Now showing items 601-620 of 652

  • Time Varying Dimension Models 

    Chan, Joshua C C; Koop, Gary; Leon-Gonzalez, Roberto; Strachan, Rodney W (University of Strathclyde, 2010-05)
    Time varying parameter (TVP) models have enjoyed an increasing popularity in empirical macroeconomics. However, TVP models are parameter-rich and risk over-fitting unless the dimension of the model is small. Motivated by ...
  • Time-consistent fiscal policy under heterogeneity: Conflicting or common interests? 

    Angelopoulos, Konstantinos; Malley, James; Philippopoulos, Apostolis (University of GlasgowAthens University, 2011)
    This paper studies the aggregate and distributional implications of Markov-perfect tax-spending policy in a neoclassical growth model with capitalists and workers. Focusing on the long run, our main fi ndings are: (i) it ...
  • The Timing of Asset Trade and Optimal Policy in Dynamic Open Economies 

    Senay, Ozge; Sutherland, Alan (University of St Andrews, 2010)
    Using a standard open economy DSGE model, it is shown that the timing of asset trade relative to policy decisions has a potentially important impact on the welfare evaluation of monetary policy at the individual country ...
  • Tracking cost savings from competitive tendering in the short and long run 

    Angeles, Luis; Milne, Robin G. (University of Glasgow, 2015-06)
    A major initiative of the Thatcher and Major Conservative administrations was that public sector ancillary and professional services provided by incumbent direct service organisations [DSOs] be put out to tender. Analyses ...
  • Tractable Consumer Choice 

    Sákovics, József; Friedman, Daniel (University of Edinburgh, 2013)
    We derive a rational model of separable consumer choice which can also serve as a behavioral model. The central construct is [lambda] , the marginal utility of money, derived from the consumer's rest-of-life problem. We ...
  • Tractable valuations under uncertainty 

    Sákovics, József (University of Edinburgh, 2014-11)
    I put forward a concise and intuitive formula for the calculation of the valuation for a good in the presence of the expectation that further, related, goods will soon become available. This valuation is tractable in the ...
  • Trade Costs, International Competition and Selection: The Effects of Unionisation on Market Size 

    Montagna, Catia; Nocco, Antonella (University of DundeeUniversity of Salento (Lecce), 2012)
    Within a two-country model of international trade in which heterogeneous firms face firm-specific unions, we study the effects of different forms of trade liberalisation on market structure and competitive selection in the ...
  • Trade in bilateral oligopoly with endogenous market formation 

    Dickson, Alex; Hartley, Roger (University of StrathclydeUniversity of Manchester, 2011)
    We study a strategic market game in which traders are endowed with both a good and money and can choose whether to buy or sell the good. We derive conditions under which a non-autarkic equilibrium exists and when the only ...
  • Transaction Costs and Institutions 

    Nolan, Charles; Trew, Alex (University of St Andrews, 2011)
    This paper proposes a simple framework for understanding endogenous transaction costs - their composition, size and implications. In a model of diversification against risk, we distinguish between investments in institutions ...
  • Transaction Costs and Institutions: Investments in Exchange 

    Nolan, Charles; Trew, Alex (University of Glasgow, 2015-03-20)
    This paper proposes a simple model for understanding transaction costs for their composition, size and policy implications. We distinguish between investments in institutions that facilitate exchange and the cost of ...
  • Transmission of macro-liquidity shocks to liquidity-sorted stock portfolios’ returns: The role of the financial crisis 

    Florackis, Chris; Kostakis, Alexandros; Kontonikas, Alexandros (University of GlasgowUniversity of Liverpool, 2011)
    This study examines the impact of macro-liquidity shocks on the returns of UK stock portfolios sorted on the basis of a series of micro-liquidity measures. The macro-liquidity shocks are extracted on the meeting days of ...
  • Two Studies on the Interplay between Social Preferences and Individual Biological Features 

    Sánchez-Pagés, Santiago; Turiegano, E. (University of EdinburghUniversidad Autónoma de Madrid, 2013)
    Biological features and social preferences have been studied separately as factors influencing human strategic behaviour. We run two studies in order to explore the interplay between these two sets of factors. In the ...
  • A two-sector growth model with institutional saving and investment 

    George, Donald A R (University of Edinburgh, 2012)
    This paper develops a two-sector growth model in which institutional investors play a significant role. A necessary and sufficient condition is established under which these investors own the entire capital stock in the ...
  • Type II Errors in IO Multipliers 

    Emonts-Holley, Tobias; Ross, Andrew; Swales, J Kim (University of Strathclyde, 2015-04)
    This paper compares methods for calculating Input-Output (IO) Type II multipliers. These are formulations of the standard Leontief IO model which endogenise elements of household consumption. An analytical comparison of ...
  • UK House Prices: Convergence Clubs and Spillovers 

    Montagnoli, Alberto; Nagayasu, Jun (University of StrathclydeUniversity of Tsukuba, 2013)
    This paper uses the log t test to analyse the convergence of house prices across UK regions and the presence of spillovers e ects. We nd that UK house prices can be grouped into four clusters. Moreover we document the ...
  • UK Macroeconomic Forecasting with Many Predictors: Which Models Forecast Best and When Do They Do So? 

    Koop, Gary; Korobilis, Dimitris (University of Strathclyde, 2009)
    Block factor methods offer an attractive approach to forecasting with many predictors. These extract the information in these predictors into factors reflecting different blocks of variables (e.g. a price block, a housing ...
  • UK Macroeconomic Forecasting with Many Predictors: Which Models Forecast Best and When Do They Do So? 

    Koop, Gary; Korobilis, Dimitris (University of Strathclyde, 2011)
    Block factor methods offer an attractive approach to forecasting with many predictors. These extract the information in these predictors into factors reflecting different blocks of variables (e.g. a price block, a housing ...
  • Uncertain Fiscal Consolidations 

    Bi, Huixin; Leeper, Eric M.; Leith, Campbell (University of GlasgowIndiana UniversityMonash UniversityBank of Canada, 2012)
    The paper explores the macroeconomic consequences of fiscal consolidations whose timing and composition are uncertain. Drawing on the evidence in Alesina and Ardagna (2010), we emphasize whether or not the fiscal consolidation ...
  • Understanding Interactions in Social Networks and Committees 

    Bhattacharjee, Arnab; Holly, Sean (University of St Andrews, 2009)
    While much of the literature on cross section dependence has focused mainly on estimation of the regression coefficients in the underlying model, estimation and inferences on the magnitude and strength of spill-overs and ...
  • Understanding Liquidity and Credit Risks in the Financial Crisis 

    Gefang, Deborah; Koop, Gary; Potter, Simon M. (University of StrathclydeUniversity of LancasterFederal Reserve Bank of New York, 2011)
    This paper develops a structured dynamic factor model for the spreads between London Interbank Offered Rate (LIBOR) and overnight index swap (OIS) rates for a panel of banks. Our model involves latent factors which reflect ...

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