Search results for "dog"
showing 10 items of 1087 documents
Etymologiae ; De summo bono.
1493
aa8, bb-mm6, nn4; a-c6, d4 L. gòt. - 2 tam. - 2 col. - 66 lín. - Inic. grav. - Grav. - Min. p. inic. - Reclams. - Capçaleres. - Filigr.: cap de bou
How News Affect the Trading Behavior of Different Categories of Investors in a Financial Market
2012
We investigate the trading behavior of a large set of single investors trading the highly liquid Nokia stock over the period 2003-2008 with the aim of determining the relative role of endogenous and exogenous factors that may affect their behavior. As endogenous factors we consider returns and volatility, whereas the exogenous factors we use are the total daily number of news and a semantic variable based on a sentiment analysis of news. Linear regression and partial correlation analysis of data show that different categories of investors are differently correlated to these factors. Governmental and non profit organizations are weakly sensitive to news and returns or volatility, and, typica…
Smith, Marshall and Young on division of labour and economic growth
2003
The aim of this paper is to reconstruct the theory of division of labour and economic growth proposed by Adam Smith and developed by Alfred Marshall and Allyn Young. In their approach division of labour is the main engine of growth and plays a central role in capital accumulation and technological progress. We suggest that, according to their theory: 1) economic growth is endogenous; 2) it has the nature of a cumulative, pathdependent process; and 3) it can be described as a disequilibrium process, supported by competitive forces. We argue that these aspects make the contributions of Smith, Marshall and Young still insightful for the development of growth theory, even in the light of the mo…
Multiplicity, Overtaking and Convergence in the Lucas Two-Sector Growth Model
2002
This paper provides the complete closed-form solution to the Lucas two-sector model of endogenous growth. We study the issues of existence, unique-ness, multiplicity, positivity, transitional dynamics and long-run growth, re-lated to the competitive equilibrium paths. We identify the parameter range where the different results hold and deduce the entire trajectories for the original variables. We revise the results on convergence and overtaking which arise from this model, and prove that the parameterization currently used as the background for an explanation of economic miracles and disasters, is not satisfactory because of its counterintuitive implications.
Sustainable Growth and Environmental Policies
2000
A model of ecologically sustainable endogenous growth is presented, in which environmental quality has a positive influence on individual welfare and on the productivity of capital. The effect of different environmental policies on the long-run growth of the economy is studied in the framework of this model. The results establish that an optimal policy which taxes production and subsidies pollution abatement has a favourable effect on environmental quality, and could increase the growth rate if the positive external effects of the environment on the productivity are important. Furthermore, it is shown that this kind of environmental policy is neutral in budgetary terms, i.e. tax receipts ar…
An Example: Money
1995
The institution of money, like that of language, or that of the State, has often been seen to be based on some kind of contractual agreement. Aristotle describes the nature of money as follows: Money has become by convention a sort of representative of demand; and that is why it has the name ‘money’ (nomisma) because it exists not by nature but by law (nomos) and it is in our power to change it and make it useless. (Ethica Nicomachea, V.5.II33a) The word nomos is ambiguous: in another translation of Ethica it has been translated as “custom”. This ambiguity reflects a theoretical problem in the classical social theory: money has been seen either as a result of an act of will of the legislato…
Money and the natural rate of interest: structural estimates for the United States and the Euro area
2008
We examine the role of money, allowing for three competing environments: the New Keynesian model with separable utility and static money demand; a non-separable utility variant with habit formation; and a version with adjustment costs for holding real balances. The last two variants imply forward-looking behavior of real money balances, as it is optimal for agents to allow their forecast of future interest rates to affect current portfolio decisions. We distinguish between these specifications by conducting a structural econometric analysis for the U.S. and the euro area. FIML estimates confirm the forward-looking character of money demand. Using these estimates we find that, in response to…
The impact of multinational banking on domestic banking
2006
Post-Keynesians have made endogenous money a central argument in their theory of output. Indeed, production cannot be undertaken if access to finance, usually meaning bank credit, does not exist. Such access is needed if wages are to be paid, and inputs of production purchased. In a monetary economy, therefore, money is created at the demand of borrowers, supplied by banks.
The New Consensus and Post-Keynesian Interest Rate Policy.
2007
Abstract This paper outlines the fundamental arguments of the New Consensus, critiques it from a Post-Keynesian perspective, and offers a Post-Keynesian alternative to the Taylor Rule. While Post-Keynesian economics provides a theory of endogenous money with exogenous interest rates, it has no clear description of a central bank reaction function. We attempt to remedy this oversight by identifying some of the difficulties attached to developing a Post-Keynesian reaction function, and suggesting an approach to the setting of interest rates that is more consistent than the Taylor Rule with Keynes's General Theory.
Entrepreneurial self-identity, perceived corruption, exogenous and endogenous obstacles as antecedents of entrepreneurial intention in Italy
2019
Although entrepreneurship is considered one of the most powerful drivers of national economies around the world, there is little consensus about what informal factors foster entrepreneurial intention. In accordance with recent literature, entrepreneurial self-identity perception, the perception of corruption in the entrepreneurship ecosystem, and perceived exogenous and endogenous obstacles to entrepreneurship were hypothesized as antecedents of college students&rsquo