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University of Manchester
(184 results)-
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Swap Market Model: Theory And Empirical Evidence
September 1, 2008, 12:00am PDT
This paper tests the co-terminal Swap Market Model (SMM) pricing and hedging performance on Bermudan swaptions. To the knowledge, the drift for SMM is derived explicitly for the first time here,...
Provided by University of Manchester
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The Impact Of Universities On Regional Innovation: A Critique And Policy Implications
September 10, 2008, 12:00am PDT
The impact of universities on the economic wellbeing and innovative potential of regions has been the object of intense scholarly and policy interest in the last years. This paper proposes a...
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Power And Leadership In Promotion Of Regional Development: An Empirical Analysis Of The Work Of Finnish Regional Development Officers
October 20, 2008, 12:00am PDT
Increased complexity and rapid pace of change demand more from people responsible for regional development at various levels of activity. This paper has its roots in a belief that the more complex...
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Tranching And Rating
November 1, 2008, 12:00am PDT
In this paper the authors analyze the source and magnitude of marketing gains from selling structured debt securities at yields that reflect only their credit ratings, or specifically at yields on...
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Self-Renewal Capacity And Economic Growth
September 1, 2009, 12:00am PDT
This paper adopts the point of view that a crisis will face a person, organization, region or country at some point in their life span or history. The question is how to prepare for the crises and...
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Scope, Strategy And Structure: The Dynamics Of Knowledge Networks In Medicine
January 16, 2009, 12:00am PST
This paper is to analyze the dynamics of networks in which new knowledge emerges and through which it is exchanged. The conjecture is that the structure of a network cannot be divorced from the...
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Changing Competition Models In Market Economies: The Effects Of Internationalization, Technological Innovations And Academic Expansion On The Conditions Supporting Dominant Economic Logics
June 1, 2009, 12:00am PDT
Different ways of competing in markets came to dominate particular sectors, regions and national market economies in the postwar period as a result of variations in market conditions,...
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Opening The Black Box: Adoption Of Innovations In Voluntary Organizations
July 16, 2009, 12:00am PDT
Despite the considerable attention paid to research into the adoption of technological innovations in government agencies and business firms, little attention has been paid to other types of...
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Mapping The Tacit Component: Getting Away From Knowledge Conversion
July 29, 2009, 12:00am PDT
This paper argues for a radical new understanding of the topic generally referred to as Tacit Knowledge. On the basis of a new appraisal of the work of Michael Polanyi, the authors argue that...
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Innovation Patterns Under The Magnifying Glass. Firm-Level Latent Class Analysis Of Innovation Activities In Services
September 15, 2009, 12:00am PDT
Innovation is still an obscure concept although many efforts have been made to improve the understanding and measurement of it. The growth of service activities throughout the economy has...
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A Simple Model Of Trading And Pricing Risky Assets Under Ambiguity: Any Lessons For Policy-Makers?
October 13, 2009, 12:00am PDT
Moreover, recent experience has shown that distress and lack of active trading can jump "Around" between seemingly unconnected parts of the financial system contributing to transforming isolated...
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Portfolio And Consumption Decisions Under Ambiguity For Regime Switching Mean Returns
October 13, 2009, 12:00am PDT
This paper examines a continuous-time inter-temporal consumption and portfolio choice problem for an ambiguity-averse investor with multiple priors when the expected return of a risky asset is...
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An Empirical Analysis Of Zero-Leverage And Ultra-Low Leverage Firms: Some U.K. Evidence
October 1, 2009, 12:00am PDT
This paper studies conservative debt policies, focusing on firms with no debt (zero leverage) or with extremely low debt. Firms maintaining zero leverage or ultra-low leverage are generally...
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What Drives Stochastic Risk Aversion
September 18, 2009, 12:00am PDT
The author examines determinants of stochastic relative risk aversion in conditional asset pricing models. First, the surplus consumption ratio implied by the external habit formation model is the...
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Institutional Entrepreneurship In Constructing Alternative Paths: A Comparison Of Biotech Hybrids
October 22, 2009, 12:00am PDT
This paper investigates how firms adapt their innovation strategies to cope with constraints in national institutional environments. It is a comparative case study of Dutch and British dedicated...
