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In this paper we develop a fully decentralized algorithm for policy evaluation with off-policy learning and linear function approximation. The proposed algorithm is of the variance reduced kind and achieves linear convergence with O(1) memory requirements. ...
Unemployment differentials are bigger in Europe than in the United States. Migration responds to unemployment differentials, though the response is smaller in Europe. Mundell (1961) argued that factor mobility is a precondition for a successful currency un ...
We study the optimal volatility of the exchange rate in a two-country model with sectoral non-atomistic wage setters, non-traded goods, nominal rigidities and alternative pricing assumptions – producer or local currency pricing. Labor unions internalize th ...
The occurrence of chronic or delayed toxicity resulting from the exposure to sublethal chemical concentrations is an increasing concern in environmental risk assessment. The Fish Embryo Toxicity (FET) test with zebrafish provides a reliable prediction of a ...
Cross-country differences in austerity, defined as government purchases below forecast, account for 75 percent of the observed cross-sectional variation in GDP in advanced economies during 2010-2014. Statistically, austerity is associated with lower GDP, l ...
Home price expectations are believed to play an important role in housing dynamics, yet we have limited understanding of how they are formed and how they affect behaviour. Using a unique “information experiment” embedded in an online survey, this article i ...
Dampened inflation expectations have a significant impact on the New Keynesian Phillips Curve. This dampening not only flattens the long run Phillips Curve, but it can also lead to a bias in the estimation of its short run slope. It also affects the respon ...
Triggerless 2/1 neoclassical tearing modes (NTMs), i.e. 2/1 NTMs that originate from unstable safety factor profiles (with positive classical stability index at zero island width, i.e. Δ0′>0) and saturate neoclassically under the effect of pert ...
We examine austerity in advanced economies since the Great Recession. Austerity shocks are reductions in government purchases that exceed reduced-form forecasts. Austerity shocks are statistically associated with lower real GDP, lower inflation and higher ...
Higgs G-inflation is an inflation model that takes advantage of a Galileon-like derivative coupling. It is a non-renormalizable operator and is strongly coupled at high energy scales. Perturbative analysis does not have a predictive power any longer there. ...