Browsing KAE Working Papers by Title
Now showing items 1-20 of 103
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A Theory of The Procyclical Effectiveness of Forward Guidance
(2022-12)I study the dependence of the forward guidance effectiveness on the level of economic slack. I use the model with price rigidities and uninsured unemployment risk and apply both analytical and numerical methods to study ... -
The Aggregate and Distributional Effects of Fiscal Stimuli
(2022-01)This paper compares the aggregate and distributional effects of three fiscal policy instruments: government expenditures, unemployment benefits and transfers. To this end, the Diamond-Mortensen-Pissarides model of frictional ... -
The aggregate and redistributive effects of emigration
(2021-05)The 2004 EU enlargement has triggered large and rapid migration movements from the new to the old member states. The scale of this outflow was unprecedented in the CEE history and its structure was also different from ... -
Are Central Banks' Research Teams Fragile Because of Groupthink?
(2019-12)In the recent years, the great majority of central banks have globally failed to realize inflation targets. We attempt to answer a question of whether such failure resulted from insufficient organization of economic research ... -
Are Ideas Really Getting Harder To Find? R&D Capital and the Idea Production Function
(2022-02)We supplement the 'Idea Production Function' (IPF) with measures of R&D capital. We construct a time series of R&D capital stock in the US (1968-2019) based on cumulated R&D investment. We estimate the IPF with patent ... -
Automation, Partial and Full
(2020-04)When some steps of a complex, multi-step task are automated, the demand for human work in the remaining complementary sub-tasks goes up. In contrast, when the task is fully automated, the demand for human work declines. ... -
(Belief in) life after death impacts the utility of life before it - a difference in preferences or an artefact?
(2016-04)In most of the religions the preservation of own, God-given, life is obligatory. The time-trade-off method (TTO) forces to voluntarily forego life years. We verify if this is a problem for the religious and how it impacts ... -
Categorisation-enhanced mental-accounting consumer behaviour: demand enhancement and endogenous cycles in an overlapping-generations income-age distribution model
(2023-06)Weaknesses of intertemporal optimisation approaches to consumption modelling include excess sensitivity of an individual's expenditure to interest rate changes and the inability to account for the documented behavioural ... -
Central bank credibility, long-term yields and the effects of monetary integration
(2021-01)Forming a monetary union implies equalization of short-term interest rates across the member states as monetary policy is delegated to a common central bank, but also leads to integration of risk-free bond markets. In this ... -
Choosing from multiple alternatives in cost-effectiveness analysis with fuzzy willingness-to-pay/accept and uncertainty
(2016-04)Cost-effectiveness analysis of medical technologies requires valuing health, an uneasy task, as confirmed by variability of published estimates. Treating the willingness-to-pay/accept (WTP/WTA) as fuzzy seems an intuitive ... -
Common typology of virtual communities and multi-sided platforms. Analysis of business models using qualitative system dynamics
(2022-06)This paper presents a common typology of virtual communities and multi-sided platforms. The analyzed entities comprise 69 of Poland's most prominent websites, representing one of two business models. Based on three dimensions: ... -
Consumption modelling using categorisation-enhanced mental accounting
(2023-07)Credibly representing category-of-goods mental accounting in an intertemporal optimisation framework is notoriously difficult, as this modelling approach imposes interrelations between the demand for different categories ... -
Crisis, contagion and international policy spillovers under foreign ownership of banks
(2016-03)This paper checks how international spillovers of shocks and policies are modified when banks are foreign owned. To this end we build a two-country macroeconomic model with banking sectors that are owned by residents of ... -
Currency demandand MIMIC models : towards a structured hybrid model-based estimation of the shadow economy size
(2017-09)Model-based econometric techniques of the shadow economy estimation have been increasingly popular, but a systematic approach to getting the best of their complementarities has so far been missing. We review the dominant ... -
Demographics and the natural interest rate in the euro area
(2020-07)We investigate the impact of demographics on the natural rate of interest (NRI) in the euro area, with a particular focus on the role played by economic openness, migrations and pension system design. To this end, we ... -
The Digital Era, Viewed From a Perspective of Millennia of Economic Growth
(2018-04)I propose a synthetic theory of economic growth and technological progress over the entire human history. Based on this theory as well as on the analogies with three previous eras (the hunter-gatherer era, the agricultural ... -
Does a bank levy increase frictions on the interbank market?
(2018-03)The crisis has shown that a drop in liquidity, as well as the shortened maturity of interbank transactions, has caused many problems for banks. We analyze how the introduction of a bank levy on bank assets ... -
Does foreign sector help forecast domestic variables in DSGE models?
(2016-12)This paper evaluates the forecasting performance of several small open economy DSGE models relative to a closed economy benchmark using a long span of data for Australia, Canada and the United Kingdom. We find that opening ... -
Does inflation matter? The influence of perceived price changes on well-being
(2023-03)I confirm the foregoing state of the art for inflation and well-being correlation while filling the gap in the literature and estimating the effects of individuals’ inflation perception on well-being. I also discover the ... -
The Effects of Fiscal Policy Shocks: Evidence from a Bayesian SVAR Model With Uncertain Identifying Assumptions
(2024-11)We explore the effects of fiscal policy shocks on aggregate output and inflation. We use the novel Bayesian econometric methodology of Baumeister and Hamilton applied to the fiscal structural vector autoregressive model ...
