Erceg et al. (J Monet Econ 46:281313, 2000) introduce sticky wages in a New-Keynesian general-equilibrium model. Alternatively, it is shown here how wage stickiness may bring unemployment fluctuations into a New-Keynesian model. Using a Bayesian econometric approach, bothmodels are estimated...

Using a proprietary dataset, we analyze the impact of the implementation of a “buy-online, pickup-in-store” (BOPS) project. The implementation of this project is associated with a reduction in online sales and an increase in store sales and traffic. These results can be explained by two...

Spoilage, expiration, damage due to employee/customer handling, employee theft, and customer shoplifting usually are not reflected in inventory records. As a result, records often report phantom inventory, that is, units of good not available for sale. We derive an optimal polynomial‐time...

Little is known about the drivers and effectiveness of personal as opposed to real loan guarantees provided by firms. This paper studies a dataset of 477,209 loan contracts granted over the 2006-2014 period by one Spanish financial institution consisting of several distinguishable organisational...

We propose a novel methodology to characterize the investor decision making process. By drawing logical paths in a structural equation model (SEM) framework, we uncover the role of a latent financial risk index that is simultaneously shaping the dynamics of different financial asset prices. Our...

In this paper we measure the systemic risk in a set of large international banks. We first measure the contribution of a financial institution to international systemic risk. Importantly, we show the existence of an asymmetric non-linear contribution of banks to systemic risk depending on...