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international assets yields diversification gains. By using mean-variance spanning tests with short-sale constraints, the paper …
Persistent link: https://www.econbiz.de/10013154105
This paper quantifies the diversification potential of timberland investments in a mean-variance framework. The …
Persistent link: https://www.econbiz.de/10013154108
Growing pension savings lead to deeper capital markets. This can have a positive effect on economic growth by allowing firms that are more dependent on external finance to grow faster. We study this effect using data on 69 industrial sectors in 34 OECD countries for the period 2001-2010 through...
Persistent link: https://www.econbiz.de/10013050392
We estimate a New-Keynesian macro model accommodating regime-switching behavior in monetary policy and in macro shocks. Key to our estimation strategy is the use of survey - based expectations for inflation and output. We identify accommodating monetary policy before 1980, with activist monetary...
Persistent link: https://www.econbiz.de/10014178114
Regime switching models can match the tendency of financial markets to often change their behavior abruptly and the phenomenon that the new behavior of financial variables often persists for several periods after such a change. While the regimes identified by regime switching models are...
Persistent link: https://www.econbiz.de/10013120962