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Money, interest rates and the real activity
Hong, Hao - 2011
the financial sector, which are: productive banks and financial intermediates. The productive banks supply a financial …. Meanwhile, the increasing marginal cost of money through the expected inflation effect has a negative effect on labour supply …. With labour demand dominating labour supply effects, both output and employment increase with monetary expansion. The paper …
Persistent link: https://www.econbiz.de/10010288844
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Can behavioral finance models account for historical asset prices?
ap Gwilym, Rhys - 2009
I construct a behavioral model of asset pricing in which agents choose whether to base their expectations on chartist or fundamental forecasts. I simulate the model in order to test its efficacy in explaining the moments and time series properties of the FTSE All-Share index, and find that the...
Persistent link: https://www.econbiz.de/10010288864
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Real business cycles with a human capital investment sector and endogenous growth: Persistence, volatility and labor puzzles
Dang, Jing; Gillman, Max; Kejak, Michal - 2011
) challenging empirical finding that labour supply decreases upon impact of a positive productivity shock is reproduced, while …
Persistent link: https://www.econbiz.de/10010288869
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Panel attrition: How important is it to keep the same interviewer?
Lynn, Peter; Kaminska, Olena; Goldstein, Harvey - 2011
We assess whether the probability of a sample member participating at a particular wave of a panel survey is greater if the same interviewer is deployed as at the previous wave. Previous research on this topic mainly uses non-experimental data. Consequently, a) interviewer change is generally...
Persistent link: https://www.econbiz.de/10010288933
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Equilibrium labour turnover, firm growth and unemployment
Coles, Melvyn G.; Mortensen, Dale T. - 2012
This paper identifies a data-consistent, equilibrium model of unemployment, wage dispersion, quit turnover and firm growth dynamics. In a separating equilibrium, more productive firms signal their type by paying strictly higher wages in every state of the market. Workers optimally quit to firms...
Persistent link: https://www.econbiz.de/10010288937
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The work capability assessment and a "real world" test of incapacity: Considerations from, and for, quantitative research
Berthoud, Richard - 2011
The Work Capability Assessment governs entitlement to the Employment and Support Allowance - the social security benefit for people who are incapable of work. It is based on rules which decide entitlement according to the combination of impairments experienced by the claimant. This paper...
Persistent link: https://www.econbiz.de/10010288962
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Family, friends and personal communities: Changing models-in-the-mind
Pahl, Ray; Spencer, Liz - 2010
Models-in-the-minds about the proper and right way to be a true friend or to do family behaviour may not necessarily fit lived experience, especially in cases where relationships become fused and distinctions between family and friend become blurred.. We suggest the idea of a personal community...
Persistent link: https://www.econbiz.de/10010288965
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The voracity effect: Comment
Strulik, Holger - 2011
In an influential article Tornell and Lane (1999) considered an economy populated by multiple powerful groups in which property rights in the formal sector of production are not protected. They obtained conditions under which the groups appropriate output from the formal sector in order to...
Persistent link: https://www.econbiz.de/10010288997
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About the impact of model risk on capital reserves: A quantitative analysis
Bertram, Philip; Sibbertsen, Philipp; Stahl, Gerhard - 2011
This paper analyzes and quantifies the idea of model risk in the environment of internal model building. We define various types of model risk including estimation risk, model risk in distribution and model risk in functional form. By the quantification of these concepts we analyze the impact of...
Persistent link: https://www.econbiz.de/10010288998
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The dark side of fiscal stimulus
Strulik, Holger; Trimborn, Timo - 2011
The output multiplier turns negative before a deficit spending program expires. We show the generality of this unpleasant finding for the standard real business cycle model. We then calibrate an extended model for the US and demonstrate how fiscal stimulus slows down economic recovery from...
Persistent link: https://www.econbiz.de/10010288999