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  <item rdf:about="http://hdl.handle.net/10419/36706">
    <title>Information efficiency and financial stability</title>
    <link>http://hdl.handle.net/10419/36706</link>
    <description>Titel: Information efficiency and financial stability
&lt;br/&gt;
&lt;br/&gt;Autoren: Caccioli, Fabio; Marsili, Matteo
&lt;br/&gt;
&lt;br/&gt;Zusammenfassung: The authors study a simple model of an asset market with informed and non-informed agents. In the absence of non-informed agents, the market becomes information efficient when the number of traders with different private information is large enough. Upon introducing non-informed agents, the authors find that the latter contribute significantly to the trading activity if and only if the market is (nearly) information efficient. This suggests that information efficiency might be a necessary condition for bubble phenomena-induced by the behavior of non-informed traders-or conversely that throwing some sands in the gears of financial markets may curb the occurrence of bubbles.</description>
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  <item rdf:about="http://hdl.handle.net/10419/36705">
    <title>Stabilizing an unstable economy: On the choice of proper policy measures</title>
    <link>http://hdl.handle.net/10419/36705</link>
    <description>Titel: Stabilizing an unstable economy: On the choice of proper policy measures
&lt;br/&gt;
&lt;br/&gt;Autoren: Asada, Toichiro; Chiarella, Carl; Flaschel, Peter; Mouakil, Tarik; Proaño, Christian R.
&lt;br/&gt;
&lt;br/&gt;Zusammenfassung: In the last months, the world's economies were confronted with the largest economic recession since the Great Depression. The occurrence of a worldwide financial market meltdown as a consequence originally stemming from of the crisis in the US subprime housing sector was only prevented by extraordinary monetary and fiscal policy measures implemented at the international level. Although the world economy seems now to be slowing recovering, it is worthwhile exploring the fragility and potentially destabilizing feedbacks of advanced macroeconomies in the context of Keynesian macro models. Fragilities and destabilizing feedback mechanisms are known to be potential features of all markets-the product markets, the labor market, and the financial markets. In this paper we focus in particular on the financial market. We use a Tobin-like macroeconomic portfolio approach, and the interaction of heterogeneous agents on the financial market to characterize the potential instability of the financial markets. Though the study of the latter has been undertaken in many partial models, we focus here on the interconnectedness of all three markets. Furthermore, we also study how labor market, fiscal and monetary policies can stabilize unstable macroeconomies. Besides other stabilizing policies we in particular propose a countercyclical monetary policy that sells assets in the boom and purchases assets in recessions. Modern stability analysis is brought to bear to demonstrate the stabilizing effects of those suggested policies.</description>
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  <item rdf:about="http://hdl.handle.net/10419/36704">
    <title>News versus sunspot shocks in a New Keynesian model</title>
    <link>http://hdl.handle.net/10419/36704</link>
    <description>Titel: News versus sunspot shocks in a New Keynesian model
&lt;br/&gt;
&lt;br/&gt;Autoren: Karnizova, Lilia
&lt;br/&gt;
&lt;br/&gt;Zusammenfassung: Separately, news and sunspot shocks have been shown empirically to be determinants of changes in expectations. This paper considers both of them together in a simple New Keynesian monetary business cycle model. A full set of rational expectations solutions is derived analytically. The analytical characterization allows an explicit comparison of news about future monetary policy and sunspots. The key distinction between the shocks lies in their relation to the realized policy shock. If monetary policy is 'passive', both types of shocks affect model dynamics through forecast errors. The effect of the news on forecast errors is not unique, and the dynamics induced by news and sunspot shocks can be observationally equivalent. If monetary policy is 'active', the sunspots are irrelevant, and the model responses to the news shocks are unique. In both cases, news shocks strengthen the endogenous propagation of the model, since anticipation of future changes prolongs agents' reaction.</description>
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  <item rdf:about="http://hdl.handle.net/10419/36659">
    <title>(S,s) pricing: Does the heterogeneity wipe out the asymmetry on micro level?</title>
    <link>http://hdl.handle.net/10419/36659</link>
    <description>Titel: (S,s) pricing: Does the heterogeneity wipe out the asymmetry on micro level?
&lt;br/&gt;
&lt;br/&gt;Autoren: Babutsidze, Zakaria
&lt;br/&gt;
&lt;br/&gt;Zusammenfassung: This paper presents a model of asymmetric (S,s) pricing. We investigate whether the asymmetry on micro level is carried over on macro level and what is the role of agent heterogeneity in the process. We look at two kinds of asymmetries: (i) asymmetric output responses monetary shocks and (ii) asymmetric responses to shocks during different phases of business cycle. We conclude that the first type of asymmetry can be attributed to the differences in adjustment bands and that heterogeneity softens this effect. The second type of asymmetry is the result of pricing behavior, thus of agent heterogeneity itself.</description>
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