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Money And Monetary Policy In The Eurozone: An Empirical Analysis During Crises, Jonathan Benchimol, André Fourçans 2016 Bank of Israel

Money And Monetary Policy In The Eurozone: An Empirical Analysis During Crises, Jonathan Benchimol, André Fourçans

Jonathan Benchimol

This paper analyses the role of money and monetary policy as well as the forecasting performance of New Keynesian dynamic stochastic general equilibrium (DSGE) models with and without separability between consumption and money. The study is conducted over three crisis periods in the Eurozone, namely, the ERM crisis, the Dot-com crisis and the Global Financial Crisis (GFC). The results of successive Bayesian estimations demonstrate that during these crises, the non-separable model generally provides better out of sample output forecasts than the baseline model. We also demonstrate that money shocks have some impact on output variations during crises, especially in the ...


16-21 Impulsive Behavior In Competition: Testing Theories Of Overbidding In Rent-Seeking Contests, Roman M. Sheremeta 2016 Chapman University

16-21 Impulsive Behavior In Competition: Testing Theories Of Overbidding In Rent-Seeking Contests, Roman M. Sheremeta

ESI Working Papers

Researchers have proposed various theories to explain overbidding in rent-seeking contents, including mistakes, systematic biases, the utility of winning, and relative payoff maximization. Through an eight-part experiment, we test and find significant support for the existing theories. Also, we discover some new explanations based on cognitive ability and impulsive behavior. Out of all explanations examined, we find that impulsivity is the most important factor explaining overbidding in contests.


Internationalization Choices And Italian Firm Performance During The Crisis, Claudio Vicarelli, Stefano Costa, Carmine Pappalardo 2016 Selected Works

Internationalization Choices And Italian Firm Performance During The Crisis, Claudio Vicarelli, Stefano Costa, Carmine Pappalardo

Claudio Vicarelli


We focus on the relationship between internationalization choices and performance of Italian firms during the first period of the financial crisis (2007-2010). Making use of a new firm level database, we build a six-class taxonomy of firms’ internationalization activities; then we estimate firms’ performance as a function of internationalization forms, also estimating Propensity score and Heckman selection models in order to control for endogeneity and sample selection bias. Over the period 2007-2010, Italian firms moved (on average) towards more complex forms of internationalization. Empirical analysis find that these upward changes are related with positive effects on firms’ (labour) productivity, also ...


Can Noncompliant Behavior Explain Racial/Ethnic Disparities In The Use Of Force By The Nypd? An Econometric Analysis Of New York's Stop-And-Frisk, Omari-Khalid Rahman 2016 CUNY Hunter College

Can Noncompliant Behavior Explain Racial/Ethnic Disparities In The Use Of Force By The Nypd? An Econometric Analysis Of New York's Stop-And-Frisk, Omari-Khalid Rahman

School of Arts & Sciences Theses

This paper seeks to analyze spatiotemporal variations in NYPD policing patterns in an attempt to identify the causal mechanism(s) driving the observed racial/ethnic disparities; specifically, it addresses questions of how changing neighborhood demographics influence the decision-making of NYPD officers/precincts as it relates to their controversial Stop-and-Frisk policy.


Asymptotic Theory For Estimating The Persistent Parameter In The Fractional Vasicek Model, Weilin XIAO, Jun YU 2016 Singapore Management University

Asymptotic Theory For Estimating The Persistent Parameter In The Fractional Vasicek Model, Weilin Xiao, Jun Yu

Research Collection School Of Economics

This paper develops the asymptotic theory for the least squares (LS) estimator of the persistent parameter in the fractional Vasicek model when a continuous record of observations is available. The fractional Vasicek model is assumed to be driven by the fractional Brownian motion with a known Hurst parameter greater than or equal to one half. It is shown that the asymptotic properties depend on the sign of the persistent parameter, corresponding to the stationary case, the explosive case and the null recurrent case. The strong consistency and the asymptotic distribution are obtained in all three cases.


