Mostrando recursos 1 - 5 de 5

  1. Macroeconomic Applications of Bayesian Model Averaging

    Moser, Mathias
    Bayesian Model Averaging (BMA) is a common econometric tool to assess the uncertainty regarding model specification and parameter inference and is widely applied in fields where no strong theoretical guidelines are present. Its major advantage over single-equation models is the combination of evidence from a large number of specifications. The three papers included in this thesis all investigate model structures in the BMA model space. The first contribution evaluates how priors can be chosen to enforce model structures in the presence of interactions terms and multicollinearity. This is linked to a discussion in the Journal of Applied Econometrics regarding the...
    (application/pdf) - 18-oct-2016

  2. Modeling Growth, Distribution, and the Environment in a Stock-Flow Consistent Framework. Policy Paper no 18

    Naqvi, Asjad
    Economic policy in the EU faces a trilemma of solving three challenges simultaneously - growth, distribution, and the environment. In order to assess policies that address these issues simultaneously, economic models need to account for both sector-sector and sector-environment feedbacks within a single framework.This paper presents a multi-sectoral stock-flow consistent (SFC) macro model where a demand-driven economy consisting of multiple institutional sectors - firms, energy, households, government, and financial - interacts with the environment. The model is calibrated for the EU region and five policy scenarios are evaluated; low consumption, a capital stock damage function, carbon taxes, higher share of...
    (application/pdf) - 18-oct-2016

  3. Testing innovation, employment and distributional impacts of climate policy packages in a macro-evolutionary systems setting

    Rengs, Bernhard; Scholz-Wäckerle, Manuel; Gazheli, Ardjan; Antal, Miklós; van den Bergh, Jeroen
    Climate policy has been mainly studied with economic models that assume representative, rational agents. However, it aims at changing behavior associated with carbon-intensive goods that are often subject to bounded rationality and social preferences, such as status and imitation. Here we use a macroeconomic multi-agent model with such features to test the effect of various policies on both environmental and economic performance. The model is particularly suitable to address distributional impacts of climate policies, not only because populations of many agents are included, but also as these are composed of different classes of households driven by specific motivations. We simulate...
    (application/pdf) - 18-oct-2016

  4. Future Orientation and Taxes: Evidence from Big Data

    Petutschnig, Matthias
    The paper analyses whether various aspects of a country's tax system have a positive or negative influence on individuals' attitudes towards the future. These attitudes are measured by an analysis of Google search queries derived from Google Trends which allow constructing an online futureorientation index for a sample of 58 countries. There results of this analysis indicate that capital gains taxes and value added taxes discourage future-oriented behaviour. Also, high personal income tax rates at the lowest income brackets discourage, whereas - surprisingly - the top marginal rates could positively influence an individual's future orientation. The paper contributes to existing research in three ways: First, it expands...
    (application/pdf) - 18-oct-2016

  5. COPS Cluster Optimized Proximity Scaling

    Rusch, Thomas; Mair, Patrick; Hornik, Kurt
    (application/pdf) - 18-oct-2016

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