Standard macro models cannot explain why real exchange rates are volatile and disconnected from macro aggregates. Recent research argues that models with persistent growth rate shocks and recursive preferences can solve that puzzle. I show that this result is highly sensitive to the structure of financial markets. When just a bond is traded internationally, then long-run risk generates insuffic...

a r t i c l e i n f o Keywords: Material transfer agreements Payment for ecosystem services Non-monetary payment Moral satisfaction Probit with endogenous regressors This paper uses econometric analysis for understanding the determinants that affect the payment mechanism in material transfer agreements (MTAs). These contracts regulate the exchange of peculiar ecosystem services (genetic and bio...

The purpose of this essay is to analyze the circumstances where a monetary economy dominates over a redistributive barter economy in which there is not an absence of double coincidence of wants problem. For this purpose, we develop a spatial general equilibrium model where individuals must trade with intermediaries to acquire the consumption goods that they need; exchange is costly, there is no...

The paper describes so-called “Methodology Framework for Information Systems Development”. It has been developed at the Department of Information Technologies of the University of Economics in Prague, Czech Republic, and its development still continues. Moreover, the development of this facility is intended as the never ending process – the process of international collaboration and experience ...

The field of social psychology explores how a person behaves within the context of other people. The social context can play a substantive role in non-market allocation decisions given peoples choices and values extend beyond the classic market-based exchange institution. Herein we explore how social psychology has affected one aspect of environmental economics: preference elicitation through s...

The article develops a process and control model for the analysis and design of inter-firm relations, in which both opportunism and trust play a role. Its aim is to develop a tool which helps to analyze combinations, balances and imbalances of trust and opportunism, formal and informal forms of governance, and viable sequences of strategies of governance, depending on different conditions. It e...

We develop a portmanteau test of extremal serial dependence. The test statistic is asymptotically chi-squared under a null of "extremal white noise", as long as extremes are Near-Epoch-Dependent, covering linear and nonlinear distributed lags, stochastic volatility, and GARCHprocesses with possib ly unit or explosive roots. We apply tail speci...c tests to equity market and exchange rate return...