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    <title>EconStor Community: Christian-Albrechts-Universität Kiel (CAU)</title>
    <link>http://hdl.handle.net/10419/82</link>
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  <item rdf:about="http://hdl.handle.net/10419/54987">
    <title>Envy, guilt, and the Phillips curve</title>
    <link>http://hdl.handle.net/10419/54987</link>
    <description>Titel: Envy, guilt, and the Phillips curve
&lt;br/&gt;
&lt;br/&gt;Autoren: Ahrens, Steffen; Snower, Dennis J.
&lt;br/&gt;
&lt;br/&gt;Zusammenfassung: We incorporate inequity aversion into an otherwise standard New Keynesian dynamic equilibrium model with Calvo wage contracts and positive inflation. Workers with relatively low incomes experience envy, whereas those with relatively high incomes experience guilt. The former seek to raise their income, and the latter seek to reduce it. The greater the inflation rate, the greater the degree of wage dispersion under Calvo wage contracts, and thus the greater the degree of envy and guilt experienced by the workers. Since the envy effect is stronger than the guilt effect, according to the available empirical evidence, a rise in the inflation rate leads workers to supply more labor over the contract period, generating a significant positive long-run relation between inflation and output (and employment), for low inflation rates. This Phillips curve relation, together with an inefficient zero-inflation steady state, provides a rationale for a positive long-run inflation rate. Given standard calibrations, optimal monetary policy is associated with a long-run inflation rate around 2 percent.</description>
  </item>
  <item rdf:about="http://hdl.handle.net/10419/54987">
    <title>Envy, guilt, and the Phillips curve</title>
    <link>http://hdl.handle.net/10419/54987</link>
    <description>Titel: Envy, guilt, and the Phillips curve
&lt;br/&gt;
&lt;br/&gt;Autoren: Ahrens, Steffen; Snower, Dennis J.
&lt;br/&gt;
&lt;br/&gt;Zusammenfassung: We incorporate inequity aversion into an otherwise standard New Keynesian dynamic equilibrium model with Calvo wage contracts and positive inflation. Workers with relatively low incomes experience envy, whereas those with relatively high incomes experience guilt. The former seek to raise their income, and the latter seek to reduce it. The greater the inflation rate, the greater the degree of wage dispersion under Calvo wage contracts, and thus the greater the degree of envy and guilt experienced by the workers. Since the envy effect is stronger than the guilt effect, according to the available empirical evidence, a rise in the inflation rate leads workers to supply more labor over the contract period, generating a significant positive long-run relation between inflation and output (and employment), for low inflation rates. This Phillips curve relation, together with an inefficient zero-inflation steady state, provides a rationale for a positive long-run inflation rate. Given standard calibrations, optimal monetary policy is associated with a long-run inflation rate around 2 percent.</description>
  </item>
  <item rdf:about="http://hdl.handle.net/10419/53125">
    <title>Efficient high-dimensional importance sampling in mixture frameworks</title>
    <link>http://hdl.handle.net/10419/53125</link>
    <description>Titel: Efficient high-dimensional importance sampling in mixture frameworks
&lt;br/&gt;
&lt;br/&gt;Autoren: Kleppe, Tore Selland; Liesenfeld, Roman
&lt;br/&gt;
&lt;br/&gt;Zusammenfassung: This paper provides high-dimensional and flexible importance sampling procedures for the likelihood evaluation of dynamic latent variable models involving finite or infinite mixtures leading to possibly heavy tailed and/or multi-modal target densities. Our approach is based upon the efficient importance sampling (EIS) approach of Richard and Zhang (2007) and exploits the mixture structure of the model when constructing importance sampling distributions as mixture of distributions. The proposed mixture EIS procedures are illustrated with ML estimation of a student-t state space model for realized volatilities and a stochastic volatility model with leverage effects and jumps for asset returns.</description>
  </item>
  <item rdf:about="http://hdl.handle.net/10419/50730">
    <title>Modeling Repeat Purchases in the Internet when RFM Captures Past Influence of Marketing</title>
    <link>http://hdl.handle.net/10419/50730</link>
    <description>Titel: Modeling Repeat Purchases in the Internet when RFM Captures Past Influence of Marketing
&lt;br/&gt;
&lt;br/&gt;Autoren: Reimer, Kerstin; Albers, Sönke
&lt;br/&gt;
&lt;br/&gt;Zusammenfassung: Predicting online customer repeat purchase behavior by accounting for the marketing-mix plays an important role in a variety of empirical studies regarding individual customer relationship management. A number of sophisticated models have been developed for different forecasting purposes based on a – mostly linear – combination of purchase history, so called Recency-Frequency-Monetary Value (RFM)-variables and marketing variables. However, these studies focus on a high predictive validity rather than ensuring that their proposed models capture the original effects of marketing activities. Thus, they ignore an explicit relationship between the purchase history and marketing which leads to biased estimates in case these variables are correlated. This study develops a modeling framework for the prediction of repeat purchases that adequately combines purchase history data and marketing-mix information in order to determine the original impact of marketing. More specifically, we postulate that RFM already captures the effects of past marketing activities and the original marketing impact is represented by temporal changes from the purchase process. Our analysis highlights and confirms the importance of adequately modeling the relationship between RFM and marketing. In addition, the results show superiority of the proposed model compared to a model with a linear combination of RFM and marketing variables.</description>
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