Browsing KAE Working Papers by Title
Now showing items 15-34 of 101
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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 ... -
Efficiency in rewarding academic journal publications. The case of Poland
(2021-02)We consider the efficiency of a mechanism for incentivising publication in academic journals where a research supervisory body awards points for papers that appear in quality publications. Building on the principal-agent ... -
Efficiency in spatially disaggregated labour market matching
(2016-05)We analyse the efficiency in a labour market matching process. We contribute to the literature by comparing different spatial aggregation levels - NUTS-1 to NUTS-4 and analysing monthly and annual perspectives. We use data ... -
Endogenous Labor Share Cycles: Theory and Evidence
(2016-09)Based on long US time series we document a range of empirical properties of the labor's share of GDP. We identify its substantial medium-to-long run, pro-cylical swings and show that most of its variance lies beyond ... -
Equilibrium foreign currency mortgages
(2016-12)This paper proposes a novel explanation for why foreign currency denominated loans to households have become so popular in some emerging economies. Our argument is based on what we call the debt limit channel, which arises ... -
Estimating the membership function of the fuzzy willingness-to-pay/accept for health via Bayesian modelling
(2016-05)Determining how to trade off individual criteria is often not obvious, especially when attributes of very different nature are juxtaposed, e.g. health and money. The difficulty stems both from the lack of adequate market ... -
The European energy crisis and the US natural gas market dynamics. A structural VAR investigation
(2024-03)The Russian invasion of Ukraine triggered severe disruptions in the European energy markets and caused significant shifts in global natural gas flows. In this paper we investigate to what extent this European shock has ... -
An experiment on temptation and attitude towards paternalism
(2016-10)In this project we investigate experimentally the link between self-control and attitude towards paternalism in a principal-agent framework. This allows us to distinguish between models of costly self-control and models ... -
Fiscal Deficit Forecasts by International Institutions: Evidence for a Double Standard?
(2019-05)Fiscal forecasts produced by international financial institutions came under strong criticism after the Eurozone sovereign debt crisis due to overly optimistic estimates for heavily indebted countries like Spain, Italy, ... -
Flowers vs garbage trucks: which type of local government investment has the greatest impact on economic growth
(2023-03)Recently, there has been a rise in research focused on determining the magnitude of the fiscal multiplier. One aspect of this research involves estimating the fiscal multiplier of specific components of government revenues ... -
For whom the bill tolls: redistributive consequences of a monetary-fiscal stimulus
(2024-02)During the COVID-19 pandemic, governments in the euro area sharply increased spending, while the European Central Bank eased financing conditions. We use this episode to assess how such a concerted monetary-fiscal stimulus ... -
GDP Effects of Pandemics: A Historical Perspective
(2020-12)The paper estimates dynamic effects of pandemics on GDP per capita with local projections, controlling for the effects of wars and weather conditions, using a novel dataset that covers 33 countries and stretches back to ... -
Generation of regional input-output tables: a spatial econometric approach with illustrative simulations for France, Germany and Poland
(2018-05)This paper investigates the construction of multisector-multiregion input-output tables by using spatial econometric methods. I demonstrate that, under reasonable assumptions, the problem of finding Leontief's technical ... -
Global Value Chains and Equilibrium Exchange Rate: Evidence from Central European Economies
(2024-03)This paper proposes an extension of the fundamental equilibrium exchange rate (FEER) model that accounts for the trade linkages within the Global Value Chains (GVCs). In the modified FEER framework, both backward and forward ... -
The Great Lockdown: information, noise and macroeconomic fluctuations
(2021-01)This paper argues that noisy information about lockdown can cause undesired economic fluctuations. We construct a New Keynesian model with imperfect information about how long the lockdown would last. On the one hand, a ... -
Hardware and Software over the Course of Long-Run Growth: Theory and Evidence
(2023-09)Output is generated through purposefully initiated physical action. Production needs energy and information, provided by respective factors: hardware (“brawn”), including physical labor and physical capital, and software ...