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What Has Determined the Rapid Post-War Growth of Intra-Eu Trade?
Breuss, Fritz; Badinger, Harald - 2004
Based on the gravity model by Baier and Bergstrand (2001), we use a static and dynamic panel approach to estimate the determinants of the growth of intra-EU trade from 1960 to 2000. The results suggest that income growth was the major force, accounting for approximately two-thirds of total...
Persistent link: https://www.econbiz.de/10014070248
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Inflation Convergence after the Introduction of the Euro
Mentz, Markus; Sebastian, Steffen P. - 2004
Using the Johansen test for cointegration, we examine to which extent inflation rates in the Euro area have converged … in cointegration analyses we pay special attention to the appropriate identification of non-stationary inflation rates by …
Persistent link: https://www.econbiz.de/10014074858
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Firms' expectations and price-setting : evidence from micro data
Boneva, Lena; Cloyne, James; Weale, Martin; Wieladek, Tomasz - 2016
In many forward-looking macroeconomic models, such as the New Keynesian model, firms' expectations about the future play a key role in determining outcomes today. We examine this hypothesis using a novel panel dataset on firms actual and expected price changes collected by the Confederation of...
Persistent link: https://www.econbiz.de/10011523616
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Financial and Real Sectors' Inflation Expectations in Turkey : Evidence From Panel Data
Oral, Ece; Saygili, Hulya; Saygili, Mesut; Tuncel, Ozge - 2008
We investigate rationality of financial and real sectors' CPI inflation expectations in Turkey by using multivariate … proceed to analyze the significance of both past and future inflation rates as determinants of agents' future inflation … forecasts. Recursive estimates also show that forecasters' weight on future/target inflation rate versus past actual and …
Persistent link: https://www.econbiz.de/10014211781
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Chapter 29 Empirical Models of Entry and Market Structure
Berry, Steven; Reiss, Peter - In: Handbook of industrial organization : volume 3, (pp. 1845-1886). 2007
This chapter surveys empirical models of market structure. We pay particular attention to equilibrium models that interpret cross-sectional variation in the number of firms or firm turnover rates. We begin by discussing what economists can in principle learn from models with homogeneous...
Persistent link: https://www.econbiz.de/10014024587
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Strategic Freedom, Constraint, and Symmetry in One-Period Markets with Cash and Credit Payment
Shubik, Martin; Smith, Eric - 2003
In order to explain in a systematic way why certain combinations of market, financial, and legal structures may be intrinsic to certain capabilities to exchange real goods, we introduce criteria for abstracting the qualitative functions of markets. The criteria involve the number of strategic...
Persistent link: https://www.econbiz.de/10014082962
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Structure, Clearinghouses and Symmetry
Shubik, Martin; Smith, Eric - 2003
We introduce and justify a taxonomy for the structure of markets and minimal institutions which appear in constructing minimally complex trading structures to perform the functions of price formation, settlement and payments. Each structure is presented as a playable strategic market game and is...
Persistent link: https://www.econbiz.de/10014082965
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Beliefs, payoffs, information : on the robustness of the BDP property in models with endogenous beliefs
Gizatulina, Alia; Hellwig, Martin - 2012 - First version: December 1, 2008, This version: March 23, 2012
Neeman (2004) and Heifetz and Neeman (2006) have shown that, in auctions with incomplete information about payoffs, full surplus extraction is only possible if agents’ beliefs about other agents are fully informative about their own payoff parameters. They argue that the set of...
Persistent link: https://www.econbiz.de/10010230371
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The generic possibility of full surplus extraction in models with large type spaces
Gizatulina, Alia; Hellwig, Martin - 2017 - This version: February 8, 2017
McAfee and Reny (1992) have given a necessary and sufficient condition for full surplus extraction in naive type spaces with a continuum of payoff types. We generalize their characterization to arbitrary abstract type spaces and to the universal type space and show that in each setting, full...
Persistent link: https://www.econbiz.de/10011604046
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Inflation Expectations, Learning and Supermarket Prices : Evidence from Survey Experiments
Cavallo, Alberto - 2016
Information frictions play a central role in the formation of household inflation expectations, but there is no … findings. First, individuals in lower-inflation contexts have significantly weaker priors about the inflation rate. This … also appear to be a source of information frictions: even when information about inflation statistics is made readily …
Persistent link: https://www.econbiz.de/10013006027