| 1. |
- Lundtofte, Frederik
(författare)
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Endogenous Acquisition of Information and the Equity Home Bias
- 2009
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Ingår i: Economica. - : Wiley. - 1468-0335 .- 0013-0427. ; 76:304, s. 741-759
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Tidskriftsartikel (refereegranskat)abstract
- This paper investigates the extent to which differences in information costs can explain the equity home bias puzzle. In a model where information costs are higher for the Foreign asset than for the Home asset, we show that---if cost functions are convex and the assets have identical return characteristics---the expected size of the home bias in terms of differences in expected demands is positive and increasing in expected excess returns and risk, but decreasing in risk aversion. However, a calibration to US data suggests that information costs can explain only a small fraction of the observed home bias.
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| 2. |
- Gottfries, Nils, 1952-
(författare)
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Market shares, financial constraints and pricing behaviour in the export market
- 2002
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Ingår i: Economica. - : Wiley. - 0013-0427 .- 1468-0335. ; 69:276, s. 583-607
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Tidskriftsartikel (refereegranskat)abstract
- A structural dynamic model of price and quantity adjustment is estimated on time series data for exports and export prices, Two sources of dynamics are considered: customer markets and preset prices. As predicted by the customer market model, the market share adjusts slowly after a change in the relative price and Financial conditions affect prices, Prices are found to be sticky in the sense that they do not reflect the most recent information about costs and exchange rates. A parsimoniously parameterized structural model explains about 90% of the variation in market share and the relative price.
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| 3. |
- Shy, Oz
(författare)
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Exporting as a Signal for Product Quality
- 2000
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Ingår i: Economica (London). - : Blackwell Publishers Ltd. - 1468-0335 .- 0013-0427. ; 67:265, s. 79-90
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Tidskriftsartikel (refereegranskat)abstract
- I develop a dynamic asymmetric information model where a domestic producer is unable to commit to producing a high-quality product. The domestic producer then can signal to consumers that it is producing a high-quality product by developing the infrastructure needed to start exporting the product. This signalling may take place even if selling internationally is less profitable than selling high quality only at home in the absence of credibility problems. Thus, this paper provides another explanation for the decision to start exporting. I then analyse how and which kind of export subsidies alter a firm's incentive to sell a high-quality product in different markets.
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| 4. |
- Söderlin, Paul
(författare)
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Market Expectations in the UK Before and After the ERM Crisis
- 2000
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Ingår i: Economica (London). - : Blackwell Publishers Ltd. - 1468-0335 .- 0013-0427. ; 67:265, s. 1-18
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Tidskriftsartikel (refereegranskat)abstract
- The British pound left the ERM on 16 September 1992 after a period of turbulence. UK monetary policy soon shifted to lower short interest rates, and an inflation target was announced. This paper uses daily option prices to estimate how the market's probability distribution of the future mark–pound exchange rate and UK and German interest rates changed over the summer and autumn of 1992. The results show, among other things, how various policy decisions affected the market's assessment of the probabilities of realignments and lending rate cuts.
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| 5. |
- Ahmed, Ali, et al.
(författare)
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Detecting discrimination against homosexuals : Evidence from a field experiment on the Internet
- 2009
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Ingår i: Economica. - : Wiley. - 0013-0427 .- 1468-0335. ; 76:303, s. 588-597
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Tidskriftsartikel (refereegranskat)abstract
- This paper presents the first field experiment studying discrimination against homosexuals on the housing market. The study is conducted on the rental housing market in Sweden using the internet as a research platform. Two fictitious couples, one heterosexual and one male homosexual, apply for vacant rental apartments advertised by landlords on the internet. Our findings show that homosexual males are discriminated against on the Swedish housing market, since the homosexual couple gets far fewer call-backs and fewer invitations to further contacts and to showings of apartments than the heterosexual couple.
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| 6. |
- Asplund, Marcus, et al.
(författare)
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Prices, margins and liquidity constraints : Swedish newspapers, 1990-1992
- 2005
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Ingår i: Economica. - : Wiley. - 0013-0427 .- 1468-0335. ; 72:286, s. 349-359
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Tidskriftsartikel (refereegranskat)abstract
- A firm facing liquidity constraints in a recession may increase its price to exploit locked-in consumers in an attempt to boost short-run profits. We find support for such behaviour for Swedish regional newspapers during a deep recession. Newspapers sell both subscriptions and advertising space, and arguably buyers of the latter are less locked in. Newspapers with low solvency raised their subscription prices relative to others. In contrast, the changes in advertising price were independent of the newspapers' financial positions. Hence financial constraints affected firms' pricing behaviour only when consumers were locked in.
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| 7. |
- Dalmazzo, Alberto, et al.
(författare)
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O-ring wage inequality
- 2007
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Ingår i: Economica. - : Wiley. - 0013-0427 .- 1468-0335. ; 74:295, s. 515-536
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Tidskriftsartikel (refereegranskat)abstract
- We examine the relationship between technological complexity and wage inequality, using an efficiency wage model that adopts Kremer's O-ring production function. The model has two main implications: (i) when the production process becomes more complex, within-task wage differences increase between plants, and (ii) between-task wage differences increase within plants. We study these implications empirically using industry data providing quantified information on the complexity of the tasks. We find that wages increase in all the tasks with the complexity of the production process. Furthermore, the relationship between the complexity of the tasks and wages is steepest in the firms with more complex production processes.
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| 8. |
- Larsson, Anna
(författare)
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Fiscal Activism under Inflation Targeting and Non-atomistic Wage Setting
- 2012
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Ingår i: Economica. - : Wiley. - 0013-0427 .- 1468-0335. ; 79:313, s. 97-114
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Tidskriftsartikel (refereegranskat)abstract
- This paper presents a game between a fiscal authority, an independent central bank and non-atomistic wage setters. The effects of fiscal activism and inflation targeting on labour market outcomes are analysed. The results suggest that inflation targeting provides incentive for wage restraint. Moreover, real wages are increasing in the degree of fiscal activism as wage setters exploit the response of a fiscal authority seeking to promote employment. Numerical results suggest that the benefits of targeting inflation are larger when the government pursues an activist policy and therefore that there is some substitutability between fiscal and monetary rules.
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| 9. |
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| 10. |
- Almås, Ingvild, et al.
(författare)
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Saving and Bequest in China : An Analysis of Intergenerational Exchange
- 2020
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Ingår i: Economica. - : Wiley. - 0013-0427 .- 1468-0335. ; 87:345, s. 249-281
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Tidskriftsartikel (refereegranskat)abstract
- Particularly high saving rates among the elderly in both rural and urban China call for an investigation of the involved bequest motive. Utilizing unique survey data from a diverse group of Chinese households, we document that the magnitude of the bequest from parent to child is associated with the level of personal assistance from child to parent. Moreover, we find indicative evidence that both bequest and assistance are increasing in the parent's income and decreasing in the child's income. Comparing with the predictions from a stylized intergenerational model, these findings are consistent with an exchange-based bequest motive. Our findings have potential implications for how public policies and transfer schemes should be designed in order to contribute to the Chinese government objective of increased private consumption. Our results are conditional on the inclusion of housing wealth as part of the bequest, which indicates that transfer of housing is key to understanding the intergenerational assistance and bequest motives, and subsequently the high saving levels among the elderly in China.
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