University of Warwick

Displaying 1-40 of 80 results

  • White Papers // Jan 2012

    Multiviews Reconstruction for Prosthetic Design

    Existing methods that use a fringe projection technique for prosthetic designs produce good results for the trunk and lower limbs; however, the devices used for this purpose are expensive. This paper investigates the use of an inexpensive passive method involving 3D surface reconstruction from video images taken at multiple views....

    Provided By University of Warwick

  • White Papers // Jul 2011

    Trustworthy and Effective Communication of Cybersecurity Risks: A Review

    Slowly but surely, academia and industry are fully accepting the importance of the human element as it pertains to achieving security and trust. Undoubtedly, one of the main motivations for this is the increase in attacks (e.g., social engineering and phishing) which exploit humans and exemplify why many authors regard...

    Provided By University of Warwick

  • White Papers // Jul 2011

    Guidelines for Usable Cybersecurity: Past and Present

    Usability is arguably one of the most significant social topics and issues within the field of cybersecurity today. Supported by the need for confidentiality, integrity, availability and other concerns, security features have become standard components of the digital environment which pervade ones' lives requiring use by novices and experts alike....

    Provided By University of Warwick

  • White Papers // May 2011

    Model Independent Hedging Strategies For Variance Swaps

    A variance swap is a derivative with a path-dependent payoff which allows investors to take positions on the future variability of an asset. In the idealised setting of a continuously monitored variance swap written on an asset with continuous paths it is well known that the variance swap payoff can...

    Provided By University of Warwick

  • White Papers // May 2011

    Analyzing and Improving MPI Communication Performance in Overcommitted Virtualized Systems

    Nowadays, it is an important trend in the system domain to use the software-based virtualization technology to build the execution environments (e.g., Clouds) and serve High Performance Computing (HPC) applications. However, with the extra virtualization layer, the application performance may be negatively affected. Studies revealed that the communication performance of...

    Provided By University of Warwick

  • White Papers // Apr 2011

    Should We Worry About Memory Loss?

    In recent years the High Performance Computing (HPC) industry has benefited from the development of higher density multi-core processors. With recent chips capable of executing up to 32 tasks in parallel, this rate of growth also shows no sign of slowing. Alongside the development of denser micro-processors has been the...

    Provided By University of Warwick

  • White Papers // Mar 2011

    A Chicken-Or-Egg Model Of Financing And Bidding

    This paper studies the dynamic of outcomes in bidding markets when firms face financial constraints. The authors consider an in finite horizon game with two stages at each date. In the morning stage, the firms decide how much of their working capital to reinvest and how much to distribute to...

    Provided By University of Warwick

  • White Papers // Jan 2011

    Do Professional Forecasters Pay Attention To Data Releases?

    The authors present a novel approach to assessing the attentiveness of professional forecasters to news about the macro economy. They find evidence that professional forecasters, taken as a group, do not always update their estimates of the current state of the economy to reflect the latest releases of revised estimates...

    Provided By University of Warwick

  • White Papers // Jan 2011

    Determinants Of The Exchange Rate In Colombia Under Inflation Targeting

    This paper studies the forecasting performance of conventional and more recent exchange rate models in Colombia. The purpose is to explain which have been the main exchange rate determinants under an Inflation Targeting regime and a completely floating exchange rate scheme. Compared to similar studies, this paper includes conventional specifications...

    Provided By University of Warwick

  • White Papers // Dec 2010

    Control Rights In Complex Partnerships

    This paper develops a theory of the allocation of authority between two players who are in a "Complex" partnership, that is, a partnership which produces impure public goods. The authors show that the optimal allocation depends on technological factors, the parties' valuations of the goods produced, and the degree of...

    Provided By University of Warwick

  • White Papers // Dec 2010

    Trade And Synchronization In A Multi-Country Economy

    Substantial evidence suggests that countries or regions with stronger trade linkages tend to have business cycles that are more synchronized. The standard international business cycle framework cannot replicate this finding. In this paper, the authors study a multi-country model of international trade with vertical trade linkages, imperfect competition, and variable...

