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A Simple Dynamic Model of Credit and Aggregate Demand

Diaz-Bautista, Alejandro; Escandon, Julio R. - EconWPA - 2003

The purpose of the paper is to present a tractable model of an old topic which is becoming more important in macroeconomics: the link between financial structure and economic activity.

Persistent link: https://www.econbiz.de/10005126180

German Exchange Rate Exposure at DAX and Aggregate Level, International Trade, and the Role of Exchange Rate Adjustment Costs

Entorf; Jamin - EconWPA - 2005

This article analyses value changes of German stock market companies in response to movements of the US dollar. The … overall market risk vis-à-vis currency risk. A further innovation lies in testing theoretical implications of exchange rate … companies, DM/ dollar rates and macroeconomic factors, we find a rather unstable, time-variant exposure of German stock market …

Persistent link: https://www.econbiz.de/10005408197

Adjustment Costs in a Two-Capital Growth Model

Duczynski, Petr - EconWPA - 2001

The paper analyzes the convergence dynamics of a log-linearized open- economy neoclassical growth model under the assumptions of large adjustment costs for human capital investment, moderate adjustment costs for physical capital investment, and perfect capital mobility. The model can be...

Persistent link: https://www.econbiz.de/10005412690

Productivity, adjustment costs and R&D investment prices An analysis of a panel of Spanish manufacturing companies

Pérez-López, Cesar; Romero-Jordan, Desiderio; … - EconWPA - 2004

This study analyses the role played by adjustment costs and R&D investment prices in total R&D productivity. The results show that on average, for each monetary unit increase in adjustment costs produces a fall in productivity of 0.034 monetary units.

Persistent link: https://www.econbiz.de/10005556044

On the Interaction of Financial Frictions and Fixed Capital Adjustment Costs: Evidence from a Panel of German Firms

Bayer, Christian - EconWPA - 2004

This paper analyzes the interaction of financial frictions and non- convex adjustment costs. With non-convex adjustment costs firms infrequently carry out discrete investment projects. Therefore, financial variables may influence investment in two ways. Theoretically, they can alter the...

Persistent link: https://www.econbiz.de/10005561248

Stealth-Trading: Which Traders' Trades Move Stock Prices?

Chakravarty, Sugato - EconWPA - 2002

Using audit trail data for a sample of NYSE firms, we show that medium size trades are associated with a disproportionately large cumulative stock price change relative to their proportion of all trades and volume. This result is consistent with the predictions of the stealth- trading hypothesis...

Persistent link: https://www.econbiz.de/10005134701

Equilibrium in financial markets with adverse selection

Takalo, Tuomas; Toivanen, Otto - EconWPA - 2004

We study a financial market adverse selection model where all agents are endowed with initial wealth and choose to …

Persistent link: https://www.econbiz.de/10005134723

How Important Is Informed Trading for the Bid-Ask Spread? Evidence from an Emerging Market

Hanousek, Jan; Podpiera, Richard - EconWPA - 2001

The link between informed trading and the bid-ask spread has been the focus of abundant literature and some authors feared that a large amount of informed trading might lead to shutdown of markets. We explore this issue using data from the Czech Republic. Our estimates confirm that the share of...

Persistent link: https://www.econbiz.de/10005134765

Optimal Unemployment Insurance with Variable Skill Levels

Pollak, Andreas - EconWPA - 2004

I study the consequences of heterogeneity of skills for the design of an optimal unemployment insurance, using a principal-agent set-up with a risk neutral insurer and infinitely lived risk averse agents. Agents, who are characterised by different productivities or skills, are employed by firms...

Persistent link: https://www.econbiz.de/10005408328

Advertising and the Media

Kremhelmer, Susanne; Zenger, Hans - EconWPA - 2004

This paper argues that advertising should be regarded as a transaction between a consumer and a firm that potentially generates a mutual benefit. We develop that there exists a problem of adverse selection, however, which makes it impossible to establish direct markets for advertising. The media...

Persistent link: https://www.econbiz.de/10005412873

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