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Using Consensus Forecasts monthly surveys, we show that experts' interest rate expectations in the Eurofranc market do … not verify the rational expectations hypothesis. Instead, these expectations are found to be generated by a mixed process …
Persistent link: https://www.econbiz.de/10005094008
This paper analyses the determinants of the investment decision by focusing on the firms subjective judgments about the impact of some economic factors. This work uses data from the INSEEs business surveys on investment in the industry, over the period 1991-2002. In October, these data contain...
Persistent link: https://www.econbiz.de/10009003480
We consider a pure exchange financial economy, where agents observe private information signals, form private anticipations and face an "exogenous uncertainty" on the future state, and an "endogenous uncertainty", on the future prices. At a sequential equilibrium, all agents expect the "true"...
Persistent link: https://www.econbiz.de/10008622015
La littérature contient très peu de recherches empiriques concernant les effets distributifs du système sociofiscal à l’intérieur du ménage. Nous simulons cet effet dans le cadre du modèle collectif d’offre de travail lorsque l’on passe d’une taxation jointe à une taxation...
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This study describes a simple model for predicting the real U.S. exchange rate. Starting with a large number of error-correction models, the authors choose the one giving the best out-of-sample forecasts over the period 1992Q3 - 2002Q1. In the selected model, the effective real exchange rate is...
Persistent link: https://www.econbiz.de/10005673308
Although a number of studies have demonstrated the importance of the degree of factor utilization in economic analysis, the impact of the durations of utilization in a production function remains largely unknown, particularly in terms of the duration of equipment utilization. Using French data...
Persistent link: https://www.econbiz.de/10005808313
Traditional structural models cannot distinguish whether changes in activity are a function of altered expectations … separating observed dynamic behaviour into movements that have been induced by changes in expectations, and responses to … expectations, that have been delayed because of adjustment costs. In these models, agents’ decisions are a function of forecasts of …
Persistent link: https://www.econbiz.de/10005808324