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Optimal Unemployment Insurance with Monitoring and Sanctions
Boone, Jan; Fredriksson, Peter; Holmlund, Bertil; Ours, … - C.E.P.R. Discussion Papers - 2001
effort and benefit sanctions if observed search is deemed insufficient. We find that introducing monitoring and sanctions …
Persistent link: https://www.econbiz.de/10005498018
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Modelling Financial Incentives To Get Unemployed Back To Work
Boone, Jan; Ours, Jan C van - C.E.P.R. Discussion Papers - 2000
We model how unemployment benefit sanctions - benefit reductions that are imposed if unemployed do not comply with job … benefit sanctions are more effective in reducing unemployment than an across the board reduction in the replacement rate. …
Persistent link: https://www.econbiz.de/10005067430
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Experiments on Unemployment Benefit Sanctions and Job Search Behaviour
Boone, Jan; Sadrieh, Abdolkarim; Ours, Jan C van - C.E.P.R. Discussion Papers - 2004
This Paper presents the results of an experimental study on unemployment benefit sanctions. The experimental set …-up allows us to distinguish between the effects of benefit sanctions once they are imposed (the ex post effect) and the effects … that discourage the unemployed from risking benefit sanctions (the ex ante effect). We find that both effects matter …
Persistent link: https://www.econbiz.de/10005791743
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Ruling out Indeterminacy: the Role of Heterogeneity
Herrendorf, Berthold; Valentinyi, Akos; Waldmann, Robert - C.E.P.R. Discussion Papers - 1998
Models with externalities have become increasingly popular for studying both long-term growth and business-cycle fluctuations. Externalities can lead to indeterminacy, allowing self-fulfilling expectations to determine the equilibrium. This paper argues that the importance of indeterminacy might...
Persistent link: https://www.econbiz.de/10005504588
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Two Orthogonal Continents? Testing a Two-country DSGE Model of the US and EU Using Indirect Inference
Le, Vo Phuong Mai; Meenagh, David; Minford, Patrick; … - C.E.P.R. Discussion Papers - 2009
We examine a two country model of the EU and the US. Each has a small sector of the labour and product markets in which there is wage/price rigidity, but otherwise enjoys flexible wages and prices with a one quarter information lag. Using a VAR to represent the data, we find the model as a whole...
Persistent link: https://www.econbiz.de/10004973965
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Small sample performance of indirect inference on DSGE models
Le, Vo Phuong Mai; Meenagh, David; Minford, Patrick; … - C.E.P.R. Discussion Papers - 2015
Using Monte Carlo experiments, we examine the performance of indirect inference tests of DSGE models in small samples, using various models in widespread use. We compare these with tests based on direct inference (using the Likelihood Ratio). We find that both tests have power so that a...
Persistent link: https://www.econbiz.de/10011165662
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Testing macroeconomic models by indirect inference on unfiltered data
Meenagh, David; Minford, Patrick; Wickens, Michael R. - C.E.P.R. Discussion Papers - 2012
We extend the method of indirect inference testing to data that is not filtered and so may be non-stationary. We apply the method to an open economy real businss cycle model on UK data. We review the method using a Monte Carlo experiment and find that it performs accurately and has good power.
Persistent link: https://www.econbiz.de/10011083255
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How did we get to where we are now? Reflections on 50 years of macroeconomic and financial econometrics
Wickens, Michael R. - C.E.P.R. Discussion Papers - 2014
This lecture is about how best to evaluate economic theories in macroeconomics and finance, and the lessons that can be learned from the past use and misuse of evidence. It is argued that all macro/finance models are `false' so should not be judged solely on the realism of their assumptions. The...
Persistent link: https://www.econbiz.de/10011083483
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Financial Advice and Stock Market Participation
Georgarakos, Dimitris; Inderst, Roman - C.E.P.R. Discussion Papers - 2014
We introduce professional financial advice in households’ choice to hold risky financial assets. Consistent with the predictions from a formal model, we present evidence that households’ trust in financial advice only matters when their perceived own financial capability is low. Instead, for...
Persistent link: https://www.econbiz.de/10011084072
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Testing DSGE models by Indirect inference and other methods: some Monte Carlo experiments
Le, Vo Phuong Mai; Meenagh, David; Minford, Patrick; … - C.E.P.R. Discussion Papers - 2012
Using Monte Carlo experiments, we examine the performance of Indirect Inference tests of DSGE models, usually versions of the Smets-Wouters New Keynesian model of the US postwar period. We compare these with tests based on direct inference (using the Likelihood Ratio), and on the Del...
Persistent link: https://www.econbiz.de/10011084212