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NMCM - with boundedly rational learning expectations

Dieppe, Alistair; González Pandiella, Alberto; Hall, … - 2011

Rational expectations has been the dominant way to model expectations, but the literature has quickly moved to a more … their expectations. A standard assumption is that agents form expectations by using the correctly specified reduced form … included. Therefore, agents base expectations on a misspecified MSV solution. In contrast, we assume agents know the deep …

Persistent link: https://www.econbiz.de/10009640692

Consumer inflation expectations in Poland

£yziak, Tomasz - 2003

Inflation expectations constitute a subject of particular contemporary interest to central banks, especially those … to properties of inflation expectations. Qualitative data on inflation expectations, as obtained from surveys, can be … method, implemented in order to estimate numerical measures of Polish consumer inflation expectations, based on the monthly …

Persistent link: https://www.econbiz.de/10009635882

Sporadic manipulation in money markets with central bank standing facilities

Ewerhart, Christian; Cassola, Nuno; Ejerskov, Steen; … - 2004

In certain market environments, a large investor may benefit from building up a futures position first and trading subsequently in the spot market (Kumar and Seppi, 1992). The present paper identifies a variation of this type of manipulation that might occur in money markets with an interest...

Persistent link: https://www.econbiz.de/10009639459

Labour market reform and the sustainability of exchange rate pegs

Castrén, Olli; Takalo, Tuomas; Wood, Geoffrey - 2004

monetary authority in a dynamic setting. The fragility is captured by a devaluation premium in expectations that increases the …

Persistent link: https://www.econbiz.de/10009639466

How much does the public know about the ECB's monetary policy?

Cruijsen, Carin van der; Jansen, David-Jan; Haan, Jakob de - 2010

's ability to form realistic inflation expectations. …

Persistent link: https://www.econbiz.de/10009640274

Optimal dynamic risk sharing when enforcement is a decision variable

Koeppl, Thorsten V. - 2003

. Third-party enforcement is modelled as a costly technology that consumes resources, but permits the punishment of agents who …

Persistent link: https://www.econbiz.de/10009635888

Perpetual youth and endogenous labour supply

Ascari, Guido; Rankin, Neil - 2004

In the “perpetual youth” overlapping-generations model of Blanchard and Yaari, if leisure is a “normal” good then some agents will have negative labour supply. We suggest a solution to this problem by using a modified version of Greenwood, Hercowitz and Huffman’s utility function. The...

Persistent link: https://www.econbiz.de/10009639400

Consumption and initial mortgage conditions

Masier, Giacomo; Villanueva, Ernesto - 2011

Economic theory predicts that the consumption path of unconstrained homeowners responds to the interest rate, while the consumption path of credit constrained homeowners is determined by the size and timing of payments (mortgage maturity). We exploit the rapid expansion of mort-gage markets...

Persistent link: https://www.econbiz.de/10009640630

Who lost the most?

Bucher-Koenen, Tabea; Ziegelmeyer, Michael - 2011

We study how and to what extent private households are affected by the recent financial crisis and how their financial decisions are in uenced by this shock. Our analysis reveals that individuals with low levels of financial literacy are less likely to have invested in the stock market and thus...

Persistent link: https://www.econbiz.de/10009640632

Wealth mobility and dynamics over entire individual working life cycles

Hochguertel, Stefan; Ohlsson, Henry - 2011

We study taxable wealth in unique Swedish administrative data, annually following a large sample of households over a period of almost 40 years. The main data limitation is non-observability of wealth for those below the tax exemption level. This implies that much of the focus of the paper is on...

Persistent link: https://www.econbiz.de/10009640634