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Financial returns to collecting rare political economy books

Ursprung, Heinrich W. - 2021

Rare books of political economy are eminently collectable. Using historical prices, I employ hedonic regressions to estimate financial returns to collecting the works of ten eminent political economists and develop a price index for this corpus of collectables. For the observation period...

Persistent link: https://www.econbiz.de/10012437910

Reallocation of corporate resources and managerial incentives in internal capital markets

Brusco, Sandro; Panunzi, Fausto - 2002

Diversified firms often trade at a discount with respect to their focused counterparts. The literature has tried to explain the apparent misallocation of resources with lobbying activities or power struggles. We show that diversification can destroy value even when resources are efficiently...

Persistent link: https://www.econbiz.de/10011410226

How do bank capital and capital adequacy regulation affect the monetary transmission mechanism?

Tanaka, Misa - 2002

This paper analyzes the effect of bank capital adequacy regulation on the monetary transmission mechanism. Using a general equilibrium framework and a representative bank, the model demonstrates that the monetary transmission mechanism is weakened if banks are poorly capitalized, or if the...

Persistent link: https://www.econbiz.de/10011538929

Financial fragility, bubbles and monetary policy

Illing, Gerhard - 2001

The paper models the links between financial fragility, asset markets and monetary policy. It is shown that central bank's concern about the cost of financial disruption generates an asymmetric response, thus contributing to the creation of an asset price bubble. In an economy with a highly...

Persistent link: https://www.econbiz.de/10011398119

Reactivity in economic science

Frey, Bruno S. - 2017

matter of course that economics should become a natural science. Such a characterization misses an essential aspect of a …

Persistent link: https://www.econbiz.de/10011700543

Have macroeconomic models lost their connection with economic reality?

Veen, Tom van - 2020

Macroeconomic theory has developed into increasingly sophisticated mathematical models. In the words of Mankiw … the development of macroeconomic theory over the past 40 years. The focus is on the main lines of thinking and the story … changes in macroeconomic theory and that the current debates after the GFC will be the start of a more plural approach to …

Persistent link: https://www.econbiz.de/10012211109

What can economists learn from happiness research?

Frey, Bruno S.; Stutzer, Alois - 2001

happiness research is able to contribute important insights for economics. We report how the economic variables income … some of the consequences for economic policy and for economic theory. …

Persistent link: https://www.econbiz.de/10011398921

Awards in economics : towards a new field of inquiry

Frey, Bruno S.; Neckermann, Susanne - 2009

. First steps towards integrating awards into economic theory are undertaken. -- Awards ; non-monetary incentives ; economics …Awards play a large role in the economics profession, which is documented by the large variety and number of awards …. However, little scientific attention has been devoted to them. This paper documents the prevalence of awards in the economics …

Persistent link: https://www.econbiz.de/10003806044

Optimal asset allocation with factor models for large portfolios

Pesaran, M. Hashem (contributor); … - 2008

This paper characterizes the asymptotic behaviour, as the number of assets gets arbitrarily large, of the portfolio weights for the class of tangency portfolios belonging to the Markowitz paradigm. It is assumed that the joint distribution of asset returns is characterized by a general factor...

Persistent link: https://www.econbiz.de/10003720566

Panel unit root tests in the presence of a multifactor error structure

Pesaran, M. Hashem (contributor); … - 2008

Persistent link: https://www.econbiz.de/10003630712

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