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Now showing items 89-108 of 415
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(University of Oregon, Dept of Economics, 2008-01-31)This paper demonstrates that an asset pricing model with least-squares learning can lead to bubbles and crashes as endogenous responses to the fundamentals driving asset prices. When agents are risk-averse they generate ...
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(University of Oregon, Dept of Economics, 2008-07-11)Expectations play a central role in modern macroeconomic theories. The econometric learning approach models economic agents as forming expectations by estimating and updating forecasting models in real time. The learning ...
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(University of Oregon, Dept of Economics, 2004-10-01)The Forward Premium Puzzle is one of the most prominent empirical anomalies in international finance. The forward premium predicts exchange rate depreciation but typically with the opposite sign and smaller magnitude than ...
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(University of Oregon, Dept of Economics, 2007-06-05)We examine global economic dynamics under learning in a New Keynesian model in which the interest-rate rule is subject to the zero lower bound. Under normal monetary and fiscal policy, the intended steady state is locally ...
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(University of Oregon, Dept of Economics, 2003-04-10)As of 1987, the Anti-Drug Abuse Act (ADAA) has imposed mandatory minimum sentences for drug traffickers based on the quantity of the drug involved regardless of its purity. Using the STRIDE dataset on drug arrests and a ...
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(University of Oregon, Dept of Economics, 2006-09-22)Poverty reduction has become a fundamental objective of development, and therefore a metric for assessing the effectiveness of various interventions. Economic growth can be a powerful instrument of income poverty reduction. ...
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(University of Oregon, Dept. of Economics, 2000-02-01)We construct a market based mechanism that induces players in a non-cooperative game to make the same choices as characterize cooperation. We then argue that this mechanism is applicable to a wide range of economic questions ...
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(University of Oregon, Dept. of Economics, 2004-09)Recent publicity about “concierge physicians” has raised concerns about the potential adverse effects of allowing physicians to bill their patients for fees that are above normal copayments and insurance reimbursements. ...
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(University of Oregon, Dept of Economics, 2010-10-28)Economic experiments have shown that in mixed gender groups women are more reluctant than men to choose tournaments when given the choice between piece rate and winner-take-all tournament style compensation. These gender ...
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(University of Oregon, Dept. of Economics, 2003-12)Prior work suggests coordination failure between labour and education markets leads some workers to have educational qualifications in excess of those specified for the job (overeducation) and others to have less ...
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(University of Oregon, Dept of Economics, 2005-10-18)This paper identifies two channels through which the economy can generate endogenous inflation and output volatility, an empirical regularity, by introducing model uncertainty into a Lucas-type monetary model. The equilibrium ...
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(University of Oregon, Dept of Economics, 2010-04-30)This paper studies the implications for monetary policy of heterogeneous expectations in a New Keynesian model. The assumption of rational expec- tations is replaced with parsimonious forecasting models where agents ...
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(University of Oregon, Dept. of Economics, 2004-03-29)We examine existence and stability under learning of sunspot equilibria in a New Keynesian model incorporating inertia. Indeterminacy remains prevalent, stable sunspots abound, and inertia in IS and AS relations do not ...
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(University of Oregon, Dept of Economics, 2004-12-07)This paper addresses the output-price volatility puzzle by studying the interaction of optimal monetary policy and agents' beliefs. We assume that agents choose their information acquisition rate by minimizing a loss ...
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(University of Oregon, Dept of Economics, 2005-04-06)This is a revised and shortened version of Working Paper 2002-11. Commitment in monetary policy leads to equilibria that are superior to those from optimal discretionary policies. A number of interest rate reaction functions ...
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(University of Oregon, Dept. of Economics, 2002-05-22)Commitment in monetary policy leads to equilibria that are superior to those from optimal discretionary policies. A number of interest rate reaction functions and instrument rules have been proposed to implement or approxmiate ...
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(University of Oregon, Dept. of Economics, 2003-10-11)The development of tractable forward looking models of monetary policy has lead to an explosion of research on the implications of adopting Taylor-type interest rate rules. Indeterminacies have been found to arise for some ...
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(University of Oregon, Dept. of Economics, 2003-12)We discuss how child labor problems may persist in developing countries when adult mortality risks are endogenous. Children provide current consumption through child labor and future consumption via an informal social ...
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(University of Oregon, Dept. of Economics, 2003-03-20)Available evidence suggests high intergenerational correlation of economic status, and persistent disparities in health status between the rich and the poor. This paper proposes a novel mechanism linking the two. We introduce ...
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(University of Oregon, Dept of Economics, 2005-09-17)We study how the use of judgement or "add-factors" in macroeconomic forecasting may disturb the set of equilibrium outcomes when agents learn using recursive methods. We isolate conditions under which new phenomena, which ...
Now showing items 89-108 of 415