Working Papers 2011

01-11: LEAST CONCAVE ORDINAL UTILITY FUNCTION AND THE MARSHALLIAN CARDINAL UTILITY, Taradas Bandyopadhyay, Tapan Biswas

02-11: TRIBAL ART MARKET SIGNS AND SIGNALS: CONSPICUOUS CONSUMPTION AND MARKET SEGMENTATION, Guido Candela, Massimiliano Castellani, Pierpaolo Pattitoni

03-11: EMERGING MARKET YIELD SPREADS: DOMESTIC, EXTERNAL DETERMINANTS, AND VOLATILITY SPILLOVERS, Pierre L. Siklos

04-11: COMMUNICATION FOR MULTI-TASKERS: PERSPECTIVES ON DEALING WITH BOTH MONETARY POLICY AND FINANCIAL STABILITY, Pierre L. Siklos

05-11: SPATIAL COURNOT COMPETITION AND CONSUMERS’ HETEROGENEITY: A NOTE, Corrado Benassi

06-11: A NOTE ON CONVEX TRANSFORMATIONS AND THE FIRST ORDER APPROACH, Corrado Benassi

07-11: INVESTMENT CHOICES: INDIVISIBLE NON-MARKETABLE ASSETS AND BOUNDED RATIONALITY, Pierpaolo Pattitoni, Marco Savioli

08-11: MODELLING REALIZED COVARIANCES AND RETURNS, Xin Jin, John M. Maheu

09-11: BAYESIAN MODEL AVERAGING IN THE INSTRUMENTAL VARIABLE REGRESSION MODEL, Gary Koop, Roberto Leon-Gonzalez, Rodney Strachan

10-11: LIQUIDITY PROVISION, AMBIGUOUS ASSET RETURNS AND THE FINANCIAL CRISIS, Willem Spanjers

11-11: THE ECONOMICS OF MARRIAGE, Alessandro Cigno

12-11: THE DYNAMIC EFFECTS OF U.S. MONETARY POLICY ON STATE UNEMPLOYMENT, Dimitris Korobilis, Michelle Gilmartin

13-11: ON REGIONAL UNEMPLOYMENT: AN EMPIRICAL EXAMINATION OF THE DETERMINANTS OF GEOGRAPHICAL DIFFERENTIALS IN THE UK, Dimitris Korobilis, Michelle Gilmartin

14-11: FINANCIAL CRISES AND MONETARY POLICY: EVIDENCE FROM THE UK, Christopher Martin, Costas Milas

15-11: DOES CLUSTER POLICY TRIGGER R&D ACTIVITY? EVIDENCE FROM GERMAN BIOTECH CONTESTS, Dirk Engel, Timo Mitze, Roberto Patuelli, Janina Reinkowski

16-11: THE GREEK SOVEREIGN DEBT CRISIS: TESTING FOR REGIME CHANGES, N. Apergis, E. Mamatzakis, C. Staikuras

17-11: SHRINKING GOODS AND STICKY PRICES: THEORY AND EVIDENCE, Avichai Snir, Daniel Levy

18-11: HETEROGENEOUS CONVERGENCE, Andrew T. Young, Matthew J. Higgins, Daniel Levy

19-11: FORECASTING LONG-TERM INTEREST RATES WITH A DYNAMIC GENERAL EQUILIBRIUM MODEL OF THE EURO AREA: THE ROLE OF THE FEEDBACK, Paolo Zagaglia

20-11: TRADING DIRECTIONS AND THE PRICING OF EURO INTERBANK DEPOSITS IN THE LONG RUN, Massimiliano Marzo, Paolo Zagaglia

21-11: HIERARCHICAL SHRINKAGE PRIORS FOR DYNAMIC REGRESSIONS WITH MANY PREDICTORS, Dimitris Korobilis

22-11: FAILURE TO LAUNCH? THE ROLE OF LAND INEQUALITY IN TRANSITION DELAYS, Andros Kourtellos, Ioanna Stylianou, Chih Ming Tan

23-11: REAL INTEREST PARITY: A NOTE ON ASIAN COUNTRIES USING PANEL STATIONARITY TESTS, Mark J. Holmes, Jesús Otero, Theodore Panagiotidis

24-11: DOES GLOBALIZATION AFFECT REGIONAL GROWTH? EVIDENCE FOR NUTS-2 REGIONS IN EU-27, Wolfgang Polasek, Richard Sellner

25-11: MCMC ESTIMATION OF EXTENDED HODRICK-PRESCOTT (HP) FILTERING MODELS, Wolfgang Polasek

26-11: ABNORMAL RETURNS OF SOCCER TEAMS AND EVENT CLUSTERING: REASSESSING THE INFORMATIONAL VALUE OF BETS, Massimiliano Castellani, Pierpaolo Pattitoni, Roberto Patuelli

27-11: DISSENT IN MONETARY POLICY DECISIONS, Alessandro Riboni, Francisco J. Ruge-Murcia