    Provided By University of Warwick

  • White Papers // Dec 2010

    Real-time Forecasting of Inflation And Output Growth In The Presence Of Data Revisions

    The authors show how to improve the accuracy of real-time forecasts from models that include auto regressive terms by estimating the models on "Lightly-revised" data instead of using data from the latest-available vintage. Forecast accuracy is improved by reorganizing the data vintages employed in the estimation of the model in...

    Provided By University of Warwick

  • White Papers // Nov 2010

    International Trade Without CES: Estimating Translog Gravity

    This paper derives a micro-found gravity equation in general equilibrium based on a translog demand system that allows for endogenous markups and substitution patterns across goods. In contrast to standard CES-based gravity equations, trade is more sensitive to trade costs if the exporting country only provides a small share of...

    Provided By University of Warwick

  • White Papers // Nov 2010

    Liquidity, Moral Hazard And Bank Crises

    Bank crises, by interrupting liquidity provision, have been viewed as resulting in welfare losses. In a model of banking with moral hazard, the authors show that second best bank contracts that improve on autarky ex ante require costly crises to occur with positive probability at the interim stage. When bank...

    Provided By University of Warwick

  • White Papers // Oct 2010

    How Should Financial Intermediation Services Be Taxed?

    This paper considers the optimal taxation of savings intermediation and payment services in a dynamic general equilibrium setting, when the government can also use consumption and income taxes. When payment services are used in strict proportion to final consumption, and the cost of intermediation services is fixed and the same...

    Provided By University of Warwick

  • White Papers // Oct 2010

    Monetary Policy And Oil Prices

    This paper discusses the relationship between monetary policy and oil prices and, in a broader sense, commodity prices. Firstly, it focuses on describing the relationship between key macroeconomic variables, gas prices and other commodity prices relative to oil prices. Subsequently, it discusses the existence of "Transmission channels" through which monetary...

    Provided By University of Warwick

  • White Papers // Oct 2010

    What Do Outside Experts Bring To A Committee? Evidence From The Bank Of England

    The authors test whether outside experts have information not available to insiders by using the voting record of the Bank of England's Monetary Policy Committee. Members with more private information should vote more often against conventional wisdom, which they measure as the average belief of market economists about future interest...

    Provided By University of Warwick

  • White Papers // Sep 2010

    Why Are Survey Forecasts Superior To Model Forecasts?

    The authors investigate two characteristics of survey forecasts that are shown to contribute to their superiority over purely model-based forecasts. These are that the consensus forecasts incorporate the effects of perceived changes in the long-run outlook, as well as embodying departures from the path toward the long-run expectation. Both characteristics...

    Provided By University of Warwick

  • White Papers // Sep 2010

    The Great Recession In The U.K. Labour Market: A Transatlantic Perspective

    The increase in unemployment in the United Kingdom that accompanied the Great Recession has been conspicuous by its moderation. The rise in joblessness is dwarfed by the recent experience of the United States, by past recessionary episodes in the U.K. and by the contraction in GDP in the U.K. Increased...

    Provided By University of Warwick

  • White Papers // Sep 2010

    In With The New: The Determinants Of Prescribing Innovation By General Practitioners In Ireland

    An important element of the process by which new drugs achieve widespread use is their adoption by GPs. In this paper the authors explore the factors which shape the timing of the first prescription of six new drugs by General Practitioners (GPs) in Ireland. The analysis is based on a...

    Provided By University of Warwick

  • White Papers // Sep 2010

    Workers Without Borders: Culture, Migration And The Political Limits To Globalization

    This paper examines the role of cultural factors in driving the politics, size and nature (temporary versus permanent migration) of migration policy. The authors show that there exists a broad political failure that results in inefficiently high barriers restricting the import of temporary foreign workers and also admitting an inefficiently...

