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To assess the predictive content of the interest rate term spread for future economic growth, we distinguish short-run from long-run predictability by using two different approaches. First, following Dufour and Renault (1998) a test procedure is proposed to test for causality at different...
Persistent link: https://www.econbiz.de/10009617950
ways depending on social affinity and on the prospect of upward or downwardmobility of the different income classes, (ii …) income distribution dynamics, intergenerational community formation and growth. In a world in which redistributive policies … pattern of income distribution and local versus social spillovers ratio under which inequality and segregation persist in the …
Persistent link: https://www.econbiz.de/10009615432
In this experimental study of tax evasion and its determinants participants earn their income in a complex stochastic … intertemporal environment including the possibility to invest into a risky asset. The earned income has to be declared in four tax … donated to charity organizations. Our main results show that higher income induces tax fraud and that gender differences exist. …
Persistent link: https://www.econbiz.de/10009583891
Spatial Internet Marketplaces are attractive as a mechanism to enable spatial applications to be built drawing on remote services for supply of data and for data manipulation. They differ from the usual distributed systems by treating the services as published by providers on the Internet and...
Persistent link: https://www.econbiz.de/10009658472
Persistent link: https://www.econbiz.de/10009611551
In a complete financial market every contingent claim can be hedged perfectly. In an incomplete market it is possible to stay on the safe side by superhedging. But such strategies may require a large amount of initial capital. Here we study the question what an investor can do who is unwilling...
Persistent link: https://www.econbiz.de/10009574876
In this note the unobserved component approach underlying the software package SEATS is compared with the Beveridge-Nelson type of decomposition for seasonal time series. The main strength of the SEATS approach lies in the appealing model formulation and the careful specification and adjustment...
Persistent link: https://www.econbiz.de/10009574877
We emphasize the importance of properly identifying the long-run relations underlying the monetary model of the exchange rate. The separate estimation of long-run money demands leads to a "structural" error correction equation which allows an interpretation of the various channels affecting the...
Persistent link: https://www.econbiz.de/10009574885
Rational bargaining behavior depends crucially on the rules of bargaining, especially on whether parties decide sequentially or independently. Whereas in ultimatum bargaining the proposer can exploit the responder, independent commitments result in more balanced payoffs. To limit the scope of...
Persistent link: https://www.econbiz.de/10009574886
Discriminant analysis for two data sets in IRd with probability densities f and g can be based on the estimation of the set G = {x : f(x) ≥ g(x)}. We consider applications where it is appropriate to assume that the region G has a smooth boundary. In particular, this assumption makes sense if...
Persistent link: https://www.econbiz.de/10009574887