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US business cycle dynamics at the zero lower bound
Böhl, Gregor; Strobel, Felix - 2020
Using a nonlinear Bayesian likelihood approach that fully accounts for the lower bound on nominal interest rates, we analyze US post-crisis macroeconomic dynamics and provide reference parameter estimates. We find that despite the attention received in the literature, neither the inclusion of...
Persistent link: https://www.econbiz.de/10012406022
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A flexible state-space model with lagged states and lagged dependent variables : simulation smoothing
Hauber, Philipp; Schumacher, Christian; Zhang, Jiachun - 2019
We provide a simulation smoother to a exible state-space model with lagged states and lagged dependent variables. Qian (2014) has introduced this state-space model and proposes a fast Kalman filter with time-varying state dimension in the presence of missing observations in the data. In this...
Persistent link: https://www.econbiz.de/10012000564
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Meta-analysis of empirical estimates of loss-aversion
Brown, Alexander L.; Imai, Taisuke; Vieider, Ferdinand M.; … - 2021
Loss aversion is one of the most widely used concepts in behavioral economics. We conduct a large-scale interdisciplinary meta-analysis, to systematically accumulate knowledge from numerous empirical estimates of the loss aversion coefficient reported during the past couple of decades. We...
Persistent link: https://www.econbiz.de/10012500394
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Dynamic optimization and learning : how should a manager set prices when the demand function is unknown?
Carvalho, Alexandre Ywata de; Puterman, Martin L. - 2015
This paper considers the problem of changing prices over time to maximize expected revenues in the presence of unknown demand distribution parameters. It provides and compares several methods that use the sequence of past prices and observed demands to set price in the current period. A Taylor...
Persistent link: https://www.econbiz.de/10012025378
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To sign or not to sign? : on the response of prices to financial and uncertainty shocks
Meinen, Philipp; Röhe, Oke - 2018
Based on SVAR models identified by sign restrictions, we estimate the macroeconomic effects of financial and uncertainty shocks in the euro area and the US, paying particular attention to their effects on prices. While our results confirm that such disturbances are important drivers of output...
Persistent link: https://www.econbiz.de/10011897983
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Risk, time pressure, and selection effects
Kocher, Martin; Schindler, David; Trautmann, Stefan T.; … - 2018
Time pressure is a central aspect of economic decision making nowadays. It is therefore natural to ask how time pressure affects decisions, and how to detect individual heterogeneity in the ability to successfully cope with time pressure. In the context of risky decisions, we ask whether a...
Persistent link: https://www.econbiz.de/10011899690
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Income in Jeopardy : how losing employment affects the willingness to take risks/ Clemens Hetschko; Malte Preuss
Hetschko, Clemens; Preuss, Malte - 2015
Using German panel data, we assess the causal effect of job loss, and thus of an extensive income shock, on risk … attitude. In line with predictions of expected utility reasoning about absolute risk aversion, losing oneś job reduces the … perceives the threat of job loss and is of a transitory nature. The change in stated risk attitude matches observable job …
Persistent link: https://www.econbiz.de/10011405097
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On measuring uncertainty and its impact on investment : cross-country evidence from the euro area
Meinen, Philipp; Röhe, Oke - 2016
Investment fell sharply in the euro area after the financial crisis and has not yet returned to pre-crisis levels in many core economies. Focusing on the four largest euro-area countries, this paper investigates the role of uncertainty for investment dynamics. By doing so, we compare five...
Persistent link: https://www.econbiz.de/10011571047
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Show what you risk - norms for risk taking
Grimm, Stefan - 2018
choices being observed, compared to anonymity of choices, on risk taking in a laboratory experiment. I relate participants …' investments in a risky asset directly to social norms for risk taking that are elicited in an incentivized procedure. I find that … risk taking is not affected by the choice being observed by a matched participant. Nor do investments follow elicited norms …
Persistent link: https://www.econbiz.de/10011930435
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Brexit, collective uncertainty and migration decisions
Auer, Daniel; Tetlow, Daniel - 2020
Brexit - the United Kingdom leaving the European Union - continues to create an unpredictable social and political landscape. Uncertainty and perceptions are influential drivers when it comes to migration decisions, and yet, the literature's inference typically relies on individual-level data....
Persistent link: https://www.econbiz.de/10012261129