Mostrando recursos 1 - 3 de 3

  1. Modeling the rebound effect in two manufacturing industries

    Safarzynska, Karolina
    The rebound effect refers to the phenomenon that energy savings from improvements in energy efficiency are lower than expected due to unintended second-order effects. Grasping specific mechanisms related to the rebound effect requires a good understanding of interactions between heterogonous agents on multiple markets. Otherwise, policies aimed at reducing energy use may render counter-expected and unforeseen consequences. In this paper, we propose a formal model, where technological change results from interactions on two markets: between consumers and producers in the market for final goods, and heterogeneous power plants in the electricity market. The analysis provides insights to the role of...
    (application/pdf) - 18-oct-2016

  2. Income convergence prospects in Europe: Assessing the role of human capital dynamics

    Crespo Cuaresma, Jesus; Havettová, Miroslava; Lábaj, Martin
    We employ income projection models based on human capital dynamics in order to assess quantitatively the role that educational improvements are expected to play as a driver of future income convergence in Europe. We concentrate on income convergence dynamics between emerging economies in Central and Eastern Europe and Western European countries during the next 50 years. Our results indicate that improvements in human capital contribute significantly to the income convergence potential of European emerging economies. Using realistic scenarios, we quantify the effect that future human capital investments paths are expected to have in terms of speeding up the income convergence...
    (application/pdf) - 18-oct-2016

  3. Illiquidity or credit deterioration: A study of liquidity in the US corporate bond market during financial crises

    Friewald, Nils; Jankowitsch, Rainer; Subrahmanyam, Marti G.
    We analyze whether liquidity is an important price factor in the US corporate bond market. In particular, we focus on whether liquidity effects are more pronounced in periods of financial crises, and especially, for bonds with high credit risk. We use a unique data set covering more than 20,000 bonds, between October 2004 and December 2008. We employ a wide range of liquidity measures and and that liquidity effects account for approximately 14% of the explained market-wide corporate yield spread changes. Moreover, we find that the economic impact of the liquidity measures is significantly larger in periods of crisis and for...
    (application/pdf) - 18-oct-2016

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