Search results for "puzzle"
showing 10 items of 14 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.
Mathieu Pernot, l’invisible, le puzzle et les traversées du document
2015
International audience
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.
Punchline behind the hotspot : structures of humor, puzzle, and sexuality in adventure games (with Leisure Suit Larry in Several Wrong Places)
2021
Back in the late 1970s and early 1980s, during the embryonic era of computers, hackers, and all that digitalized punk jazz, who would have guessed that one of the period’s juvenile narrative arts—“interactive fiction” it was called at the time—would soon lead to a pop cultural revolution? A young scholar named Mary Ann Buckles did. Having spent years analyzing a piece of software that the present history knows as the most influential of all computerized text-based playthings, Adventure, in 1985, Buckles eventually completed her doctoral dissertation with a first-ever focus on something that had thus far been struggling to be taken seriously by cultural critics: storygames running on compute…