This paper extends an existing outlier-robust estimator of linear dynamic panel data models with fixed effects, which is based on the median ratio of two consecutive pairs of first-differenced data. To improve its precision and robust properties, a general procedure based on many pairwise...

In this paper we incorporate the term structure of interest rates in a standard inflation forecast targeting framework.Learning about the transmission process of monetary policy is introduced by having heterogeneous agents - i.e. the central bank and private agents - who have different...

Since information asymmetries have been identified as an important source of bank profits, it may seem that the establishment of information sharing arrangements such as credit registers and bureaus will lead to lower investment in acquiring information. However, banks base their decisions on...

For the 5th takeover wave, European M&As were expected to create significant takeover value: the announcement reactions were strongly positive for target shareholders (more than 35%) and the bidding shareholders also expected to gain a small though significant increase in market value of...

Environmentalists often urge their home countries to take a leading role in reducing global environmental problems like climate change. A pertinent question is: will examples set by leading nations influence others to follow suit, and if so, do the costs of leading matter? For instance, will...

This paper introduces three methodological advances to study the optimal design of static and dynamic markets. First, we apply a mechanism design approach to characterize all incentive-compatible market equilibria. Second, we conduct a normative analysis, i.e. we evaluate alternative competition...

We present a theoretical explanation of the gender wage gap which turns on the interaction between men and women in households.In equilibria where men are over-represented in full-time work, we show that firms rationally choose to hire women only at strictly lower wages than men.The model...

In the games with population uncertainty introduced in this paper, the number and identity of the participating players are determined by chance.Games with population uncertainty are shown to include Poisson games and random-player games.The paper focuses on those strategy profiles that are most...