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Warrant economics, call-put policy options and the fallacies of economic theory
Hatgioannides, John; Karanassou, Marika - 2011
In this paper we aim to trace the roots of the ongoing economic mayhem and to unmask the chorus of the tragedy which plays on the world stage. The main thesis of our work is that, despite the triumphant rhetoric praising the merits of perfect competition, the global fields of the dysfunctional...
Persistent link: https://www.econbiz.de/10010282231
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Warrant Economics, Call-Put Policy Options and the Fallacies of Economic Theory
Hatgioannides, John; Karanassou, Marika - Institute for the Study of Labor (IZA) - 2011
In this paper we aim to trace the roots of the ongoing economic mayhem and to unmask the chorus of the tragedy which plays on the world stage. The main thesis of our work is that, despite the triumphant rhetoric praising the merits of perfect competition, the global fields of the dysfunctional...
Persistent link: https://www.econbiz.de/10009416932
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A unified framework for dimension reduction in forecasting
Barbarino, Alessandro; Bura, Efstathia - 2017
series forecasting models for economic variables. In these models, the reduction of the predictors and the modeling and … forecasting of the response y are carried out in two separate and independent phases. We introduce a potentially more attractive … of widely used macroeconomic series data with one or two sufficient reductions delivering similar forecasting performance …
Persistent link: https://www.econbiz.de/10011708094
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Groupthink: Collective delusions in organizations and markets
Bénabou, Roland - 2013
This paper investigates collective denial and willful blindness in groups, organizations and markets. Agents with anticipatory preferences, linked through an interaction structure, choose how to interpret and recall public signals about future prospects. Wishful thinking (denial of bad news) is...
Persistent link: https://www.econbiz.de/10010293122
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Financial Crises and Liberalization: Progress or Reversals?
Saka, Orkun; Campos, Nauro F.; De Grauwe, Paul; Ji, Yuemei - 2019
Financial crisis can trigger policy reversals, i.e. they can lead to a process of re- regulation of financial markets. Using a recent comprehensive dataset on financial liberalization across 94 countries for the period between 1973 and 2015, we formally test the validity of this prediction for...
Persistent link: https://www.econbiz.de/10012059123
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Policies in Hard Times: Assessing the Impact of Financial Crises on Structural Reforms
Gokmen, Gunes; Nannicini, Tommaso; Onorato, … - 2020
It is commonly argued that crises open up a window of opportunity to implement policies that otherwise would not have the necessary political backing. The argument goes that the political cost of deep reforms declines as crises unravel structural problems that need to be urgently rectified and...
Persistent link: https://www.econbiz.de/10012180125
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Income inequality, financial crises, and monetary policy
Cairó, Isabel; Sim, Jae W. - 2018
We construct a general equilibrium model in which income inequality results in insufficient aggregate demand, deflation pressure, and excessive credit growth by allocating income to agents featuring low marginal propensity to consume, and if excessive, can lead to an endogenous financial crisis....
Persistent link: https://www.econbiz.de/10011932429
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Groupthink: Collective Delusions in Organizations and Markets
Benabou, Roland - Institute for the Study of Labor (IZA) - 2013
This paper investigates collective denial and willful blindness in groups, organizations and markets. Agents with anticipatory preferences, linked through an interaction structure, choose how to interpret and recall public signals about future prospects. Wishful thinking (denial of bad news) is...
Persistent link: https://www.econbiz.de/10010704406
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Arbeitsmarkteffekte und finanzpolitische Folgen der demographischen Alterung in Deutschland
Bonin, Holger; Arnds, Pascal - 2003
Die deutsche Bevölkerung durchläuft in den nächsten Jahrzehnten einen demographischen Alterungsprozess, der als erstes die Erwerbsbevölkerung erfasst. Dieser Beitrag diskutiert die ökonomischen Folgen dieser Entwicklung. Direkte Arbeitsmarkteffekte einer schrumpfenden und alternden...
Persistent link: https://www.econbiz.de/10010262234
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Labour Mobility - An Adjustment Mechanism in Euroland?
Puhani, Patrick A. - 1999
The purpose of this paper is to evaluate whether labour mobility is likely to act as a sufficient adjustment mechanism in the face of asymmetric shocks in Euroland. To this end, we estimate the elasticity of migration with respect to changes in unemployment and income on the basis of regional...
Persistent link: https://www.econbiz.de/10010262267