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second essay follows up on this argument byincorporating prospect theory into the formulation of individualpreferences …. Prospect theory proposes that agents care aboutchanges in their wealth level rather than the level of their finalwealth, and … individuals are also taken to be more sensitive tolosses than gains in their financial wealth. According to theprospect theory …
Persistent link: https://www.econbiz.de/10009468608
Die traditionell betriebene Konjunkturtheorie versucht aggregierte Schwankungen der wirtschaftlichen Aktivität unter der Prämisse vollkommener Kapitalmärkte zu erklären. Die Rolle von Kapitalmarktunvollkommenheiten bleibt in solchen Modellen unberücksichtigt. An diesem Theoriedefizit setzt...
Persistent link: https://www.econbiz.de/10009471831
This dissertation empirically investigates macroeconomic fluctuations.In the first chapter, I study nontechnology shocks. It is popular to identify technology shocks as shocks permanently affecting labor productivity in SVAR. However it potentially misidentifies nontechnology shocks permanently...
Persistent link: https://www.econbiz.de/10009476545
Šiame darbe yra tiriamas finansų rinkų likvidumo poveikis verslo ciklams Baltijos regione. Kadangi kapitalo rinkų likvidumas yra pralenkiantis ekonomiką veiksnys išsivysčiusiuose regionuose, darbe yra siekiama nustatyti, ar Nasdaq OMX Baltic akcijų rinkų likvidumo rodikliai turi...
Persistent link: https://www.econbiz.de/10009478388
wider context - business cycle theory itself, as well as the predicting methods of turning points are theoretically …
Persistent link: https://www.econbiz.de/10009478770
is discussed the concept of business cycles, development of business cycle theory and described the relevant methods in …
Persistent link: https://www.econbiz.de/10009479151
In modeling expectation formation, economic agents are usually viewed as forming expectations adaptively or in accordance with some rationality postulate. We offer an alternative nonlinear model where agents exchange their opinions and information with each other. Such a model yields multiple...
Persistent link: https://www.econbiz.de/10009447863
There are several mechanisms that can account for short-run business cycle transmission. International trade is probably the major vehicle, and it forms a direct channel through which income and price shocks may be transmitted. Capital flows provide a second mechanism which is most likely to be...
Persistent link: https://www.econbiz.de/10009448683
This dissertation consists of three chapters. The first chapter provides an overview of the dissertation by summarizing the two papers presented in the following chapters.The paper in the second chapter contributes to the labor-macro literature. More specifically, I develop a general equilibrium...
Persistent link: https://www.econbiz.de/10009450678
negligible. The second essay follows up on this argument by incorporating prospect theory into the formulation of individual … preferences. Prospect theory proposes that agents care about changes in their wealth level rather than the level of their final … prospect theory, therefore, the agents take fluctuations in the asset returns seriously. Results from empirical tests find that …
Persistent link: https://www.econbiz.de/10009451066