Showing 81 - 90 of 479
This paper evaluates the e¤ects of policy interventions on sectoral labour markets and the aggregate economy in a business cycle model with search and matching frictions. We extend the canonical model by including capital-skill complementarity in production, labour mar- kets with skilled and...
Persistent link: https://www.econbiz.de/10011157222
Using the integer programming approach introduced by Sethura- man, Teo, and Vohra (2003), we extend the analysis of the preference domains containing an inseparable ordered pair, initiated by Kalai and Ritz (1978). We show that these domains admit not only Ar- rovian social welfare functions...
Persistent link: https://www.econbiz.de/10011078451
We study the asymmetric and dynamic dependence between financial assets and demonstrate, from the perspective of risk management, the economic significance of dynamic copula models. First, we construct stock and currency portfolios sorted on different characteristics (ex ante beta, coskewness,...
Persistent link: https://www.econbiz.de/10011078452
In this paper, we extend the non-cooperative analysis of oligopoly to exchange economies with innitely many commodities by using strategic market games. This setting can be in- terpreted as a model of oligopoly with dierentiated commodities by using the Hotelling line. We prove the existence of...
Persistent link: https://www.econbiz.de/10011078453
We analyse the role of time-variation in coe¢ cients and other sources of un- certainty in exchange rate forecasting regressions. Our techniques incorporate the notion that the relevant set of predictors and their corresponding weights, change over time. We Önd that predictive models which...
Persistent link: https://www.econbiz.de/10011078454
Persistent link: https://www.econbiz.de/10011078455
In the line opened by Kalai and Muller (1977), we explore new con- ditions on preference domains which make it possible to avoid Arrow's impossibility result. In our main theorem, we provide a complete char- acterization of the domains admitting nondictatorial Arrovian social welfare functions...
Persistent link: https://www.econbiz.de/10011078456
Using a panel of 38 economies, over the period 2001 to 2010, we analyse the link between diversification in equity portfolios and different facets of education. We find that traditionally used measures of education play an important role in reducing equity home bias. After separating countries...
Persistent link: https://www.econbiz.de/10011078457
We estimate a New Keynesian DSGE model for the Euro area under alternative descriptions of monetary policy (discretion, commitment or a simple rule) after allowing for Markov switching in policy maker preferences and shock volatilities. This reveals that there have been several changes in Euro...
Persistent link: https://www.econbiz.de/10011079271
We show how the prospect of disputes over firms’ revenue reports promotes debt financing over equity. These findings are presented within a costly state verification model with a risk averse entrepreneur. The prospect of disputes encourages incentive regimes which limit penalties and avoid...
Persistent link: https://www.econbiz.de/10011123579