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Conceptual Foundations Of Innovation Systems
May 19, 2010, 12:00am PDT
Production and "Transfer" of knowledge, and the role of institutions, are two major conceptual tenets of Innovation Systems (IS) literature, which flourished in the evolutionary stream of...
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Hedging The Black Swan: Conditional Heteroskedasticity And Tail Dependence In S&P500 And VIX
July 30, 2009, 12:00am PDT
The recent financial crisis has accentuated the fact that extreme outcomes have been overlooked and not dealt with adequately. While extreme value theories have existed for a long time, the...
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The Governance Of Knowledge In Academic Spin-offs
March 16, 2010, 12:00am PDT
This paper is to study the evolution of organizational knowledge within Academic Spin-Off (ASO) firms throughout their life cycle. The exploitation of tacit and indivisible new knowledge developed...
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Rethinking Strategy And Implementation Of Knowledge Management From Innovation Perspective: A Lesson Learned From A Multinational Subsidiary In Indonesia
March 25, 2010, 12:00am PDT
Facing unprecedented challenges and opportunities ahead in the knowledge economy, managing knowledge has been a priority for many organizations. Knowledge Management (KM) emerges and has quickly...
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Distributed Innovation Processes (Dips) And The Dynamics Of Knowledge Tradability
March 25, 2010, 12:00am PDT
This paper draws on two extensive case studies to explore how the co-production and exchange of knowledge is organized during innovative activity. In the empirical cases multiple, transient...
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Pluriactivity, Entrepreneurship And Socio-Economic Success Of Rural Households
March 25, 2010, 12:00am PDT
Multiple data collection methods were used and the data were analyzed qualitatively. The findings were supplemented with quantifiable evidence when necessary in order to increase the validity of...
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Business Start-Up And Growth Motives Of Entrepreneurs: A Case In Bradford, United Kingdom
April 26, 2010, 12:00am PDT
This study attempts to investigate start-up and growth motives of entrepreneurs who own small and medium scale enterprises in Bradford, UK. In-depth interviews are conducted using "Storytelling"...
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Exploring Project Manager's Mental Models Of Project Risks
June 23, 2010, 12:00am PDT
The paper provides some insight into the supply chain team member's perceptions of project risks. The combination of causal mapping and a network-based approach offers a way of improving the...
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Sustainability Practices In Global IT Outsourcing
July 1, 2010, 12:00am PDT
Buyers and providers of global IT outsourcing increasingly strive for sustainability. Lessons from global leaders can give strategic and responsive direction to the IT outsourcing industry and to...
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Multi-Asset Class Portfolio Optimization Using A Belief Rule-Based System
July 1, 2010, 12:00am PDT
This paper is to apply a Belief Rule-Based (BRB) system to solve the multiasset class portfolio optimization problems. The BRB system, was developed on the basis of the concept of belief...
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Outsourcing And Offshoring Of Business Services: Challenges To Theory, Management And Geography Of Innovation
July 22, 2010, 12:00am PDT
Drawing on an original survey, the authors discuss the trends and challenges posed by the outsourcing and off shoring of business services. They document and analyze the increasing off shoring of...
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Investigating Sources Of Unanticipated Exposure In Industry Stock Returns
September 1, 2010, 12:00am PDT
This paper investigates the sources of both foreign exchange rate and interest rate exposure of industry level portfolios in the G7, decomposing exposure into cash flow and discount rate effects....
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Does The Macro-economy Predict U.K. Asset Returns In A Nonlinear Fashion? Comprehensive Out-Of-Sample Evidence
September 1, 2010, 12:00am PDT
The authors perform a comprehensive examination of the recursive, comparative predictive performance of a number of linear and non-linear models for UK stock and bond returns. They estimate Markov...
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Regime Shifts In Mean-Variance Efficient Frontiers: Some International Evidence
October 31, 2010, 12:00am PDT
Regime switching models have been assuming a central role in financial applications because of their well-known ability to capture the presence of rich non-linear patterns in the joint...
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A Yield Spread Perspective On The Great Financial Crisis: Break-Point Test Evidence
August 1, 2010, 12:00am PDT
The authors use a simple partial adjustment econometric framework to investigate the effects of the crisis on the dynamic properties of a number of yield spreads. They find that the crisis has...
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The Limits Of Information? A Game Theoretic Contribution To Understanding The Development Of An Indicators Policy For The UK Construction Industry
January 7, 2011, 12:00am PST
In the UK over the last decade, benchmarking has been consistently promoted as a solution to the problems of industry and the construction industry in particular. Government support of...
