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University of Zurich
(97 results)-
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Considerations on the Interoperability of and Between Cloud Computing Standards
September 22, 2009, 12:00am PDT
Cloud computing has gaining importance in the recent past due to the conjunction of well-known key features, such as virtualization and pay-by-use, which together form an innovative concept. Even...
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Competition And Innovation: An Experimental Investigation
October 1, 2007, 12:00am PDT
The paper analyzes the effects of competitive intensity on firms' incentives to invest in process innovations through an experiment based on two-stage games, where R&D investment choices are...
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The Relation Between Competition And Innovation - Why Is It Such A Mess?
January 1, 2010, 12:00am PST
Using a general two-stage framework, this paper gives sufficient conditions for increasing competition to have negative or positive effects on R&D-investment, respectively. Both possibilities...
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White Papers
Competitive Markets Without Commitment
November 1, 2008, 12:00am PDT
In the presence of a time-inconsistency problem with optimal agency contracts, the authors show that competitive markets implement allocations that Pareto dominate those achieved by a benevolent...
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White Papers
Renewable Energy Policy In The Presence Of Innovation: Does Government Pre-Commitment Matter?
July 1, 2010, 12:00am PDT
In a perfectly competitive market with a possibility of technological innovation the authors contrast guaranteed feed-in tariffs for electricity from renewable and tradable green certificates from...
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The Organizational Advantages Of Cooperatives: Knowledge Generation, Knowledge Acquisition, And Hold-Up Mitigation
November 5, 2009, 12:00am PST
Considering their practical importance, cooperatives are among the least re-searched forms of organization found in the literature. In this paper, the authors develop a model to compare markets,...
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White Papers
What Difference Do Beliefs Make? Gender Job Associations And Work Climate
September 29, 2009, 12:00am PDT
This paper investigates how women and men value their work climate if performing jobs with stereotypical male or female tasks. Using a special variable from a big data set the authors are able to...
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White Papers
The Effects Of Bonus Taxes On Executive Compensation
December 1, 2010, 12:00am PST
The financial crisis from 2007-2010 was the worst crisis since the Great Depression. Politicians, economists and regulators search for measures to avoid such a crisis to repeat. One prominent...
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White Papers
The Value Of A Statistical Injury: New Evidence From The Swiss Labor Market
September 1, 2009, 12:00am PDT
The authors' study the monetary compensation for non-fatal accident risk in Switzerland using the number of accidents within cells defined over industry skill-level of the job and capitalizing on...
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Coding Solutions for the Secure Biometric Storage Problem
February 15, 2010, 12:00am PST
The paper studies the problem of securely storing biometric passwords, such as fingerprints and irises. With the help of coding theory Juels and Wattenberg derived in 1999 a scheme where similar...
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An ER-Based Framework for Declarative Web Programming
March 21, 2011, 12:00am PDT
The authors describe a framework to support the implementation of web-based systems intended to manipulate data stored in relational databases. Since the conceptual model of a relational database...
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Compiling ER Specifications Into Declarative Programs
November 2, 2007, 12:00am PDT
This paper proposes an environment to support high-level database programming in a declarative programming language. In order to ensure safe database updates, all access and update operations...
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White Papers
Introducing Automated Regression Testing in Open Source Projects
January 5, 2010, 12:00am PST
To learn how to introduce automated regression testing to existing medium scale Open Source projects, a long-term field experiment was performed with the Open Source project FreeCol. Results...
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Predicting Coding Effort in Projects Containing XML Code
October 12, 2010, 12:00am PDT
This paper studies the problem of predicting the coding effort for a subsequent year of development by analysing metrics extracted from project repositories, with an emphasis on projects...
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White Papers
Emergence of Spontaneous Order Through Neighborhood Formation in Peer-to-Peer Recommender Systems
December 23, 2008, 12:00am PST
The advent of the Semantic-Web necessitates paradigm shifts away from centralized client/server architectures towards decentralization and peer-to-peer computation, making the existence of central...
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White Papers
Foundations of SPARQL Query Optimization
January 26, 2009, 12:00am PST
The SPARQL query language is a recent W3C standard for processing RDF data, a format that has been developed to encode information in a machine readable way. The authors investigate the...
