a r t i c l e i n f o JEL classification: E52 E58 F41 Keywords: Monetary policy rule Incomplete exchange rate pass-through Tobin's Q channel Asset prices This paper focuses on the role of the Tobin's Q channel in a two-country framework in which exporting firms set their prices on the basis of local currency pricing. Incomplete exchange rate pass-through significantly affects the Tobin's Q chan...

Sewers, water pipes, and streets are elements of our civil infrastructure, the supporting structure of society. Infrastructure is a complex technical system that provides us with a varied range of essential services; a storehouse of resources and wealth that each generation inherits, uses, and passes on to succeeding generations. The asset management has a big influence on infrastructure develo...

Lucas (1987, 2003) estimates that the cost of ‡uctuations is less than 0.1% of consumption. In other words, a social planner would pay no more than 0.1% of (permanent) consumption to eliminate all future business cycle ‡uctuations. The current paper extends Lucas’calculations by studying the costs of ‡uctuations arising from asset bubbles. We estimate two classes of costs: consumption volatilit...

Today’s generation of Internet devices has changed how users are interacting with media, from passive and unidirectional users to proactive and interactive. Users can use these devices to comment or rate a TV show and search for related information regarding characters, facts or personalities. This phenomenon is known as second screen. This paper describes SAM, an EU-funded research project tha...

Lucas (1987, 2003) estimates that the cost of ‡uctuations is less than 0.1% of consumption. In other words, a social planner would pay no more than 0.1% of (permanent) consumption to eliminate all future business cycle ‡uctuations. The current paper extends Lucas’calculations by studying the costs of ‡uctuations arising from asset bubbles. We estimate two classes of costs: consumption volatilit...

In this paper, we build a Closed-Loop Nash Equilibrium of a private property productive asset oligopoly. We compare and contrast private with common property in terms of exploitation rates and social welfare, and provide a comparative dynamic analysis with respect to the number of firms in the industry. Contrary to previous studies on oligopolistic exploitation of productive assets, before expl...

Recent empirical work finds evidence of highly nonlinear wealth dynamics among Boran pastoralists of southern Ethiopia, consistent with the hypothesis of poverty traps. This paper explores the consequences of such dynamics for informal inter-household transfers. Using original primary data on social networks and transfers, we find that asset transfers respond to recipients’ losses, but only so ...

 In this paper an artificial society is being assumed as a multi agents system. A sugarscape model consisting of a cellular landscape of resources is used to form an interaction among the agents of the population. In the model, agents find the resources to survive. They are supposed to move and search and because of this movement, an evolutionary social behavior will develope. From model analys...

The aim of the paper is to develop a technique for rebalancing pension fund portfolios in function of their pointwise level of risk. The performance of pension funds is often measured by their global asset returns because of the latter’s influence on periodic contributions and/or future benefits. However, in periods of market crisis attention is focused on the risk level given their social secu...

Conventional theory suggests that fiat money will have value in capitalpoor economies. We demonstrate that fiat money may also have value in capital-rich economies, if the price of capital is excessively volatile. Excess asset-price volatility is generated by news ; information that has no social value, but is privately useful in forming forecasts over the short-run return to capital. One advan...