Hedonische Immobilienpreisindizes, die auf Transaktionsdaten basieren, stellen einen vielversprechenden Indikator für institutionelle Investoren dar. Ihr Vorteil ist, dass durch Qualitätsbereinigungen der Heterogenität der Immobilien besser Rechnung getragen werden kann. Üblicherweise gibt...

In this paper we consider the effects of «multiplicative» uncertainty about the structure of the economy in the standard partisan model. An increase in the uncertainty decreases of the inflation rate pursued by the liberal policymaker, but increases the inflation rate pursued by the...

We investigate dynamic R&D for process innovation in an oligopoly where firms invest in cost-reducing activities. We focus on the relationship between R&D intensity and market structure, proving that the industry R&D investment monotonically increases in the number of firms. This Arrowian result...

The paper focuses on the signaling value of a tax when agents are less informed on the effect of their consumption than the policy-maker. When he chooses the tax, the policy-maker optimizes both the incentive effect and the effect on beliefs. We show that optimal taxes under symmetric...

We consider a start-up firm which applies for a bank loan to implement a project based on complementary activities. The firm has the possibility to improve the complementarity effect by coordinating the activities. Coordination is costly and can be made either by using internal human resources...

This paper investigates the mechanics through which wealth may, in the long run, trickle down from the rich to the poor. In the presence of indivisibilities in investment of human capital and impossibility of borrowing money, investment in education is financed through an intergenerational...

I investigate R&D efforts for process innovation in a monopoly with uncertain demand. Two different models are proposed, where either (i) the reservation price is affected by an additive shock and the marginal production cost is increasing, or (ii) a multiplicative shock on the slope of demand...

We reassess the respective gains from R&D cooperation and competition in a Cournot Duopoly with homogeneous goods, where firms adopt a concave cost-reducing R&D technology. Contrary to the previous literature on the same topic, our main results are that (i) no corner solutions emerge and (ii)...

In this paper I search for an optimal configurations of parameters for variants of the Taylor rule by using an Accurate Second-Order Welfare based method within a fully microfounded Dynamic Stochastic model, with price rigidities, without capital accu- mulation. Money is inserted via a...