Outputs (646)

Social preferences and the variability of conditional cooperation (2024)
Journal Article
Baader, M., Gächter, S., Lee, K., & Sefton, M. (2024). Social preferences and the variability of conditional cooperation. Economic Theory, https://doi.org/10.1007/s00199-024-01617-1

We experimentally examine how incentives affect conditional cooperation (i.e., cooperating in response to cooperation and defecting in response to defection) in social dilemmas. In our first study, subjects play eight Sequential Prisoner's Dilemma ga... Read More about Social preferences and the variability of conditional cooperation.

Bonferroni-Type Tests for Return Predictability with Possibly Trending Predictors (2024)
Journal Article
Astill, S., Harvey, D. I., Leybourne, S. J., & Robert Taylor, A. M. (2024). Bonferroni-Type Tests for Return Predictability with Possibly Trending Predictors. Journal of Applied Econometrics, https://doi.org/10.1002/jae.3094

The Bonferroni Q test of Campbell and Yogo (2006) is widely used in empirical studies investigating predictability in asset returns by strongly persistent and endogenous predictors. Its formulation, however, only allows for a constant mean in the pre... Read More about Bonferroni-Type Tests for Return Predictability with Possibly Trending Predictors.

Systemic risk in banking, fire sales, and macroeconomic disasters (2024)
Journal Article
Bougheas, S., Harvey, D. I., Kirman, A., & Nelson, D. (2024). Systemic risk in banking, fire sales, and macroeconomic disasters. Journal of Economic Dynamics and Control, 168, Article 104975. https://doi.org/10.1016/j.jedc.2024.104975

We develop a dynamic computational network model of the banking system where fire sales provide the amplification mechanism of financial shocks. Each period a finite number of banks offers a large, but finite, number of loans to households. Banks wit... Read More about Systemic risk in banking, fire sales, and macroeconomic disasters.

Price Setting on a Network (2024)
Journal Article
Hinnosaar, T. (in press). Price Setting on a Network. RAND Journal of Economics,

I study price setting within a network of interconnected monopolists. Some firms possess stronger commitment or bargaining power than others, enabling them to influence the pricing decisions of other firms. While it is well-understood that multiple m... Read More about Price Setting on a Network.

Income shocks, political support and voting behaviour (2024)
Journal Article
Upward, R., & Wright, P. W. (2024). Income shocks, political support and voting behaviour. Journal of Public Economics, 239, Article 105253. https://doi.org/10.1016/j.jpubeco.2024.105253

We provide new evidence on the effects of economic shocks on political support, voting behaviour and political opinions over the last 25 years in the UK. We exploit a sudden, large and long-lasting shock in the form of job loss and trace out its imp... Read More about Income shocks, political support and voting behaviour.

Backlash against expert recommendations: Reactions to COVID-19 advice in Latin America (2024)
Journal Article
Albornoz, F., Bottan, N., Cruces, G., Hoffmann, B., & Lombardi, M. (2024). Backlash against expert recommendations: Reactions to COVID-19 advice in Latin America. Journal of Economic Behavior and Organization, 228, Article 106752. https://doi.org/10.1016/j.jebo.2024.106752

Public adherence with health recommendations is vital for effective crisis response. During the COVID-19 pandemic, governments faced considerable challenges in persuading the public to adopt new recommendations. Using large-scale survey experiments a... Read More about Backlash against expert recommendations: Reactions to COVID-19 advice in Latin America.

Fiscal and Macroprudential Policies in a Monetary Union (2024)
Journal Article
Rubio, M., Ferri, J., & Bosca, J. E. (in press). Fiscal and Macroprudential Policies in a Monetary Union. Review of Quantitative Finance and Accounting,

In the European Monetary Union (EMU), monetary policy is determined by the European Central Bank (ECB). This arrangement can give rise to certain national economic imbalances that may potentially be addressed through national policies. Traditionally,... Read More about Fiscal and Macroprudential Policies in a Monetary Union.

Attention Utility: Evidence from Individual Investors (2024)
Journal Article
Quispe–Torreblanca, E., Gathergood, J., Loewenstein, G., & Stewart, N. (in press). Attention Utility: Evidence from Individual Investors. Review of Economic Studies,

We study attention utility, the hedonic pleasure or pain derived purely from paying attention to information, which differs from the news utility that arises from gaining new information. The main, field, study examines brokerage account login data t... Read More about Attention Utility: Evidence from Individual Investors.

Shock persistence, uncertainty and new-driven business cycles (2024)
Journal Article
Lee, K., Shields, K., & Turnip, G. (2024). Shock persistence, uncertainty and new-driven business cycles. Macroeconomic Dynamics, https://doi.org/10.1017/S1365100524000555

This paper distinguishes news about short-lived events from news about changes in longer term prospects using surveys of expectations. Employing a multivariate GARCH-in-Mean model for the US, the paper illustrates how the different types of news infl... Read More about Shock persistence, uncertainty and new-driven business cycles.

Testing for Equal Average Forecast Accuracy in Possibly Unstable Environments (2024)
Journal Article
Harvey, D. I., Leybourne, S. J., & Zu, Y. (in press). Testing for Equal Average Forecast Accuracy in Possibly Unstable Environments. Journal of Business and Economic Statistics,

We consider the issue of testing the null of equal average forecast accuracy in a model where the forecast error loss differential series has a potentially non-constant mean function over time. We show that when time variation is present in the loss... Read More about Testing for Equal Average Forecast Accuracy in Possibly Unstable Environments.