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The Innofusion Of Electronic Banking In Indonesia
January 20, 2011, 12:00am PST
Even though financial innovation plays an important role in the modern economy, surprisingly there have been few empirical literatures. In developing countries, electronic banking (e-banking), for...
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Exploring Knowledge Management In Civil Society Organisations: Sustaining Commitment, Advancing Movement
June 9, 2010, 12:00am PDT
Civil Society Organizations (CSOs) have recently attracted much research attention, as they have become more central in social as well as economic and political dynamics, challenging and shaping...
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Innovation In Private Infrastructure Development: Effects Of The Selection Environment And Modularity
December 12, 2007, 12:00am PST
This study investigates how the selection environment and modularity affect innovation in private infrastructure development. The findings stem from an in-depth empirical study of the extent ten...
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A Kernel Technique For Forecasting The Variance- Covariance Matrix
November 1, 2010, 12:00am PDT
The forecasting of Variance-Covariance Matrices (VCMs) is an important issue in finance, having applications in portfolio selection and risk management as well as being directly used in the...
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Business Cycle Synchronization Since 1880
January 1, 2011, 12:00am PST
This paper studies the international business cycle behavior across 25 advanced and emerging market economies for which 125 years of annual GDP data are available. The picture that emerges is more...
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Financial Integration And The Construction Of Historical Financial Data For The Euro Area
December 1, 2010, 12:00am PST
Time series analysis for the Euro Area requires the availability of sufficiently long historical data series, but the appropriate construction methodology has received little attention. The...
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A Cholesky-MIDAS Model For Predicting Stock Portfolio Volatility
September 1, 2010, 12:00am PDT
This paper presents a simple forecasting technique for variance covariance matrices. It relies significantly on the contribution of Chiriac and Voev (2010) who propose to forecast elements of the...
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Whitepapers
Heterogeneous Learning Dynamics And Speed Of Convergence
August 1, 2010, 12:00am PDT
In a simple, forward looking linear stochastic model the authors investigate the impact of heterogeneity in expectations formation on the speed of convergence of the learning process of agents...
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Real-Time, Adaptive Learning Via Parameterized Expectations
July 1, 2010, 12:00am PDT
The authors explore real time, adaptive nonlinear learning dynamics in stochastic macroeconomic systems. Rather than linearizing nonlinear Euler equations where expectations play a role around a...
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User Feedback as a First Class Citizen in Information Integration Systems
January 12, 2011, 12:00am PST
User feedback is gaining momentum as a means of addressing the difficulties underlying information integration tasks. It can be used to assist users in building information integration systems and...
Provided by University of Manchester
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Analysing The Relevance And Utility Of Leading Accounting Research
July 4, 2010, 12:00am PDT
The sub-prime banking crisis and credit crunch raised questions over whether the scope of accounting research has been too narrow to serve the longer-term needs of business and society. This paper...
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Is There Such A Thing As A 'Dyadic Operationalization'? Some Considerations Regarding Quantitative Research And The Interaction Model Of Business Relationships
September 1, 2009, 12:00am PDT
This paper addresses the challenge of bridging two seemingly incommensurable research traditions, i.e. the IMP Group tradition related to qualitative and descriptive interaction approaches on the...
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Network Pictures As A Research Device: Developing A Tool To Capture Actors? Perceptions In Organizational Networks
September 1, 2009, 12:00am PDT
In business networks, strategic actions are believed to be guided by actors' subjective views or perceptions of their surroundings. Researchers thus consider these perceptions as important for...
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The Fit Of Business Relationships With Business Strategies
August 28, 2010, 12:00am PDT
The concept of strategic fit has been a focus of the contemporary literature on organisational behaviour and strategy. This concept follows the logic of contingency theory and suggests that where...
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Understanding Network Picture Complexity: An Empirical Analysis Of Contextual Factors
August 27, 2010, 12:00am PDT
There has recently been increasing interest in the relationship between managers' perceptions of their surroundings and their interactions with other actors. This sense-making issue is linked to...
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Resource Acquisition Strategies In Business Relationships
June 1, 2010, 12:00am PDT
Understanding business relationships represents the core aspect of research in the IMP Group tradition. Although different models and frameworks have contributed significantly to explaining...
