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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

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

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

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

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

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

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

Tipping versus Cooperating to Supply a Public Good

Barrett, Scott; Dannenberg, Astrid - CESifo - 2015

In some important multi-player situations, such as efforts to supply a global public good, players can choose the game they want to play. In this paper we conduct an experimental test of the decision to choose between a “tipping” game, in which every player wants to contribute to the public...

Persistent link: https://www.econbiz.de/10011210784

Do Leaders Affect Ethical Conduct?

d'Adda, Giovanna; Darai, Donja; Weber, Roberto A. - CESifo - 2014

environments, we use a laboratory experiment in which we form groups and assign leadership roles at random. We study an environment … behavior. Moreover, appointing leaders who are likely to have acted dishonestly in a preliminary stage of the experiment yields …

Persistent link: https://www.econbiz.de/10010812487

How Do Judgmental Overconfidence and Overoptimism Shape Innovative Activity?

Herz, Holger; Schunk, Daniel; Zehnder, Christian - CESifo - 2013

Recent field evidence suggests a positive link between overconfidence and innovative activities. In this paper we argue that the connection between overconfidence and innovation is more complex than the previous literature suggests. In particular, we show theoretically and experimentally that...

Persistent link: https://www.econbiz.de/10010877694