in this study, we assess the impact of oil price changes on the macroeconomic variables of some oil importers in oecd countries, including usa, italian, france and japan during the period 1960-2002. the results for different countries imply asymmetric impact of oil price changes on gdp growth rates; moreover, the results show that monetary shocks are an important and noticeable factor explainin...

â â â  â â â  abstract â  using a structural var with block exogeneity, diagonality and identifying restrictions, this paper analyzes: first, the macroeconomic linkages among the oil price, u.s. output, interest rate, money supply, general price level and exchange rate and second, the relationships of the macroeconomic variables with the price indices of ten international nonfuel commodity grou...

Using a structural VAR with block exogeneity, diagonality and identifying restrictions, this paper analyzes: first, the macroeconomic linkages among the oil price, U.S. output, interest rate, money supply, general price level and exchange rate and second, the relationships of the macroeconomic variables with the price indices of ten international nonfuel commodity groups. By assuming the block ...

I study the effects of a lack of common knowledge on nominal adjustment in a dynamic price-setting game with incomplete information. In particular, I show how the speed of price adjustments following a nominal or real shock depends on the information structure among pricesetters. The provision of public information leads to a reduction of higher-order uncertainty, and hence to more rapid price ...

Transitory price changes, namely short lived deviations from a reference price level, are prominent in the data but do not fit neatly in standard sticky price models. We analyze a sticky price model where a firm chooses a price plan, namely a set of 2 prices. Changing the plan entails a menu cost, but either price in the plan can be charged at any point in time. The setup generates a persistent...

I analyze the impact of food price inflation on parental decisions to send their children to school. Moreover, I use the fact that food crop farmers and cotton farmers were exposed differently to that shock to estimate the income elasticity of school enrolment. The results suggest that the shock-induced loss in purchasing power had an immediate effect on enrolment rates. Instrumental variable e...

We investigate experimentally whether emotions affect bidding behavior in a first price auction. To induce emotions, we confront subjects after a first auction series with a positive or negative random economic shock. We then explore the relation between emotions and bidding behavior in a second auction series. Our main results are: (i) the economic shock has a substantial impact on the experie...

abstract main objective of this paper is the investigation the effect of support policies of government on income risk of poultry producers in iran for the 1989-2006. ccv index was used to investigate amount of variation that cause each support policies (market price support, support of agricultural inputs, outputs insurance) on income risk variation of producers. the results of this study show...

In a two person game, the Liar strategy falsifies or subverts the predictable outcomes of the other person’s strategy. Following the Gödelian argument of Binmore(1987), we prove that the best response to the Liar strategy in the Nash equilibrium of the game are surprise strategies. Computable game theory permits the surprise/innovation to be modelled by a total computable best response function...

Define the riskiness of a gamble as the reciprocal of the absolute risk aversion (ARA) of an individual with constant ARA who is indifferent between taking and not taking that gamble. We characterize this index by axioms, chief among them a “duality” axiom which, roughly speaking, asserts that less risk-averse individuals accept riskier gambles. The index is homogeneous of degree 1, monotonic w...