    Provided By University of Warwick

  • White Papers // Aug 2010

    Imperfect Competition And Efficiency In Lemons Markets

    This paper studies the impact of competition on the degree of inefficiency in lemons markets. More precisely, the authors characterize the second-best mechanism (i.e., the optimal mechanism with private information) in a stylized lemons market with finite numbers of buyers and sellers. They then study the relationship between the degree...

    Provided By University of Warwick

  • White Papers // Aug 2010

    Testing For Spatial Heterogeneity In Functional MRI Using The Multivariate General Linear Model

    Much current research in functional MRI employs multivariate machine learning approaches (e.g., support vector machines) to detect fine-scale spatial patterns from the temporal fluctuations of the neural signal. The aim of many studies is not classification, however, but investigation of multivariate spatial patterns, which pattern classifiers detect only indirectly. Here...

    Provided By University of Warwick

  • White Papers // Aug 2010

    The Ins And Outs Of UK Unemployment

    This paper shows that in the UK, increases in unemployment in a recession are driven by rises in the separation rate. A new decomposition of unemployment dynamics is devised that does not require unemployment to be in steady state at all times. This is important because low UK transition rates-one...

    Provided By University of Warwick

  • White Papers // Aug 2010

    Estimation Of Search Frictions In The British Electricity Market

    This paper studies consumer search and pricing behavior in the British domestic electricity market following its opening to competition in 1999. The authors develop a sequential search model in which an incumbent and an entrant group compete for consumers who find it costly to obtain information on prices other than...

    Provided By University of Warwick

  • White Papers // Jul 2010

    Practicing Corporate Governance

    This paper proposes an alternative to a dominant theme of corporate governance research to date, namely, the engagement between diverse groupings with different interests, such as shareholders, stakeholders, directors, and non-executive directors. According to extant research, principles, rules and incentives are to influence the perceptions and motivations of individuals such...

    Provided By University of Warwick

  • White Papers // Jul 2010

    Dancing The Dow: Accounting And Financial Information Embodied

    There is no such thing as purely propositional knowledge; embodied knowledge is a necessary part of all of our knowledge. It's not only a matter of being unable to know anything about the world without our body's senses; it's a matter of being unable to comprehend the world without our...

    Provided By University of Warwick

  • White Papers // Jul 2010

    Creating Advantage In Peripheral Regions: The Role Of Publicly Funded R&D Centres

    Regional investment in R&D, technological development and innovation is perceived as being strongly associated with productivity, growth and sustained international competitiveness. One policy instrument by which policy makers have attempted to create regional advantage has been the establishment of Publicly funded Research Centers (PRCs). In this paper the authors develop...

    Provided By University of Warwick

  • White Papers // Jun 2010

    Word Of Mouth Advertising, Credibility And Learning In Networks

    Social networks representing the pattern of social interactions who talks to or who observes whom-play a crucial role as a medium for the spread of information, ideas, diseases, products. Someone in the population may be struck with an infection or may adopt a new technology, and it can then either...

    Provided By University of Warwick

  • White Papers // May 2010

    Bundling Without Price Discrimination

    This paper examines the optimal bundling strategies of a multi product monopoly in markets in which a seller cannot monitor and thereby restrict the purchases of buyers to a single bundle, while buyers have resale opportunities. In such markets, the standard mechanism through which bundling increases seller profits, based on...

    Provided By University of Warwick

  • White Papers // May 2010

    On The Theory Of A Firm: The Case Of By-Production Of Emissions

    Five attributes of emission generating technologies are identified and a concept of by production is introduced, which implies these five attributes. Murty and Russell [2010] characterization of technologies, which requires distinguishing between intended production of firms and nature's laws of emission generation, is shown to be both necessary and sufficient...

