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A renewal theoretic result in portfolio theory under transaction costs with multiple risky assets

Irle, Albrecht; Prelle, Claas - 2008

fixed and proportional transaction costs. The performance of an investment strategy is measured by the average return of the …

Persistent link: https://www.econbiz.de/10010263520

Firm training and wage rigidity

Lechthaler, Wolfgang - 2008

Although wage rigidity is among the most prominent subjects in modern economics, its effects on wage compression and firm training have thus far not been considered. This paper is trying to bridge this gap by using a simple two period model which can still by analyzed analytically. I am able to...

Persistent link: https://www.econbiz.de/10010263521

Quadratic labor adjustment costs and the New-Keynesian model

Lechthaler, Wolfgang; Snower, Dennis J. - 2008

We build quadratic labor adjustment costs into an otherwise standard New-Keynesian model of the business cycle and show that this is sufficient to increase both, output and inflation persistence.

Persistent link: https://www.econbiz.de/10010263522

Multinational firms and heterogeneous labor

Larch, Mario; Lechthaler, Wolfgang - 2008

In the presence of increasing specialization of workers it becomes more and more difficult for firms to find the most suitable workers. In such an environment a multinational corporation has an advantage because it can exchange workers between plants in different countries. In this way it can...

Persistent link: https://www.econbiz.de/10010263523

Can trade really hurt? An empirical follow-up on Samuelson's controversial paper

Bitzer, Jürgen; Görg, Holger; Schröder, Philipp J. H. - 2008

This paper investigates Samuelson's (JEP, 2004) argument that technical progress of the trade partner may hurt the home country. We illustrate this prospect in a simple Ricardian model for sitations with outward knowledge spillovers. Within this framework Samuelson's Act II effects may occur....

Persistent link: https://www.econbiz.de/10010263524

Individual expectations and aggregate behavior in learning to forecast experiments

Hommes, Cars; Lux, Thomas - 2008

Models with heterogeneous interacting agents explain macro phenomena through interactions at the micro level. We propose genetic algorithms as a model for individual expectations to explain aggregate market phenomena. The model explains all stylized facts observed in aggregate price fluctuations...

Persistent link: https://www.econbiz.de/10010263533

Governmental activity, integration, and agglomeration

Ott, Ingrid; Soretz, Susanne - 2008

This paper analyzes, within a regional growth model, the impact of productive governmental policy and integration on the spatial distribution of economic activity. Integration is understood as enhancing territorial cooperation between the regions, and it describes the extent to which one region...

Persistent link: https://www.econbiz.de/10010263534

Determinants of growth and convergence in a growing economy with heterogeneous entrepreneurs

Dohse, Dirk; Ott, Ingrid - 2008

We develop an endogenous growth model which is focussed on entrepreneurial skills and their impact on growth and convergence. Our work is closely related to the model by Acemoglu et al. (2006) but extends their analysis in some important respects. Entrepreneurs in our model dispose of two...

Persistent link: https://www.econbiz.de/10010263536

Avoiding the trap: the dynamic interaction of North-South capital mobility and technology diffusion

Hübler, Michael - 2009

This paper analyzes a stylized model of international capital mobility and diffusion of embodied technologies from … attract foreign capital and embodied technologies, if its absorptive capacity is too low. The paper reconciles the view that … share of foreign capital. The speed of technology diffusion is higher in small economic regions with high population …

Persistent link: https://www.econbiz.de/10010263540

Exchange-rate misalignments in duopoly: the case of Airbus and Boeing

Bénassy-Quéré, Agnès; Fontagné, Lionel; Raff, Horst - 2009

We examine the effect of exchange-rate misalignments on competition in the market for large commercial aircraft. This market is a duopoly where players compete in dollar-denominated prices while one of them, Airbus, incurs costs mostly in euros. We construct and calibrate a simulation model to...

Persistent link: https://www.econbiz.de/10010263548