Similar Search Results

Identifying network ties from panel data: Theory and an application to tax competition

de Paula, Áureo; Rasul, Imran; Souza, Pedro C. L. - 2023

-varying networks. We then describe how high-dimensional estimation techniques can be used to estimate the interactions model based on …

Persistent link: https://www.econbiz.de/10014480409

The slanted-L Phillips curve

Benigno, Pierpaolo; Eggertsson, Gauti B. - 2024

A slanted-L curve is well-suited to represent the non-linearity of the celebrated Phillips curve. We show this using cross-country data of major industrialized economies since 2009, including the inflationary surge of the 2020s. At high unemployment rates, an increase in demand reduces...

Persistent link: https://www.econbiz.de/10014494995

Estimating Exchange Rate Dynamics with Diffusion Processes: An Application to Greek EMU Data

Wilfling, Bernd; Trede, Mark - 2004

-entrance in January 2001 this paper develops a rigorous estimation procedure. The estimates provide statistical evidence of … increased central bank intervention activities in the run-up to the Greek EMU entrance. Thus the modelling and estimation …

Persistent link: https://www.econbiz.de/10010295399

Productivity shocks, long-term contracts and earnings dynamics

Balke, Neele; Lamadon, Thibaut - 2021

This paper examines how employer- and worker-specific productivity shocks transmit to earnings and employment in an economy with search frictions and firm commitment. We develop an equilibrium search model with worker and firm shocks and characterize the optimal contract offered by competing...

Persistent link: https://www.econbiz.de/10013394333

Market imperfections, skills and total factor productivity: Firm-level evidence on Belgium and the Netherlands

Dobbelaere, Sabien; Vancauteren, Mark - 2014

This paper revisits the relationship between competition and total factor productivity by analyzing how the type and the degree of product and labor market imperfections affect different moments of total factor productivity distributions. Following the methodology developed in Dobbelaere and...

Persistent link: https://www.econbiz.de/10011506787

Interest rate swaps and corporate default

Jermann, Urban J.; Yue, Vivian Z. - 2013

This paper studies firms’ usage of interest rate swaps to manage risk in a model economy driven by aggregate productivity shocks, inflation shocks, and counter-cyclical idiosyncratic productivity risk. Consistent with empirical evidence, firms in the model are fixed-rate payers, and swap...

Persistent link: https://www.econbiz.de/10011605635

Flexible estimation of random coefficient logit models of differentiated product demand

Kandelhardt, Johannes - 2023

and supply. Precise estimation of parameter estimates is therefore crucial to obtain realistic economic predictions. The … estimates of the structural parameters. With access to micro data, the approach allows for the estimation of highly flexible … patterns without substantially altering the procedure of estimation, making it relevant for practitioners. The BLP estimator is …

Persistent link: https://www.econbiz.de/10014281008

Capturing the zero: A new class of zero-augmented distributions and multiplicative error processes

Hautsch, Nikolaus; Malec, Peter; Schienle, Melanie - 2011

We propose a novel approach to model serially dependent positive-valued variables which realize a non-trivial proportion of zero outcomes. This is a typical phenomenon in financial time series observed at high frequencies, such as cumulated trading volumes. We introduce a flexible point-mass...

Persistent link: https://www.econbiz.de/10010308578

On the power and weakness of rational expectations: Logical fallacies, periodic bubbles and business cycles

Gracia, Eduard - 2012

A popular interpretation of the Rational Expectations/Efficient Markets hypothesis states that, if the hypothesis holds, then market valuations must follow a random walk. This postulate has frequently been criticized on the basis of empirical evidence. Yet the assertion itself incurs what we...

Persistent link: https://www.econbiz.de/10010309044

Technological Intensity of Government Demand and Innovation

Slavtchev, Viktor; Wiederhold, Simon - 2012

Governments purchase everything from airplanes to zucchini. This paper investigates whether the technological intensity of government demand affects corporate R&Dactivities. In a quality-ladder model of endogenous growth, we show that an increase in the share of government purchases in high-tech...

Persistent link: https://www.econbiz.de/10010312075