    Provided By University of Warwick

  • White Papers // May 2010

    Knowledge, Openness, Innovation And Growth In UK Business Services

    The authors explore the causal links between service firms' knowledge investments, their innovation outputs and business growth based on a bespoke survey of around 1100 UK service businesses. They combine the activity based approach of the innovation value chain with firms' external links at each stage of the innovation process....

    Provided By University of Warwick

  • White Papers // May 2010

    Moving On: From Enterprise Policy To Innovation Policy In The Western Balkans

    Significant progress has been made in recent years in the development of enterprise policy in the Western Balkans. Issues remain, however, in the support provided for innovative enterprises. In this paper the authors use data from the 2005 Business Environment and Enterprise Performance Survey to identify the determinants of innovation...

    Provided By University of Warwick

  • White Papers // Mar 2010

    Out-of-Equilibrium Dynamics With Decentralized Exchange: Cautious Trading And Convergence To Efficiency

    Is the result that equilibrium trading outcomes are efficient in markets without frictions robust to a scenario where agents' beliefs and plans aren't already aligned at their equilibrium values? In this paper, starting from a situation where agents' beliefs and plans aren't already aligned at their equilibrium values, the authors...

    Provided By University of Warwick

  • White Papers // Mar 2010

    The Contribution Of New Technology To Economic Growth: Lessons From Economic History

    Technological change is central to the study of economic history. Strong and sustained technological progress is the key characteristic of modern economic growth that distinguished the post-Industrial-Revolution world from earlier times and is the fundamental force which has raised living standards over the last 250 years. As Paul Romer said,...

    Provided By University of Warwick

  • White Papers // Feb 2010

    Opting For Opting In? An Evaluation Of The European Commission's Proposals For Reforming VAT On Financial Services

    This paper provides a legal and economic analysis of the European Commission's recent proposals for reforming the application of VAT to financial services, with particular focus on their "Third pillar", under which firms would be allowed to opt-into taxation on exempt insurance and financial services. From a legal perspective, the...

    Provided By University of Warwick

  • White Papers // Feb 2010

    The Macrodynamics Of Growing Open Economies Under Financial Convex Adjustment Costs: Critical Dynamical Thresholds And Endogenous Cycles

    Departing from the basic optimal control setup for growing open economies in continuous time, the authors put forward one main hypothesis: Is the macrodynamics structure of open economies governed by endogenous growth and cycles? To tackle this paper, they strip off the classical open economy problem from all institutional frameworks...

    Provided By University of Warwick

  • White Papers // Jan 2010

    Pessimistic Foreign Investors And Turmoil In Emerging Markets: The Case Of Brazil In 2002

    Using survey data, the authors document that foreign-owned institutions became more pessimistic than locally owned institutions about the strength of the Brazilian currency around the 2002 presidential elections. As a result of their relative pessimism, foreign-owned institutions made larger forecast errors. Consistent with the emergence of their relative pessimism, foreign...

    Provided By University of Warwick

  • White Papers // Jan 2010

    Do Reductions Of Standard Hours Affect Employment Transitions?: Evidence From Chile

    This paper exploits the reduction of weekly working hours from 48 to 45 occurred in Chile in January 2005. The authors use this pure and exogenous policy change to identify the employment effects of such a policy. The main contribution is that they overcome the problems of previous studies such...

    Provided By University of Warwick

  • White Papers // Jan 2010

    The Interaction Between Antitrust And Intellectual Property: The Interoperability Issue In The Microsoft Europe Case

    The present work analyzes the interaction between antitrust policy and intellectual property protection, with particular reference to the cases of refusal to supply, when it concerns ideas or inventions protected by an IP right. For this purpose, the paper preliminarily discusses the governing principles of antitrust policy on abuse of...

    Provided By University of Warwick

  • White Papers // Jul 2009

    On Consistent Neighborhood Views in Wireless Sensor Networks

    Wireless Sensor Networks (WSNs) are characterized by localized interactions. Indeed, several WSN algorithms and protocols work in a decentralized fashion by coordinating nodes within the wireless communication range, e.g., localization algorithms and MAC protocols. Nevertheless, most often these mechanisms do not address faults that may affect the way wireless neighborhoods...

