Narrow search
Showing 1 - 10 of 88
Cover Image
Population Ageing and Pension Reform in a Small Open Economy with Non-Traded Goods
Bettendorf, Leon; Heijdra, Ben - Tinbergen Institute - 2005
In this paper we study the implications of population ageing in an economy with a sizeable non-traded goods sector. To this effect a highly stylized micro-founded macro model is constructed in which the age structure of the population plays a non-trivial role. The model distinguishes separate...
Persistent link: https://www.econbiz.de/10005144537
Cover Image
Pensions, Debt and Inflation Risk in a Monetary Union
Adema, Yvonne - Tinbergen Institute - 2010
This paper investigates the international spillovers of government debt and the associated risk of inflation within a … inflation at the cost of the funded country. In response to these conflicting interests about inflation, inflation risk may rise … with the level of debt in the PAYG country. Higher inflation risk harms both countries. Actually, in contrast to the debt …
Persistent link: https://www.econbiz.de/10008838553
Cover Image
Complete and Incomplete Markets with Short-Sale Constraints
Giménez, Eduardo L. - Tinbergen Institute - 2001
This paper argues that the introduction of a short-sale constraint in the Arrow-Radner framework invalidates standard definitions of complete and incomplete markets. In this constrained set-up, two threshold values with familiar properties arise.<BR> The case of a zero short-sale bound set on some...
Persistent link: https://www.econbiz.de/10005137116
Cover Image
Cooperation in an Overlapping Generations Experiment
Offerman, Theo; Potters, Jan; Verbon, Harry A.A. - Tinbergen Institute - 1999
Recent theoretical work shows that folk theorems can be developed for infinite overlapping generations games. Cooperation in such games can be sustained as a Nash equilibrium. Besides the efficient cooperative equilibrium there is also the inefficient non-cooperative equilibrium. This paper...
Persistent link: https://www.econbiz.de/10005144485
Cover Image
Have Euro Area Government Bond Risk Premia Converged To Their Common State?
Pozzi, Lorenzo; Wolswijk, Guido - Tinbergen Institute - 2008
10 year government bond spreads of Belgium, France, Italy, and the Netherlands versus Germany over the period 1991 … euro implying that the efficiency of the euro area government bond markets under consideration has increased. Full …
Persistent link: https://www.econbiz.de/10004987440
Cover Image
Time Series Models with a Common Stochastic Variance for Analysing Economic Time Series
Koopman, Siem Jan; Bos, Charles S. - Tinbergen Institute - 2002
concerned with the modelling and forecasting of two U.S. macroeconomic time series: inflation and industrial production. …
Persistent link: https://www.econbiz.de/10005209436
Cover Image
Money - Inflation Nexus in Indonesia: Evidence from a P-Star Analysis
Anglingkusumo, Reza - Tinbergen Institute - 2005
crisis is empirically examined. The standard model for the monetary analysis of inflation, i.e. the P-Star model by Hallman … long run dynamics of CPI inflation in Indonesia remarkably weIl. Hence, there is an empirical support for the assertion …
Persistent link: https://www.econbiz.de/10005144495
Cover Image
Regional Price Adjustment in a Monetary Union
Berk, Jan Marc; Swank, Job - Tinbergen Institute - 2002
, notwithstanding that inflation in some countries tends to converge towards the euro area level. Overa11, inflation persistence has …
Persistent link: https://www.econbiz.de/10005504932
Cover Image
From Expert Judgment to Model based Monetary Analysis: The Case of the Dutch Central Bank in the Postwar Period
Butter, Frank A.G. den; Maas, Harro B.J.B. - Tinbergen Institute - 2011
This paper investigates the history of the shift from expert to model based monetary policy analysis at the Dutch Central Bank (DNB) in the postwar period up to the middle of the nineteen-eighties. For reasons that will become clear expert based reasoning at DNB was referred to as normative...
Persistent link: https://www.econbiz.de/10009369367
Cover Image
More Hedging Instruments may destablize Markets
Brock, William; Hommes, Cars; Wagener, Florian - Tinbergen Institute - 2006
This paper formalizes the idea that more hedging instruments may destabilize markets when traders are heterogeneous and adapt their behavior according to experience based reinforcement learning. We investigate three different economic settings, a simple mean-variance asset pricing model, a...
Persistent link: https://www.econbiz.de/10005795568