Provided by University of Manchester
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Actor Network Pictures And Networking Activities In Business Networks: An Exploratory Empirical Study
September 1, 2010, 12:00am PDT
In recent years, there has been increasing interest among business-to-business marketing scholars in the processes of managerial cognition. In particular, actors' network pictures, defined as the...
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The Role Of Inter-Firm Market Orientation On The Market Orientation - Performance Relationship
August 27, 2010, 12:00am PDT
Many researchers have studied market orientation over the last two decades and have argued its impact on firm performance. Much of the work has focused on the intra-firm market orientation of...
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The Impact Of The Country-Of-Origin Effect On Trust In Business Relationships
August 28, 2010, 12:00am PDT
It is the purpose of this paper to analyse how trust is formed within business relationships in cases in which the buyer's firm stems from a developed economy that has a positive Country-Of-Origin...
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Developing A Taxonomy For Strategising In Industrial Networks: Manual And Computer-Assisted Approaches
September 1, 2009, 12:00am PDT
The purposes of the project described here were to develop a taxonomy of terms relating to strategy used in industrial networks research studies, and to compare manual qualitative content analysis...
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A Dimensional Model Of Contract Characteristics In Business Relationships
September 5, 2009, 12:00am PDT
Contracts are manifestations of enforceable agreements within business relationships. In this way, contract research offers an objectified lens through which the relationship between buying and...
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Contextual Factors Of Network Picture Formation: An Empirical Examination
September 1, 2009, 12:00am PDT
The business network is a varying entity, depending on the perceptions of the actors within the network. Moreover, it has been posited that perceptions are important for actors' networking...
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Automatic PCA Dimension Selection for High Dimensional Data and Small Sample Sizes
December 1, 2008, 12:00am PST
Bayesian inference from high-dimensional data involves the integration over a large number of model parameters. Accurate evaluation of such high-dimensional integrals raises a unique set of...
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An Evaluation Of Government Efforts To Improve Regulatory Decision Making
August 25, 2010, 12:00am PDT
In response to the increasing impact of laws and regulations, several governments have introduced economic analysis as a way of improving regulatory decision making. This paper provides the first...
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Code Quality Evaluation Methodology Using the ISO/IEC 9126 Standard
July 1, 2010, 12:00am PDT
This work proposes a methodology for source code quality and static behavior evaluation of a software system, based on the standard ISO/IEC-9126. It uses elements automatically derived from source...
Provided by University of Manchester
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Lost in Translation: Data Integration Tools Meet the Semantic Web
March 27, 2011, 12:00am PDT
More information is now being published in machine processable form on the web and, as de-facto distributed knowledge bases are materializing, partly encouraged by the vision of the Semantic Web,...
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Red Tape, Corruption And Finance
November 1, 2007, 12:00am PDT
The authors study the effects of red tape and corruption in a model of occupational choice, entry regulation and imperfect capital markets. Red tape is the set of rules and regulations that...
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A Theory Of Infrastructure-led Development
February 5, 2010, 12:00am PST
This paper proposes a theory of long-run development based on public infrastructure as the main engine of growth. The government, in addition to investing in infrastructure, spends on health...
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The Allocation Of Public Expenditure And Economic Growth
February 10, 2010, 12:00am PST
This paper studies the optimal allocation of government spending between health, education, and infrastructure in an endogenous growth framework. In the model, infrastructure affects not only the...
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Optimal Taxation And Growth With Public Goods And Costly Enforcement
October 1, 2007, 12:00am PDT
This paper studies optimal direct and indirect taxation rules in an endogenous growth framework where public goods, in the form of infrastructure and health services, affect both production and...
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Business Cycle Synchronization Of The Euro Area With The New And Negotiating Member Countries
October 23, 2007, 12:00am PDT
The authors examine business cycle synchronizations between the euro area and the recently acceded EU and currently negotiating countries. Strong evidence is uncovered of time-variation in the...
Provided by University of Manchester
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Corruption And Development: A Test For Nonlinearities
October 1, 2007, 12:00am PDT
Using different combinations of culture, development and openness to international trade, the authors test the variability in the incidences of corruption at different stages of development or in...
Provided by University of Manchester
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White Papers
The Intranational Business Cycle: Evidence From Japan
January 1, 2008, 12:00am PST
This paper studies the intranational business cycle - that is the set of regional (prefecture) business cycles - in Japan. One reason for choosing to examine the Japanese case is that long time...
