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Aggregation in Large Dynamic Panels
Pesaran, M. Hashem - 2015
This paper considers the problem of aggregation in the case of large linear dynamic panels, where each micro unit is … Pesaran (2003), an optimal aggregate function is derived, and the limiting behavior of the aggregation error is investigated … which ‘observed' inflation persistence at the aggregate level is due to aggregation and/or common unobserved factors. Our …
Persistent link: https://www.econbiz.de/10013038262
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Lost in Translation : What Do Engel Curves Tell Us About the Cost of Living?
Almås, Ingvild - 2018
The Hamilton method for estimating CPI bias is simple, intuitive, and has been widely adopted. We show that the method confiates CPI bias with variation in cost-of-living across income levels. Assuming a single price index across the income distribution is inconsistent with the downward sloping...
Persistent link: https://www.econbiz.de/10012922658
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Forecasting Euro Area Real GDP: Optimal Pooling of Information
Hülsewig, Oliver; Mayr, Johannes; Wollmershäuser, Timo - CESifo - 2008
This paper proposes a new method of forecasting euro area quarterly real GDP that uses area-wide indicators, which are derived by optimally pooling the information contained in national indicator series. Following the ideas of predictive modeling, we construct the area-wide indicators by...
Persistent link: https://www.econbiz.de/10005181446
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Aggregation in Large Dynamic Panels
Pesaran, Hashem M.; Chudik, Alexander - CESifo - 2011
This paper considers the problem of aggregation in the case of large linear dynamic panels, where each micro unit is … Pesaran (2003), an optimal aggregate function is derived, and the limiting behavior of the aggregation error is investigated … which ‘observed’ inflation persistence at the aggregate level is due to aggregation and/or common unobserved factors. Our …
Persistent link: https://www.econbiz.de/10008853858
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Measuring the Spillovers of Venture Capital
Schnitzer, Monika - 2020
We provide the first measurement of knowledge spillovers from venture capital-financed companies onto the patenting activities of other companies. On average, these spillovers are nine times larger than those generated by the R&D investment of established companies. Spillover effects are larger...
Persistent link: https://www.econbiz.de/10012853739
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A Theory of Crowdfunding - A Mechanism Design Approach with Demand Uncertainty and Moral Hazard
Strausz, Roland - 2016
Crowdfunding provides innovation in enabling entrepreneurs to contract with consumers before investment. Under aggregate demand uncertainty, this improves screening for valuable projects. Entrepreneurial moral hazard and private cost information threatens this benefit. Despite these threats,...
Persistent link: https://www.econbiz.de/10012979605
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The Commitment Role of Equity Financing
Fahn, Matthias - 2014
Existing theories of a firm's optimal capital structure seem to fail in explaining why many healthy and profitable firms rely heavily on equity financing, even though benefits associated with debt (like tax shields) appear to be high and the bankruptcy risk low. This holds in particular for...
Persistent link: https://www.econbiz.de/10013051377
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The Commitment Role of Equity Financing
Fahn, Matthias; Merlo, Valeria; Wamser, Georg - CESifo - 2014
Existing theories of a firm’s optimal capital structure seem to fail in explaining why many healthy and profitable firms rely heavily on equity financing, even though benefits associated with debt (like tax shields) appear to be high and the bankruptcy risk low. This holds in particular for...
Persistent link: https://www.econbiz.de/10010877665
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Size Matters - "Over"investments in a Relational Contracting Setting
Englmaier, Florian; Fahn, Matthias - CESifo - 2015
The corporate finance literature documents that managers tend to overinvest into physical assets. A number of theoretical contributions have aimed to explain this stylized fact, most of them focussing on a fundamental agency problem between shareholders and managers. The present paper shows that...
Persistent link: https://www.econbiz.de/10011120475
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Monetary Policy Analysis in Real-Time : Vintage Combination from a Real-Time Dataset
Altavilla, Carlo - 2011
This paper provides a general strategy for analyzing monetary policy in real time which accounts for data uncertainty without explicitly modelling the revision process. The strategy makes use of all the data available from a real-time data matrix and averages model estimates across all data...
Persistent link: https://www.econbiz.de/10013128542