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Riding On The Wave? Middle Class In Transition, Joanna Tyrowicz, Joanna Nestorowicz 2010 University of Warsaw

Riding On The Wave? Middle Class In Transition, Joanna Tyrowicz, Joanna Nestorowicz

Joanna Tyrowicz

In this paper we inquire into how structural social changes associated with economic transition affected the relative position of the so called ‘traditional’ and ‘new’ middle classes. We use Polish quarterly labor force surveys over the period 1995-2007 and analyze the distribution of self-reported wages and educational attainment across social groups. In the analysis we account for differences observed in the metropolies (usually benefiting immensely from the economic changes) and non-metropolitan areas (where most of the negative consequences are felt).

We find that although transition has contributed to greater inequalities both in terms of earned income and education, traditional middle ...


International Diversification: A Copula Approach, Lorán Chollete, Victor De la Pena, Ching-Chih Lu 2010 Columbia University

International Diversification: A Copula Approach, Lorán Chollete, Victor De La Pena, Ching-Chih Lu

Lorán Chollete

No abstract provided.


Treasury Factor Fundamentals, Yogendra Sisodia 2010 Indian Institute of Capital Market

Treasury Factor Fundamentals, Yogendra Sisodia

Yogendra Sisodia

Treasury Operations and Fundamental Factors


Asset Pricing Under Information-Processing Constraints, Yulei Luo, Eric R. Young 2010 The University of Hong Kong

Asset Pricing Under Information-Processing Constraints, Yulei Luo, Eric R. Young

Yulei Luo

This paper studies the implications of limited information-processing capacity (also called "rational inattention") for asset pricing in a linear-quadratic permanent income model. We have two main results. First, RI increases the size of the risk adjustment to asset prices by increasing the volatility and persistence of consumption growth. Second, RI increases the expected excess return. Thus, RI has the potential to play an important role in resolving extant asset pricing puzzles.


Rational Inattention, Long-Run Consumption Risk, And Portfolio Choice, Yulei Luo 2010 The University of Hong Kong

Rational Inattention, Long-Run Consumption Risk, And Portfolio Choice, Yulei Luo

Yulei Luo

This paper explores how the introduction of rational inattention (RI) -- that agents process information subject to fi…nite channel capacity -- affects optimal consumption and investment decisions in an otherwise standard intertemporal model of portfolio choice. We …first explicitly derive optimal consumption and portfolio rules under RI and then show that introducing RI reduces the optimal share of savings invested in the risky asset because inattentive investors face greater long-run consumption risk. We also show that the investment horizon matters for portfolio allocation in the presence of RI, even if investment opportunities are constant and the utility function of investors is ...


Risk-Sensitive Consumption And Savings Under Rational Inattention, Yulei Luo, Eric R. Young 2010 University of Hong Kong

Risk-Sensitive Consumption And Savings Under Rational Inattention, Yulei Luo, Eric R. Young

Yulei Luo

This paper studies the consumption-savings behavior of households who have risk-sensitive preferences and suffer from limited information-processing capacity (rational inattention or RI). We first solve the model explicitly and show that RI increases precautionary savings by interacting with income uncertainty and risk-sensitivity. Given the closed-form solutions, we find that the RI model displays a wide range of observational equivalence properties, implying that consumption and savings data cannot distinguish between risk-sensitivity, robustness, or the discount factor, in any combination. We then show that the welfare costs from RI are larger for risk-sensitive households than any other observationally-equivalent settings.


The Real Yield Curve And Macroeconomic Factors In The Chilean Economy, Marco Morales 2010 Universidad Diego Portales

The Real Yield Curve And Macroeconomic Factors In The Chilean Economy, Marco Morales

Marco Morales

No abstract provided.


