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Trading While Sleepy? Circadian Mismatch and Excess Volatility in a Global Experimental Asset Market

Dickinson, David L. - 2017

Traders in global markets operate at different local times-of-day. Suboptimal times-of-day may produce sleepiness due to daily variations in sleep/wake patterns and possibly also increased accumulation of hours awake. Global asset markets imply significantly increased heterogeneity in circadian...

Persistent link: https://www.econbiz.de/10012947730

Investigating the Asymmetric Impact of Oil Prices on GCC Stock Markets

Ben Cheikh, Nidhaleddine; Ben Naceur, Samy; Kanaan, … - 2021

This paper investigates the presence of asymmetric relationship between oil price movements and Gulf Cooperation Council (GCC) stock markets. We propose the implementation of nonlinear vector smooth transition regression (VSTR) models which offer a greater flexibility when modelling the possible...

Persistent link: https://www.econbiz.de/10013314986

Trade and Migration with Renewable Natural Resources : Out-of-Steady-State Dynamics

López, Ramón - 2010

Commodity price increases associated with the entry of China, India and other countries into the world economy has led to increased pressure on common-property renewable natural resources (NR). The problem is particularly worrisome for economies that obtain a large share of their income from the...

Persistent link: https://www.econbiz.de/10013143683

Equilibrium Wage and Employment Dynamics in a Model of Wage Posting Without Commitment

Coles, Melvyn Glyn - 2011

A rich but tractable variant of the Burdett-Mortensen model of wage setting behavior is formulated and a dynamic market equilibrium solution to the model is defined and characterized. In the model, firms cannot commit to wage contracts. Instead, the Markov perfect equilibrium to the wage setting...

Persistent link: https://www.econbiz.de/10013121547

Envy, Guilt, and the Phillips Curve

Ahrens, Steffen - 2012

We incorporate inequity aversion into an otherwise standard New Keynesian dynamic equilibrium model with Calvo wage contracts and positive inflation. Workers with relatively low incomes experience envy, whereas those with relatively high incomes experience guilt. The former seek to raise their...

Persistent link: https://www.econbiz.de/10013111206

Beyond the DSGE Straitjacket

Pesaran, M. Hashem - 2011

Academic macroeconomics and the research department of central banks have come to be dominated by Dynamic, Stochastic, General Equilibrium (DSGE) models based on micro-foundations of optimising representative agents with rational expectations. We argue that the dominance of this particular sort...

Persistent link: https://www.econbiz.de/10013126144

Sequential Bargaining in a New-Keynesian Model with Frictional Unemployment and Staggered Wage Negotiation

De Walque, Gregory - 2009

period. The workers' bargaining power in the hours negotiation affects both unemployment volatility and inflation persistence …. The closer to zero this parameter, (i) the more firms adjust on the intensive margin, reducing employment volatility, (ii … the new entrants wage rigidity required to match observed unemployment volatility …

Persistent link: https://www.econbiz.de/10012764242

Striking a Balance : Optimal Tax Policy with Labor Market Duality

Mbara, Gilbert - 2020

This paper develops a dynamic general equilibrium model where employers may avoid making social security contributions by offering some workers "secondary contracts". When calibrated using aggregate tax revenue data, the model delivers estimates of secondary "off the books" employment that are...

Persistent link: https://www.econbiz.de/10012824425

The Impact of Labor Markets on the Transmission of Monetary Policy in an Estimated DSGE Model

Christoffel, Kai; Kuester, Keith; Linzert, Tobias - 2021

Real wages are a key determinant of marginal costs. The latter themselves are a driving force of inflation. We ask how wages and labor market shocks feed into the inflation process. We model search and matching frictions in the labour market in an otherwise standard New-Keynesian closed economy...

Persistent link: https://www.econbiz.de/10013318057

Methods Matter : P-Hacking and Causal Inference in Economics

Brodeur, Abel - 2018

The economics 'credibility revolution' has promoted the identification of causal relationships using difference-in-differences (DID), instrumental variables (IV), randomized control trials (RCT) and regression discontinuity design (RDD) methods. The extent to which a reader should trust claims...

Persistent link: https://www.econbiz.de/10012911143