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Simulation-Based Security With Inexhaustible Interactive Turing Machines
January 1, 2011, 12:00am PST
Recently, there has been much interest in extending models for simulation-based security in such a way that the runtime of protocols may depend on the length of their input. Finding such...
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A Framework Of Corporate Sustainability And Its Organizational Pre-Conditions
May 31, 2009, 12:00am PDT
The discussion of Corporate Sustainability (CS) is hindered by a lack of definitional clarity of the concept of CS and neighboring concepts. Therefore in this paper a framework of corporate...
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White Papers
Channel Systems: Why Is There A Positive Spread?
November 1, 2010, 12:00am PDT
An increasing number of central banks implement monetary policy via two standing facilities: a lending facility and a deposit facility. In this paper the authors show that it is socially optimal...
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Viewing The Future Through A Warped Lens: Why Uncertainty Generates Hyperbolic Discounting
September 9, 2010, 12:00am PDT
A large body of experimental research has demonstrated that, on average, people violate the axioms of expected utility theory as well as of discounted utility theory. In particular, aggregate...
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White Papers
Harmful Signaling In Matching Markets
September 9, 2010, 12:00am PDT
Some labor markets have recently developed formal signaling mechanisms, e.g. the signaling for interviews in the job market for new Ph.D. economists. The authors evaluate the effect of such...
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White Papers
Inequality And Growth: The Neglected Time Dimension
September 1, 2010, 12:00am PDT
The empirical literature on the relationship between inequality and growth offers a contradictory assessment: Estimators based on time-series (differences-based) variation indicate a strong...
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White Papers
How Groups Reach Agreement In Risky Choices: An Experiment
September 1, 2010, 12:00am PDT
This paper studies how groups resolve disagreement in lottery choices. In an experiment, subjects submit individual proposals, exchange chat messages, and must reach unanimity. Overall, group...
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White Papers
Communication And Efficiency In Competitive Coordination Games
September 1, 2010, 12:00am PDT
Costless pre-play communication has been found to effectively facilitate coordination and enhance efficiency in games with Pareto-ranked equilibria. The authors report an experiment in which two...
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Do Groups Fall Prey To The Winner's Curse?
September 1, 2010, 12:00am PDT
In a company takeover experiment, groups placed better bids than individuals and substantially reduced the winner's curse. This improvement was mostly due to peer pressure over the minority...
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Multimarket Contact Effect On Collusion Through Diversification
September 1, 2010, 12:00am PDT
This paper establishes the potential positive relationship between MultiMarket Contact (MMC) and sustainable collusive profits under demand fluctuations. In particular, the author focuses on the...
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Biased Experts, Costly Lies, And Binary Decisions
July 2, 2010, 12:00am PDT
Decision makers lacking crucial specialist know-how often consult with better informed but biased experts. In the model the decision maker's choice problem is binary and her preferred option...
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White Papers
The Evolution Of Durable Goods Demand During China's Transition.
July 1, 2010, 12:00am PDT
Durable goods ownership is commonly seen as a 'Defining gauge' for the stage of development of a country. Its unprecedented economic growth and the rise of a strong and steadily growing class of...
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Competition And Innovation: Does The Distance To The Technology Frontier Matter?
June 1, 2010, 12:00am PDT
This paper provides new evidence on the relationship between innovation, competition and distance to the technology frontier, using enterprise surveys from 40 developing and transition countries....
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White Papers
Rent-Seeking Contests With Independent Private Values
June 1, 2010, 12:00am PDT
The authors consider symmetric rent-seeking contests with independent private valuations of the contest prize. For a two-parameter specification with continuous types, they fully characterize the...
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White Papers
World Heritage List: Does It Make Sense?
April 29, 2010, 12:00am PDT
The UNESCO World Heritage List contains the 900 most treasured Sites of humanity's culture and landscapes. The World Heritage List is beneficial where heritage sites are undetected, disregarded by...
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Optimal Market Design
February 28, 2010, 12:00am PST
This paper introduces three methodological advances to study the optimal design of static and dynamic markets. First, the authors apply a mechanism design approach to characterize all...
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White Papers
Reverse Common Ratio Effect
February 1, 2010, 12:00am PST
The results of a new experimental study reveal highly systematic violations of expected utility theory. The pattern of these violations is exactly the opposite of the classical common ratio effect...
