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answers and can be used to estimate market power and pass through rates. I show that even a naive one-sided model that ignores …
Persistent link: https://www.econbiz.de/10011789113
This paper is concerned with empirical and theoretical basis of the Efficient Market Hypothesis (EMH). The paper begins with an overview of the statistical properties of asset returns at different frequencies (daily, weekly and monthly), and considers the evidence on return predictability, risk...
Persistent link: https://www.econbiz.de/10003983206
This essay reviews the relationship between natural-resource abundance and economic growth around the world, and … inversely related to exports, domestic and foreign investment, and education, and directly related to external debt, import …
Persistent link: https://www.econbiz.de/10011397924
This paper formulates a general theory of how political unrest influences public policy. Political unrest is motivated … view of what is fair taking into account the current state of the world. If fewer aggregate resources are available …
Persistent link: https://www.econbiz.de/10009722397
Persistent link: https://www.econbiz.de/10009763538
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/10011434566
We compiled data on all United Nations General Assembly resolutions on which voting took place between January 1990 and June 2013 and find a preoccupation with one country: in 65 percent of instances in which a country is criticized in a resolution, the country is Israel, with no other country...
Persistent link: https://www.econbiz.de/10010422167
The availability of copious amounts of data produced by the increasing datification of our society is nowadays deemed an opportunity to produce timely and convenient statistical information. This paper shows the building of economic sentiment indexes from the texts of the most read economic...
Persistent link: https://www.econbiz.de/10013453734
This paper examines the importance of electoral rules for legislators behavior. The German electoral system includes a mechanism which assigns whether legislators are elected under the first-past-the-post (FPTP), or the proportional representation (PR) electoral rule. Using this institution, we...
Persistent link: https://www.econbiz.de/10011408941
Much economic analysis derives policy recommendations based on social welfare criteria intended to model the preferences of a policy maker. Yet, little is known about policy maker's normative views in a way amenable to this use. In a behavioral experiment, we elicit German legislators' social...
Persistent link: https://www.econbiz.de/10014247240