[PDF] Top 20 Risk Aversion in the Euro area

... a risk aversion shock enters a separable utility ...time the dynamics of several parameters (such as the risk aversion parameter), the Taylor rule coe¢cients and ... Voir le document complet

... Ross risk aversion and n-switch indepen- dence property Because the conditions derived in Ross (1981) are fairly restrictive upon preference, some readers may regard Ross’results as negative, ... Voir le document complet

... model the seasonal compo- nents and the long-term cycle. In this paper, we recall most of the different seasonal fractionally integrated processes which model trend and ...of the ... Voir le document complet

... known, the main channels of monetary policy transmission have been thoroughly examined mainly using macro information (see the survey in Guiso, Kashyap, Panetta and Terlizzese, ...on the one ... Voir le document complet

... comparative risk aversion between risk averse agents in the presence of a background ...Although the literature covers this question extensively, our contribution differs from ... Voir le document complet

... on the existence of these two channels based on results from a series of studies on firm investment in the euro ...As in its companion paper (Ehrmann et al., this issue), it reports on ... Voir le document complet

... analyzing the synchronicity between business and financial cycles in the euro area, both within and across coun- tries, thus bridging three strands of the literature: financial ... Voir le document complet

... patterns? The point here is that interest rates, and the opportunity cost of money, are already imbedded as explanatory variables in standard money demand ...that the decline of the ... Voir le document complet

... than the autocorrelation coefficient of demand shocks. When it comes to the parameters governing nominal rigidities (α p , α w , γ p , γ w ), we adopt Beta ...For the Calvo probabilities, our prior ... Voir le document complet

... to the role of money in the cases of the United States, the Euro zone, and the ...di¤ers in its empirical conclusion, giving a stronger role to money, at least ... Voir le document complet

... measures in test/retest data, which is now well-documented. In particular, the task used to elicit risk-aversion, as well as the delay between the test and the ... Voir le document complet

... Finally, the last situation reported in Table 5 focuses on near flexible prices (θ P i = ...on the model: it sup- presses a nominal friction (thus reducing the effect of macroeconomic policies ... Voir le document complet

... that the number of connections and their related strength were highly time- ...at the end of our data sample ...to the regulatory authority ...of risk exposures, gauging contagion ... Voir le document complet

... share the same characteristics into a group ...transforming the neighbourhood of either a part of all points of 𝑥 𝑖…𝑁 ∈ 𝑆. The group 𝐺 is composed of mathematical objects that actually transform ... Voir le document complet

... countries, goods and financial market integration are likely to lead both to a decrease in saving and an increase in investment, and so, to a larger current account deficit2. We also dis[r] ... Voir le document complet

... (besides the instantaneous interest rate risk) asymmetric smiles: either a genuine leverage eect, that is an instantaneous correlation between the return on the stock and its stochastic ... Voir le document complet

... is the issue of the calibration of the parameters γ and ...estimated the response of saving to the real interest rate, that is the elasticity of intertemporal substitution ...are ... Voir le document complet

... the case that expected utility is increasing in a at ba for all more risk ...concave in a, the “local”necessary con- ditions are also su¢ cient for all more risk averse to ... Voir le document complet

... uct exists for each origin-destination pair of the network from Figure 3-1(a). These products are differentiated by travel restrictions, cancellation policies or othe[r] ... Voir le document complet

... Survey in order to check whether self-reported risk aversion varies over ...time. In most panels, risk attitude variables are collected only once (found in only one survey wave), ... Voir le document complet