Showing 1 - 10 of 1,998
This paper considers the problem of model uncertainty in the case of multi-asset volatility models and discusses the use of model averaging techniques as a way of dealing with the risk of inadvertently using false models in portfolio management. Evaluation of volatility models is then considered...
Persistent link: https://www.econbiz.de/10013316571
Futures markets are a potentially valuable source of information about price expectations. Exploiting this information has proved difficult in practice, because time-varying risk premia often render the futures price a poor measure of the market expectation of the price of the underlying asset....
Persistent link: https://www.econbiz.de/10012996209
Globalization has led to huge increases in import volumes, but the literature on import forecasting is still in its infancy. We introduce the first leading indicator especially constructed for total import growth, the so-called Import Climate. It builds on the idea that the import demand of the...
Persistent link: https://www.econbiz.de/10012914684
Carbon pricing regulates emission flows and collects rents from underlying fossil resource stocks. The resulting investment shift implies lower climate policy costs and improved welfare if capital is underaccumulated. We prove that under emission trading, such a beneficial macroeconomic...
Persistent link: https://www.econbiz.de/10013029498
estimate the purchasing power parity (PPP) bias in Penn World Table incomes and provide corrected incomes. The bias is …Purchasing power adjusted incomes applied in cross-country comparisons are measured with bias. In this paper, we … bias and the bias in consumer price index (CPI) numbers. The PPP bias and subsequent corrected incomes are measured by …
Persistent link: https://www.econbiz.de/10013135914
bias is persistent and robust to several model extensions. Implications for the optimal design of intellectual property …
Persistent link: https://www.econbiz.de/10013125704
to a fiscal deficit bias at the early stages of financial liberalization. When countries differ in terms of capital …. Consistent with theory, I find that stronger tax competition increases deficits in a sample of OECD countries, controlling for …
Persistent link: https://www.econbiz.de/10013009846
I present a rationale for a government to discriminate between debt and equity financing when taxing corporate income. For risk-averse entrepreneurs, equity generates more surplus than debt, because it provides financing and insurance. A government seeking to extract surplus from entrepreneurs...
Persistent link: https://www.econbiz.de/10013011801
Patent boxes have been heavily debated for their role in corporate tax competition. This paper uses firm-level data for the period 2000-2011 for the top 2,000 corporate research and development (R&D) investors worldwide to consider the determinants of patent registration across a large sample of...
Persistent link: https://www.econbiz.de/10013019848
, this channel for supply-driven media bias has not previously been analyzed in economics literature. We model the … provide to a media firm. Strategic interactions between these agents may have a significant impact on the level of media bias …
Persistent link: https://www.econbiz.de/10013315873