betz - why bank panics matter; cross-disciplinary economic theory (2014)

... quantity controls 8. Public Finance in Models of Economic Growth 8.1. Public Debt and Ricardian Equivalence Public Economic Theory Felix Bierbrauer MPI Collective Goods Summer Term ... political economics and discuss recent developments in the literature. 1. Theory of Public Goods 1.1 An efficient provision of public goods: The Samuelso...

Ngày tải lên: 24/10/2012, 09:11

... the fact that a dollar leaves bank 8 Federal Reserve Bank of New York Staff Reports Which Bank Is the “Central” Bank? An Application of Markov Theory to the Canadian Large Value Transfer System Morten ... running. The participants in the sample consist of members of the LVTS and the Bank of Canada. For the purp oses of this st...

Ngày tải lên: 16/02/2014, 12:20

... improving industrial production, will lift growth in Russia. However, the closing of the output gap, the tightening of labor markets, and the modest decline in oil prices are set to limit growth ... manufacturing jobs. However the gap has since diminished with the market recovery. Real incomes increased in each of the last four years, but the composition of inc...

Ngày tải lên: 20/02/2014, 20:20

... the products to the city. 20 An Essay on Economic eory 8 An Essay on Economic eory An Essay on Economic Theory An English translation of Richard Cantillon’s Essai sur la Nature du Commerce ... Austrian theory of the business cycle. Cantillon’s contributions span the entire gamut of economics includ- ing entrepreneurship, methodology, theory, microeconomics, macr...

Ngày tải lên: 06/03/2014, 06:20

... economic analyses: a reappraisal. Bank of Japan Monetary and Economic Studies, 14, 79± 99. Givazzi, F and Pagano, M. (1988) The advantage of tying one's hands Ð EMS discipline and central bank ... when are independent central banks irrelevant? World Bank, mimeo. Kilponen, J. (1999a) Central bank independence and wage bargaining structure Ð empirical evidence. B...

Ngày tải lên: 15/03/2014, 10:20

... 1951), p. 335. 1 Postgraduate Journal of Aesthetics, Vol. 2, No. 1, April 2005 WHY DOES FEMINISM MATTER TO AESTHETICS? JOSHUA SHAW PENNSYLVANIA STATE UNIVERSITY, ERIE 1. INTRODUCTION ... artworks and cultural trends. To be a feminist is, we might say, to be committed to weeding out masculinist biases, and to accomplish this task a feminist typically needs...

Ngày tải lên: 16/03/2014, 18:20

... Henry and Chaloupka, Frank J. The Demand for Illicit Drugs, ” Economic Inquiry, 37, No. 3, July 1999, pp. 401-411. The Economic Theory of Illegal Goods: the Case of Drugs Gary S. Becker, Kevin ... SERIES THE ECONOMIC THEORY OF ILLEGAL GOODS: THE CASE OF DRUGS Gary S. Becker Kevin M. Murphy Michael Grossman Working Paper 10976 http://www.nber.or...

Ngày tải lên: 23/03/2014, 20:20

... prospects and other pertinent variables, and the ages at which these differences unfold. These questions are at the heart of resolving the “annuity puzzle”: Contrary to theoretical predictions, the market for ... prelims.tex The Economic Theory of Annuities xvii August 22, 2007 Time: 09:47am prelims.tex vi August 22, 2007 Time: 09:47am prelims.tex Preface This book is an a...

Ngày tải lên: 20/06/2014, 20:20

... tends to mitigate the effects of adverse selection because, when bundled, the negative correlation between the costs of these products reduces the overall variation of the costs of the bundle with individual ... insurance. Expected costs of medical insurance, for example, depend on the health characteristics of the insured. Of course, the value of such insura...

Ngày tải lên: 20/06/2014, 20:20

... distribution of bequests that become initial endowments of a subsequent generation. Thus, analysis of the long-term effects of changes in longevity has to focus on the (ergodic) evolution of the distribution of ... Let the current number of age-z females be n(z), while the total number is N. When the population grows at a rate g, the number of females z periods a...

Ngày tải lên: 20/06/2014, 20:20

... description of the motivation for and the stipulations of these annuities from a textbook for actuaries: These are usually effected to avoid the disappointment that is often felt in the event of the ... follow the standard assumption that the sign of the price of each good changes in the opposite direction to the sign of profits from sales of this good. The...

Ngày tải lên: 20/06/2014, 20:20

... stream of returns is fully specified at the time of purchase or sale. We continue to denote the annuities held by individuals during their early ages by a( z), 0 ≤ z ≤ M. Therateofreturnonthese annuities ... survival function, the purchase or sale of a long-term annuity is equivalent to a sequence of purchases or sales of short-term annuities. However, upon the arrival of i...

Ngày tải lên: 20/06/2014, 20:20

... expectancy of the owners. The other risk class experiences a loss for the opposite reason. Another important implication of the fact that in equilibrium con- sumption is independent of the state of nature ... (4.4). When there is a positive rate of interest on assets, the competitive rate of return on annuities is equal to the rate of interest plus the hazard rat...

Ngày tải lên: 20/06/2014, 20:20

... total consumption in the second period. The second term is the sum of the expected utilities of two surviving individuals, while the third is the expected utility of one survivor. The budget constraint ... is typical of many retirement plans, the actuarially fair discounted price of such an annuity will reflect the probability that the holder will die before the...

Ngày tải lên: 20/06/2014, 20:20

... Why Bank Panics Matter Cross-Disciplinary Economic Theory ISSN 219 1-5 504 ISSN 219 1-5 512 (electronic) ISBN 97 8-3 -3 1 9-0 175 6-3 ISBN 97 8-3 -3 1 9-0 175 7-0 (eBook) DOI 10.1007/97 8-3 -3 1 9-0 175 7-0 ... IN ECONOMICS Frederick Betz Why Bank Panics Matter Cross-Disciplinary Economic Theory SpringerBriefs in Economics For fur...

Ngày tải lên: 01/11/2014, 15:54