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Alternating Offers in Economic Environments

Houba, Harold - Tinbergen Institute

The Nash bargaining solution of a modified bargaining problem in the contract space yields the pair of stationary … vanishes, convergence to the Nash bargaining solution is immediate by the Maximum Theorem. Numerical implementation in standard …

Persistent link: https://www.econbiz.de/10005209433

Stochastic Orders of Proposing Players in Bargaining

Houba, Harold - Tinbergen Institute

The bargaining model with stochastic order of proposing players is properly embedded in continuous time and it is … the Nash bargaining solution of a modified bargaining problem and the Maximum Theorem implies convergence to the Nash … bargaining solution when time between proposals vanishes. The model unifies alternating offers, one-sided offers and random …

Persistent link: https://www.econbiz.de/10005209487

Perfect Equilibria in a Negotiation Model with Different Time Preferences

Houba, Harold; Wen, Quan - Tinbergen Institute - 2006

There has been a long debate on equilibrium characterization in the negotiation model when players have different time … bargaining frontier. However, when players have different time preferences, intertemporal trade may lead to continuation payoffs … above the bargaining frontier. We provide a thorough study of this problem without imposing the conventional assumption. Our …

Persistent link: https://www.econbiz.de/10005144464

Extreme Equilibria in a General Negotiation Model

Houba, Harold; Wen, Quan - Tinbergen Institute - 2007

We study a bargaining model with a disagreement game between offers and counteroffers. In order to characterize the set …

Persistent link: https://www.econbiz.de/10005137155

Does Accessibility to Higher Education matter? Choice Behavior of High School Graduates in the Netherlands

Sá, Carla; Florax, Raymond J.G.M.; Rietveld, Piet - Tinbergen Institute - 2004

This paper identifies pivotal factors behind individual decision-making in the transition from high school to post-secondary education in the Netherlands. We apply a multinomial logit framework to individual data on post-secondary education choices. Specifically, our modeling approach...

Persistent link: https://www.econbiz.de/10005209513

Washington meets Wall Street: A Closer Examination of the Presidential Cycle Puzzle

Kraeussl, R.; Lucas, A.; Rijsbergen, D.; Sluis, P.J. van der - Tinbergen Institute - 2008

This paper tests the policitcal dimensions of the presidential cycle effect in U.S. financial markets. The presidential cycle effect states that average stock market returns are significantly higher in the last two years compared to the first two years of a presidential term. We confirm the...

Persistent link: https://www.econbiz.de/10005209495

Debt Non-Neutrality, Policy Interactions, and Macroeconomic Stability

Linnemann, Ludger; Schabert, Andreas - Tinbergen Institute

We study the consequences of non-neutrality of government debt for macroeconomic stabilization policy in an environment where prices are sticky. Assuming transaction services of government bonds, Ricardian equivalence fails because public debt has a negative impact on its marginal rate of return...

Persistent link: https://www.econbiz.de/10005144393

Federal Reserve Policy viewed through a Money Supply Loss

Chowdhury, Ibrahim; Schabert, Andreas - Tinbergen Institute - 2008

Federal Reserve nonborrowed reserve supply systematically responded to changes in inflation and in the output gap over the period 1969-2000. While the feedback from output gap is always negative, the response of money supply to changes in inflation varies considerably across time. Nonborrowed...

Persistent link: https://www.econbiz.de/10005144402

Central Bank Instruments, Fiscal Policy Regimes, and the Requirements for Equilibrium Determinacy

Schabert, Andreas - Tinbergen Institute - 2006

This paper examines the role of the monetary instrument choice for local equilibrium determinacy under sticky prices and different fiscal policy regimes. Corresponding to Benhabib et al.'s (2001) results for interest rate feedback rules, the money growth rate should not rise by more than one for...

Persistent link: https://www.econbiz.de/10005144544

Measuring and Predicting Heterogeneous Recessions

Cakmakli, Cem; Paap, Richard; Dijk, Dick van - Tinbergen Institute - 2011

This paper conducts an empirical analysis of the heterogeneity of recessions in monthly U.S. coincident and leading indicator variables. Univariate Markovswitching models indicate that it is appropriate to allow for two distinct recession regimes, corresponding with ‘mild’ and ‘severe’...

Persistent link: https://www.econbiz.de/10009369369