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  • Other Sources  (94)
  • Theorie  (94)
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  • 1
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    Atlanta, GA: Federal Reserve Bank of Atlanta
    Publication Date: 2018-11-07
    Description: This paper provides a theory of debt and hedging based on human capital. We distinguish human capital from physical capital in two ways: (1) human capital is inalienable and can exercise a one-sided option to leave the firm, and (2) human capital is not perfectly replaceable. We show that a firm may reach the first best solution while issuing debt or equity to outsiders provided that either the insiders receive a senior claim or that the firm hedges. We then show that, given asymmetric information concerning costs, the only viable solution has the firm issuing debt to outsiders and hedging.
    Keywords: ddc:330 ; Humankapital ; Hedging ; Kapitalstruktur ; Börsengang ; Theorie
    Language: English
    Type: doc-type:workingPaper
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  • 2
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    Berlin: Deutsches Institut für Wirtschaftsforschung (DIW)
    Publication Date: 2016-06-22
    Description: This paper develops an axiomatic approach to the measurement of social exclusion. At the individual level, social exclusion is viewed in terms of deprivation of the person concerned with respect to different functionings in the society. At the aggregate level we treat social exclusion as a function of individual exclusions. The class of subgroup decomposable social exclusion measures using a set of independent axioms is identified. We then look at the problem of ranking exclusion profiles by exclusion dominance principle under certain restrictions. Finally, applications of decomposable and non-decomposable measures suggested in the paper using European Union and Italian data are also considered.
    Keywords: D63 ; ddc:330 ; Social Exclusion ; Axioms ; Characterization ; Dominance ; Application ; Policy ; Soziale Isolation ; Messung ; Disparitätsmass ; Theorie
    Language: English
    Type: doc-type:workingPaper
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  • 3
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    Berlin: Deutsches Institut für Wirtschaftsforschung (DIW)
    Publication Date: 2016-06-22
    Description: This paper proposes a method for detecting income classes based on the change-point problem. There is an increasing demand for such a method in the literature. Computation of polarization indices requires a pre-grouping of the incomes. Similarly, indices of social exclusion and sometimes indices of income inequality require detection of thresholds. The estimation procedure is implemented using a bootstrap technique. Finally, an application of the method to EU member states and to the United States is also considered.
    Keywords: D31 ; ddc:330 ; income distribution ; change-point ; thresholds ; Einkommensverteilung ; Disparitätsmass ; Soziale Isolation ; Theorie ; EU-Staaten ; Vereinigte Staaten ; change-point
    Language: English
    Type: doc-type:workingPaper
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  • 4
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    Berlin: Deutsches Institut für Wirtschaftsforschung (DIW)
    Publication Date: 2016-06-22
    Description: Given any income distribution, to each income we associate a subgroup containing all persons whose incomes are not higher than this income and a person?s target shortfall in a subgroup is the gap between the subgroup highest income and his own income. We then develop an absolute target shortfall ordering, which, under constancy of population size and total income, implies the Lorenz and Cowell-Ebert complaint orderings. Under the same restrictions, one distribution dominates the other by this ordering if and only if the dominated distribution can be obtained from the dominant one by a sequence of rank preserving progressive transfers, where each transfer is shared equally by all persons poorer than the donor of the transfer. The relationship of the ordering with the absolute deprivation and differential orderings, and its consistency with ranking of distributions by absolute target shortfall indices are explored. Well-known inequality indices like the absolute Gini index and the standard deviation are interpreted as absolute target shortfall indices. Finally, the possibility of a relative target shorfall ordering is also discussed.
    Keywords: D63 ; D31 ; ddc:330 ; Target shortfall orderings ; transfer ; indices ; Sozialtransfer ; Einkommensverteilung ; Disparitätsmass ; Theorie
    Language: English
    Type: doc-type:workingPaper
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  • 5
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    München: Sonderforschungsbereich/Transregio 15 Governance and the Efficiency of Economic Systems
    Publication Date: 2014-03-22
    Description: In a recurring auction early bids may reveal bidders' types, which in turn affects bidding in later auctions. Bidders take this into account and may bid in a way that conceals their private information until the last auction is played. The present paper analyzes the equilibrium of a sequence of ?rst-price auctions assuming bidders have stable private values. We show that signal-jamming occurs and explore the dynamics of equilibrium prices.
    Keywords: ddc:330 ; Auctions ; Signaling ; Price Competition ; Auktionstheorie ; Extensives Spiel ; Preiswettbewerb ; Signalling ; Dynamisches Gleichgewicht ; Theorie
    Language: English
    Type: doc-type:workingPaper
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  • 6
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    Zurich: ETH Zurich, CER-ETH - Center of Economic Research
    Publication Date: 2017-11-29
    Description: This work introduces a new model to investigate the efficiency and evolution of networks of firms exchanging knowledge in R&D partnerships. We first examine the efficiency of a given network structure in terms of the maximization of total profits in the industry. We show that the efficient network structure depends on the marginal cost of collaboration. When the marginal cost is low, the complete graph is efficient. However, a high marginal cost implies that the efficient network is sparser and has a core-periphery structure. Next, we examine the evolution of the network struc- ture when the decision on collaborating partners is decentralized. We show the existence of mul- tiple equilibrium structures which are in general inefficient. This is due to (i) the path dependent character of the partner selection process, (ii) the presence of knowledge externalities and (iii) the presence of severance costs involved in link deletion. Finally, we study the properties of the emerg- ing equilibrium networks and we show that they are coherent with the stylized facts of R&D net- works.
