The goal of this paper is to determine whether there exist asymmetric shocks and structural differences between the Czech economy and the Euro Area 12. A New Keynesian DSGE model of a small open economy is used for this purpose. Asymmetric shocks and structural differences are examined in two...

In this article we propose a Monte Carlo algorithm for sequential parameter learning for a stochastic volatility model with leverage, nonconstant conditional mean and jumps. We are interested in estimating the time invariant parameters and the nonobservable dynamics involved in the model. Our...

We study how multiattribute product choices are affected by peer influence. We propose a two-stage conjoint-based approach to examine three behavioral mechanisms of peer influence. We find that when faced with information on peer choices, consumers update their attribute preferences in a...

We present a dynamic factor-analytic choice model to capture evolution of brand positions in latent attribute space. Our dynamic model allows researchers to investigate brand positioning in new categories or mature categories affected by structural change such as entry. We argue that even for...

Estimating copula models using Bayesian methods presents some subtle challenges, ranging from specification of the prior to computational tractability. There is also some debate about what is the most appropriate copula to employ from those available. We address these issues here and conclude by...

This paper studies the tendency to use negative ads. For this purpose, we focus on an interesting industry (political campaigns) and an intriguing empirical regularity (the tendency to "go negative" is higher in close races). We present a model of electoral competition in which ads inform voters...

We estimate a new Keynesian open economy dynamic stochastic general equilibrium model of Australia with a large number of shocks, frictions and rigidities, matching a large number of observable time series. We find that both foreign and domestic shocks are important drivers of the Australian...

This paper argues that limited asset market participation is crucial in explaining U.S. macroeconomic performance and monetary policy before the 1980s, and their changes thereafter. We develop an otherwise standard sticky-price DSGE model, whereby at low enough asset market participation,...

In this study, an output gap measure is derived for the Turkish economy using an estimated New Keynesian model. Considering the ongoing structural transformation during the last decade, the model is estimated for 2002-2010 period using Bayesian techniques. The results indicate that output, which...