Showing 1 - 10 of 117
We estimate hurdle rates for firms' investments in pollution abatement technology, using ex post data. The method is based on a structural option value model where the future price of polluting fuel is the major source of uncertainty facing the firm. The empirical procedure is illustrated using...
Persistent link: https://www.econbiz.de/10010738504
In the light of the economically rational expectation theory, this article shows how an expert chooses an optimal oil price forecast function given that information is costly. In this framework we propose an expectational process which nests all processes considered in the literature. By...
Persistent link: https://www.econbiz.de/10008789498
This article unearths the determinants of the volatility of aggregate and firm-level production proxied by output and … volatility. Similarly to their conclusions, I establish that firm volatility is not driven by a compositional bias in my sample …-level and aggregate level volatility due in part to the 2007 financial crisis. …
Persistent link: https://www.econbiz.de/10010820876
instruments to manage food price volatility. Many developing countries recently pursued price regulation policies, but the … policy to lower food price volatility does not depend on the nature of the policy instrument only, but also on the … be key factor influencing the degree of price volatility. Applied to trade policies, this consistency is defined by the …
Persistent link: https://www.econbiz.de/10010821035
-end varieties has two macroeconomic implications for countries. First, the sources of a country's aggregate exports volatility are …-speci c demand shocks, and thus their volatility on a given market. However, their lower sensitivity to distance allows for a … greater geographic diversi cation of their exports, which in turn reduces aggregate volatility through a portfolio e ect …
Persistent link: https://www.econbiz.de/10010821212
This paper studies empirically the link between remittances and growth volatility by examining the impact of … of moment (GMM) technique for a sample of 63 countries over the 1980-2004 period. The volatility of terms of trade and … inflation is used to proxy for real and monetary volatility, respectively. The results show that the impact of remittances on …
Persistent link: https://www.econbiz.de/10010738454
This paper investigates the relationship between trust and macroeconomic volatility. In a cross section of countries … changes in inherited trust over the XXth century to show that increasing trust also decreases volatility across time. Thus … reduces investment volatility but not public expenditure volatility. …
Persistent link: https://www.econbiz.de/10010738740
volatility. It identifies a new channel - the "asymmetric information" channel - through which aid volatility is costly for … specifications and econometric methods, and developing new yearly estimates of aid volatility, I show that (i) introducing more … information increases aid efficiency, that (ii) the negative impact of aid volatility on aid efficiency vanishes once one controls …
Persistent link: https://www.econbiz.de/10010739130
Systematic and multifactor risk models are revisited via methods which were already successfully developed in signal processing and in automatic control. The results, which bypass the usual criticisms on those risk modeling, are illustrated by several successful computer experiments.
Persistent link: https://www.econbiz.de/10010898688
their volatility on trade flows in China, the Euro area and the United States in two broadly defined sectors, agriculture on … unequivocally clear picture of the trade impacts of changes in exchange rates. The impact of exchange rate volatility on trade also … the one hand and manufacturing and mining on the other. It finds that exchange volatility impacts trade flows only …
Persistent link: https://www.econbiz.de/10010899210