    Keywords: D85 ; L24 ; O33 ; ddc:330 ; R&D networks ; technology spillovers ; network efficiency ; network formation ; Industrieforschung ; Unternehmensnetzwerk ; Organisationsstruktur ; Spillover-Effekt ; Graphentheorie ; Theorie
    Language: English
    Type: doc-type:workingPaper
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  • 7
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    Baltimore, MD: The Johns Hopkins University, Department of Economics
    Publication Date: 2018-07-02
    Description: The standard approach to modelling consumption/saving problems is to assume that the decisionmaker is solving a dynamic stochastic optimization problem However under realistic descriptions of utility and uncertainty the optimal consumption/saving decision is so difficult that only recently economists have managed to find solutions using numerical methods that require previously infeasible amounts of computation Yet empirical evidence suggests that household behavior conforms fairly well with the prescriptions of the optimal solution raising the question of how average households can solve problems that economists until recently could not This paper examines whether consumers might be able to find a reasonably good ’rule-of-thumb?approximation to optimal behavior by trial-and-error methods as Friedman (1953) proposed long ago We find that such individual learning methods can reliably identify reasonably good rules of thumb only if the consumer is able to spend absurdly large amounts of time searching for a good rule
    Keywords: C6 ; D1 ; D8 ; D9 ; E2 ; ddc:330 ; learning ; consumption ; saving ; uncertainty ; buffer-stocksa ving ; Konsumtheorie ; Lernprozess ; Theorie
    Language: English
    Type: doc-type:workingPaper
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  • 8
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    Baltimore, MD: The Johns Hopkins University, Department of Economics
    Publication Date: 2018-07-02
    Description: Economists working with numerical solutions to the optimal consumption/saving problem under uncertainty have long known that there are quantitatively important interactions between liquidity constraints and precautionary saving behavior This paper provides the analytical basis for those interactions First we explain why the introduction of a liquidity constraint increases the precautionary saving motive around levels of wealth where the constraint becomes binding Secondwe provide a rigorous basis for the oft-noted similarity between the effects of introducing uncertainty and introducing constraints by showing that in both cases the effects spring from the concavity in the consumption function which either uncertainty or constraints can induce We further show that consumption function concavity once created propagates back to consumption functions in prior periods Finally our most surprising result is that the introduction of additional constraints beyond the first one or the introduction of additional risks beyond a first risk can actually reduce the precautionary saving motive because the new constraint or risk can ‘hide?the effects of the preexisting constraints or risks
    Keywords: C6 ; D91 ; E21 ; ddc:330 ; liquidity constraints ; consumption function ; uncertainty ; stochastic income ; precautionary saving ; Sparen ; Verschuldungsrestriktion ; Gesamtwirtschaftliche Konsumfunktion ; Theorie
    Language: English
    Type: doc-type:workingPaper
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  • 9
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    Buenos Aires: Banco Central de la República Argentina (BCRA), Investigaciones Económicas (ie)
    Publication Date: 2018-07-03
    Description: Using frequency domain techniques to separate short and long run dynamics and decomposing inflation into its common and idiosyncratic components, we study the regime dependence of the inflation-RPV relation in Argentina and the USA. Under High inflation, strong long-run comovement between RPV and Inflation is found for both economies, that extends to the short run adding extra noise to that usually present at high frequencies. High inflation also leads to ideosyncratic movements in prices that do not cancel out, adding persistence to the process. When inflation is low, no long-run interaction between variables is expected. This is the case of the US, even though supply shocks are comparable to those of the seventies when trend inflation was high. Surprisingly, the findings for Argentina do not support the a-priori as both variables show significant long term comovement. Studying disaggregate price responses to common shocks helps to understand sectoral pattens behind these dynamics. Our results suggest that long run variablity in inflation can be induced, not only by a high trend inflation, but also by policy stabilization efforts based on relative price adjustments.
    Keywords: C22 ; C43 ; E31 ; E52 ; ddc:330 ; inflation ; frequency domain analysis ; regime ; common shocks ; monetary policy ; relative prices ; Inflation ; Relativer Preis ; Theorie ; Argentinien ; USA
    Language: English
    Type: doc-type:workingPaper
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  • 10
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    Davis, CA: University of California, Department of Economics
    Publication Date: 2018-06-28
    Description: The 1970s and early 1980s witnessed two main approaches to the analysis of monetary policy. The first is the early new classical approach of Lucas, based on the assumptions of rational expectations and market clearing. The second is the a theoretical econometrics of Simsâ??s VAR program. Both have developed: the new classical approach has been enriched through various accounts of price stickiness, cost of adjustment or alternative expectational schemes; the original VAR program has developed into the structural VAR program. This paper clarifies the relationship between these two programs. Based on work of Cochrane (1998), it shows that the typical method of evaluating unanticipated, unsystematic monetary policy is correct only if the conditions necessary for Lucasâ??s policy-ineffectiveness proposition hold, while recent methods for evaluating systematic monetary policy violate Lucasâ??s policy-noninvariance proposition (â??the Lucas critiqueâ??). The paper shows how to construct and estimate (using regime changes) a model in which some agents form rational-expectations and others follow rules of thumb. In such a model, monetary policy actions can be validly decomposed into systematic and unsystematic components and valid counterfactual experiments on alternative systematic monetary-policy rules can be evaluated.
    Keywords: ddc:330 ; Geldpolitik ; Neue klassische Makroökonomik ; VAR-Modell ; Messung ; Theorie
    Language: English
    Type: doc-type:workingPaper
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