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Indeterminacy in a Forward Looking Regime Switching Model
Farmer, Roger E. A. - 2006
This paper is about the properties of Markov switching rational expectations (MSRE) models. We present a simple monetary policy model that switches between two regimes with known transition probabilities. The first regime, treated in isolation, has a unique determinate rational expectations...
Persistent link: https://www.econbiz.de/10012779321
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What Drives the Disposition Effect? An Analysis of a Long-Standing Preference-Based Explanation
Barberis, Nicholas - 2006
explanation for this puzzle is based on prospect theory. Despite its prominence, this explanation has received little formal … scrutiny. We take up this task, and analyze the trading behavior of investors with prospect theory preferences. We find that …, at least for the simplest implementation of prospect theory, the link between these preferences and the disposition …
Persistent link: https://www.econbiz.de/10012779644
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Evaluating Welfare with Nonlinear Prices
Reiss, Peter C. - 2006
This paper examines how to evaluate consumer welfare when consumers face nonlinear prices. This problem arises in many settings, such as devising optimal pricing strategies for firms, assessing how price discrimination affects consumers, and evaluating the efficiency costs of many transfer...
Persistent link: https://www.econbiz.de/10012779746
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Environmental Investment and Policy with Distortionary Taxes and Endogenous Growth
Fullerton, Don; Kim, Seung-Rae - 2021
Recent studies consider public R&D spending that affects abatement knowledge and endogenous growth, distortionary taxes that affect physical and human capital formation, pollution taxes that affect environmental degradation, and regeneration that restores natural capital. Our model combines all...
Persistent link: https://www.econbiz.de/10013222070
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Signaling and Accounting Information
Myers, Stewart C. - 2006
This paper develops a signaling model in which accounting information improves real investment decisions. Pure cash …' interests. Accounting by prespecified, quot;objectivequot; rules alleviates the underinvestment problem …
Persistent link: https://www.econbiz.de/10012783961
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Money as a Unit of Account
Doepke, Matthias - 2013
We develop a theory that rationalizes the use of a dominant unit of account in an economy. Agents enter into non …
Persistent link: https://www.econbiz.de/10013074294
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Research in Accounting for Income Taxes
Graham, John R. - 2010
This paper comprehensively reviews Accounting for Income Taxes (AFIT). The first half provides background and a primer …
Persistent link: https://www.econbiz.de/10013148631
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Generational Accounts - a Meaningful Alternative to Deficit Accounting
Auerbach, Alan J.; Gokhale, Jagadeesh; Kotlikoff, … - 2022
are projected to pay to the government now and in the future. The generational accounting system represents an alternative …
Persistent link: https://www.econbiz.de/10013323576
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Exchange Rate Pass-Through, Currency of Invoicing and Market Share
Devereux, Michael B. - 2015
This paper investigates the impact of market structure on the joint determination of exchange rate pass- through and currency of invoicing in international trade. A novel feature of the study is the focus on market share of firms on both sides of the market—that is, exporting firms and...
Persistent link: https://www.econbiz.de/10013018317
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Loan Officer Incentives and the Limits of Hard Information
Berg, Tobias - 2013
Poor loan quality is often attributed to loan officers exercising poor judgment. A potential solution is to base loans on hard information alone. However, we find other consequences of bypassing discretion stemming from loan officer incentives and limits of hard information verifiability. Using...
Persistent link: https://www.econbiz.de/10013081841