28-11: EQUILIBRIUM SELECTION IN A CASHLESS ECONOMY WITH TRANSACTION FRICTIONS IN THE BOND MARKET, Massimiliano Marzo, Paolo Zagaglia

29-11: INVESTIGATING REGIONAL HOUSE PRICE CONVERGENCE IN THE UNITED STATES: EVIDENCE FROM A PAIR-WISE APPROACH, Mark J. Holmes, Jesús Otero, Theodore Panagiotidis

30-11: FEE STRUCTURE, FINANCING, AND INVESTMENT DECISIONS: THE CASE OF REITS, Pierpaolo Pattitoni, Barbara Petracci, Massimo Spisni

31-11: A NEW INDEX OF ENVIRONMENTAL QUALITY, Elettra Agliardi, Mehmet Pinar, Thanasis Stengos

32-11: TESTING FOR BIVARIATE STOCHASTIC DOMINANCE USING INEQUALITY RESTRICTIONS, Thanasis Stengos, Brennan S. Thompson

33-11: GROWTH AND POLLUTION CONVERGENCE: THEORY AND EVIDENCE, Carlos Ordás Criado, Simone Valente, Thanasis Stengos

34-11: PERSISTENCE IN CONVERGENCE, Thanasis Stengos, M. Ege Yazgan

35-11: HIERARCHICAL SHRINKAGE IN TIME-VARYING PARAMETER MODELS, Miguel A. G. Belmonte, Gary Koop, Dimitris Korobilis

36-11: SURVIVAL IN THE CULTURAL MARKET: THE CASE OF TEMPORARY EXHIBITIONS, Antonello E. Scorcu, Roberto Zanola

37-11: ON PRODUCT DIFFERENTIATION AND PROFITS IN UNIONIZED DUOPOLIES, Luciano Fanti, Nicola Meccheri

38-11: THE CONTRIBUTION OF STRUCTURAL BREAK MODELS TO FORECASTING MACROECONOMIC SERIES, Luc Bauwens, Gary Koop, Dimitris Korobilis, Jeroen V.K. Rombouts

39-11: REGIONAL UNEMPLOYMENT IN THE EU BEFORE AND AFTER THE GLOBAL CRISIS, Enrico Marelli, Roberto Patuelli, Marcello Signorelli

40-11: REGIME-SWITCHING COINTEGRATION, Markus Jochmann, Gary Koop

41-11: RELATIONSHIP LENDING, DISTANCE AND EFFICIENCY IN A HETEROGENEOUS BANKING SYSTEM, Cristina Bernini, Paola Brighi

42-11: DEBT SUSTAINABILITY AND FINANCIAL CRISES: EVIDENCE FROM THE GIIPS, Gabriella Legrenzi, Costas Milas

43-11: OPTIMAL MANIPULATION RULES IN A MIXED DUOPOLY, Corrado Benassi, Alessandra Chirco, Marcella Scrimitore

44-11: WAS CANADIAN MANUFACTURING INEFFICIENT BEFORE WWI? THE CASE OF THE COTTON TEXTILE INDUSTRY, 1870-1910, Michael Hinton

45-11: THE EXTENDED HODRICK-PRESCOTT (HP) FILTER FOR SPATIAL REGRESSION SMOOTHING, Wolfgang Polasek

46-11: THE HODRICK-PRESCOTT (HP) FILTER AS A BAYESIAN REGRESSION MODEL, Wolfgang Polasek

47-11: AIRLINE PRICING UNDER DIFFERENT MARKET CONDITIONS: EVIDENCE FROM EUROPEAN LOW-COST CARRIERS, Volodymyr Bilotkach, Alberto A. Gaggero, Claudio A. Piga

48-11: LOW COST CARRIERS AND AIRPORTS PERFORMANCE: EMPIRICAL EVIDENCE FROM A PANEL OF UK AIRPORTS, Anna Bottasso, Maurizio Conti, Claudio A. Piga

49-11: STRUCTURAL THRESHOLD REGRESSION, Andros Kourtellos, Thanasis Stengos, Chih Ming Tan

50-11: MARKETING RESPONSE MODELS FOR SHRINKING BEER SALES IN GERMANY, Wolfgang Polasek

51-11: PPP IN OECD COUNTRIES: AN ANALYSIS OF REAL EXCHANGE RATE STATIONARITY, CROSS-SECTIONAL DEPENDENCY AND STRUCTURAL BREAKS, Mark J. Holmes, Jesús Otero, Theodore Panagiotidis

52-11: OPTIMAL TRADING EXECUTION WITH NONLINEAR MARKET IMPACT: AN ALTERNATIVE SOLUTION METHOD, Massimiliano Marzo, Daniele Ritelli, Paolo Zagaglia

53-11: ENVIRONMENTAL PROTECTION, PUBLIC FINANCE REQUIREMENTS AND THE TIMING OF EMISSION REDUCTIONS, Elettra Agliardi, Luigi Sereno