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Financial frictions and the wealth distribution

Fernández-Villaverde, Jesús; Hurtado, Samuel; Nuño, Galo - 2020

We postulate a nonlinear DSGE model with a financial sector and heterogeneous households. In our model, the interaction between the supply of bonds by the financial sector and the precautionary demand for bonds by households produces significant endogenous aggregate risk. This risk induces an...

Persistent link: https://www.econbiz.de/10012260513

Machine learning for continuous-time finance

Duarte, Victor; Duarte, Diogo; Silva, Dejanir H. - 2024

We develop an algorithm for solving a large class of nonlinear high-dimensional continuous-time models in finance. We approximate value and policy functions using deep learning and show that a combination of automatic differentiation and Ito's lemma allows for the computation of exact...

Persistent link: https://www.econbiz.de/10014464166

Does development aid increase military expenditure?

Langlotz, Sarah; Potrafke, Niklas - 2016

The diversion of development aid to the recipient's military may be one explanation why aid is often found to be … ineffective in promoting economic growth and development. Previous studies have not derived the causal effects of development aid … on military expenditure. Using a new instrumental variable strategy, we examine whether bilateral development aid …

Persistent link: https://www.econbiz.de/10011539046

Big data analytics : a new perspective

Chudik, Alexander; Kapetanios, George; Pesaran, M. Hashem - 2016

Model specification and selection are recurring themes in econometric analysis. Both topics become considerably more complicated in the case of large-dimensional data sets where the set of specification possibilities can become quite large. In the context of linear regression models, penalised...

Persistent link: https://www.econbiz.de/10011444508

Mining for peace

Hodler, Roland; Schaudt, Paul; Vesperoni, Alberto - 2023

The energy transition increases the demand for minerals from ethnically diverse, conflict-prone developing countries. We study whether and where mining is possible in such countries without raising the risk of civil conflict. We proceed in three steps: First, we propose a theoretical model to...

Persistent link: https://www.econbiz.de/10013486121

First impressions : how leader changes affect bilateral aid

Rommel, Tobias; Schaudt, Paul - 2016

We present a new mechanism to explain politically induced changes in bilateral aid. We argue that shifts in the foreign … aid. Utilizing data from the G7 and 133 developing countries between 1975 and 2012, we show that incoming leaders in … recipient countries that politically converge towards their donors receive more aid commitments, compared to those that diverge …

Persistent link: https://www.econbiz.de/10011521976

Debt relief and good governance : new evidence

Freytag, Andreas; Pettersson, Jonatan; Schmied, Julian - 2017

Since the introduction of the HIPC Initiative in the early 2000s, indebted LICs had to show a decent governance performance before their debts were forgiven. We discuss the hypothesis that during the follow-up, Multilateral Debt Relief Initiative (MDRI), the World Bank has refrained from this...

Persistent link: https://www.econbiz.de/10011611187

Improving the availability of trade finance in developing countries : an assessment of remaining gaps

Auboin, Marc - 2016

While conditions in trade finance markets returned to normality in the main routes of trade, the structural difficulties of poor countries in accessing trade finance have not disappeared - and might have been worsened during and after the global financial crisis. In fact, there is a consistent...

Persistent link: https://www.econbiz.de/10011434595

The economics of attention

Loewenstein, George F.; Wojtowicz, Zachary - 2023

Attention is a pivotal resource in the modern economy and plays an increasingly prominent role in economic analysis. We summarize research on attention from both psychology and economics, placing a particular emphasis on its capacity to explain numerous documented violations of classical...

Persistent link: https://www.econbiz.de/10014383940

Fueling conflict? : (de)escalation and bilateral aid

Bluhm, Richard; Gassebner, Martin; Langlotz, Sarah; … - 2016

This paper studies the effects of bilateral foreign aid on conflict escalation and de-escalation. We make three major … aid on conflict by predicting bilateral aid flows based on electoral outcomes of donor countries that are exogenous to … recipients. We establish that the effect of foreign aid on the various transition probabilities is heterogeneous and can be …

Persistent link: https://www.econbiz.de/10011547801

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