In this paper we analyze the dynamics of Dutch economic growth for the period 1815-1997. By applying a simple econometric technique, important braking points in the timeseries are traced. It seems that three phases of growth can be discerned and that these phases are characterized by different...

This paper employs concepts from information theory in factor models. We show that in the exact factor model the whole distribution of eigenvalues of the covariance matrix contributes to the information and not only the largest ones. In addition, we derive the condition that the first q say...

We extend the citizen candidate framework by allowing for endogenous party formation. When a party is formed, any member of that party that wants to be a candidate in the election, first has to run in the primary election of her party. We show that in equilibrium one left-wing and one right-wing...

In this paper I derive a complete characterization for the equilibria that may arise in a binary choice interaction model with a ?nite number of interacting agents. In particular, the correspondence between the interaction strength, the number of agents and the set of equilibria is derived.

In this paper we try to measure oil price uncertainty. The measure of uncertainty is based on the conditional standard deviations which are derived from univariate (G)ARCH models. The measure of uncertainty we choose is the within-year high-low range of the conditional standard deviations. It is...

The well-known Klein-Monti model of bank behavior considers a monopolistic bank. We demonstrate that this model's results on the comparative static effects of a change in the exogenous interbank market interest rate do not necessarily hold in oligopolistic Cournot or Stackelberg generalizations....

We show by means of a bank relationship model that after monetary policy tightening, public firms are more likely to decrease their demand for bank loans than private firms, which are typically more dependent on bank credit and benefit more from relationship lending. In order to test this...

When the parameters of the model describing consumers' reaction to a mailing are known, addresses for a future mailing can be selected in a profit-maximizing way. Usually, these parameters are unknown and are to be estimated. Standard estimation are based on a quadratic loss function. In the...

Theory predicts that the presence of fixed costs affects the relationship between energy use and energy price changes, as the firm's output and investment decisions respond differently to energy price increases and decreases. The asymmetry in response to energy price changes is exacerbated by...

We study an auction where two licenses to operate on a new market are sold. Winners finance their bids on a competitive debt market. Due to limited liability, the amount of debt affects their behavior on the product market. In equilibrium, consumer prices are lower than with a beauty contest,...