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Bénabou, Roland; Ticchi, Davide; Vindigni, Andrea - C.E.P.R. Discussion Papers - 2015

In earlier work (Bénabou, Ticchi and Vindigni 2013) we uncovered a robust negative association between religiosity and patents per capita, holding across countries as well as US states, with and without controls. In this paper we turn to the individual level, examining the relationship between...

Persistent link: https://www.econbiz.de/10011213308

Forbidden Fruits: The Political Economy of Science, Religion, and Growth

Bénabou, Roland; Ticchi, Davide; Vindigni, Andrea - C.E.P.R. Discussion Papers - 2015

We analyze the joint dynamics of religious beliefs, scientific progress and coalitional politics along both religious and economic lines. History offers many examples of the recurring tensions between science and organized religion, but as part of the paper’s motivating evidence we also...

Persistent link: https://www.econbiz.de/10011262883

A Theory of Tolerance

Corneo, Giacomo; Jeanne, Olivier - C.E.P.R. Discussion Papers - 2006

We develop an economic theory of tolerance where styles of behaviour are invested with symbolic value. Value systems …'s lifestyles and tolerance. Under uncertainty, an open mind performs like an insurance against the risk of suffering a large loss … in self-esteem when adult. From another angle, tolerance makes people capable of fully exploiting market opportunities …

Persistent link: https://www.econbiz.de/10005791394

A New Comparative Approach to Macroeconomic Modeling and Policy Analysis

Cwik, Tobias; Mueller, Gernot; Schmidt, Sebastian; … - C.E.P.R. Discussion Papers - 2012

In the aftermath of the global financial crisis, the state of macroeconomic modeling and the use of macroeconomic models in policy analysis has come under heavy criticism. Macroeconomists in academia and policy institutions have been blamed for relying too much on a particular class of...

Persistent link: https://www.econbiz.de/10011083870

Portfolio Selection with Parameter and Model Uncertainty: A Multi-Prior Approach

Garlappi, Lorenzo; Uppal, Raman; Wang, Tan - C.E.P.R. Discussion Papers - 2005

In this paper, we show how an investor can incorporate uncertainty about expected returns when choosing a mean-variance optimal portfolio. In contrast to the Bayesian approach to estimation error, where there is only a single prior and the investor is neutral to uncertainty, we consider the case...

Persistent link: https://www.econbiz.de/10005791415

Macroeconomic Policy Design with Incomplete Information: A New Argument for Coordinating Economic Policies

Hughes Hallett, Andrew - C.E.P.R. Discussion Papers - 1987

) and complements a study by Hughes Hallett and Holtham on robustness and model errors (presented at an International …

Persistent link: https://www.econbiz.de/10005791857

Insurance Policies for Monetary Policy in the Euro Area

Küster, Keith; Wieland, Volker - C.E.P.R. Discussion Papers - 2005

In this paper, we examine the cost of insurance against model uncertainty for the euro area considering four alternative reference models, all of which are used for policy analysis at the ECB. We find that maximal insurance across this model range in terms of a Minimax policy comes at moderate...

Persistent link: https://www.econbiz.de/10005792144

A defence of the FOMC

Ellison, Martin; Sargent, Thomas J - C.E.P.R. Discussion Papers - 2009

We defend the forecasting performance of the FOMC from the recent criticism of Christina and David Romer. Our argument is that the FOMC forecasts a worst-case scenario that it uses to design decisions that will work well enough (are robust) despite possible misspecification of its model. Because...

Persistent link: https://www.econbiz.de/10008477186

Cúrdia, Vasco; Reis, Ricardo - C.E.P.R. Discussion Papers - 2010

The dynamic stochastic general equilibrium (DSGE) models that are used to study business cycles typically assume that exogenous disturbances are independent autoregressions of order one. This paper relaxes this tight and arbitrary restriction, by allowing for disturbances that have a rich...

Persistent link: https://www.econbiz.de/10008468649

Portfolio Selection with Parameter and Model Uncertainty: A Multi-Prior Approach

Garlappi, Lorenzo; Uppal, Raman; Wang, Tan - C.E.P.R. Discussion Papers - 2005

Persistent link: https://www.econbiz.de/10005124485