Paul A. Samuelson (1915 - 2009): Memories Of Friedrich Von Hayek (1899 - 1992) Spanish Translation: Fernando Estrada And Andrea Trujillo, Fernando Estrada 2010 Universidad Externado de Colombia

Paul A. Samuelson (1915 - 2009): Memories Of Friedrich Von Hayek (1899 - 1992) Spanish Translation: Fernando Estrada And Andrea Trujillo, Fernando Estrada

Fernando Estrada

In this report Professor Samuelson staff prepares a tour of the work and thought of highlighting the contributions of Hayek Austrian economist and showing the world within which they took power broadly two contradictory paradigms of economic thought. This testimony intellectual frontline is extraordinary, given the recent death of Professor Samuelson


Recent Changes In The Armed Conflict In Colombia, Fernando Estrada 2010 Universidad Externado de Colombia

Recent Changes In The Armed Conflict In Colombia, Fernando Estrada

Fernando Estrada

Analyst in the strategy and operations of guerrillas and paramilitaries, have suggested that the Colombian conflict analysis should show the differences between clusters paramilitary. Not only because after the 80s, drug trafficking has played a decisive role, but because the geography of territories and control combinations have not been studied sufficiently. Geography of armed conflict should also provide tools to understand the impact of war on natural resources, for example. We sustain that while the drug economy has filtered the structure of semi-groups, promoting market competition and private security protection, drug trafficking does not explain absolutely all sources of violence ...


Pain And Human Dependence (Dolor Y Dependencia Humana), Fernando Estrada 2010 SelectedWorks

Pain And Human Dependence (Dolor Y Dependencia Humana), Fernando Estrada

Fernando Estrada

This paper is a study of medical philosophy. The subject is studied from the author's own experience. On the basic sources of inspiration the works of Fernando Pessoa, Karl Kraus and Friedrich Nietzsche, raise the limits and scope of medical knowledge and experience of pain and disease.


Pierre Bordieu From Latin American, Fernando Estrada 2010 SelectedWorks

Pierre Bordieu From Latin American, Fernando Estrada

Fernando Estrada

This brief paper is a tribute of the French thinker Pierre Bordieu. Plot some political economy issues and relate aspects of the remarkable influence thinker.


Financial Theory Has A Paradigm A La Kuhn?, Fernando Estrada 2010 SelectedWorks

Financial Theory Has A Paradigm A La Kuhn?, Fernando Estrada

Fernando Estrada

This article aims to discuss two issues relatively linked. The first is an evaluation of the concept of paradigm of T. Kuhn in his representative work: The Structure of Scientific Revolutions ERC, [Ku96] and the complementary version by W. Stegmüller, Structure and dynamics of theories EDT, [Steg83]. This refined interpretation of the concept of paradigm allows for a more complete set of central Kuhnian concept. The second objective is to analyze the scope of the Kuhnian concept of models to evaluate financial explanation. Is explored preliminarily proposed fractal models / multifractal (F / M) of Mandelbrot [Mand97, 82, 02, 05]. This second ...


Paramilitary Language In The Colombian Armed Conflict, Fernando Estrada 2010 SelectedWorks

Paramilitary Language In The Colombian Armed Conflict, Fernando Estrada

Fernando Estrada

The war in Colombia presents, among other characteristics, a high content of oratorical and rhetoric; the different armed actors are disputed, besides territories, the power of the public opinion, with what each violent action is usually accompanied by a discursive or symbolic justification. The present rehearsal offers an analysis of the paramilitary speech, starting from the declarations and interviews to Carlos Castaño, main boss of the selfdefenses. The paramilitary rhetoric is studied here from the theory of the speech acts of Austin-Searle, the theory of the argument of Chaïm Perelman, and the recent works has more than enough Metaphors of ...


Uses Of Arguments And Negotiation, Fernando Estrada 2010 SelectedWorks

Uses Of Arguments And Negotiation, Fernando Estrada

Fernando Estrada

In the recent literature on conflict resolution tends to underline negotiation model based on the argument or dialogue. Exchange between different styles of argument some trends have emerged in the rhetoric applied to the law, especially in procedural law. During the last decade researchers have recognized the value of the argument to understand various problems of jurisprudence in cases of conflict and strife. This paper proposes a complementary design to the analysis of the negotiation process based on debate and dialogue. It advocates a theory of argumentation in negotiation processes for instances where rational agents use strategies unpredictable with incomplete ...