16-19 Endogenous Market Formation And Monetary Trade: An Experiment, Gabriele Camera, Dror Goldberg, Avi Weiss 2016 Chapman University

16-19 Endogenous Market Formation And Monetary Trade: An Experiment, Gabriele Camera, Dror Goldberg, Avi Weiss

ESI Working Papers

The theory of money assumes decentralized bilateral exchange and excludes centralized multilateral exchange. However, endogenizing the exchange process is critical for understanding the conditions that support the use of money. We develop a “travelling game” to study the spontaneous emergence of decentralized and centralized exchange, theoretically and experimentally. Players located on separate “islands” can either trade locally, or pay a cost to trade elsewhere, so decentralized and centralized markets can both emerge in equilibrium. The latter maximize trade meetings and are socially efficient; the former minimize trade costs through the use of money. In the laboratory, centralized exchange more frequently ...


16-18 Do Economic Inequalities Affect Long-Run Cooperation?, Gabriele Camera, Cary Deck, David Porter 2016 Chapman University

16-18 Do Economic Inequalities Affect Long-Run Cooperation?, Gabriele Camera, Cary Deck, David Porter

ESI Working Papers

Does inequality affect a group’s cohesion and ability to prosper? Participants in laboratory economies played an indefinite sequence of helping games in random, anonymous pairs. A coin flip determined donor and recipient roles in each pair. This random shock ensured equality of opportunity but not of results, because earnings depended on realized shocks. We manipulated the ability to condition choices on this uncontrollable inequality source. In all treatments, uncertain ending supports multiple Pareto-ranked equilibria, including full cooperation. Theoretically, inequalities do not alter the incentives’ structure. Empirically, inequality disclosures altered conduct, weakened norms of mutual support and reduced efficiency.


After Halliburton: Event Studies And Their Role In Federal Securities Fraud Litigation, Jill E. Fisch, Jonah B. Gelbach, Jonathan Klick 2016 University of Pennsylvania Law School

After Halliburton: Event Studies And Their Role In Federal Securities Fraud Litigation, Jill E. Fisch, Jonah B. Gelbach, Jonathan Klick

Jill Fisch

Event studies have become increasingly important in securities fraud litigation after the Supreme Court’s decision in Halliburton II. Litigants have used event study methodology, which empirically analyzes the relationship between the disclosure of corporate information and the issuer’s stock price, to provide evidence in the evaluation of key elements of federal securities fraud, including materiality, reliance, causation, and damages. As the use of event studies grows and they increasingly serve a gatekeeping function in determining whether litigation will proceed beyond a preliminary stage, it will be critical for courts to use them correctly.

This Article explores an array ...


After Halliburton: Event Studies And Their Role In Federal Securities Fraud Litigation, Jill E. Fisch, Jonah B. Gelbach, Jonathan Klick 2016 University of Pennsylvania Law School

After Halliburton: Event Studies And Their Role In Federal Securities Fraud Litigation, Jill E. Fisch, Jonah B. Gelbach, Jonathan Klick

Jill Fisch

Event studies have become increasingly important in securities fraud litigation after the Supreme Court’s decision in Halliburton II. Litigants have used event study methodology, which empirically analyzes the relationship between the disclosure of corporate information and the issuer’s stock price, to provide evidence in the evaluation of key elements of federal securities fraud, including materiality, reliance, causation, and damages. As the use of event studies grows and they increasingly serve a gatekeeping function in determining whether litigation will proceed beyond a preliminary stage, it will be critical for courts to use them correctly.

This Article explores an array ...


16-16 Focality And Asymmetry In Multi-Battle Contests, Subhashish M. Chowdhury, Dan Kovenock, David Rojo Arjona, Nathaniel Wilcox 2016 University of East Anglia

16-16 Focality And Asymmetry In Multi-Battle Contests, Subhashish M. Chowdhury, Dan Kovenock, David Rojo Arjona, Nathaniel Wilcox

ESI Working Papers

This article examines behavior in two-person constant-sum Colonel Blotto games in which each player maximizes the expected total value of the battlefields won. A lottery contest success function is employed in each battlefield. Recent experimental research on such games provides only partial support for Nash equilibrium behavior. We hypothesize that the salience of battlefields affects strategic behavior (the salient target hypothesis). We present a controlled test of this hypothesis – against Nash predictions – when the sources of salience come from certain asymmetries in either battlefield values or labels (as in Schelling (1960)). In both cases, subjects over-allocate the resource to the ...


