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On the equivalence between labor and consumption taxation
Panteghini, Paolo M. - 2009
can undertake an active portfolio management strategy by investing in both risk-free and risky assets. Using a two …
Persistent link: https://www.econbiz.de/10010276146
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A Probabilistic Solution to High-Dimensional Continuous-Time Macro and Finance Models
Huang, Ji - 2023
This paper introduces the probabilistic formulation of continuous-time economic models: forward stochastic differential equations (SDE) govern the dynamics of backward-looking variables, and backward SDEs capture that of forward-looking variables. Deep learning streamlines the search for the...
Persistent link: https://www.econbiz.de/10014345557
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Dynamic Ic and Dynamic Programming
Kwon, Suehyun - 2019
This paper develops a dynamic programming method when the one-stage deviation principle in the sense of mechanism design literature doesn’t hold. The commonly used dynamic programming method is valid only if the one-stage deviation principle in the sense of mechanism design literature is...
Persistent link: https://www.econbiz.de/10012889686
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Backward Versus Forward Integration of Firms in Global Value Chains
Egger, Peter; Erhardt, Katharina; Masllorens, Gerard - 2021
model of vertical integration in a supplier-producer relationship that is rooted in the property-rights theory to learn …
Persistent link: https://www.econbiz.de/10013224089
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Trade Protection Along Supply Chains
Bown, Chad P.; Conconi, Paola; Erbahar, Aksel; … - 2021
During the last decades, the United States has applied increasingly high trade protection against China. We combine detailed information on US antidumping (AD) duties — the most widely used trade barrier — with US input-output data to study the effects of trade protection along supply...
Persistent link: https://www.econbiz.de/10013251244
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Supplier Encroachment with Mutual Outsourcing
Milliou, Chrysovalantou; Serfes, Konstantinos - 2023
We examine the incentives and implications of supplier encroachment, when final good produc-tion requires the use of multiple complementary inputs and the entry of a supplier into the final good market gives rise to mutual outsourcing of inputs between the encroaching supplier and the incumbent....
Persistent link: https://www.econbiz.de/10014347224
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The Global Effects of COVID-19-Induced Uncertainty
Caggiano, Giovanni - 2020
We estimate a three-variate VAR using proxies of global financial uncertainty, the global financial cycle, and world industrial production to simulate the effects of the jump in financial uncertainty observed in correspondence of the Covid-19 outbreak. We predict the cumulative loss in world...
Persistent link: https://www.econbiz.de/10012834352
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Risk Matters : Breaking Certainty Equivalence
Parra-Alvarez, Juan Carlos - 2020
first-order approximated solution built by perturbation methods accounts for risk. We show that risk matters economically in … a real business cycle (RBC) model with habit formation and capital adjustment costs and that neglecting risk leads to …
Persistent link: https://www.econbiz.de/10012834991
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Bank Bonus Pay as a Risk Sharing Contract
Efing, Matthias - 2019
We argue that risk sharing motivates the bank-wide structure of bonus pay. In the presence of financial frictions that … make external financing costly, the optimal contract between shareholders and employees involves some degree of risk … to rationalize with incentive theories of bonus pay - but support an important risk sharing motive. In particular …
Persistent link: https://www.econbiz.de/10012892088
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Policy Coordination Under Model Disagreement and Uncertainty
Hefeker, Carsten - 2019
What are the incentives for governments to coordinate their policies internationally when there is model disagreement and uncertainty? We build a model where countries disagree on policy targets and how policies affect the economies, and show that uncertainty not only determines the type of...
Persistent link: https://www.econbiz.de/10012892108