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The Inflation Bias When the Central Bank Targets, the Natural Rate of Unemployment
(Université de Montréal. Département de sciences économiques., 2001)
This paper studies the proposition that an inflation bias can arise in a setup where a central banker with asymmetric preferences targets the natural unemployment rate. Preferences are asymmetric in the sense that positive ...
Efficiency in Uncertain Cooperative Games
(Université de Montréal. Département de sciences économiques., 2001)
A contingent contract in a transferable utility game under uncertainty specifies an outcome for each possible state. It is assumed that coalitions evaluate these contracts by considering the minimal possible excesses. A ...
Logique et tests d'hypotheses: reflexions sur les problemes mal poses en econometrie
(Université de Montréal. Département de sciences économiques., 2001)
Dans ce texte, nous analysons les développements récents de l’économétrie à la lumière de la théorie des tests statistiques. Nous revoyons d’abord quelques principes fondamentaux de philosophie des sciences et de théorie ...
Empirical Assessment of an Intertemporal Option Pricing Model with Latent variables
(Université de Montréal. Département de sciences économiques., 2001)
This paper assesses the empirical performance of an intertemporal option pricing model with latent variables which generalizes the Hull-White stochastic volatility formula. Using this generalized formula in an ad-hoc fashion ...
Rationalizability of Choice Functions on General Domains without Full Transitivity
(Université de Montréal. Département de sciences économiques., 2001)
The rationalizability of a choice function by means of a transitive relation has been analyzed thoroughly in the literature. However, not much seems to be known when transitivity is weakened to quasi-transitivity or ...
Probabilistic Assignments of Identical Indivisible Objects and Uniform Probabilistic Rules
(Université de Montréal. Département de sciences économiques., 2001)
We consider a probabilistic approach to the problem of assigning k indivisible identical objects to a set of agents with single-peaked preferences. Using the ordinal extension of preferences, we characterize the class of ...
A Theoretical Comparison Between Integrated and Realized Volatilies
(Université de Montréal. Département de sciences économiques., 2001)
In this paper, we provide both qualitative and quantitative measures of the cost of measuring the integrated volatility by the realized volatility when the frequency of observation is fixed. We start by characterizing for ...
Trade Liberalization and the Profitability of Domestic Mergers
(Université de Montréal. Département de sciences économiques., 2001)
It is often thought that a tariff reduction, by opening up the domestic market to foreign firms, should lessen the need for a policy aimed at discouraging domestic mergers. This implicitly assumes that the tariff in question ...
Organizational Design of R&D Activities
(Université de Montréal. Département de sciences économiques., 2001)
This paper addresses the question of whether R&D should be carried out by an independent research unit or be produced in-house by the firm marketing the innovation. We define two organizational structures. In an integrated ...