort Provision
Abeler, Johannes; Falk, Armin; Götte, Lorenz; Huffman, … - CESifo - 2009
candidate is expectations: what people expect could affect how they feel about what actually occurs. In a real-effort experiment …
Persistent link: https://www.econbiz.de/10005051581
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Sequential versus Simultaneous Contributions to Public Goods: Experimental Evidence
Gaechter, Simon; Nosenzo, Daniele; Renner, Elke; … - CESifo - 2009
We report an experiment comparing sequential and simultaneous contributions to a public good in a quasi-linear two …
Persistent link: https://www.econbiz.de/10005000384
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Voting on Punishment Systems within a Heterogeneous Group
Noussair, Charles; Tan, Fangfang - CESifo - 2009
We consider a voluntary contributions game, in which players may punish others after contributions are made and observed. The productivity of contributions, as captured in the marginal-per-capita return, differs among individuals, so that there are two types: high and low productivity. Every two...
Persistent link: https://www.econbiz.de/10005013941
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Asymmetric Obligations
Riedel, Nadine; Schildberg-Hörisch, Hannah - CESifo - 2011
We use a laboratory experiment to investigate the behavioral effects of obligations that are not backed by binding … and asymmetric minimum contribution levels (obligations) in a repeated public goods experiment. The results provide …
Persistent link: https://www.econbiz.de/10009020088