Showing 1 - 10 of 44
Closely following the seminal contribution of Jappelli and Pistaferri (2014) - based on Italian household survey data - we employ data of 22 European countries to assess the role of heterogeneity of the marginal propensity to consume (MPC) for fiscal policy in the Euro area. We document an...
Persistent link: https://www.econbiz.de/10014494981
The aim of our contribution is to present an innovative instrument to teach macroeconomics at the undergraduate and master level. We develop a digital learning platform to present and explore some controversies at the very foundations of macroeconomic theory. For this purpose, we explicitly...
Persistent link: https://www.econbiz.de/10011997038
Economic theory commonly distinguishes between different time horizons such as the short run and the long run, each with its own relationships and its own dynamics. Engle (1974) proposed a bandspectrum regression to estimate such models. This paper proposes a new estimator for non-stationary...
Persistent link: https://www.econbiz.de/10013208534
We propose a general simulation-based procedure for estimating the quality of approximate policies in heterogeneous-agent equilibrium models, which allows verification that such approximate solutions describe a near-rational equilibrium. Our procedure endows agents with superior knowledge of the...
Persistent link: https://www.econbiz.de/10012653504
. Simulations help us to determine the magnitude of the selection bias in our application. Moreover, we exploit the existing …
Persistent link: https://www.econbiz.de/10010321032
This paper estimates the relative efficiency of eight Swedish labor market programs in reducing the unemployment duration for participants. The analysis uses a hazard regression model and a uniquely large and rich administrative data set that contains all adult workers who became unemployed...
Persistent link: https://www.econbiz.de/10010321037
to address this question. The code uses simulations to conduct power analyses, offering a flexible alternative to the …
Persistent link: https://www.econbiz.de/10015054279
Indicators of latent variables are usually assumed to be driven by the latent variable and some random noise. Background indicators are in contrast also systematically driven by variables outside the structural model of interest. This paper assesses instrumental variable estimates of effects of...
Persistent link: https://www.econbiz.de/10013370121
Relying on a rich panel regression framework, we study the role of different "fundamental" credit determinants in Central, Eastern and Southeastern European (CESEE) EU Member States and compare actual private sector credit-to-GDP ratios to the derived fundamental levels. It turns out that...
Persistent link: https://www.econbiz.de/10013370146
How do financial development and financial integration interact? We focus on Japan's Great Recession after 1990 to study this question. Regional differences in banking integration affected how the recession spread across the country: financing frictions for credit-dependent firms were more...
Persistent link: https://www.econbiz.de/10010316944