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Codes of Conduct, Private Information, and Repeated Games

Block, Juan - 2014

We examine self-referential games in which there is a chance of understanding an opponent's intentions. Our main focus is on the interaction of two sources of information about opponents' play: direct observation of the opponent's code-of-conduct, and indirect observation of the opponent's play...

Persistent link: https://www.econbiz.de/10013065426

Comment on 'Taylor Rule Exchange Rate Forecasting During the Financial Crisis'

McCracken, Michael W. - 2012

In this note we discuss the paper on exchange rate forecasting by Molodtsova and Papell (2012). In particular we discuss issues related to forecast origins and forecast horizons when higher frequency exchange rate movements are predicted using lower frequency quarterly macroaggregates

Persistent link: https://www.econbiz.de/10013100515

Speculation in the Oil Market

Juvenal, Luciana - 2012

The run-up in oil prices since 2004 coincided with growing investment in commodity markets and increased price comovement among different commodities. We assess whether speculation in the oil market played a role in driving this salient empirical pattern. We identify oil shocks from a large...

Persistent link: https://www.econbiz.de/10013107787

Financial Development and Long-Run Volatility Trends

Wang, Pengfei - 2013

Countries with more developed financial markets (as measured by the private debt-to-GDP ratio) tend to have significantly lower aggregate volatility. This relationship is also highly non-linear starting from a low level of financial development the reduction in aggregate volatility by financial...

Persistent link: https://www.econbiz.de/10013088166

Regionalization vs. Globalization

Hirata, Hideaki - 2013

Both global and regional economic linkages have strengthened substantially over the past quarter century. We employ a dynamic factor model to analyze the implications of these linkages for the evolution of global and regional business cycles. Our model allows us to assess the roles played by the...

Persistent link: https://www.econbiz.de/10013088886

Financing Growth : Foreign Aid vs. Foreign Loans

Bandyopadhyay, Subhayu - 2013

Compared to foreign grants, do concessional loans from foreign governments and/or unsubsidized loans from foreign private banks lead to faster growth in developing nations? The answer has implications for aid agencies (i) in allocating a given amount of resources between grants and concessional...

Persistent link: https://www.econbiz.de/10013074055

Handicapping Currency Design : Counterfeit Deterrence and Visual Accessibility in the United States and Abroad

Williams, Marcela M. - 2007

accessible to the visually impaired. Further, among the world's currencies, only U.S. banknotes are widely owned and used in … world - the U.S. dollar and the euro - have successfully deterred counterfeiting; data on other currencies are not public …. We also conclude that, among the world's major currencies, U.S. banknotes have the fewest features to assist the visually …

Persistent link: https://www.econbiz.de/10012730560

Worldwide Macroeconomic Stability and Monetary Policy Rules

Bullard, James - 2007

We study the interaction of multiple large economies in dynamic stochastic general equilibrium. Each economy has a … monetary policymaker that attempts to control the economy through the use of a linear nominal interest rate feedback rule. We … closed economy perspective. We construct and discuss two quantitative cases. In the 1970s, worldwide equilibrium was …

Persistent link: https://www.econbiz.de/10012731711

The Case against Patents

Boldrin, Michele - 2015

The case against patents can be summarized briefly: there is no empirical evidence that they serve to increase innovation and productivity. There is strong evidence, instead, that patents have many negative consequences

Persistent link: https://www.econbiz.de/10013036474

Talent, Labor Quality, and Economic Development

Cubas, German - 2014

We develop a theory of labor quality based on (i) the division of the labor force between unskilled and skilled workers and (ii) investments in skilled workers. In our theory, countries differ in two key dimensions: talent and total factor productivity (TFP). We measure talent using the observed...

Persistent link: https://www.econbiz.de/10013062820