After Halliburton: Event Studies And Their Role In Federal Securities Fraud Litigation, Jill E. Fisch, Jonah B. Gelbach, Jonathan Klick 2016 University of Pennsylvania Law School

After Halliburton: Event Studies And Their Role In Federal Securities Fraud Litigation, Jill E. Fisch, Jonah B. Gelbach, Jonathan Klick

Faculty Scholarship

Event studies have become increasingly important in securities fraud litigation after the Supreme Court’s decision in Halliburton II. Litigants have used event study methodology, which empirically analyzes the relationship between the disclosure of corporate information and the issuer’s stock price, to provide evidence in the evaluation of key elements of federal securities fraud, including materiality, reliance, causation, and damages. As the use of event studies grows and they increasingly serve a gatekeeping function in determining whether litigation will proceed beyond a preliminary stage, it will be critical for courts to use them correctly.

This Article explores an array ...


Regression Discontinuity Designs With Clustered Data: Variance And Bandwidth Choice, Otávio C. Bartalotti, Quentin O. Brummet 2016 Iowa State University

Regression Discontinuity Designs With Clustered Data: Variance And Bandwidth Choice, Otávio C. Bartalotti, Quentin O. Brummet

Economics Working Papers

Regression Discontinuity designs have become popular in empirical studies due to their attractive properties for estimating causal eects under transparent assumptions. Nonetheless, most popular procedures assume i.i.d. data, which is unreasonable in many common applications. To fill this gap, we derive the properties of traditional local polynomial estimators in a fixed-G setting that allows for cluster dependence in the error term. Simulation results demonstrate that accounting for clustering in the data while selecting bandwidths may lead to lower MSE while maintaining proper coverage. We then apply our cluster-robust procedure to an application examining the impact of Low-Income Housing ...


The Influence Of The Electric Supply Industry On Economic Growth In Less Developed Countries, Edward Richard Bee 2016 University of Southern Mississippi

The Influence Of The Electric Supply Industry On Economic Growth In Less Developed Countries, Edward Richard Bee

Dissertations

This study measures the impact that electrical outages have on manufacturing production in 135 less developed countries using stochastic frontier analysis and data from World Bank’s Investment Climate surveys. Outages of electricity, for firms with and without backup power sources, are the most frequently cited constraint on manufacturing growth in these surveys.

Outages are shown to reduce output below the production frontier by almost five percent in Africa and by a lower percentage in South Asia, Southeast Asia and the Middle East and North Africa. Production response to outages is quadratic in form. Outages also increase labor cost, reduce ...


The Economic Impacts Of Animal To Human Transmitted Disease In The Sudan.Pdf, Professor Issam A.W. Mohamed 2016 Department of Economics. Al Neelain University, Khartoum, Sudan

The Economic Impacts Of Animal To Human Transmitted Disease In The Sudan.Pdf, Professor Issam A.W. Mohamed

Professor Issam A.W. Mohamed

Zoonotic infectious livestock diseases are becoming a significant burden for both animal and human health and
are rapidly gaining the attention of decision-makers who manage public health programs. We developed a susceptible,
infected and removed (SIR) dynamic linear mathematical model of livestock-to-human brucellosis transmission in AL-Gazira
state. The compartmental model considers transmission within sheep and cattle populations and the transmission to humans
as additive components. The model was fitted to demographic and sero-prevalence data from livestock and annually
reported new human brucellosis cases in Abu-Gutta locality. The objectives are to estimate the economic impacts of endemic
Brucellosis diseases on both ...


