Stock market volatility and learning (2008)
Marcet, Albert, Adam, Klaus, Nicolini, Juan Pablo
Introducing bounded rationality in a standard consumption-based asset pricing model with time separable preferences strongly improves empirical performance. Learning causes momentum and mean...
Stock Market Volatility and Learning (2008)
Marcet, Albert, Adam, Klaus, Nicolini, Juan Pablo
Introducing bounded rationality in a standard consumption-based asset pricing model with time separable preferences strongly improves empirical performance. Learning causes momentum and mean...
Ramon Marimon, Juan Pablo Nicolini, R. Marimon, J. P. Nicolini, P. Teles, Badia Fiesolana, ...
without permission of the author.
Money and Prices in Models of Bounded Rationality in High Inflation Economies (2005)
Marcet, Albert, Nicolini, Juan Pablo
This paper studies the short run correlation of inflation and money growth. We study whether a model of learning can do better than a model of rational expectations, we focus our study on countries...
MONEY AND PRICES IN MODELS OF BOUNDED RATIONALITY IN HIGH INFLATION ECONOMIES 1 (2005)
Albert Marcet, Juan Pablo Nicolini, Albert Marcet, Juan Pablo Nicolini
In 2005 all ECB publications will feature a motif taken from the €50 banknote.
Estimando las decisiones de escolarización en Argentina (2003)
Datria, Pablo, Buera, Francisco Javier, Nicolini, Juan Pablo
El objetivo de este trabajo es poder identificar empíricamente un candidato para este mecanismo de transmisión usando datos de hogares en Argentina: las decisiones de deserción escolar originadas...
Estimando las decisiones de escolarización en Argentina (2003)
Datria, Pablo, Buera, Francisco Javier, Nicolini, Juan Pablo
El objetivo de este trabajo es poder identificar empíricamente un candidato para este mecanismo de transmisión usando datos de hogares en Argentina: las decisiones de deserción escolar originadas...
Competition and Reputation (1999)
MARIMON, Ramon, NICOLINI, Juan Pablo, TELES, Pedro
http://www.iue.it/ECO/WP-Texts/ECO99-18.pdf
Competition and Reputation (1999)
MARIMON, Ramon, NICOLINI, Juan Pablo, TELES, Pedro
http://www.iue.it/ECO/WP-Texts/ECO99-18.pdf
Competition and Reputation (1999)
MARIMON, Ramon, NICOLINI, Juan Pablo, TELES, Pedro
http://www.iue.it/ECO/WP-Texts/ECO99-18.pdf
Electronic Money: Sustaining Low Inflation? (1998)
MARIMON, Ramon, NICOLINI, Juan Pablo, TELES, Pedro
http://www.iue.it/ECO/WP-Texts/98_15.pdf
Electronic Money: Sustaining Low Inflation? (1998)
MARIMON, Ramon, NICOLINI, Juan Pablo, TELES, Pedro
http://www.iue.it/ECO/WP-Texts/98_15.pdf
Electronic Money: Sustaining Low Inflation? (1998)
MARIMON, Ramon, NICOLINI, Juan Pablo, TELES, Pedro
http://www.iue.it/ECO/WP-Texts/98_15.pdf
Recurrent Hyperinflations and Learning (1995)
Marcet, Albert, Nicolini, Juan Pablo
This paper uses a model of boundedly rational learning to account for the observations of recurrent hyperinflations in the last decade. We study a standard monetary model where the fully rational...
Money and Prices in Models of Bounded Rationality in High Inflation Economies
Albert Marcet, Juan Pablo Nicolini
This paper studies the short run correlation of inflation and money growth. We study whether a model of learning does better or worse than a model of rational expectations, and we focus our study on...
Optimal Fiscal and Monetary Policy: Equivalence Results
Correia, Maria Isabel Horta, Nicolini, Juan Pablo, Teles, Pedro
In this Paper, we analyse the implications of price setting restrictions for the conduct of cyclical fiscal and monetary policy. We consider an environment with monopolistic competitive firms, a...
Money and Prices in Models of Bounded Rationality in High Inflation Economies
Albert Marcet, Juan Pablo Nicolini
This paper studies the short run correlation of inflation and money growth. We study whether a model of learning does better or worse than a model of rational expectations, and we focus our study on...
Learning and Stock Market Volatility
Klaus Adam, Albert Marcet, Juan Pablo Nicolini
Introducing learning into a standard asset pricing model improves considerably its empirical performance. In a model of learning where today's stock price is determined by the expectation of...
Using Balance Sheet to identify sovereign default and devaluation risk
Pablo Andres Neumeyer, Juan Pablo Nicolini
The relationship between devaluation and default risk is a central issue in the discussion of the costs and bene…ts of dollarizing emerging economies. Correct measures of these two unobserved...
Stock Market Volatility and Learning
Adam, Klaus, Marcet, Albert, Nicolini, Juan Pablo
Introducing bounded rationality into a standard consumption based asset pricing model with a representative agent and time separable preferences strongly improves empirical performance. Learning...
Juan Pablo Nicolini, Constantino Hevia
We analyze optimal ï¬scal,monetary and exchange rate policy in a simple small open econonomy model with price setting frictions.We perform our analysis in the tradition of optimal dynamic Ramsey...
