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Trade Policy Options of Ukraine: East or West
Mikolajun, Irena; Paap, Richard; Viaene, Jean-Marie; … - 2016
implementation of which is conditional on the quality of governance and infrastructure. The evaluation of these policy choices gains … membership, governance and effective distance (corrected for infrastructure). Using scenario analyses we assess counterfactuals … for Ukraine and find, for example, that improved infrastructure would on average lead to a 22% increase in Ukrainian …
Persistent link: https://www.econbiz.de/10011526134
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Herding, A-synchronous Updating and Heterogeneity in Memory in a CBS
Diks, Cees; van der Weide, Roy - 2003
This paper considers a simple Continuous Beliefs System (CBS) toinvestigate the effects on price dynamics of several behavioralassumptions: (i) herd behaviour; (ii) a-synchronous updating ofbeliefs; and (iii) heterogeneity in time horizons (memory) amongagents. The recently introduced concept of...
Persistent link: https://www.econbiz.de/10010324793
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Examining the Nelson-Siegel Class of Term Structure Models
Pooter, Michiel De - 2007
In this paper I examine various extensions of the Nelson and Siegel (1987) model with the purpose of fitting and forecasting the term structure of interest rates. As expected, I find that using more flexible models leads to a better in-sample fit of the term structure. However, I show that the...
Persistent link: https://www.econbiz.de/10010325534
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Predicting the Term Structure of Interest Rates: Incorporating Parameter Uncertainty, Model Uncertainty and Macroeconomic Information
de Pooter, Michiel D.; Ravazzolo, Francesco; van Dijk, Dick - 2007
We forecast the term structure of U.S. Treasury zero-coupon bond yields by analyzing a range of models that have been used in the literature. We assess the relevance of parameter uncertainty by examining the added value of using Bayesian inference compared to frequentist estimation techniques,...
Persistent link: https://www.econbiz.de/10010325565
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The Maximum Number of Parameters for the Hausman Test When the Estimators are from Different Sets of Equations
Nawata, Kazumitsu; McAleer, Michael - 2013
Hausman (1978) developed a widely-used model specification test that has passed the test of time. The test is based on two estimators, one being consistent under the null hypothesis but inconsistent under the alternative, and the other being consistent under both the null and alternative...
Persistent link: https://www.econbiz.de/10010328351
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DSGE Models with Observation-Driven Time-Varying parameters
Angelini, Giovanni; Gorgi, Paolo - 2018
This paper proposes a novel approach to introduce time-variation in structural parameters of DSGE models. Structural parameters are allowed to evolve over time via an observation-driven updating equation. The estimation of the resulting DSGE model can be easily performed by maximum likelihood...
Persistent link: https://www.econbiz.de/10011819545
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A Real Option Perspective on Valuing Gas Fields
Zhao, Lin; van Wijnbergen, Sweder - 2013
Real option theory has remained a fringe field; practitioners believe it is not practically applicable in complex real world environments. We show that this view is mistaken. We apply real option theory to a highly complex energy problem with unhedgeable risk, time varying volatilities and...
Persistent link: https://www.econbiz.de/10010326318
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Energy-efficient homes: Effects on poverty, environment and comfort
Roberdel, Vincent P.; Ossokina, Ioulia V.; Karamychev, … - 2023
-policy reduction in natural gas consumption for heating amounts to 22%, the poorest only save 16%. We build and calibrate a …
Persistent link: https://www.econbiz.de/10014469369
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Is there really a Green Paradox?
van der Ploeg, Frederick; Withagen, Cees - 2010
of renewables, stock-dependent oil extraction costs and convex climate damages. Weconcentrate on economies with an … plus scarcity rent and social cost of carbon) below thatof renewables. There are then two regimes. If the oil stock is … small, the social optimum path consists of aninitial oil-only phase followed by a renewables-only phase. With a lower cost …
Persistent link: https://www.econbiz.de/10010325848
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Congestion Pricing in Urban Polycentric Networks with Distorted Labor Markets: A Spatial General Equilibrium Model for the Area Randstad
Tikoudis, Ioannis - 2015
The paper presents a polycentric general equilibrium model with congestion externalities and distortionary labor taxation calibrated to fit the key empirical regularities of the regional economy and transport system of Randstad conglomeration. In line with more stylized models, marginal external...
Persistent link: https://www.econbiz.de/10011403546