Publications des institutions partenaires

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Jens H. E. Christensen and Signe Krogstrup: A Portfolio Model of Quantitative Easing

This paper presents a portfolio model of asset price effects arising from central bank large-scale asset purchases, commonly known as quantitative easing (QE). Two financial frictions—segmentation of the market for central bank reserves and imperfect asset substitutability—give rise to two distinct portfolio effects. One derives from the reduced supply of the purchased assets. The…

Institution partenaire

Banque nationale suisse

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English / 23/12/2016

Rita Fleer, Barbara Rudolf and Mathias Zurlinden: Price change dispersion and time-varying pass-through to consumer prices

This paper examines the relationship between the dispersion of changes in prices and the medium-run exchange rate pass-through in Swiss data. The prices considered are the elementary indices that form the basic building blocks for the construction of the CPI. The results indicate that uctuations in the crosssectional dispersion of changes in these price indices inform about variation…

Institution partenaire

Banque nationale suisse

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English / 23/12/2016

The Folk Theorem of decreasing effectiveness of monetary policy: what do the data say?

It is increasingly claimed that unconventional monetary policies are subject to decreasing effectiveness in supporting growth and raising the inflation rate. There are good reasons to believe that the effects of further asset purchases by central banks and of moving the interest rate deeper in negative territory progressively decline. But has it been happening? This paper attempts to…

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/ 22/12/2016

Transfer of Human Resource Management Practices within US Multinational Companies: a 3 country case study

This thesis addresses the topic of influencing factors on the transfer of Human Resource Management (HRM) practices in Multinational Corporations (MNCs), a topic embedded in International Business (IB) and more precise in International Human Resource Management (IHRM). It builds on the debate of international dominance, transfer motives, and the different viewpoints on the triggers,…

Institution partenaire

Université de Fribourg

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English / 21/12/2016

Protektionismus ist keine Lösung

Die Globalisierung hat in den USA Arbeitsplätze gekostet. Diese Stellen lassen sich mit Einschränkungen des internationalen Handels jedoch nicht gezielt zurückholen.

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Deutsch / 19/12/2016

Locating Ordonomics

Ingo Pies (2016b) provides an engaging review of our article “Locating Responsibility” (see Kolmar/Beschorner 2016), published in one of the past issues of the zfwu. In his thoughtful comments, he discusses our suggestion of a multi-level approach in economic ethics against the background of his own ideas of “ordonomics”, which is an alternative conceptual framework that allows to…

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English / 15/12/2016

Finanztiefe und Wirtschaftswachstum

Zunächst wird die Finanztiefe definiert und in einem internationalen Vergleich quantifiziert. Nach Schumpeter sind Finanztiefe und Entwicklungsstand der Wirtschaft verbunden. Entsprechend wird in vielen Ländern versucht, den Finanzsektor auszubauen. Doch die Entwicklung zu noch größerer Finanztiefe in Ländern mit bereits hoher Finanztiefe wird mit Risiken erkauft, die am Ende die…

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Deutsch / 15/12/2016

Dynamical representation of dominance relationships in the human rostromedial prefrontal cortex

Humans and other primates have evolved the ability to represent their status in the group's social hierarchy, which is essential for avoiding harm and accessing resources. Yet it remains unclear how the human brain learns dominance status and adjusts behavior accordingly during dynamic social interactions. Here we address this issue with a combination of fMRI and transcranial…

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English / 05/12/2016

Unique equilibrium in contests with incomplete information

Considered are imperfectly discriminating contests in which players may possess private information about the primitives of the confiict, such as the contest technology, valuations of the prize, cost functions, and budget constraints. We find general conditions under which a given contest of this sort admits a unique pure-strategy Nash equilibrium. In particular, provided that all…

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English / 01/12/2016

The youngest get the pill: ADHD misdiagnosis in Germany, its regional correlates and international comparison

Attention Deficit/Hyperactivity Disorder (ADHD) is a leading diagnosed health condition among children in many developed countries but the causes underlying these high levels of ADHD remain highly controversial. Recent research for the U.S., Canada and some European countries shows that children who enter school relatively young have higher ADHD rates than their older peers,…

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English / 01/12/2016

Fictitious play in networks

This paper studies fictitious play in networks of noncooperative two-player games. We show that continuous-time fictitious play converges to Nash equilibrium provided that the overall game is zero-sum. Moreover, the rate of convergence is 1/T , regardless of the size of the network. In contrast, arbitrary n-player zero-sum games do not possess the fictitious-play property. As an…

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English / 01/12/2016

Aggregate fluctuations in adaptive production networks

We study production networks where firms’ products can be described by a set of input and output characteristics, and links are formed only if the output characteristics of a seller match the input characteristics of a customer. We introduce a fully endogenous network formation model with monopolistically competitive firms, in which firms exit due to exogenous shocks, or the…

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English / 01/12/2016

Time vs. state in insurance: experimental evidence from contract farming in Kenya

The gains from insurance arise from the transfer of income across states. Yet, by requiring that the premium be paid upfront, standard insurance products also transfer income across time. We show that this intertemporal transfer can help explain low insurance demand, especially among the poor, and in a randomized control trial in Kenya we test a crop insurance product which removes…

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English / 01/12/2016

The economics of peace: can “Swiss” institutions do the job?

In the 5th edition of the UBS Center Public Paper Series, Dominic Rohner shows how conflict-torn countries can escape the vicious cycle of war and destruction. Much of the economics and political science literature on wars and conflict has focused on things that are hard for policymakers to change (natural resources, ethnic composition, and weather shocks). While this paper also…

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English / 01/12/2016

Die Vorteile werden überwiegen

Werden bald Roboter den Menschen ersetzen? Der renommierte Schweizer Ökonom David Dorn über die Angst um den Arbeitsplatz, die Abneigung gegen den Freihandel und zur Frage, ob Computer die Wirtschaft wirklich produktiver machen.

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Deutsch / 01/12/2016

The slippery slope of dishonesty

Recent experiments suggest that dishonesty can escalate from small levels to ever-larger ones along a 'slippery slope'. Activity in bilateral amygdala tracks this gradual adaptation to repeated acts of self-serving dishonesty.

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English / 01/12/2016

Es lohnt sich, im Alter den Anschluss nicht zu verlieren

Man kann auch mit über fünfzig Jahren Violine spielen lernen - ein
privater Versuch mit politisch bedeutsamen Erkenntnissen

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/ 01/12/2016

Investigating the group-level impact of advanced dual-echo fMRI combinations

Multi-echo fMRI data acquisition has been widely investigated and suggested to optimize sensitivity for detecting the BOLD signal. Several methods have also been proposed for the combination of data with different echo times. The aim of the present study was to investigate whether these advanced echo combination methods provide advantages over the simple averaging of echoes when…

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English / 01/12/2016

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