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White Papers
Malthus Was Right: New Evidence From A Time-Varying VAR
February 1, 2010, 12:00am PST
Although Unified Growth Theory presumes the existence of the Maltusian mechanism in pre-industrial England recent empirical studies challenged this assumption. This paper studies the interaction...
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White Papers
Screening, Competition, And Job Design: Economic Origins Of Good Jobs
January 1, 2010, 12:00am PST
In recent decades, many firms offered more discretion to their employees, often increasing the productivity of effort but also leaving more opportunities for shirking. These "High-performance work...
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White Papers
Trade, Markup Heterogeneity And Misallocations
January 1, 2010, 12:00am PST
Markups vary widely across industries and countries, their heterogeneity has increased overtime and asymmetric exposure to international trade seems partly responsible for this phenomenon. In this...
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Habit Formation, Strategic Extremism, And Debt Policy
January 1, 2010, 12:00am PST
The authors suggest a probabilistic voting model where voters' preferences for alternative public goods display habit formation. Current policies determine habit levels and in turn the future...
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White Papers
Of Bubbles And Bankers: The Impact Of Financial Booms On Labor Markets
December 16, 2009, 12:00am PST
This paper studies the effect of financial booms and extreme asset valuations on the relative demand for skills and the wage structure. The substantial rise in wage inequality in the U.S. since...
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White Papers
The Macroeconomics Of Model T
December 3, 2009, 12:00am PST
The authors study a model of endogenous growth where firms invest both in product and process innovations. Product innovations (that open up completely new product lines) satisfy the advanced...
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Lemons And Money Markets
November 1, 2009, 12:00am PDT
This paper identifies simple conditions for monotone comparative statics of a unique equilibrium in the Akerlof-Wilson model. Separate conditions apply to trade volume and price. Trade volume...
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White Papers
Experience With Model-Based Performance, Reliability and Adaptability Assessment of a Complex Industrial Architecture
January 24, 2012, 12:00am PST
In this paper, the authors report on their experience with the application of validated models to assess performance, reliability, and adaptability of a complex mission critical system that is...
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White Papers
A Resource-Aware Program Logic for a JVM-Like Language
January 1, 2012, 12:00am PST
Guaranteeing bounded resource consumption of mobile code is one important facet of improving the security of distributed, decentralised systems. To achieve an independent verification of resource...
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White Papers
RFID-Based Entry Into the German B2B Parcel Market and Its Effect on Competitive Strategies, Prices and Market Shares: The Case of Red Parcel Post
October 1, 2009, 12:00am PDT
This paper analyzes the market entry of Red Parcel Post, a new player in the German Business-to-Business (B2B) parcel market. Currently there are four large service providers in the German B2B...
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White Papers
International Price And Earnings Momentum
May 1, 2008, 12:00am PDT
The authors find that price and earnings momentum are pervasive features of international equity markets when controlling for data snooping biases. In explaining the momentum phenomenon they show...
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White Papers
Vanishing Liquidity, Market Runs, And The Welfare Impact Of TARP
January 19, 2009, 12:00am PST
The author models a financial market that dries out in the wake of premature liquidations. Two main results are obtained. First, liquidity may vanish even if small, risk-neutral buyers could...
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White Papers
The Executive Turnover Risk Premium
April 30, 2008, 12:00am PDT
Executive compensation has increased dramatically over the past 15 years, but so has forced CEO turnover. The authors argue that part of the development of CEO pay can be explained by the adverse...
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What Do Dividends Really Say? Reconciling Old Theory And Recent Evidence
November 27, 2007, 12:00am PST
Unlike an important series of recent papers, the authors find that dividends carry an important message about future earnings. As in previous research, they find that dividend changes are better...
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Payout And Investment Decisions Under Managerial Discretion
November 27, 2007, 12:00am PST
In traditional signalling models, high-quality firms can separate themselves from low-quality firms by using their payout policy. Standard agency theory suggests that shareholders will pressure...
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White Papers
Should Firms Really Be Obliged To Provide Financial Interim Reports?
November 1, 2007, 12:00am PDT
Mandating interim reporting is lively discussed in Europe, especially since the European Union has set up mandatory quarterly reporting on the agenda. By examining the Swiss stock market, in which...
