In this chapter, we discuss field experiments in surveys that are conducted with the purpose of learning about expectation formation and the link between expectations and behavior. We begin by reviewing the rationale for conducting experiments within surve ...
We exploit differences across U.S. states' exposure to trade to study the effects of changes in the exchange rate on economic activity. Across states, trade-weighted exchange rate depreciations are associated with increased state exports, reduced state une ...
State-owned enterprises (SOEs) provide important services such as power supply, postal services and public transportation. In doing this, SOEs operate at the intersection of political/regulatory and economic expectations. Therefore, SOEs are commonly consi ...
The financial crisis of 2007-2009 drew attention to the essential role of banks for the macroeconomy and to the importance of having a resilient financial sector. A vulnerability in the financial sector spills over to the real economy and can drive it into ...
Objectives. Models of economic voting have rarely been applied to referendum votes. We fill this gap by testing citizens’ voting behavior on environmental policy in relation to their perception of the business cycle. Thus, the study examines the personal, ...
This paper develops a framework for analyzing the impact of macroeconomic conditions on credit risk and dynamic capital structure choice. We begin by observing that when cash flows depend on current economic conditions, there will be a benefit for firms to ...
Unlike artificial light sources, which can be calibrated to meet a desired luminous effect regardless of latitude, climate, or time of day, daylight is a dynamic light source, which produces variable shadow patterns and fluctuating levels of brightness. Wh ...
This paper examines the effect of persistence in product and process innovations on the employment dynamics of a representative sample of Spanish manufacturing firms observed over more than 20 years. We build a conceptual framework that links innovation, i ...
In this paper we resort to singular spectrum analysis to disentangle the US GDP into several underlying components of interest. The business cycle indicator yielded through this method is shown to bear a resemblance with band-pass filtered output, and our ...
The use of geothermal resources for the polygeneration of energy services has recently gained interest and is expected to know an important development in the future. Major research questions concern the increase of the efficiency in the usage of geotherma ...
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