infonet-economy

This paper explores the robustness of the Balassa-Samuelson (BS) hypothesis. We analyze an OECD country panel from 1970 to 2008 and compare three data sets on sectoral productivity, including newly constructed data on total factor productivity. Overall, our within- and between-dimension estimation results do not support the BS hypothesis. Over the last two decades, we find a robust…

Unconventional monetary policies (UMPs) by the Federal Reserve, the European Central Bank, the Bank of England and the Bank of Japan exert important spillover effects on asset prices in Switzerland if market anticipation of UMP announcements is properly accounted for. Using a broad event set and a long-term bond futures-based measure as a proxy for market anticipation of the…

Hartwig, Jochen; Sturm, Jan-Egbert

In this paper we introduce a stochastic network formation model where agents choose both actions and links. Neighbors in the network benefit from each other’s action levels through local complementarities and there exists a global interaction effect reflecting a strategic substitutability in actions. The tractability of the model allows us to provide a complete equilibrium…

Capital reallocation from unprofitable to profitable firms is a key source of productivity gain in an innovative economy. We present a model of credit reallocation and focus on the role of banks: Weakly capitalized banks hesitate to write off non-performing loans to avoid a violation of regulatory requirements or even insolvency. Such behavior blocks credit to expanding industries…

We empirically investigate the benefits of multiple ratings not only at issuance of debt instruments but also during the subsequent monitoring phase. Using a record of monthly credit rating migration data on all U.S. residential mortgage-backed securities rated by Standard & Poor's, Moody's, and Fitch between 1985 and 2012 (154'600 tranches), our results provide em…

Der Aufmarsch von Robotik, Künstlicher Intelligenz und Automatisierung
am Arbeitsplatz ist unaufhaltsam. Hersteller wie Nutzer moderner
Robotik-Systeme müssen rechtliche Probleme voraussehen, während
sich die Arbeit und der Arbeitsplatz kontinuierlich verändern.
Der Aufsatz behandelt drei spezifische Fragestellungen, welche sich stellen, wenn Roboter am…

Roboter spielen eine immer grössere wirtschaftliche und technologische Rolle. Das Recht hinkt der technologischen Entwicklung oft hinterher. Obwohl international viel juristische Forschung zu Robotern betrieben wird, gibt es bis anhin nur wenige juristische Abhandlungen zum Roboterrecht aus schweizerischer Sicht. Dies wollten wir mit der zweitägigen Tagung "Roboterrecht"…