    Provided By University of Warwick

  • White Papers // Sep 2010

    Why Are Survey Forecasts Superior To Model Forecasts?

    The authors investigate two characteristics of survey forecasts that are shown to contribute to their superiority over purely model-based forecasts. These are that the consensus forecasts incorporate the effects of perceived changes in the long-run outlook, as well as embodying departures from the path toward the long-run expectation. Both characteristics...

    Provided By University of Warwick

  • White Papers // Dec 2010

    Real-time Forecasting of Inflation And Output Growth In The Presence Of Data Revisions

    The authors show how to improve the accuracy of real-time forecasts from models that include auto regressive terms by estimating the models on "Lightly-revised" data instead of using data from the latest-available vintage. Forecast accuracy is improved by reorganizing the data vintages employed in the estimation of the model in...

    Provided By University of Warwick

  • White Papers // Oct 2010

    How Should Financial Intermediation Services Be Taxed?

    This paper considers the optimal taxation of savings intermediation and payment services in a dynamic general equilibrium setting, when the government can also use consumption and income taxes. When payment services are used in strict proportion to final consumption, and the cost of intermediation services is fixed and the same...

    Provided By University of Warwick

  • White Papers // Oct 2010

    Monetary Policy And Oil Prices

    This paper discusses the relationship between monetary policy and oil prices and, in a broader sense, commodity prices. Firstly, it focuses on describing the relationship between key macroeconomic variables, gas prices and other commodity prices relative to oil prices. Subsequently, it discusses the existence of "Transmission channels" through which monetary...

    Provided By University of Warwick

  • White Papers // Oct 2010

    What Do Outside Experts Bring To A Committee? Evidence From The Bank Of England

    The authors test whether outside experts have information not available to insiders by using the voting record of the Bank of England's Monetary Policy Committee. Members with more private information should vote more often against conventional wisdom, which they measure as the average belief of market economists about future interest...

    Provided By University of Warwick

  • White Papers // Sep 2010

    The Great Recession In The U.K. Labour Market: A Transatlantic Perspective

    The increase in unemployment in the United Kingdom that accompanied the Great Recession has been conspicuous by its moderation. The rise in joblessness is dwarfed by the recent experience of the United States, by past recessionary episodes in the U.K. and by the contraction in GDP in the U.K. Increased...

    Provided By University of Warwick

  • White Papers // Aug 2010

    The Ins And Outs Of UK Unemployment

    This paper shows that in the UK, increases in unemployment in a recession are driven by rises in the separation rate. A new decomposition of unemployment dynamics is devised that does not require unemployment to be in steady state at all times. This is important because low UK transition rates-one...

    Provided By University of Warwick

  • White Papers // Jun 2010

    Word Of Mouth Advertising, Credibility And Learning In Networks

    Social networks representing the pattern of social interactions who talks to or who observes whom-play a crucial role as a medium for the spread of information, ideas, diseases, products. Someone in the population may be struck with an infection or may adopt a new technology, and it can then either...

    Provided By University of Warwick

  • White Papers // Aug 2010

    Estimation Of Search Frictions In The British Electricity Market

    This paper studies consumer search and pricing behavior in the British domestic electricity market following its opening to competition in 1999. The authors develop a sequential search model in which an incumbent and an entrant group compete for consumers who find it costly to obtain information on prices other than...

    Provided By University of Warwick

  • White Papers // Aug 2010

    Imperfect Competition And Efficiency In Lemons Markets

    This paper studies the impact of competition on the degree of inefficiency in lemons markets. More precisely, the authors characterize the second-best mechanism (i.e., the optimal mechanism with private information) in a stylized lemons market with finite numbers of buyers and sellers. They then study the relationship between the degree...

