Search results for " puzzle"
showing 10 items of 10 documents
Trade Costs, Trade Balances, and Current Accounts: an application of Gravity to Multilateral Trade
2005
In this paper we test the well-known hypothesis of Obstfeld and Rogoff (NBER Macroeconomics Annual 7777:339–390, 2000) that trade costs are the key to explaining the so-called Feldstein–Horioka puzzle. Our approach has a number of novel features. First, we focus on the interrelationship between trade costs, the trade account and the Feldstein–Horioka puzzle. Second, we use the gravity model to estimate the effect of trade costs on bilateral trade and, third, we show how bilateral trade can be used to draw inferences about desired trade balances and desired intertemporal trade. Our econometric results provide strong support for the Obstfeld and Rogoff hypothesis and we are also able to recon…
Analysis of risk premium in UK natural gas futures
2018
Abstract In many futures markets, trading is concentrated on the front contract and positions are rolled-over until the strategy horizon is attained. In this paper, a pair-wise comparison between the conventional risk premium and the accrued risk premium in rolled-over positions on the front contract is carried out for UK natural gas futures. Several novel results are obtained. Firstly, and most importantly, the accrued risk premium in rollover strategies is significatively larger than conventional risk premiums and increases with the time to delivery. Specifically, for strategy horizons between three and six months, this difference increases from 1% to 10% (or from 4% to 20% in annualized …
50 years of capital mobility in the eurozone: breaking the Feldstein-Horioka puzzle
2021
AbstractThis paper assesses capital mobility for the Eurozone countries by studying the long-run relationship between domestic investment and savings for the period 1970-2019. Our main goal is to analyze the impact of economic events on capital mobility during this period. We apply the cointegration methodology in a setting that allows us to identify endogenous breaks in the long-run saving-investment relationship. Precisely, the breaks coincide with relevant economic events. We find a downward trend in the saving-investment retention since the 70s for the so-called “core countries”, whereas this trend is not so evident in the peripheral, where the financial and sovereign crises have had a …
Robustness of the risk–return relationship in the U.S. stock market
2008
Abstract Using GARCH-in-Mean models, we study the robustness of the risk–return relationship in monthly U.S. stock market returns (1928:1–2004:12) with respect to the specification of the conditional mean equation. The issue is important because in this commonly used framework, unnecessarily including an intercept is known to distort conclusions. The existence of the relationship is relatively robust, but its strength depends on the prior belief concerning the intercept. The latter applies in particular to the first half of the sample, where also the coefficient of the relative risk aversion is smaller and the equity premium greater than in the latter half.
Proyecto reflexivo de co-evaluación y auto-evaluación formativa utilizando la técnica del Puzzle de Aronson dentro del Aprendizaje Cooperativo
2020
[ES] El presente estudio tiene por objetivo la evaluación del proceso de enseñanza-aprendizaje de la educación física (EF), mediante la comparación de las percepciones del alumnado de dos cursos de primero de Bachillerato y sus dos respectivos profesores/as. Se trata de un estudio de caso, basado en técnicas de investigación cualitativas: entrevistas semiestructuradas, observación participante y general y una innovación competencial cooperativa basada en el Puzzle de Aronson. Los resultados muestran la existencia de una distancia entre la definición teórica del objetivo de la asignatura y la aplicación de esta en el aula. Este hecho se ve condicionado por limitaciones del contexto educativo…
The Global Side of the Investment-Saving Puzzle
2009
In this paper, we reexamine the long-standing and puzzling correlation between national saving and investment in industrial countries. We apply an econometric methodology that allows us to separate idiosyncratic correlation at the country level from correlation at the global level. In a major break with the existing literature, we find no evidence of a long-run relationship in the idiosyncratic components of saving and investment. We also find that the global components in saving and investments commove, indicating that they react to shocks of a global nature.
Frēges paradokss no modelēšanas viedokļa
2012
Referāts Latvijas Universitātes 70.zinātniskajā konferencē 2012.gada 3.februārī.
The Global Side of the Investments-Savings Puzzle
2008
In this paper we re-examine the long standing and puzzling correlation between national savings and investment in industrial countries. We apply an econometric methodology that allows us to separate idiosyncratic correlation at the country level from correlation at the global level. In a major break with the existing literature, we find no evidence of a long run relationship in the idiosyncratic components of savings and investment. We also find that the global components in savings and investments commove, indicating that they react to shocks of a global nature.
Op art et roman virtuel : correspondances entre Escher et Perec
2012
Op art et roman virtuel : correspondances entre Escher et Perec Les structures mathématiques, la notion de réalité comme « humaine illusion », le défi à l’infini et la structure énigmatique qui donne aux œuvres eschériennes la même structure que celle d’un roman policier permettent d’établir des convergences significatives entre le graveur hollandais et Georges Perec. Dans certaines œuvres de Perec, en effet, il est possible de remarquer des références explicites au graveur bien qu’elles constituent la traduction visuelle de l’angoisse du « retour du semblable », du « retour involontaire au même point ». Mais Perec ne se limite pas seulement à citer Escher, puisque certaines de ses œuvres c…
A particular bigeminy during atrial tachycardia.
2014
The ECG shows clearly visible P waves only in lead V1 (Fig. 1). Regular PP intervals and an isoelectric baseline are present between the P waves, so the diagnosis is atrial tachycardia [1]. During the ECG recording, lead V1 shows 12 P waves but some of these are not visible because they are concealed by the QRS complex (Fig. 2). In lead V1, the beats following the long RR intervals are conducted by the first and the seventh P wave and the premature QRS complexes are conducted by the third and the ninth P wave because the fourth and the tenth P wave are too close to the following QRS complex to conduct the impulse. Consequently, the atrial tachycardia presents an alternating 2:1 and 4:1 cond…