Sequential Monte Carlo (SMC) methods are widely used for filtering purposes of non-linear economic or financial models. Nevertheless the SMC scope encompasses wider applications such as estimating static model parameters so much that it is becoming a serious alternative to Markov- Chain...

We explore how changes in ownership and managerial control affect the productivity and profitability of producers. Using detailed operational, financial, and ownership data from the Japanese cotton spinning industry at the turn of the last century, we find a more nuanced picture than the...

Vorwort: Nach der Jahrestagung der VÖÖ zum Thema „Ökologische Ökonomie: eine neue Wissenschaft?“, die vom 6. bis 8. Mai 2004 in gewohnter Umgebung in Heidelberg stattfand, waren wir uns im Vorstand sehr schnell einig, daß die durchweg spannenden und zum Weiterdenken anregenden Beiträge...

Unemployment insurance agencies may combat moral hazard by punishing refusals to apply to assigned vacancies. However, the possibility to report sick creates an additional moral hazard, since during sickness spells, minimum requirements on search behavior do not apply. This reduces the ex ante...

This paper explores the impacts on an economy of a central bank changing the size and composition of its balance sheet. One of the ways in which such asset purchases could influence prices and demand is via portfolio balance effects. We develop and calibrate a simple OLG model in which...

In this paper, we use a hypothetical choice methodology to robustly estimate preferences for workplace attributes. Undergraduate students are presented with sets of jobs that vary in their attributes (such as earnings and job hours flexibility) and asked to state their probabilistic choices. We...

We study bank supervision by combining a theoretical model that distinguishes supervision from regulation and a novel dataset on work hours of Federal Reserve supervisors. We highlight the trade-offs between the benefits and costs of supervision and use the model to interpret the relationship...

We explore the term structures of claims to a variety of cash flows: U.S. government bonds (claims to dollars), foreign government bonds (claims to foreign currency), inflation-adjusted bonds (claims to the price index), and equity (claims to future equity indexes or dividends). Average term...

In diesem Beitrag zeigen wir, dass theoretische und technologische Aussagensysteme zweieigenständige Forschungszweige darstellen und damit die Notwendigkeit erwächst, eineeigene Methodologie technologischer Aussagensysteme zu entwerfen. Wir stellen ersteAnsatzpunkte vor, wie eine solche...

We examine the short- and medium-term effects of announcements of changes in anti-crime policies in the distant future (news shocks) and provide a first extension of the analysis to cases where the announced policy changes may not be realized in the end (noise shocks). We further innovate by...