122 research outputs found
Demand Distribution Dynamics in Creative Industries: the Market for Books in Italy
We studied the distribution dynamics of the demand for books in Italy. We found that for each of the three broad sub-markets into which the book publishing industry can be classified - Italian novels, foreign novels and non-fiction - sales over a three-year sample can be adequately fitted by a power law distribution. Our results can be plausibly interpreted in terms of a model of interactions among buyers exchanging information on the books they buy.Book publishing industry; Information transmission; Power law distribution
Reference-dependent Preferences and the Transmission of Monetary Policy
This paper proposes a novel explanation of the vast empirical evidence showing that output and prices react asymmetrically to monetary policy innovations over contractions and expansions in the business cycle. We use VAR techniques to show that monetary policy exerts stronger e¤ects on the U.S. GDP during contractionary phases, as compared to expansionary ones. As to prices, their response is not statistically different across different cyclical stages. We show that these facts are consistent with a New Neoclassical Synthesis model based on the assumption that households' utility partly depends on deviations of their consumption from a reference level below which aversion to loss is displayed. In line with the theory developed by Kahneman and Tversky (1979), losses in consumption utility loom larger than gains. This implies state-dependent degrees of real rigidity and elasticity of intertemporal substitution in consumption that generate competing effects on the responses of output and inflation following a monetary innovation. The key predictions of the model are in line with the data. We then explore the state-dependent trade-off between inflation and output stabilization that naturally arises in this context. Greater elasticity of inflation to real activity during expansionary stages of the cycle promotes a stronger degree of policy activism in the response to the expected rate of inflation under discretion, compared to what is otherwise prescribed during contractions.Reference-dependent Preferences;Asymmetry;Monetary policy.
Demand Distribution Dynamics in Creative Industries: the Market for Books in Italy
We study the distribution dynamics of the demand for books in Italy. We find that for each of three broad sub-markets in which the book publishing industry can be classified Italian novels, foreign novels and essays sales over a three-year sample can be adequately fitted by a power law distribution. Our results can be plausibly interpreted in terms of a model of interactions among buyers exchanging information on the books they buy.Book publishing industry; Information transmission; Power law distribution.
Demand Distribution Dynamics in Creative Industries: the Market for Books in Italy
We study the distribution dynamics of the demand for books in Italy. We
find that for each of three broad sub-markets in which the book
publishing industry can be classified − Italian novels, foreign novels and
essays − sales over a three-year sample can be adequately fitted by a
power law distribution. Our results can be plausibly interpreted in terms
of a model of interactions among buyers exchanging information on the
books they buy
International evidence on business cycle magnitude dependence
Are expansions and recessions more likely to end as their magnitude increases? In this paper we apply parametric hazard models to investigate this issue in a sample of 16 countries from 1881 to 2000. For the total sample we find evidence of positive magnitude dependence for recessions, while for expansions we are not able to reject the null of magnitude independence. This last result is likely due to a structural change in the mechanism guiding expansions before and after the second World War. In particular, upturns show negative magnitude dependence in the post-World War II sub-sample, meaning that in this period expansions become less likely to end as their magnitude increases
Reflections on Modern Macroeconomics: Can We Travel Along a Safer Road?
In this paper we sketch some reflections on the pitfalls and inconsistencies
of the research program - currently dominant among the profession - aimed at
providing microfoundations to macroeconomics along a Walrasian perspective. We
argue that such a methodological approach constitutes an unsatisfactory answer
to a well-posed research question, and that alternative promising routes have
been long mapped out but only recently explored. In particular, we discuss a
recent agent-based, truly non-Walrasian macroeconomic model, and we use it to
envisage new challenges for future research.Comment: Latex2e v1.6; 17 pages with 4 figures; for inclusion in the APFA5
Proceeding
The Eurace@Unibi Model: An Agent-Based Macroeconomic Model for Economic Policy Analysis
Dawid H, Gemkow S, Harting P, van der Hoog S, Neugart M. The Eurace@Unibi Model: An Agent-Based Macroeconomic Model for Economic Policy Analysis. Working Papers in Economics and Management. Vol 05-2012. Bielefeld: Bielefeld University, Department of Business Administration and Economics; 2012.This document provides a description of the modeling assumptions and economic features
of the Eurace@Unibi model. Furthermore, the document shows typical patterns of
the output generated by this model and compares it to empirically observable stylized facts.
The Eurace@Unibi model provides a representation of a closed macroeconomic model with
spatial structure. The main objective is to provide a micro-founded macroeconomic model
that can be used as a unified framework for policy analysis in different economic policy areas
and for the examination of generic macroeconomic research questions. In spite of this general
agenda the model has been constructed with certain specific research questions in mind and
therefore certain parts of the model, e.g. the mechanisms driving technological change, have
been worked out in more detail than others.
The purpose of this document is to give an overview over the model itself and its features
rather than discussing how insights into particular economic issues can be obtained using the
Eurace@Unibi model. The model has been designed as a framework for economic analysis in
various domains of economics. A number of economic issues have been examined using (prior
versions of) the model (see Dawid et al. (2008), Dawid et al. (2009), Dawid et al. (2011a),
Dawid and Harting (2011), van der Hoog and Deissenberg (2011), Cincotti et al. (2010))
and recent extensions of the model have substantially extended its applicability in various
economic policy domains, however results of such policy analyses will be reported elsewhere.
Whereas the overall modeling approach, the different modeling choices and the economic
rationale behind these choices is discussed in some detail in this document, no detailed
description of the implementation is given. Such a detailed documentation is provided in the
accompanying document Dawid et al. (2011b)
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