Empirical Study Of Online Horse Race Bettors Betting Behavior In Finland, Tuomo Kainulainen 2016 University of Eastern Finland

Empirical Study Of Online Horse Race Bettors Betting Behavior In Finland, Tuomo Kainulainen

International Conference on Gambling and Risk Taking

This presentation produces an overview of online horse race bettors’ betting behavior in the Finnish betting market. The following studies have utilized individual-level online betting data LaPlante et al. (2006), LaBrie et al. (2007), LaBrie et al. (2008), LaPlante et al. (2009), Xuan & Shaffer (2009), Braveman & Shaffer (2010), Dragicevic et al. (2011), Fiedler (2013) and Gainsbury & Russell (2013). These studies focus on sports betting, poker and casino games. As an addition to the betting behavioural literature, this study focuses on horse race betting by utilizing betting data provided by Fintoto Ltd which has a legal monopoly for horse race betting ...


Rhode Island Current Conditions Index -- June 2016, Leonard Lardaro 2016 University of Rhode Island

Rhode Island Current Conditions Index -- June 2016, Leonard Lardaro

The Rhode Island Current Conditions Index

No abstract provided.


Robust Econometric Inference With Mixed Integrated And Mildly Explosive Regressors, Peter C. B. PHILLIPS, Ji Hyung LEE 2016 Singapore Management University

Robust Econometric Inference With Mixed Integrated And Mildly Explosive Regressors, Peter C. B. Phillips, Ji Hyung Lee

Research Collection School Of Economics

This paper explores in several prototypical models a convenient inference procedure for nonstationary variable regression that enables robust chi-square testing for a wide class of persistent and endogenous regressors. The approach uses the mechanism of self-generated instruments called IVX instrumentation developed by Magdalinos and Phillips (2009b). We first show that these methods remain valid for regressors with local unit roots in the explosive direction and mildly explosive roots, where the roots are further from unity in the explosive direction than 0 (n(-1)). It is also shown that Wald testing procedures remain robust for multivariate regressors with certain forms of ...


The Impacts Of Monetary Policies On Inflation Rates In Sudan (1970–2014).Pdf, Professor Issam A.W. Mohamed 2016 Department of Economics. Al Neelain University, Khartoum, Sudan

The Impacts Of Monetary Policies On Inflation Rates In Sudan (1970–2014).Pdf, Professor Issam A.W. Mohamed

Professor Issam A.W. Mohamed

"> The current paper investigates the role of fiscal and monetary policies on inflation in Sudan for the
period (1970-2014). The study assessed the impact of money supply, exchange rate, gross domestic product
(GDP), budget deficit and government expenditure on inflation. It has adopted a descriptive and analytical
method to achieve the goal. In particular, it has relied on empirical investigation based on descriptive statistic
and econometric modelling.
The results shows that several monetary, fiscal and structural factors, namely, money supply, budget deficit and
shrinking of gross domestic product are simultaneously influencing inflation in Sudan. While exchange rate and
government expenditure ...


Air Pollution, Temperature And Cognitive Performance In The Short Run: Evidence From Women’S Ability To Recall Dates, Ke Yang 2016 University of San Francisco

Air Pollution, Temperature And Cognitive Performance In The Short Run: Evidence From Women’S Ability To Recall Dates, Ke Yang

Master's Theses

Abstract: Cognitive performance is important to productivity across many fields and potentially correlated to air pollution and extreme temperatures. We study the effects of daily ambient air pollution and monthly temperature on women’s ability of recalling dates across 42 developing countries from 1997 to 2009. We use an estimated natural air pollution data, and calculate the AQI to get an aggregate effect of air pollution. We find that one standard deviation increase in the AQI leads to a statistical decrease in women’s probability to recall dates such as birthdays, marriage date or children’s birthdays by 0.44 ...


Air Pollution And Fetal Loss In The Global Tropics, Shuqiao Cheng 2016 University of San Francisco

Air Pollution And Fetal Loss In The Global Tropics, Shuqiao Cheng

Master's Theses

Abstract: Recent work has shown that in-utero air pollution has negative effects on both contemporaneous birth outcomes and long-term human capital outcomes. However, only a few studies explore the effects of in-utero exposure to air pollution on fetal loss, and none of the studies has been done in developing countries. In this study, we examine the impact of naturally caused CO and PM 2.5 on reproductive outcomes in 40 developing countries from 1997 to 2009. We present childbirths and birth gender as measures for potential fetal losses. The richest model identified using variation in pollution between pregnancies with controlling ...


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