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Value Maximization as an Ex-Post Consistent Firm Objective When Markets Are Incomplete

Sabarwal, Tarun - 2019

In competitive economies with private firm ownership, incomplete markets, and firm shareholders changing over time, several firm objectives have been proposed. Some are useful to understand efficiency of equilibria, and others are explicitly consistent with majority shareholder control or...

Persistent link: https://www.econbiz.de/10012889093

Does Informality Facilitate Inflation Stability?

Alberola, Enrique - 2019

Informality is an entrenched structural trait in emerging market economies, despite of the progress achieved in macroeconomic management. Informality determines the behavior of labour markets, financial access and the productivity of the overall economy. Therefore it influences the transmission...

Persistent link: https://www.econbiz.de/10012889120

Peer Effects and Risk Sharing in Experimental Asset Markets

Gortner, Paul - 2019

We investigate the effect of introducing information about peer portfolios in an experimental Arrow-Debreu economy. Confirming the prediction of a general equilibrium model with inequality averse preferences, we find that peer information leads to reduced variation in payoffs within peer groups....

Persistent link: https://www.econbiz.de/10012889122

Credibility Dynamics and Disinflation Plans

Kostadinov, Rumen - 2019

We study the optimal design of a disinflation plan by a planner who lacks commitment. Having announced a plan, the Central banker faces a tradeoff between surprise inflation and building reputation, defined as the private sector's belief that the Central bank is committed to the plan. Some plans...

Persistent link: https://www.econbiz.de/10012889127

Fiscal Redistribution and Social Welfare

Coady, David P. - 2019

Fiscal policy is a key tool for achieving distributional objectives in advanced economies. Thispaper embeds the discussion of fiscal redistribution within the standard social welfareframework, which lends itself to a transparent and practical evaluation of the extent anddeterminants of fiscal...

Persistent link: https://www.econbiz.de/10012889140

Determinants of Currency Composition of Reserves : A Portfolio Theory Approach with an Application to RMB

Lu, Yinqiu - 2019

The way central banks manage their foreign reserve assets has evolved over the past decades. One major trend is managing reserves in two or more tranches-liquidity tranche and investment tranche-especially for those with adequate reserves. Incorporating reserve tranching, we have developed in...

Persistent link: https://www.econbiz.de/10012889141

The Persistence-Resilience Trade-Off in Unemployment : The Role of Labor and Product Market Institutions

Aksoy, Tolga - 2018

The “great recession” has affected labor markets in Euro-area countries in very different ways. This chapter documents two important aspects of their response: the impact effect of the recession on the rate of unemployment, and the persistence of high unemployment. We find that countries lie...

Persistent link: https://www.econbiz.de/10012919631

Moment Component Analysis : An Illustration With International Stock Markets

Jondeau, Eric - 2018

It is well known that non-normality plays an important role in asset and risk management. However, handling a large number of assets has long been a challenge due to the curse of dimensionality. We describe a statistical technique, which we call Moment Component Analysis (MCA), that extends...

Persistent link: https://www.econbiz.de/10012919719

Robust Linear Static Panel Data Models Using Ε-Contamination

Baltagi, Badi H. - 2018

The paper develops a general Bayesian framework for robust linear static panel data models using ε-contamination. A two-step approach is employed to derive the conditional type-II maximum likelihood (ML-II) posterior distribution of the coeffcients and individual effects. The ML-II posterior...

Persistent link: https://www.econbiz.de/10012919765

Revisiting Heat Energy Consumption Modeling : Household Production Theory Applied to Field Experimental Data

Heesen, Florian - 2018

This paper offers new insights on utility-driven heat energy consumption. The research question addressed is whether … proposed is based on Becker's household production theory and integrates economic, engineering and behavioral elements … production function to cover technical influences, and the utility-based choice architecture. Based on a functional …

Persistent link: https://www.econbiz.de/10012919779