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Public Economics

Economic Theory

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Full-Text Articles in Macroeconomics

The Effects Of Labour Market Performance On Financial System Stability, Tomasz Daras, Joanna Tyrowicz Jan 2010

The Effects Of Labour Market Performance On Financial System Stability, Tomasz Daras, Joanna Tyrowicz

Joanna Tyrowicz

Crisis may spread through economy via the propagating mechanisms of the labour market - households becoming delinquent due to initial unemployment shock may be unable to continue servicing obligations versus the financial system. With large volume debts - e.g. mortgages - such defaults pose a threat to financial system stability. In this paper we use the Polish household budgets survey to simulate the impact of changes in the labour market status of household members on the ability of the household to service its mortgage payments. The simulation results are subsequently aggregated to facilitate macro-level interpretation of the findings. We simulate various scenarios ...


Do We Really Need To Start From Scratch?, Michal Gradzewicz, Krzysztof Makarski, Joanna Tyrowicz Jan 2010

Do We Really Need To Start From Scratch?, Michal Gradzewicz, Krzysztof Makarski, Joanna Tyrowicz

Joanna Tyrowicz

This paper presents views and believes of the authors on the relevance of the current economic theory for the understanding of the complex world we live in. Has the crisis indeed demonstrated that as profession we are misled by the beauty of the mathematical models and the only useful, workable solutions at hand were provided in early 1930s? The purpose of this paper is to provide a review of the current state-of-the-art literature from the perspective of its usefulness in the context of economic crises. We argue that although we might be unable to answer many questions or to “predict ...


Exogenous Coalition Formation In The E-Marketplace Based On Geographical Proximity, Tomasz Michalak, Joanna Tyrowicz, Peter Mcburney, Michael Wooldridge Jan 2009

Exogenous Coalition Formation In The E-Marketplace Based On Geographical Proximity, Tomasz Michalak, Joanna Tyrowicz, Peter Mcburney, Michael Wooldridge

Joanna Tyrowicz

This paper considers a model for exogenous coalition formation in e-marketplaces. Using its informational advantage, an e-retailer creates coalitions of customers based on geographical proximity. Most of the literature regards this process as endogenous: a coalition leader among the buyers bundles eventual purchases together in order to obtain a better bargaining position. In contrast – and in response to what is typically observed in business practice – we analyse a situation in which an existing e-retailer exogenously forms customers’ coalitions. Results of this study are highly encouraging. Namely, we demonstrate that even under highly imperfect warehouse management schemes leading to contagion effects ...


Optimality And Synchronicity - Where Do We Stand? Oca Theory And Its Empirical Application For Emu, Joanna Tyrowicz Jan 2007

Optimality And Synchronicity - Where Do We Stand? Oca Theory And Its Empirical Application For Emu, Joanna Tyrowicz

Joanna Tyrowicz

Should Poland join EMU? The answer to this question has already been determined by both economists and politicians - by joining EU Poland has agreed to eventually join EMU, which barely any serious economists find to be harmful to our economy. However, the moment of joining the currency union has not been determined and its choice is largely left to the decision of Polish policy makers. Obviously, there are some costs to entering the currency union, as well as some benefits. However, since both the process of accessing and the very participation in the EMU are dynamic in nature, the path ...