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This paper assesses the role of sovereign risk in explaining macroeconomic fluctuations in Turkey. We estimate two versions of a simple New Keynesian small open economy model on quarterly data for the period 1994Q3-2008Q2: A basic version and a version augmented by a default premium on...
Persistent link: https://www.econbiz.de/10011255943
This discussion paper led to an article in 'Journal of Economic Theory' (2014). Volume 150, pp. 778-814.<P> We propose behavioral learning equilibria as a plausible explanation of coordination of individual expectations and aggregate phenomena such as excess volatility in stock prices and high...</p>
Persistent link: https://www.econbiz.de/10011257225
Across countries, women own significantly fewer businesses than do men. We show that this is due, in large part, to the fact that the propensity to start businesses of women is significantly lower than that of men. The lower propensity of women, in turn, appears to be highly correlated to...
Persistent link: https://www.econbiz.de/10011255521
Since the end of the Great Recession in mid-2009, the unemployment rate has recovered slowly, falling by only one … weakness has led to the highest level of long-term unemployment in the U.S. in the postwar period, and a blurring of the … distinction between unemployment and nonparticipation. We show that flows from nonparticipation to unemployment are important for …
Persistent link: https://www.econbiz.de/10011255576
context of an unemployment insurance scheme for self-employed, wherewe estimate how much of the transition probability to … unemployment can be causally attributedto being insured. To disentangle moral hazard from adverse selection we use an institutional … featureof the Danish unemployment system that provides an additional motive to choose insurance(an early retirement option). We …
Persistent link: https://www.econbiz.de/10011256235
See also the publication in the <I>European Economic Review</I>, 2002, 301-327.<P> The paper considers a two-country model of overlapping generations heterogenouseconomies with intergenerational transfers carried out in the form of bequest and investmentin human capital. We examine in competitive...</p></i>
Persistent link: https://www.econbiz.de/10011261919
The paper studies the determinants of income distribution and growth in an overlapping generations economy withheterogenous households. Our framework has the following main features:heterogeneity of consumers with respect to wealth and parental human capital;intergenerational transfers,...
Persistent link: https://www.econbiz.de/10011261934
See also the article in the <Journal of Transport Geography</I> (2011). Volume 19, issue 4, pages 528-536.<P> Commuting is, therefore, an important equilibrating vehicle in a city network constellation. Cities act as attractors of commuters, as most economic activity occurs in cities, thus providing a high share of attractive...</p></journal>
Persistent link: https://www.econbiz.de/10011256597
This article investigates empirically whether and to what extent initial capital constraints hinder entrepreneurial performance once the venture has been started. Prior empirical research in this area could investigate this issue only indirectly by lack of data. The key contribution of this...
Persistent link: https://www.econbiz.de/10011256781
This study exploits a new dataset in order to quantify the effect of financial incentives on retirement choices. This dataset contains for the first time in Italy information on seniority. In accordance with the general finding in Gruber and Wise (2004), we find that financial incentives have an...
Persistent link: https://www.econbiz.de/10011256897