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Fundamentalists Vs. Chartists: Learning And Predictor Choice Dynamics
September 1, 2008, 12:00am PDT
In a simple, forward looking univariate model of price determination the authors investigate the evolution of endogenous predictor choice dynamics in presence of two types of agents:...
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Excess Liquidity, Bank Pricing Rules, And Monetary Policy
September 9, 2008, 12:00am PDT
This paper analyzes the implications of excess bank liquidity for the effectiveness of monetary policy in a simple model with credit market imperfections. Lending rates are set as a premium over...
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White Papers
On The Macroeconomics Of Microfinance
September 1, 2008, 12:00am PDT
Microfinance (small scale lending to the poor) is integrated into a dynamic macroeconomic model of income distribution. Two-period-lived agents, belonging to overlapping generation of dynastic...
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Public And Private Maintenance Expenditure In A Growing Economy
October 1, 2008, 12:00am PDT
This paper studies the optimal taxation structure and public maintenance spending in an endogenous growth model where public maintenance spending effect the efficiency of public and private...
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The UK Intranational Trade Cycle
December 1, 2008, 12:00am PST
The paper uses annual data on real GDP for the UK regions and 12 manufacturing sectors to derive regional and regional/sectoral business cycles using an H-P filter. The cohesion of the cycles is...
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Contracting Models Of The Phillips Curve Empirical Estimates For Middle-Income Countries
January 19, 2008, 12:00am PST
This paper provides empirical estimates of contracting models of the Phillips curve for eight middle-income developing countries (Chile, Colombia, Korea, Malaysia, Mexico, Morocco, Tunisia, and...
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Aid Allocation, Growth And Welfare With Productive Public Goods
January 19, 2008, 12:00am PST
This paper develops an open-economy intertemporal growth model with endogenous relative prices and an imperfect world capital market. The government provides two categories of public services,...
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White Papers
Co-Movements Between US And UK Stock Prices: The Roles Of Macroeconomic Information And Time-Varying Conditional Correlations
February 4, 2008, 12:00am PST
The authors provide evidence on the sources of co-movement in monthly US and UK stock returns by investigating the role of macroeconomic and financial variables in a model with time-varying...
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Is Volatility Good For Growth? Evidence From The G7
February 6, 2008, 12:00am PST
The authors provide empirical support for a DSGE model with nominal wage stickiness where growth is driven by learning-by-doing and money shocks and their variance are allowed to impact on...
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Public Investment And Growth: The Role Of Corruption
February 1, 2008, 12:00am PST
In this paper, the authors examine the growth effects of public investment in the presence of corruption. The methodology improves on previous research on this topic by explicitly recognizing the...
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Expectations, Learning And Policy Rule
January 1, 2009, 12:00am PST
The optimal discretionary policy rule in the New Keynesian forward looking model under the hypothesis of rational expectations responds only to fundamental shocks. This leads to indeterminacy of...
Provided by University of Manchester
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Financial Dollarization: Short-Run Determinants In Transition Economies
February 1, 2009, 12:00am PST
This paper examines the determinants of financial dollarization in transition economies from a short-run perspective. Using monthly data of deposit and loan dollarization the authors study the...
Provided by University of Manchester
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Fiscal Transparency And Corruption
February 1, 2009, 12:00am PST
This paper tests the proposition that fiscal transparency, measured by a newly constructed data on budget openness, can be a powerful control on corruption. This result is robust to the choice of...
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Public Capital, Health Persistence And Poverty Traps
February 23, 2009, 12:00am PST
Growth dynamics and health outcomes are studied in a threeperiod overlapping generations model with public capital. Reproductive agents face a non-zero probability of death in both childhood and...
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Escape Dynamics And Policy Specification
March 1, 2009, 12:00am PST
In his monograph The conquest of American inflation (1999) Sargent suggests that the sharp reduction in US inflation that took place under Volker may vindicate the type of econometric policy...
Provided by University of Manchester
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White Papers
Common And Spatial Drivers In Regional Business Cycles
April 1, 2009, 12:00am PDT
The authors examine real business cycle convergence for 41 euro area regions and 48 US states. Results obtained by a panel model with spatial correlation indicate that the relevance of common...
Provided by University of Manchester
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