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The global credit boom: Challenges for macroeconomics and policy

Hume, Michael; Sentance, Andrew - 2009

economic theory and argue that, while the 'global savings glut' may account for the cycle's initial phase, other factors such …

Persistent link: https://www.econbiz.de/10010277874

Robust consumption decisions under ambiguity for regime switching mean returns

Liu, Hening - 2009

This paper examines a continuous-time intertemporal consumption and portfolio choice problem for an investor with Du e and Epstein (1992a)'s recursive preferences who worries about model misspecification (model uncertainty) and wants to seek robust decision rules. The expected excess return of a...

Persistent link: https://www.econbiz.de/10010277911

Licensing technology and foreclosure in contests

Clark, Derek; Foros, Øystein; Sand, Jan Yngve - 2008

We consider an industry where one firm with a superior technology competes for market shares with several rivals. The owner of the superior technology (the dominant firm) can license or transfer the source of its dominance to a subset of rivals. Allowing the non-license takers to remain active...

Persistent link: https://www.econbiz.de/10010277915

Extreme value theory as a theoretical background for power law behavior

Alfarano, Simone; Lux, Thomas - 2010

theory, which provide a statistical justification for the emergence of power laws as limiting behavior for extreme … fluctuations. The remarkable generality of the theory allows to abstract from the details of the system under investigation, and … therefore allows its application in many diverse fields. Moreover, this theory offers new powerful techniques for the estimation …

Persistent link: https://www.econbiz.de/10010277948

They are even larger! More (on) puzzling labor market volatilities

Gartner, Hermann; Merkl, Christian; Rothe, Thomas - 2009

This paper shows that the German labor market is more volatile than the US labor market. Specifically, the volatility of the cyclical component of several labor market variables (e.g., the job-finding rate, labor market tightness, and job vacancies) divided by the volatility of labor...

Persistent link: https://www.econbiz.de/10010277952

The inflation-output tradeoff: which type of labor market rigidity is to be blamed?

Merkl, Christian - 2009

In the standard New Keynesian sticky price model the central bank faces no contradiction between the stabilization of inflation and the stabilization of the welfare relevant output gap after a productivity shock hits the economy. When the standard model is enhanced by real wage rigidities or...

Persistent link: https://www.econbiz.de/10010277953

Macroeconomic volatilities and the labor market: first results from the euro experiment

Merkl, Christian; Schmitz, Tom - 2009

offers an unprecedented experiment for this exercise: since 1999, no national monetary policies have been implemented that … theory. Real wage rigidities do not seem to play much of a role. This result is in line with our employed labor market model …

Persistent link: https://www.econbiz.de/10010277954

An incentive theory of matching

Brown, Alessio J. G.; Merkl, Christian; Snower, Dennis J. - 2009

This paper presents a theory explaining the labor market matching process through microeconomic incentives. There are …

Persistent link: https://www.econbiz.de/10010277955

Labor turnover costs, workers' heterogeneity and optimal monetary policy

Faia, Ester; Lechthaler, Wolfgang; Merkl, Christian - 2009

We study the design of optimal monetary policy in a New Keynesian model with labor turnover costs in which wages are set according to a right to manage bargaining where the firms' counterpart is given by currently employed workers. Our model captures well the salient features of European labor...

Persistent link: https://www.econbiz.de/10010277956

They are even larger!: More (on) puzzling labor market volatilities

Gartner, Hermann; Merkl, Christian; Rothe, Thomas - 2009

Wir zeigen empirisch, dass die konjunkturellen Schwankungen am Arbeitsmarkt in Deutschland höher sind als in den USA. Insbesondere ist die Volatilität von Arbeitsmarktvariablen (etwa der Vakanzen, der Arbeitsmarktanspannung oder der Wahrscheinlichkeit Arbeit zu finden) im Verhältnis zur...

Persistent link: https://www.econbiz.de/10010277959