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DSGE Models in a Data-Rich Environment
Boivin, Jean - 2006
Standard practice for the estimation of dynamic stochastic general equilibrium (DSGE) models maintains the assumption that economic variables are properly measured by a single indicator, and that all relevant information for the estimation is summarized by a small number of data series. However,...
Persistent link: https://www.econbiz.de/10012465872
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DSGE Models in a Data-Rich Environment
Boivin, Jean - 2006
Standard practice for the estimation of dynamic stochastic general equilibrium (DSGE) models maintains the assumption that economic variables are properly measured by a single indicator, and that all relevant information for the estimation is summarized by a small number of data series. However,...
Persistent link: https://www.econbiz.de/10012465874
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Integrability and Generalized Separability
Fally, Thibault - 2018
This paper examines demand systems where the demand for a good depends only on its own price, consumer income, and a single aggregator synthesizing information on all other prices. This generalizes directly-separable preferences where the Lagrange multiplier provides such an aggregator. As...
Persistent link: https://www.econbiz.de/10012480678
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Deferred Acceptance Algorithms : History, Theory, Practice, and Open Questions
Roth, Alvin E. - 2007
The deferred acceptance algorithm proposed by Gale and Shapley (1962) has had a profound influence on market design, both directly, by being adapted into practical matching mechanisms, and, indirectly, by raising new theoretical questions. Deferred acceptance algorithms are at the basis of a...
Persistent link: https://www.econbiz.de/10012465429
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Life Cycle Annuity Valuation
Bernheim, B. Douglas - 1984
In this paper, we argue that actuarial valuation of annuity benefit streams is theoretically inconsistent with the assumption of pure lifecycle motives. Instead, we show that the simple discounted value of future benefits (ignoring the possibility of death) is often a good approximation to the...
Persistent link: https://www.econbiz.de/10012477575
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On the Existence and Efficiency of Equilibria Under Liability Rules
Singh, Ram - 2006
While the focus of mainstream economic analysis of liability rules remains on negligence liability, recently some legal … incentives for the parties to take the due care. Our second objective is to extend the efficiency analysis beyond Shavell (1980 …
Persistent link: https://www.econbiz.de/10012466036
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Stochastic Components of Individual Consumption : A Time Series Analysis of Grouped Data
Attanasio, Orazio - 2006
In this paper we propose a method to characterize the time series properties of individual consumption, income and interest rates using micro data, as studies in labour economics have characterized the time series properties of hours and earnings. Our approach, however, does not remove aggregate...
Persistent link: https://www.econbiz.de/10012466208
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Myopia and the Effects of Social Security and Capital Taxation on Labor Supply
Kaplow, Louis - 2006
Myopia is increasingly believed to be a significant determinant of behavior and also plays a central role in justifications for social security and policies toward the taxation of capital. It is important, however, to account for labor supply effects, particularly in light of the preexisting...
Persistent link: https://www.econbiz.de/10012466212
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E-Stability vis-a-vis Determinacy Results for a Broad Class of Linear Rational Expectations Models
McCallum, Bennett T. - 2006
It is argued that learnability/E-stability is a necessary condition for a RE solution to be plausible. A class of linear models considered by Evans and Honkapohja (2001) is shown to include all models of the form used by King and Watson (1998) and Klein (2000), which permits any number of lags,...
Persistent link: https://www.econbiz.de/10012466223
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What Drives the Disposition Effect? An Analysis of a Long-Standing Preference-Based Explanation
Barberis, Nicholas - 2006
explanation for this puzzle is based on prospect theory. Despite its prominence, this explanation has received little formal … scrutiny. We take up this task, and analyze the trading behavior of investors with prospect theory preferences. We find that …, at least for the simplest implementation of prospect theory, the link between these preferences and the disposition …
Persistent link: https://www.econbiz.de/10012466268