There is considerable debate about the role of wage rigidity in explaining unemployment. Despite a large body of empirical work, no consensus has emerged on the extent of wage rigidity. Previous attempts to empirically examine wage rigidity have been hampered by small samples and measurement...

Our analysis takes the perspective of an equity fund manager who seeks a potential safe haven asset to protect her portfolio during market downturns. We employ a regime-switching framework, within which we separate common and idiosyncratic shocks, to assess the suitability of gold, 10-year and...

This paper examines the effect of R&D leadership on Research Joint Venture formation. If firms compete in R&D, there is a first (second)-mover advantage, when spillovers are relatively low (high). RJV profits exceed those of R&D leadership, except for a very narrow range of low unit R&D costs...

We construct a model of corporate tax competition in which governments also use public infrastructural investment to attract foreign direct investment, thus enhancing their tax bases. In doing so, we allow for inter-regional infrastructural externalities. Depending on the externality,...

This paper uses simulations to evaluate the performance of various methods for estimating factor returns in an approximate factor model when the cross-sectional sample (n) is large relative to the time-series sample (T). We study the performance of the estimators under a variety of alternative...

This unpublished appendix provides ancillary empirical results and some simple robustness checks on the probit model of Irish mortgage defaults presented in Connor and Flavin (2014) hereafter referred to as CF. The document is organized in three sections; first we present our robustness tests;...

This paper examines despair from the perspectives of many disciplines to define despair and to characterize the despairing individual, his motivations, and his capacity for decision-making. Two models incorporating despair as a key element are then proposed. Using these models as a framework,...

This paper analyses the desirability of RJV formation when firms may choose their R&D investment before or after any demand uncertainty is resolved. If a R&D leader accommodates a follower, multiple Nash equilibria are possible under both R&D competition and RJV formation. If a R&D leader...

The two-country monetary model is extended to include a consumption externality with habit persistence. This is set within a limited participation framework. The model is simulated using the artificial economy methodology. The 'puzzles' in the forward market are re-examined. The model is able to...