    Provided By University of Warwick

  • White Papers // Aug 2010

    Testing For Spatial Heterogeneity In Functional MRI Using The Multivariate General Linear Model

    Much current research in functional MRI employs multivariate machine learning approaches (e.g., support vector machines) to detect fine-scale spatial patterns from the temporal fluctuations of the neural signal. The aim of many studies is not classification, however, but investigation of multivariate spatial patterns, which pattern classifiers detect only indirectly. Here...

    Provided By University of Warwick

  • White Papers // May 2010

    Bundling Without Price Discrimination

    This paper examines the optimal bundling strategies of a multi product monopoly in markets in which a seller cannot monitor and thereby restrict the purchases of buyers to a single bundle, while buyers have resale opportunities. In such markets, the standard mechanism through which bundling increases seller profits, based on...

    Provided By University of Warwick

  • White Papers // May 2010

    On The Theory Of A Firm: The Case Of By-Production Of Emissions

    Five attributes of emission generating technologies are identified and a concept of by production is introduced, which implies these five attributes. Murty and Russell [2010] characterization of technologies, which requires distinguishing between intended production of firms and nature's laws of emission generation, is shown to be both necessary and sufficient...

    Provided By University of Warwick

  • White Papers // Dec 2010

    Control Rights In Complex Partnerships

    This paper develops a theory of the allocation of authority between two players who are in a "Complex" partnership, that is, a partnership which produces impure public goods. The authors show that the optimal allocation depends on technological factors, the parties' valuations of the goods produced, and the degree of...

    Provided By University of Warwick

  • White Papers // Nov 2010

    International Trade Without CES: Estimating Translog Gravity

    This paper derives a micro-found gravity equation in general equilibrium based on a translog demand system that allows for endogenous markups and substitution patterns across goods. In contrast to standard CES-based gravity equations, trade is more sensitive to trade costs if the exporting country only provides a small share of...

    Provided By University of Warwick

  • White Papers // Mar 2010

    Out-of-Equilibrium Dynamics With Decentralized Exchange: Cautious Trading And Convergence To Efficiency

    Is the result that equilibrium trading outcomes are efficient in markets without frictions robust to a scenario where agents' beliefs and plans aren't already aligned at their equilibrium values? In this paper, starting from a situation where agents' beliefs and plans aren't already aligned at their equilibrium values, the authors...

    Provided By University of Warwick

  • White Papers // Feb 2010

    Opting For Opting In? An Evaluation Of The European Commission's Proposals For Reforming VAT On Financial Services

    This paper provides a legal and economic analysis of the European Commission's recent proposals for reforming the application of VAT to financial services, with particular focus on their "Third pillar", under which firms would be allowed to opt-into taxation on exempt insurance and financial services. From a legal perspective, the...

    Provided By University of Warwick

  • White Papers // Jan 2010

    Pessimistic Foreign Investors And Turmoil In Emerging Markets: The Case Of Brazil In 2002

    Using survey data, the authors document that foreign-owned institutions became more pessimistic than locally owned institutions about the strength of the Brazilian currency around the 2002 presidential elections. As a result of their relative pessimism, foreign-owned institutions made larger forecast errors. Consistent with the emergence of their relative pessimism, foreign...

    Provided By University of Warwick

  • White Papers // Jan 2010

    The Interaction Between Antitrust And Intellectual Property: The Interoperability Issue In The Microsoft Europe Case

    The present work analyzes the interaction between antitrust policy and intellectual property protection, with particular reference to the cases of refusal to supply, when it concerns ideas or inventions protected by an IP right. For this purpose, the paper preliminarily discusses the governing principles of antitrust policy on abuse of...

    Provided By University of Warwick

  • White Papers // Sep 2009

    Reforming IMF And World Bank Governance: In Search Of Simplicity, Transparency And Democratic Legitimacy In The Voting Rules

    The authors discuss the reform of the voting rules at the heart of the governance of the IMF and World Bank (the BWIs) in terms of three principles that they suggest ought to be fundamental: simplicity, transparency and democratic legitimacy. By simplicity they mean that the rules should make sense...

