Now showing items 221-230 of 243
Estimating inflation expectation co-movement across countries
Inflation expectation is an important indicator for policy makers and financial investors. To capture a more accurate real-time estimate of inflation expectation on the basis of financial markets, we propose an arbitrage-free ...
Uncertainty andEmployment Dynamics in theEuro Area and the US
In this paper we investigate transmission and spillovers of local and foreign economic policy uncertainty shocks to unemployment in two largest economic regions in the world - the United States (US) and the Euro area (EA). ...
Revisiting the effect of VAT changes on output
The importance of pass-through dynamics
Standard models used in academic and institutional research implement the value-added tax (VAT) as a simple consumption tax levied on consumers, implying that tax changes instantaneously translate into consumer price ...
Specification Testing in Nonparametric Instrumental Quantile Regression
There are many environments in econometrics which require nonseparable modeling of a structural disturbance. In a nonseparable model, key conditions are validity of instrumental variables and monotonicity of the model in ...
Relative Performance of Liability Rules
We compare the performance of liability rules for managing environmental disasters when third parties are harmed and cannot always be compensated. A firm can invest in safety to reduce the likelihood of accidents. The ...
Do voluntary payments to advisors improve the quality of financial advice?
An experimental sender-receiver game
The market for retail financial products (e.g. investment funds or insurances) is marred by information asymmetries. Clients are not well informed about the quality of these products. They have to rely on the recommendations ...
Simultaneous Inference for the Partially Linear Model with a Multivariate Unknown Function when the Covariates are Measured with Errors
In this paper, we analyze the nonparametric part of a partially linear model when the covariates in parametric and non-parametric parts are subject to measurement errors. Based on a two-stage semi-parametric estimate, we ...
What renders financial advisors less treacherous?
On commissions and reciprocity
An advisor is supposed to recommend a financial product in the best interest of her client. However, the best product for the client may not always be the product yielding the highest commission to the advisor. Do advisors ...