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White Papers
Navigation Support for Mobile Learning
January 12, 2010, 12:00am PST
Mobile learning exposes learning to the natural environment. If this environment is large, the learners have to navigate to find the learning objects or to explore the environment. Current mobile...
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White Papers
Management Fashion Pay-For-Performance For CEOs
April 1, 2009, 12:00am PDT
The authors show theoretically and empirically that Pay-for-Performance, like many management fashions, has not achieved its intended aim. The paper focuses on previous empirical studies that...
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Competition, Cooperation, And Corporate Culture
July 1, 2007, 12:00am PDT
Teamwork and cooperation between workers can be of substantial value to a firm, yet the level of worker cooperation often varies between individual firms. The authors show that these differences...
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White Papers
Terrorism And Business
July 1, 2007, 12:00am PDT
Deterrence has been a crucial element in fighting terrorism, both in politics and in rational choice analyses of terrorism. However, there are two strategies that are superior to deterrence. The...
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White Papers
The Consumption - Real Exchange Rate Anomaly: An Asset Pricing Perspective
September 1, 2007, 12:00am PDT
Idiosyncratic consumption risk explains more than 60 percent of the cross-sectional variation in quarterly exchange rate changes and currency returns. The results are obtained from data of 13...
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Harmonic Regression Models: A Comparative Review With Applications
September 26, 2007, 12:00am PDT
Strongly periodic series occur frequently in many disciplines. This paper reviews one specific approach to analyzing such series viz. the harmonic regression approach. In this paper the five major...
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White Papers
Using Financial Markets To Analyze History: The Case Of The Second World War
October 1, 2007, 12:00am PDT
A central aspect of historical research is to provide explanations for the causes and effects of events that occurred in the past, in particular the Second World War. History can be analyzed and...
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White Papers
International Evidence For Return Predictability And The Implications For Long-Run Covariation Of The G7 Stock
November 1, 2007, 12:00am PDT
Temporary fluctuations of the U.S. consumption-wealth ratio, cay, predict excess returns on international stock markets at the business cycle frequency. This finding is the reflection of a common,...
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White Papers
Cashflow News, The Value Premium And An Asset Pricing View On European Stock Market Integration
November 1, 2007, 12:00am PDT
The decomposition of national CAPM market betas of European countries' value and growth portfolio returns into cashflow and discount rate news driven components reveals that high average returns...
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White Papers
Consumption Growth, Uncovered Equity Parity And The Cross-section Of Returns On Foreign Currencies
November 1, 2007, 12:00am PDT
Lagged foreign stock returns in excess of the U.S. stock market return are informative about quarterly exchange rate movements. A past high foreign stock return relative to the U.S. signals...
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On The Optimal Timing Of Capital Taxes
December 1, 2007, 12:00am PST
For many kinds of capital, depreciation rates change systematically with the age of the capital. Consider an example that captures essential aspects of human capital, both regarding its...
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White Papers
Financial Globalization, International Business Cycles, And Consumption Risk Sharing
December 1, 2007, 12:00am PST
In spite of two decades of financial globalization, consumption-based indicators do not seem to signal more international risk sharing. The authors argue that consumption risk sharing among...
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White Papers
The Cyclical Behavior Of Equilibrium Unemployment And Vacancies Revisited
December 1, 2007, 12:00am PST
Recently, a number of authors have argued that the standard search model cannot generate the observed business-cycle-frequency fluctuations in unemployment and job vacancies, given shocks of a...
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A Monetary Model With Strong Liquidity Effects
December 18, 2007, 12:00am PST
This paper studies the joint business cycle dynamics of inflation, money growth, nominal and real interest rates and the velocity of money. The author extends and estimates a standard cash and...
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White Papers
Optimal Ramsey Tax Cycles
December 1, 2007, 12:00am PST
This paper asks whether tax cycles can represent the optimal policy in a model without any extrinsic uncertainty. The author shows, in an economy without capital and where labor is the only choice...
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White Papers
Control Of The False Discovery Rate Under Dependence Using The Bootstrap And Subsampling
December 1, 2008, 12:00am PST
This paper considers the problem of testing s null hypotheses simultaneously while controlling the False Discovery rate (FDR). Benjamini and Hochberg (1995) provide a method for controlling the...