    Provided By University of Warwick

  • White Papers // Sep 2009

    Price Transmission In The UK Electricity Market: Was NETA Beneficial?

    This paper explores the relationship between domestic retail electricity prices in Great Britain and their determinants in the particular context of the New Electricity Trading Arrangements (NETA) introduced in 2001. The analysis requires a consistent comparison of wholesale power price series before and after NETA, which the authors investigate using...

    Provided By University of Warwick

  • White Papers // Dec 2009

    Topology Of Utility Possibility Frontiers Of Economies With Ramsey Taxation

    The authors explore the scope of employing standard assumptions and replicating standard (Kuhn-Tucker-type) techniques that are used to study the first-best Pareto frontier to the study of Pareto frontiers of second-best economies. In the context of a simple second-best situation created by the inability of the government to implement personalized...

    Provided By University of Warwick

  • White Papers // Jun 2009

    Inflation And Welfare In Long-Run Equilibrium With Firm Dynamics

    The authors analyze the welfare cost of inflation in a model with cash-in-advance constraints and an endogenous distribution of establishments' productivities. Inflation distorts aggregate productivity through firm entry dynamics. The model is calibrated to the United States economy and the long run equilibrium properties are compared at low and high...

    Provided By University of Warwick

  • White Papers // Sep 2008

    Noncooperative Oligopoly In Markets With A Continuum Of Traders

    In this paper, the authors study three prototypical models of noncooperative oligopoly in markets with a continuum of traders: the model of Cournot-Walras equilibrium of Codognato and Gabszewicz (1991), the model of Cournot-Nash equilibrium of Lloyd S. Shapley, and the model of Cournot-Walras equilibrium of Busetto et al. (2008). They...

    Provided By University of Warwick

  • White Papers // Oct 2008

    Herding And Contrarianism In A Financial Trading Experiment With Endogenous Timing

    The authors undertook the first market trading experiments that allowed heterogeneously informed subjects to trade in endogenous time, collecting over 2000 observed trades. Subjects' decisions were generally in line with the predictions of exogenous-time financial herding theory when that theory is adjusted to allow rational informational herding and contrarianism. While...

    Provided By University of Warwick

  • White Papers // Oct 2008

    Was Germany Ever United? Evidence From Intra- And International Trade 1885 ? 1933

    The author explores the geography of trade costs across Central Europe. There are three key results. First, the German Empire before 1914 was a poorly integrated economy, both relative to integration across the borders of the German state and in absolute terms. Second, this internal fragmentation resulted from cultural heterogeneity,...

    Provided By University of Warwick

  • White Papers // Sep 2008

    Are Central Banks Following A Linear Or Nonlinear (Augmented) Taylor Rule?

    The Taylor rule establishes a simple linear relation between the interest rate, inflation and output gap. However, this relation may not be so simple. To get a deeper understanding of central banks' behavior, this paper asks whether central banks are indeed following a linear Taylor rule or, instead, a nonlinear...

    Provided By University of Warwick

  • White Papers // Oct 2008

    Cash Breeds Success: The Role Of Financing Constraints In Patent Races

    This paper studies the impact of financing constraints on the equilibrium of a patent race. The authors develop a model where firms finance their R&D expenditures with an investor who cannot verify their effort. They solve for the optimal financial contract of any firm along its best-response function. In equilibrium,...

    Provided By University of Warwick

  • White Papers // Oct 2008

    Testing Full Consumption Insurance In The Frequency Domain

    Full consumption insurance implies that consumers are able to perfectly share risk by equalizing state by state their inter-temporal marginal rates of substitution in the presence of idiosyncratic endowment shocks. In this paper the author tests the implications of full consumption insurance using band spectrum regression methods. The author argues...

