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Financial liberalization in a small open economy

von Hagen, Jürgen; Zhang, Haiping - 2006

We analyze the long-run and short-run implications of financial liberalization in a small open economy. Our main results are as follows. First, whether financial deregulation in one sector can improve production efficiency may depend on financial regulation in other sectors. Second, financial...

Persistent link: https://www.econbiz.de/10010274156

A rise by any other name?: sensitivity of growth regressions to data source

Hanousek, Jan; Hájková, Dana; Filer, Randall - 2007

Measured rates of growth in real per capita income differ drastically depending on the data source. This phenomenon occurs largely because data sets differ in whether and how they adjust for changes in relative prices across countries. Replication of several recent studies of growth determinants...

Persistent link: https://www.econbiz.de/10010274158

The damage from clean floats: From an anti-inflationary monetary policy

Pope, Robin; Selten, Reinhard; Kaiser, Johannes; Kube, … - 2007

embeds a new theory of exchange rate determination involving the uncontroversial power of fully cooperating central banks to … totally fix the exchange rate. The new model is within a broader theory that includes risk effects normally excluded, SKAT …, the Stages of Knowledge Ahead Theory. We use SKAT to analyse outliers in our experimental results, and indicate some new …

Persistent link: https://www.econbiz.de/10010274161

The default risk of firms examined with Smooth Support Vector Machines;

Härdle, Wolfgang Karl; Lee, Yuh-Jye; Schäfer, Dorothea; … - 2007

In the era of Basel II a powerful tool for bankruptcy prognosis is vital for banks. The tool must be precise but also easily adaptable to the bank's objections regarding the relation of false acceptances (Type I error) and false rejections (Type II error). We explore the suitability of Smooth...

Persistent link: https://www.econbiz.de/10010274162

The demand for variety: a household production perspective

Hamermesh, Daniel S.; Gronau, Reuben - 2007

Economists have devoted substantial attention to firms’ supply of variety, but little to consumers' demand for variety. Employing the framework of home production, we trace differences in demand to differences in the opportunity costs of activities, which are associated with investments in...

Persistent link: https://www.econbiz.de/10010274172

Prominent Numbers, Indices and Ratios in Exchange Rate Determination and Financial Crashes: in Economists’ Models, in the Field and in the Laboratory

Pope, Robin; Selten, Reinhard; Kube, Sebastian; von … - 2009

laboratory. Third, nominalist heuristics are incompatible with expected utility theory which excludes the evaluation stage, and … are also incompatible with prospect theory which assumes that, while the evaluation stage can involve systematic mistakes … model and identify what is a mistake, and b) decision makers can maximise. However, contrary to prospect theory, in the …

Persistent link: https://www.econbiz.de/10010274186

Migration, tied foreign aid and the welfare state

Hatzipanayotou, Panos; Michael, Michael S. - 2005

In this paper we highlight aspects related to the links between international migration, foreign tied aid and the welfare state. We model migration as a costly movement from an aid-recipient developing country with low income, poor infrastructure, and no welfare system, towards a rich donor,...

Persistent link: https://www.econbiz.de/10010274196

Nonlinear Incentive Provision in Walrasian Markets : A Cournot Convergence Approach

Hellwig, Martin - 2004

The paper studies insurance with moral hazard in a system of contingent-claims markets. Insurance buyers are modelled as Cournot monopolists or oligopolists. The other agents condition their expectations on market prices, as in models of rational-expectations equilibrium with asymmetric...

Persistent link: https://www.econbiz.de/10010274197

Optimal Income Taxation, Public-Goods Provision and Public-Sector Pricing : A Contribution to the Foundations of Public Economics

Hellwig, Martin - 2004

The paper develops an integrated model of optimal nonlinear income taxation, public-goods provision and pricing in a large economy. With asymmetric information about labour productivities and publicgoods preferences, the multidimensional mechanism design problem becomes tractable by requiring...

Persistent link: https://www.econbiz.de/10010274198

Identification and Estimation of Hedonic Models

Ekeland, Ivar; Heckman, James Joseph; Nesheim, Lars - 2003

This paper considers the identification and estimation of hedonic models. We establish that in an additive version of the hedonic model, technology and preferences are generically identified up to affine transformations from data on demand and supply in a single hedonic market. For a very...

Persistent link: https://www.econbiz.de/10010274203