Money and prices in models of bounded rationality
Albert Marcet, Juan Pablo Nicolini
In this paper the authors explore the ability of simple monetary models with bounded rationality to account for the joint distribution of money and prices. They impose restrictions on the size of the...
Optimal fiscal and monetary policy: equivalence results
Isabel Correia, Juan Pablo Nicolini, Pedro Teles
In this article, we analyze the implications of price-setting restrictions for the conduct of cyclical fiscal and monetary policy. We consider standard monetary economies that differ in the...
Stock market volatility and learning.
Klaus Adam, Albert Marcet, Juan Pablo Nicolini
Introducing bounded rationality into a standard consumption based asset pricing model with a representative agent and time separable preferences strongly improves empirical performance. Learning...
Stock Market Volatility and Learning
Albert Marcet, Klaus Adam, Juan Pablo Nicolini
Introducing bounded rationality in a standard consumption-based asset pricing model with time separable preferences strongly improves empirical performance. Learning causes momentum and mean...
Money and prices in models of bounded rationality in high inflation economies
Albert Marcet, Juan Pablo Nicolini
This paper studies the short run correlation of inflation and money growth. We study whether a model of learning does better or worse than a model of rational expectations, and we focus our study on...
Optimal Maturity of Government Debt with Incomplete Markets
Francisco Buera, Juan Pablo Nicolini
In this paper we show how risk free bonds of different maturities can be used to replace state contingent debt in a general equilibrium dynamic optimal taxation problem. In particular, we show that...
Electronic money: the end of inflation?
Ramon Marimon, Juan Pablo Nicolini, Pedro Teles
We study economies where government currency and electronic money, drawn from interest bearing deposits in private financial intermediary institutions, are full substitutes. We analyze the impact of...
Optimal fiscal and monetary policy: equivalence results
Isabel Correia, Juan Pablo Nicolini, Pedro Teles
In this paper, we analyze the implications of price setting restrictions for the conduct of cyclical fiscal and monetary policy. We consider an environment with monopolistic competitive firms, a...
Inside-outside money competition
Ramon Marimon, Juan Pablo Nicolini, Pedro Teles
We study how competition from privately supplied currency substitutes affects monetary equilibria. Whenever currency is inefficiently provided, inside money competition plays a disciplinary role by...
Juan Pablo Nicolini, Ramon Marimon, Pedro Teles
We study the interaction of competition and reputation as e¢- ciency enhancing mechanisms in environments where informational or lack of commitment constraints a¤ect the ability of …rms to...
Inside Outside Money Competition
Juan Pablo Nicolini, Ramon Marimon, Pedro Teles
We study how competition from privately supplied currency substitutes a¤ects monetary policy. We focus on regimes where monetary policy must be sequentially optimal. We obtain that the workings of...
Optimal Maturity of Governement Debt without state contingent bonds
Juan Pablo Nicolini, Francisco Buera
This paper shows that state contingent debt can be syntethically constructed using non-contingent debt of di¤erent maturities. A main policy implication of this principle is that the complete...
Recurrent Hyperinflations and Learning
Marcet, Albert, Nicolini, Juan Pablo
This paper uses a model of boundedly rational learning to account for the observations of recurrent hyperinflations in the last decade. We study a standard monetary model, where the full rational...
Inside-Outside Money Competition
Marimon, Ramon, Nicolini, Juan Pablo, Teles, Pedro
We study how competition from privately-supplied currency substitutes affects monetary equilibria. Whenever currency is inefficiently provided, inside money competition plays a disciplinary role by...
Money and Prices in Models of Bounded Rationality in High Inflation Economies
Albert Marcet, Juan Pablo Nicolini
This paper studies the short run correlation of inflation and money growth. We study whether a model of learning can do better than a model of rational expectations, we focus our study on countries...
Optimal Unemployment Insurance.
Hopenhayn, Hugo A, Nicolini, Juan Pablo
This paper considers the design of an optimal unemployment insurance system. The problem is modeled as a repeated principal-agent problem involving a risk-averse agent--the unemployed worker--and a...
Optimal Fiscal and Monetary Policy: Equivalence Results
Isabel Correia, Juan Pablo Nicolini, Pedro Teles
In this article, we analyze the implications of price-setting restrictions for the conduct of cyclical fiscal and monetary policy. We consider standard monetary economies that differ in the...
Hevia, Constantino, Nicolini, Juan Pablo
According to the conventional wisdom, when an economy enters a recession and nominal prices adjust slowly, the monetary authority should devalue the domestic currency to make the recession less...
Optimal Unemployment Insurance and Employment History
HUGO A. HOPENHAYN, JUAN PABLO NICOLINI
In existing unemployment insurance programmes, it is standard to condition eligibility on the previous employment record of unemployed workers. The purpose of this article is to study conditions...
Money is an Experience Good: Competition and Trust in the Private Provision of Money
Marimon, Ramon, Nicolini, Juan Pablo, Teles, Pedro
We study the interplay between competition and trust as efficiency-enhancing mechanims in the private provision of money. With commitment, trust is automatically achieved and competition ensures...