    Provided By University of Warwick

  • White Papers // Jul 2009

    Gravity Redux: Measuring International Trade Costs With Panel Data

    Barriers to international trade are known to be large but due to data limitations it is hard to measure them directly for a large number of countries over many years. To address this problem the author derives a micro-founded measure of bilateral trade costs that indirectly infers trade frictions from...

    Provided By University of Warwick

  • White Papers // Sep 2008

    Monopoly, Non-linear Pricing, And Imperfect Information: A Reconsideration Of The Insurance Market

    The author reconsiders Stiglitz's (1977) problem of monopolistic insurance with a continuum of types. Using a suitable transformation of control variables the author obtains an analytical characterization of the optimal insurance policies. Closed form solutions and comparative statics results for special cases are provided. Stiglitz showed that the monopolist offers...

    Provided By University of Warwick

  • White Papers // Sep 2008

    Sequential Innovations And Intellectual Property Rights

    The authors analyze a two-stage patent race. In the first phase firms seek to develop a research tool, an innovation that has no commercial value but is necessary to enter the second phase of the race. The firm that completes the second phase of the race first obtains a patent...

    Provided By University of Warwick

  • White Papers // Sep 2010

    In With The New: The Determinants Of Prescribing Innovation By General Practitioners In Ireland

    An important element of the process by which new drugs achieve widespread use is their adoption by GPs. In this paper the authors explore the factors which shape the timing of the first prescription of six new drugs by General Practitioners (GPs) in Ireland. The analysis is based on a...

    Provided By University of Warwick

  • White Papers // May 2010

    Knowledge, Openness, Innovation And Growth In UK Business Services

    The authors explore the causal links between service firms' knowledge investments, their innovation outputs and business growth based on a bespoke survey of around 1100 UK service businesses. They combine the activity based approach of the innovation value chain with firms' external links at each stage of the innovation process....

    Provided By University of Warwick

  • White Papers // May 2010

    Moving On: From Enterprise Policy To Innovation Policy In The Western Balkans

    Significant progress has been made in recent years in the development of enterprise policy in the Western Balkans. Issues remain, however, in the support provided for innovative enterprises. In this paper the authors use data from the 2005 Business Environment and Enterprise Performance Survey to identify the determinants of innovation...

    Provided By University of Warwick

  • White Papers // Nov 2009

    From Knowledge To Added Value: A Comparative, Panel-Data Analysis Of The Innovation Value Chain In Irish And Swiss Manufacturing Firms

    The Innovation Value Chain (IVC) divides the innovation process into three separate links or activities: knowledge gathering, knowledge transformation and knowledge exploitation. Here, the authors report a comparative panel data analysis of the IVC in Ireland and Switzerland. Both economies are small, very open and depend significantly on innovation to...

    Provided By University of Warwick

  • White Papers // Aug 2009

    A Comparison Of The Innovation Potential Of Incumbent Firms And Innovative Start-Ups In The Western Balkans

    Innovation can play an important role in helping transition economies accelerate their development towards a competitive market economy. Alternative theoretical perspectives, however, suggest contrasting views of the innovative potential of transition economies, and the relative importance of innovation in existing and new firms. Here, the authors draw on the knowledge...

    Provided By University of Warwick

  • White Papers // Aug 2009

    Broader Or Deeper? Exploring The Most Effective Intervention Profile For Public Small Business Support

    In the UK as in most other advanced economies significant advisory support is offered for start-up firms and SMEs. UK services for SMEs are provided by Business Links which structures its support into non-intensive - one off contacts providing information or advice - and more intensive support involving a diagnostic...

    Provided By University of Warwick

  • White Papers // Jun 2009

    Public R&D And Regional Development: Spillovers From University And Company-based Research Centres

    Public funding of university and company-based R&D centers of excellence is widespread both in core and more peripheral regions in the hope of generating local knowledge spillovers. In this paper the authors examine one such initiative involving the establishment of 18 publicly funded R&D centers. Based on data from a...

    Provided By University of Warwick