In this paper, we analyze coordination of macroeconomic stabilization policies within the EMU by focusing, in a dynamic set-up, on asymmetries, externalities, and the existence of a multi-country context. We study how coalitions among fiscal and monetary authorities are formed and what their...

Ghana is poised to be one of the fastest growing economies in Sub-Saharan Africa because of its emerging oil and gas industry. Ghana's discovery of oil in commercial quantities in 2007 and its commencement of production in 2010 are expected to have an impact on the economy. To investigate these,...

This paper investigates the Italian insurance system by analyzing the (interlock) linkages among companies created through their directors. This approach defines interlocking directorates as the tie created between two companies when a person is a member of both boards of directors; each case of...

Uncertainty is a challenge for monetary policy. This paper introduces model uncertainty into a behavioral New Keynesian DSGE framework to derive robust optimal monetary policies. We consider two potential forms of agents’ heterogeneity, which refer to two mechanisms of expectation formation...

We explore gender differences in how people are motivated. We focus on guilt aversion, a surprisingly relatively unexplored issue. Our experiment supports the idea that men are more guilt averse than women. We provide a potential intuition for our findings based on the pregnancy-related...

Our paper estimates and compares behavioral New-Keynesian DSGE models derived under two alternative ways to introduce heterogeneous expectations. We assume that agents may be either short-sighted or long-horizon forecasters. The difference does not matter when agents have rational expectations,...

This paper develops and estimates a simple New Keynesian Dynamic Stochastic General Equilibrium (DSGE) model with rule-of-thumb consumers and external habits. Our theoretical model has a closed-form solution which allows the analytical derivation of its dynamical and stability properties. These...

This short paper investigates the effects of limited asset market participation on the efficacy of monetary policy in a New Keynesian Dynamic Stochastic General Equilibrium (DSGE) model. Although an increase in consumers who cannot access to the financial markets reduces effects of interest rate...

This paper investigates the market structure of the insurance business by analyzing the (interlock) linkages among companies created by their directors. We focus on the non-life business since this is a sector relatively closed with respect to the competition with other financial activities; an...