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Inference for Systems of Stochastic Differential Equations from Discretely Sampled data: A Numerical Maximum Likelihood Approach
Lux, Thomas - Institut für Weltwirtschaft (IfW) - 2012
Maximum likelihood estimation of discretely observed diffusion processes is mostly hampered by the lack of a closed form solution of the transient density. It has recently been argued that a most generic remedy to this problem is the numerical solution of the pertinent Fokker-Planck (FP) or...
Persistent link: https://www.econbiz.de/10010905567
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Unemployment benefits and financial factors in an agent-based macroeconomic model
Riccetti, Luca; Russo, Alberto; Gallegati, Mauro - Institut für Weltwirtschaft (IfW) - 2013
This paper is aimed at investigating the effects of government intervention through unemployment benefits on macroeconomic dynamics in an agent-based decentralized matching framework. The major result is that the presence of such a public intervention in the economy stabilizes the aggregate...
Persistent link: https://www.econbiz.de/10010956079
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Italy's ACE tax and its effect on a firm's leverage
Panteghini, Paolo; Parisi, Maria Laura; Pighetti, Francesca - Institut für Weltwirtschaft (IfW) - 2012
and its gradual implementation, the ACE relief is estimated to reduce significantly leverage. By decreasing default risk …
Persistent link: https://www.econbiz.de/10010956098
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Debt deleveraging and business cycles: An agent-based perspective
Raberto, Marco; Teglio, Andrea; Cincotti, Silvano - Institut für Weltwirtschaft (IfW) - 2011
The recent financial crises pointed out the central role of public and private debt in modern economies. However, even if debt is a recurring topic in discussions about the current economic situation, economic modelling does not take into account debt as one of the crucial determinants of...
Persistent link: https://www.econbiz.de/10009246869
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A Tale of Two Policies: Prudential Regulation and Monetary Policy with Fragile Banks
Angeloni, Ignazio; Faia, Ester - Institut für Weltwirtschaft (IfW) - 2009
runs, and the interplay between monetary policy and Basel-like capital ratios. In equilibrium, bank leverage depends … rates. A monetary restriction reduces leverage, while a productivity or asset price boom increases it. Procyclical capital … anticyclical capital ratios and a response of monetary policy to asset prices or leverage …
Persistent link: https://www.econbiz.de/10008555345
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A review of the certainty effect and influence of information processing
Ramirez, Patrick A.; Levine, Daniel S. - Institut für Weltwirtschaft (IfW) - 2013
This review considers two explanations for behavioral decision-making in reference to the certainty and framing effects. The findings from various paradigms such as a single questionnaire, gambles with repetition, and gambles guided by feedback are explained either by prospect theory or by...
Persistent link: https://www.econbiz.de/10010956046
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Experimental test of utility maximization
He, Yuqing - Institut für Weltwirtschaft (IfW) - 2012
The study tests the cardinal utility maximization hypothesis by an experimental procedure in a framework of utility scaling approach following the psychophysical-econometric paradigm, conceived in He (Psychophysical Interpretation for Utility Measures, 2011). It reveals (i) the utility...
Persistent link: https://www.econbiz.de/10010956086
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Anchoring in economics: On Frey and Gallus on the aggregation of behavioural anomalies
Earl, Peter E. - Institut für Weltwirtschaft (IfW) - 2014
This paper examines the research area identified by Frey and Gallus (Aggregate Effects of Behavioral Anomalies: A New Research Area, 2014) and the relationship between it and the choices that economists make. It supports the Frey and Gallus view that, as a consequence of individuals employing...
Persistent link: https://www.econbiz.de/10010956097
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Aggregate effects of behavioral anomalies: A new research area
Frey, Bruno S.; Gallus, Jana - Institut für Weltwirtschaft (IfW) - 2013
Much recent research in economics focuses on exploring behavioral anomalies, i.e., systematic deviations from the assumptions of the rationally self-interested model of man. Laboratory studies are used to identify seeming inconsistencies with micro-economic theory on the level of individuals....
Persistent link: https://www.econbiz.de/10010956129
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Die Illusion von der Kooperation: zum Wettbewerb in der Weltwirtschaft gibt es keine Alternative
Siebert, Horst - Institut für Weltwirtschaft (IfW) - 1997
Persistent link: https://www.econbiz.de/10009276337