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Fickle Investors : An Impediment to Growth?
Scott, A.; Uhlig, H.F.H.V.S. - Tilburg University, Center for Economic Research - 1998
investment funds traces out a meanvariance tradeoff for the growth rate of the economy. In particular, the volatility of these … the context of two partial equilibrium endogenous growth models. In our first model, the scale of fickle outside … regulation of outside investment may increase growth. Our second model involves increasing returns and multiple equilibria. In …
Persistent link: https://www.econbiz.de/10011091428
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Structural Reforms and Growth : Product and Labor Market Deregulations
Eijffinger, Sylvester; Rossi, A. - Tilburg University, Center for Economic Research - 2006
The paper focuses on labor and product market deregulations, as fundamental elements in the passage from an investment to an innovation-based economy.The approach undertaken is prominently empirical.After a very brief description of the regulatory levels on the two sides of the Atlantic, we take...
Persistent link: https://www.econbiz.de/10011091848
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Debreu's Coefficient of Resource Utilization, the Solow Residual and TPF : The Connection by Leontief Preferences
ten Raa, Thijs - Tilburg University, Center for Economic Research - 2003
decomposition of productivity growth into technical change and efficiency change.The terms can now be broken down by sector as well … equivalent to the imposition of Leontief preferences.The rate of growth of the modified Debreu coefficient and the Solow residual … are shown to add up to TFP growth.This decomposition is the neoclassical counterpart to the frontier analytic …
Persistent link: https://www.econbiz.de/10011091863
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The Vintage Effect in TPF-Growth : An Analysis of the Age Structure of Capital
ten Raa, Thijs; Gittleman, M.; Wolff, E.N. - Tilburg University, Center for Economic Research - 2003
that inclusion of the vintage effect prompts an upward correction of measured productivity growth in times of an aging … capital data into a measure of rates of obsolescence.Empirically, the correction of productivity growth for the vintage effect … of capital stock in efficiency units does cause some smoothing of Total Factor Productivity growth over time.In the 1950s …
Persistent link: https://www.econbiz.de/10011091951
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Heterogeneity in Wage Setting Behavior in a New-Keynesian Model
Eijffinger, Sylvester; Uras, Burak R.; Grajales Olarte, A. - Tilburg University, Center for Economic Research - 2015
In this paper we estimate a New-Keynesian DSGE model with heterogeneity in price and wage setting behavior. In a recent study, Coibion and Gorodnichenko (2011) develop a DSGE model, in which firms follow four different types of price setting schemes: sticky prices, sticky information, rule of...
Persistent link: https://www.econbiz.de/10011220495
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Credit Market Distortions, Asset Prices and Monetary Policy
Pfajfar, Damjan; Santoro, E. - Tilburg University, Center for Economic Research - 2012
Abstract: We study the conditions that ensure rational expectations equilibrium (REE) determinacy and expectational stability (E-stability) in a standard sticky-price model augmented with the cost channel. We allow for varying degrees of pass-through of the policy rate to bank-lending rates....
Persistent link: https://www.econbiz.de/10011090294
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Reference-dependent Preferences and the Transmission of Monetary Policy
Pfajfar, Damjan; Gaffeo, E.; Petrella, I.; Santoro, E. - Tilburg University, Center for Economic Research - 2010
This paper proposes a novel explanation of the vast empirical evidence showing that output and prices react asymmetrically to monetary policy innovations over contractions and expansions in the business cycle. We use VAR techniques to show that monetary policy exerts stronger e¤ects on the U.S....
Persistent link: https://www.econbiz.de/10011090564
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Output Stabilization in EMU : IS there a Case for EFTS?
van Aarle, B.; Hougaard Jensen, S.E. - Tilburg University, Center for Economic Research - 1996
Macroeconomic performance in the Economic and Monetary Union (EMU) will be impaired if macroeconomic shocks are largely asymmetric, fiscal policy flexibility is limited, goods markets adjust sluggishly, labour mobility is low and automatic stabilization from federal taxes and government spending...
Persistent link: https://www.econbiz.de/10011092163
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Business Cycles in a Two-Sector Model of Endogenous Growth
Canton, E.J.F. - Tilburg University, Center for Economic Research - 1996
Persistent link: https://www.econbiz.de/10011092195
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A Behavioral Model of Conumption Patterns : The Effects of Cognitive Dissonance and Conformity
Nir, A. - Tilburg University, Center for Economic Research - 2004
induces greater volatility of average consumption. …
Persistent link: https://www.econbiz.de/10011092514