Now showing items 1-20 of 203

  • On the persistence of output fluctuations in high technology sectors 

    Lasselle, Laurence; Aloi, Marta; McMillan, David G. (School of Economics and Finance, University of St Andrews, 2000) - Working or discussion paper
    Fatás (2000) argues that in a cross-section analysis of countries there exists a positive correlation between long-term growth rates and the persistence of output fluctuations. The current paper extends this line of ...
  • Growing through subsidies 

    Aloi, Marta; Lasselle, Laurence (School of Economics and Finance, University of St Andrews., 2001) - Working or discussion paper
    We consider an overlapping generation model based on Matsuyama (1999) and show that, whenever actual capital accumulation falls below its balanced growth path, subsidising innovators by taxing consumers has stabilising ...
  • Heterogeneous beliefs and instability 

    Lasselle, Laurence; Svizzero, Serge; Tisdell, Clem (School of Economics and Finance, University of St Andrews., 2001) - Working or discussion paper
    While Rational Expectations have dominated the paradigm of expectations formation, they have been more recently challenged on the empirical ground such as, for instance, in the dynamics of the exchange rate. This challenge ...
  • The cost of political intervention in monetary policy 

    Cobham, David; Papadopoulos, Athanasios; Zis, George (School of Economics and Finance, University of St Andrews., 2001) - Working or discussion paper
    Data from a unique monetary ‘experiment’ conducted in the UK during the period 1994-97 are used to investigate the cost of political intervention in monetary policy. The paper finds that the difference between government ...
  • Renormalization method and its economic applications 

    Briec, Walter; Lasselle, Laurence (School of Economics and Finance, University of St Andrews., 2001) - Working or discussion paper
    The purpose of this paper is to give new insights of the method of Helleman (1980) in the context of macrodynamics. This method explains how a difference equation can be locally studied from the Feigenbaum equation in ...
  • Taxation, unemployment and working time in models of economic growth 

    FitzRoy, Felix; Funke, Michael; Nolan, Michael A. (School of Economics and Finance, University of St Andrews., 2001-08) - Working or discussion paper
    This paper combines collective bargaining over wages and working time with models of endogenous and neoclassical growth. Public expenditure is funded by taxes on capital and labour supplied by infinitely-lived households ...
  • Welfare, growth and environment: a sceptical review of the skeptical environmentalist (Bjørn Lomborg, Cambridge University Press, 2001) 

    FitzRoy, Felix; Smith, Ian (School of Economics and Finance, University of St Andrews, 2002) - Working or discussion paper
    In his wide ranging attempt to review the literature on economic development and welfare in relation to the environment, Lomborg claims balance and objectivity, but actually presents a thoroughly misleading picture of ...
  • Universities and fundamental research: reflections on the growth of university-industry partnership 

    Poyago-Theotoky, Joanna; Beath, John; Siegel, Donald S. (School of Economics and Finance, University of St Andrews, 2002) - Working or discussion paper
    The recent rise in university-industry partnerships has stimulated an important public policy debate regarding how these relationships affect fundamental research. In this paper, we examine the antecedents and consequences ...
  • Stability and cycles in a cobweb model with heterogeneous expectations 

    Lasselle, Laurence; Svizzero, S; Tisdell, C (2005-11) - Journal article
    We investigate the dynamics of a cobweb model with heterogeneous beliefs, generalizing the example of Brock and Hommes (1997). We examine situations where the agents form expectations by using either rational expectations, ...
  • Disinflation and exchange-rate pass-through 

    Senay, Ozge (2008-04) - Journal article
    This paper analyzes exchange-rate dynamics following a money-based disinflation under different degrees of exchange-rate pass-through. Using a microfounded dynamic general equilibrium model with imperfect competition and ...
  • Interest rate rules and welfare in open economies 

    Senay, Ozge (2008-07) - Journal article
    This paper analyses the welfare performance of a set of five alternative interest rate rules in an open economy stochastic dynamic general equilibrium model with nominal rigidities. A rule with a lagged interest rate term, ...
  • Endogenous Price Flexibility and Optimal Monetary Policy 

    Sutherland, Alan; Senay, Ozge (Centre for Dynamic Macroeconomic Analysis, 2010) - Working or discussion paper
    Much of the literature on optimal monetary policy uses models in which the degree of nominal price flexibility is exogenous. There are, however, good reasons to suppose that the degree of price flexibility adjusts endogenously ...
  • The timing of asset trade and optimal monetary policy in dynamic open economies 

    Senay, Ozge; Sutherland, Alan (University of St Andrews, 2010) - Working or discussion paper
    Using a standard open economy DSGE model, it is shown that the timing of asset trade relative to policy decisions has a potentially important impact on the welfare evaluation of monetary policy at the individual country ...
  • A salience theory of choice errors 

    Manzini, Paola; Mariotti, Marco (University of St Andrews, 2010-04) - Working or discussion paper
    We study a psychologically based foundation for choice errors. The decision maker applies a preference ranking after forming a ?consideration set?prior to choosing an alternative. Membership of the consideration set is ...
  • Improving Students’ Learning Aspirations Beyond Post-Primary Education : A First Account of Two Non-Formal Education Programmes in Middle-Income Countries 

    Arico, Fabio Riccardo; Lasselle, Laurence; Thampanishvong, Kannika (University of St Andrews, 2010-07) - Working or discussion paper
    Non-formal education programmes are active in a number of developing countries. These programmes offer vulnerable students an opportunity to pursue their education although they were excluded for various reasons from the ...
  • Delay and haircuts in sovereign debt : recovery and sustainability 

    Ghosal, Sayantan; Miller, Marcus; Thampanishvong, Kannika (University of St Andrews, 2010-08) - Working or discussion paper
    One of the striking aspects of recent sovereign debt restructurings is, conditional on default, delay length is positively correlated with the size of 'haircut', which is size of creditor losses. In this paper, we develop ...
  • Endogenous price flexibility and optimal monetary policy 

    Senay, Ozge; Sutherland, Alan (2010-11) - Working or discussion paper
    Much of the literature on optimal monetary policy uses models in which the degree of nominal price flexibility is exogenous. There are, however, good reasons to suppose that the degree of price flexibility adjusts endogenously ...
  • Optimal climate change policies when governments cannot commit 

    Ulph, David Tregear; Ulph, Alistair (University of St Andrews, 2011) - Working or discussion paper
    We analyse the optimal design of climate change policies when a government wants to encourage the private sector to undertake significant immediate investment in developing cleaner technologies, but the relevant carbon ...
  • Ordering policy rules with an unconditional welfare measure 

    Damjanovic, Vladislav; Damjanovic, Tatiana; Nolan, Charles (University of St Andrews, 2011-03) - Working or discussion paper
    The unconditional expectation of social welfare is often used to assess alternative macroeconomic policy rules in applied quantitative research. It is shown that it is generally possible to derive a linear-quadratic problem ...
  • Age, life-satisfaction and relative income : insights from the UK and Germany 

    FitzRoy, Felix R; Nolan, Michael; Steinhardt, Max F. (University of St Andrews, 2011-10) - Working or discussion paper
    We first confirm previous results with the German Socio-Economic Panel by Layard et al. (2010), and obtain strong negative effects of comparison income. However, when we split the sample by age, we find quite different ...