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Portuguese Economic Journal - This study supports the use of behavioural finance to explain the popularity of portfolio insurance. Portfolio insurance strategies are important financial solutions... 相似文献
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We construct the first direct classification of goods as luxuries or necessities that is compatible with international trade data. We then use it to test an idea that has not been tested directly in the literature: Countries' income distributions are important determinants of their import demand, and, in particular, of the difference in their import demands of luxuries versus necessities. We interpret this result with the aid of a model in which preferences are nonhomothetic, thus relaxing a long-held and standard—but empirically dubious—assumption in the theory of international trade. Our model is strongly borne out by the results: Imports of luxuries increase with the importing country's inequality, and imports of necessities decrease with it. Our calculations imply that if income distribution in the United States became as equal as in Canada, the United States would import about 9-13% fewer luxury goods and 13-19% more necessities. 相似文献
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This paper looks at the relation between exchange rates and monetary policy. It focuses in particular on the role of the exchange rate of the euro in the context of the ECB's monetary policy strategy. The objective of monetary policy is to maintain price stability. The euro area is a large and relatively closed economy. Therefore, the exchange rate of the euro is not an intermediate target nor is it an objective. Nevertheless, the ECB's stability–oriented monetary policy strategy does not neglect the exchange rate of the euro. Clearly, exchange rate developments are taken into account both when looking at the transmission mechanism of monetary policy and when assessing the current economic situation and prospects for the euro area. 相似文献
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Using a panel of 17 countries for 1978–2009, we find that tax-driven consolidations increase unemployment by 0.25 percentage points. Labour market flexibility mitigates this: a one-point rise in the flexibility index reduces youth (long-term) unemployment by 0.6–0.7 (1.8–2.2) percentage points. 相似文献
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Pricing farm-level agricultural insurance: a Bayesian approach 总被引:1,自引:0,他引:1
Vitor Augusto Ozaki 《Empirical Economics》2009,36(2):231-242
This paper applies Hierarchical Bayesian Models to price farm-level yield insurance contracts. This methodology considers
the temporal effect, the spatial dependence and spatio-temporal models. One of the major advantages of this framework is that
an estimate of the premium rate is obtained directly from the posterior distribution. These methods were applied to a farm-level
data set of soybean in the State of the Paraná (Brazil), for the period between 1994 and 2003. The model selection was based
on a posterior predictive criterion. This study improves considerably the estimation of the fair premium rates considering
the small number of observations.
相似文献
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Aloisio Campelo Viviane Seda Bittencourt Vitor Vidal Velho 《International Review of Applied Economics》2019,33(4):505-522
ABSTRACTAn accurate assessment of inflation expectations is crucial for the management of monetary policies. However, expectations are not directly observed and are hence normally inferred either from the interest rate structure or from surveys of professional forecasters. Alternatively, a direct measure may be obtained from consumer surveys. The aim of this paper is to study the formation of inflation expectations in Brazil, using a novel dataset based on the FGV/IBRE consumer survey. Basing our model on the rational inattention hypothesis, we find that individual heterogeneity plays a very significant role in shaping individual expectations; also, Brazilians adjust expectations to current inflation and to a fixed reference value, while professional forecasts do not play a very relevant role. 相似文献
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Agnello Luca Castro Vitor Sousa Ricardo M. 《The Journal of Real Estate Finance and Economics》2020,61(4):607-670
The Journal of Real Estate Finance and Economics - We use duration analysis to assess the impact of securitization, mortgage sector liberalization and government involvement in housing finance on... 相似文献
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Vitor Leone 《Journal of Property Research》2018,35(2):95-116
This paper departs from the traditional optimisation methods used to evaluate portfolio performance. Rather, the Stochastic Frontier Analysis approach is used to econometrically determine the benchmark real estate portfolio frontier and subsequently assess the gains from diversifying real estate portfolios along regional and sectoral dimensions in the UK. Portfolio specific inefficiency measures are obtained which indicate whether a portfolio is efficiently diversified and therefore places on the benchmark frontier and if not, the degree to which performance can be improved is quantified. Portfolio-specific efficiencies average at 85–91%, indicating scope to further improve performance. Further, diversification be it on a sectoral or regional dimension, contributes to significantly lower variability in portfolio efficiencies. 相似文献
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Despite the modern origins of endogenous growth theory, we argue that the ‘Idea for a Universal History with a Cosmopolitan Aim’ written by Immanuel Kant in 1784 provides an early and coherent example of such a theory. Kant's endogenous growth mechanism is driven by the inherent rivalry that exists between agents which increases effort and strengthens the accumulation of knowledge, which in turn is carried through generations. In an exercise in ‘rational reconstruction’, we present a mathematical model of Kant's mechanism. We use the model to contribute to the contemporary policy debate as to whether ‘keeping up with the Joneses’ leads to excessive effort. 相似文献