Browsing KAE Working Papers by Title
Now showing items 4867 of 101

Labor market institutions and the business cycle: The role of unemployment fears
(202312)We study the effects of labor market institutions (LMIs) in a general equilibrium model with search and matching frictions, endogenous separations, nominal rigidities, and uninsurable unemployment risk. By contrasting the ... 
Learning own preferences through consumption
(202204)This paper provides theoretical foundations for preference discovery theory. We propose to relax the assumption that the consumer has perfect knowledge of their own preferences, so that the consumer knows only the subjective ... 
Learning, experimentation and the convergence of the discovered preferences
(202403)In this article I study whether the interim preferences of the consumer can be expected to converge to their real preferences in the process of preference discovery. I construct a subjective expected utility model of the ... 
Lindhal meets Condorcet?
(202409)Although a Condorcet winner commands a majority in its favor, there is no guarantee of unanimity. In a Lindahl equilibrium, a suitably chosen system of personalized transfers and prices ensures unanimity, but there is no ... 
Local versions of Tarski’s theorem for correspondences
(202303)For a strong set order increasing (resp., strongly monotone) upper order hemicontinuous correspondence mapping a complete lattice A into itself (resp., a sigmacomplete lattice into itself), we provide conditions for tight ... 
Macroeconomic Effects of Quantitative Easing Using Midsized Bayesian Vector Autoregressions
(202110)The paper estimates macroeconomic effects and decomposes transmission channels of quantitative easing in the United States using 15variable Bayesian vector autoregressive model with stochastic search variable selection ... 
Mapping the Dimensions of Social Capital
(201703)We provide a novel survey dataset of a representative sample of the Polish population (n = 1000), allowing for a detailed quantification of Bourdieu's (1986) definition of social capital as the aggregate of resources ... 
Markov distributional equilibrium dynamics in games with complementarities and no aggregate risk
(202007)We present a new approach for studying equilibrium dynamics in a class of stochastic games with a continuum of players with private types and strategic complementarities. We introduce a suitable equilibrium concept, called ... 
Markovian and multicurve friendly parametrisation of HJM model used in valuation adjustment of interest rate derivatives
(201806)We consider feasible HeathJarrowMorton framework specifications that are easily implementable in XVA engines when pricing linear and nonlinear interest rate derivatives in multicurve environment. Our particular focus ... 
Measuring the uncertainty of shadow economy estimates using Bayesian and frequentist model averaging
(202003)Economic literature provides little discussion on the uncertainty around the macroeconometric shadow economy estimates. We fill this gap by deriving the measurement error of the shadow economy estimates stemming from the ... 
Monetary policy and COVID19
(202107)We study the macroeconomic effects of the COVID19 epidemic in a quantitative dynamic general equilibrium setup with nominal rigidities. We evaluate various containment policies and show that they allow to dramatically ... 
Multiple unemployment spells duration in Poland
(201608)I study multiple unemployment spells. I refer to Poland, as this country experiences high incidence of the longterm unemployment and long mean incomplete unemployment duration. I estimate conditional risk set model for ... 
Natural Rate of Interest in a Small Open Economy with Application to CEE Countries
(202309)This paper extends the LaubachWilliams (2003) framework, which is widely used to estimate the natural rate of interest, to make it more suitable for studying small open economies. The model is augmented with consumer ... 
The nonlinear nature of country risk and its implications for DSGE models
(201805)Country risk premia can substantially affect macroeconomic dynamics. We concentrate on one of their most important determinants  a country’s net foreign asset position and  in contrast to the existing research  investigate ... 
On complementary symmetry and reference dependence
(202012)This paper reevaluates the complementary symmetry hypothesis and the supporting experimental evidence. Originally the hypothesis was stated for binary risky prospects. We generalize the hypothesis to arbitrary statecontingent ... 
On journal rankings and researchers' abilities
(202309)Over the last few years, ranking lists of academic journals have become one of the key indicators for evaluating individual researchers, departments and universities. How to optimally design such rankings? What can we learn ... 
On the limits of macroprudential policy
(201602)This paper studies how macroprudential policy tools can complement the interest ratebased monetary policy in achieving a selection of dual stabilization objectives. We show analytically in a canonical New Keynesian model ... 
On the Optimal Labor Income Share
(201802)Labor's share of income has attracted interest in recent years reflecting its apparent decline. These falls, witnessed across many countries, are usually deemed undesirable. Any such assertion, however, begs the question ... 
On the sources of economic growth, structural consistency of agentbased models and mentalaccounting consumer behaviour
(20220318)An assessment of the sources of growth in agent and general equilibriumbased models is presented, along a discussion of the strengths and weaknesses of existing approaches to growth modelling. The empirical and theoretical ... 
On the tradeoffs in money market benchmarks' stabilisation
(201809)We propose a theoretical stochastic setup for a panel of contributors to a volume weighted raw money market index, which is the main contribution of this research. 'The hypothetical problems with: changes in the panel's ...