The Names Of The Leviathan, Fernando Estrada 2010 SelectedWorks

The Names Of The Leviathan, Fernando Estrada

Fernando Estrada

This book is designed to offer an interpretation of armed conflict in Colombia using analytical tools from the philosophy of language (Perelman, Lakoff Facounnier). It addresses the civil war in Colombia taking into account the work of Thomas Hobbes's Leviathan


Implications Of The Economic Interactions Between Northern And Southern Tribes Of Sudan, Professor Issam A.W. Mohamed 2010 Department of Economics. Al Neelain University, Khartoum, Sudan

Implications Of The Economic Interactions Between Northern And Southern Tribes Of Sudan, Professor Issam A.W. Mohamed

Professor Issam A.W. Mohamed

The present paper discusses issues of the tribal interactions living on the borders between North and South Sudan. Fore-sights are looked for, especially after secession. There are multiple ethnic relations and mutual resources collectively utilized. Different tribes live on those resources, in specifics those who depend on a livelihood of herding cattle, camels, sheep and goats. The conceptions of no-borders, free water resources and open range were entrenched for hundreds of years. The sudden realization of necessities of new borders generates revulsion, sense of deprivation and end of traditional life practice. Additionally, development issues are weak with lack of infrastructure ...


Effects Of Investment On Macroeconomic Variables In The Sudanese Economy, Professor Issam A.W. Mohamed 2010 Department of Economics. Al Neelain University, Khartoum, Sudan

Effects Of Investment On Macroeconomic Variables In The Sudanese Economy, Professor Issam A.W. Mohamed

Professor Issam A.W. Mohamed

Most developing and underdeveloped countries beside Sudan suffer from the low levels of income in addition to the low savings that are result from the lack of sophisticated savings channels. Hence, the investment depends on the individual's abilities on self savings, where the investment is considered as major motivating vehicle for economic activity due to its direct correlation with the capital accumulation process that increases the productivity capacity for the national economy and creating job opportunities and achieving economic development. Subsequently, the importance of the investment comes from effective role that can be practiced on the national product. The ...


Empirical Analysis Of Field Data On Hiv/Aids Epidemic In Khartoum State, Sudan, Professor Issam A.W. Mohamed 2010 Department of Economics. Al Neelain University, Khartoum, Sudan

Empirical Analysis Of Field Data On Hiv/Aids Epidemic In Khartoum State, Sudan, Professor Issam A.W. Mohamed

Professor Issam A.W. Mohamed

The study focuses on the HIV/AIDS in Khartoum state during the period (2003-2007). The main objectives are to study the situation of HIV/AIDS in Khartoum state through a sample of 1439 of volunteers for the three selected blood testing and counseling centers in Khartoum, Omdurman, and Khartoum North teaching hospitals. The data of the study were collected from secondary source namely the registered information about volunteers after testing blood for HIV. The data were analyzed by using descriptive statistics, chi-square test for dependency between demographic variables and HIV/AIDS incidence, and logistic regression model to discover the effect ...


Introduction To The Macroeconomic Structure Of Yemen, Professor Issam A.W. Mohamed 2010 Department of Economics. Al Neelain University, Khartoum, Sudan

Introduction To The Macroeconomic Structure Of Yemen, Professor Issam A.W. Mohamed

Professor Issam A.W. Mohamed

In countries where tools of economic control are immature and disabled due to totalitarian systems, macroeconomic analyses for aggregate quantities and relationships, such as total consumption, investment, and government expenditures represents a difficult task. The practice of aggregation distinguishes this field of microeconomics and has advantages but also creates problems, a brief survey of these problems is required now, although a deeper appreciation of these must await the critical attitudes that can only develop with more exposure to entire subject. One difficulty is the complex area known as the aggregation problem, the classifying of widely varying goods or activities into ...


Property Rights, Land Disputes And Social Discontent In Sudan, Professor Issam A.W. Mohamed 2010 Department of Economics. Al Neelain University, Khartoum, Sudan

Property Rights, Land Disputes And Social Discontent In Sudan, Professor Issam A.W. Mohamed

Professor Issam A.W. Mohamed

Under the present civil Sudanese conditions, the country endures many hardships which are manifested in economic retraction, inflation, recession and stagflation. However, those are not the sole reasons for the sporadic conflicts that infest the people. Illegitimate property and economic hoardings seem to be inflaming the Sudanese societies. Social conflicts are manifested in simple man's daily complaints to open rebellions. Most academicians agree on one point, that the society endures abnormal conditions. The current paper delves into land disputes in the South Kordofan region and displays there anomalies affecting the Sudanese state of affairs. The economic and social structures ...


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