Showing 1 - 10 of 303
When hiring an adviser (he), a policy maker (she) often faces the problem that she has incomplete information about his … stamp on future policy reduces his incentive to manipulate information. This paper shows that the policy maker's power to …
Persistent link: https://www.econbiz.de/10011334827
Persistent link: https://www.econbiz.de/10000909279
Persistent link: https://www.econbiz.de/10003408454
In this paper we investigate whether the dynamic properties of the U.S. business cycle have changed in the last fifty years. For this purpose we develop a flexible business cycle indicator that is constructed from a moderate set of macroeconomic time series. The coincident economic indicator is...
Persistent link: https://www.econbiz.de/10011376640
To gain insights in the current status of the economy, macroeconomic time series are often decomposed into trend, cycle and irregular components. This can be done by nonparametric band-pass filtering methods in the frequency domain or by model-based decompositions based on autoregressive moving...
Persistent link: https://www.econbiz.de/10011346480
We adopt an unobserved components time series model to extract financial cycles for the United States and the five largest euro area countries over the period 1970 to 2014. We find that credit, the credit-to-GDP ratio and house prices have medium-term cycles which share a few common statistical...
Persistent link: https://www.econbiz.de/10011456728
We consider unobserved components time series models where the components are stochastically evolving over time and are subject to stochastic volatility. It enables the disentanglement of dynamic structures in both the mean and the variance of the observed time series. We develop a simulated...
Persistent link: https://www.econbiz.de/10011809984
political process and the production of policy relevant information; on the role played by probing into candidates' past; and on …
Persistent link: https://www.econbiz.de/10011334365
We identify the conditions under which voters can induce political parties to collect information and to select … voting rule should encourage parties to collect information. Voting rules that focus on the opposition party sometimes … information. However, in contrast to office motivated parties, policy motivated parties will sometimes select policies that …
Persistent link: https://www.econbiz.de/10011334829
Persistent link: https://www.econbiz.de/10000913124