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White Papers
Betting On Own Knowledge: Experimental Test Of Overconfidence
January 1, 2008, 12:00am PST
This paper presents a new incentive compatible method for measuring confidence in own knowledge. This method consists of two parts. First, an individual answers several general knowledge...
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White Papers
Ensuring Financial Stability: Financial Structure And The Impact Of Monetary Policy On Asset Prices
March 26, 2008, 12:00am PDT
This paper studies the responses of residential property and equity prices, inflation and economic activity to monetary policy shocks in 17 countries, using data spanning 1986-2006. The authors...
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White Papers
Consumption Risk Sharing Over The Business Cycle: The Role Of Small Firms Access To Credit Markets
March 1, 2008, 12:00am PST
Consumption risk sharing among U.S. federal states increases in booms and decreases in recessions. The authors find that small firms' access to financial markets plays an important role in...
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White Papers
Probabilistic Choice And Stochastic Dominance
April 1, 2008, 12:00am PDT
This paper presents an axiomatic model of probabilistic choice under risk. In this model, when it comes to choosing one lottery over another, each alternative has a chance of being selected,...
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White Papers
Effects Of Firm Size And Business Cycle On Earning Losses Of Displaced Workers
April 1, 2008, 12:00am PDT
This paper analyzes labor market success of workers who are displaced in boom versus recession periods. Moreover, the empirical analysis contrasts workers from small firms and large firms. The...
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White Papers
Risk Aversion
April 1, 2008, 12:00am PDT
Risk aversion is traditionally defined in the context of lotteries over monetary payoffs. This paper extends the notion of risk aversion to a more general setup where outcomes (consequences) may...
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White Papers
Learning, Public Good Provision, And The Information Trap
May 1, 2008, 12:00am PDT
The authors consider an economy where decision maker(s) do not know the true production function for a public good. By using Bayes rule they can learn from experience. They show that the economy...
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White Papers
Outside Versus Inside Bonds
May 15, 2008, 12:00am PDT
When agents are liquidity constrained, two options exist - borrow or sell assets. The authors compare the welfare properties of these options in two economies: in one, agents can borrow (issue...
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White Papers
Securitization Of Mortgage Debt, Asset Prices And International Risk Sharing
December 1, 2008, 12:00am PST
The authors explore the impact of mortgage securitization on the international diversification of macroeconomic risk. By making mortgage-related risks internationally tradeable, securitization...
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White Papers
Shifting The Blame: On Delegation And Responsibility
July 21, 2008, 12:00am PDT
To fully understand the motives for delegating a decision right, it is important to study responsibility attributions for outcomes of delegated decisions. The authors conducted an experiment in...
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White Papers
Job Design And Randomization In Principal Agent Models
July 1, 2008, 12:00am PDT
The authors analyze task allocation and randomization in Principal Agent models. They identify a new rationale that determines the allocation of tasks and show that it can be optimal to assign...
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White Papers
The Risk Premium On The Euro Area Market Portfolio: The Role Of Real Estate
August 1, 2008, 12:00am PDT
Incomplete consumption risk sharing implies that the market risk premium is high in times of lack of risk sharing and vice versa. In the time period from 1980 to 2007, this implication of...
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White Papers
A Pioneer Of A New Monetary Policy? Sweden's Price Level Targeting Of The 1930s Revisited
August 1, 2008, 12:00am PDT
The paper re-examines Sweden's price level targeting during the 1930s which is regarded as a precursor of today's inflation targeting. According to conventional wisdom the Riksbank was the first...
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White Papers
Idiosyncratic Consumption Risk And Predictability Of The Carry Trade Premium: Euro Area Evidence
September 1, 2008, 12:00am PDT
The empirical failure of the uncovered interest rate parity condition seems to be the reflection of risk premia on foreign currencies. After the formation of foreign currency portfolios according...
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White Papers
Inequality And Aggregate Savings In The Neoclassical Growth Model
November 22, 2008, 12:00am PST
Within the context of the neoclassical growth model the author investigates the implications of (initial) endowment inequality when the rich have a higher marginal savings rate than the poor. More...
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