Tudományos vita blogon? Rövid expozíció, jelzésszerű hivatkozások, sebesen levont kö vetkeztetések. Személyes hang, egy-két poén, work-in-progress hangulat. A krónikásnak nincs könnyű dolga, amikor az eszmetörténet-írás hagyományos eszközeivel közelít az új műfajhoz,...

We build a variation of the neoclassical growth model in which both wealth shocks (in the sense of wealth destruction) and financial shocks to households generate recessions. The model features three mild departures from the standard model: (1) adjustment costs make it difficult to expand the...

Using data from world stock exchange indices prior to and during periods of global financial crises, clusters and networks of indices are built for asset graphs based on distance thresholds and diverse periods of time, so that it is then possible to analyze how clusters are formed according to...

This paper provides a “non-extensive” information theoretic perspective on the relationship between risk and incomplete states uncertainty. Theoretically and empirically, we demonstrate that a substitution effect between the latter two may take place. Theoretically, the “non-extensive”...

In this paper we investigate trading with optimal mean reverting portfolios subject to cardinality constraints. First, we identify the parameters of the underlying VAR(1) model of asset prices and then the quantities of the corresponding Ornstein-Uhlenbeck (OU) process are estimated by pattern...

Intraday volatility and market impact models in volume time are proposed. We build an intraday volatility profile to capture non-stationarity of intraday price returns and utilize a fractional Brownian motion process to measure deviations from square root scaling rule of volatility. <p> We propose...</p>

The main aim of this paper is to evaluate the role of quality of life in population growth in a local framework. To achieve that objective we use a theoretical model that considers the basic variables that explain urban growth; we detail what do we understand when we talk about quality of life,...

We construct and analyze a tractable search model of money with a non-degenerate distribution of money holdings. Analytical tractability comes from modeling decentralized exchange as directed search, which makes the monetary steady state block recursive. By adapting lattice-theoretic techniques,...

There are two general ways in which the role of fiat money has been introduced in the standard monetary search-theoretical model. The first is to bring in the model a fiat object with different intrinsic properties. The second is to introduce a centralized institution that favors the use of fiat...

A comparative analysis of manufacturing in Germany, Japan and the United States is provided using measures related to levels of relative prices, comparative productivity and unit labour costs.