Negative interest rate regimes typically involve reserve tiering to exempt a portion of bank reserves from negative rates. We study the effects on bank behavior of a large and unanticipated change in reserve tiering by the Swiss National Bank that generate ...
Connected and autonomous vehicles (CAV) have seen a rapid development over the past decade. However, wide diffusion of high level CAVs is still decades to come, and will depend on many technological, policy and public acceptance factors. Merging a traditio ...
This paper investigates the effect of combination policies on the performance of adaptive social learning in non-stationary environments. By analyzing the relation between the error probability and the underlying graph topology, we prove that in the slow a ...
We address the problem of designing stabilizing control policies for nonlinear systems in discrete-time, while minimizing an arbitrary cost function. When the system is linear and the cost is convex, the System Level Synthesis (SLS) approach offers an effe ...
This article shows that the inability to use monetary policy for macroeconomic stabilization leaves a government more vulnerable to a rollover crisis. We study a sovereign default model with self-fulfilling rollover crises, foreign currency debt, and nomin ...
After the financial crisis, policy rates in the major advanced economies have moved downwards to near/below zero. Some countries have experienced an increase in house prices and an expansion of mortgages. Also, there have been considerable changes in the m ...
This paper studies the effects of fiscal policy on net exports, the terms of trade and expenditure switching. Using data on government spending and consumption taxes for twelve euro area countries over 1996 to 2018, it shows that fiscal austerity shocks im ...
While the extant innovation literature has provided extensive evidence of the so-called "demand-pull" effect, the possible diverse impact of demand evolution on product vs process innovation activities has not been yet investigated. This paper develops a f ...
This thesis develops three models that study the motivation of various agents to take on debt,
and the impact that excessive financial leverage can have on social welfare.
In the chapter "Short-term Bank Leverage and the Value of Liquid Reserves", the ince ...
Global energy systems are changing rapidly. This energy transition complicates the use of traditional policy analysis methods. However, proper policy analysis and design is essential in managing the transition. This thesis takes an interdisciplinary approa ...
This article involves a conceptual evaluation of a large-scale innovation policy experiment—so-called smart specialization strategies (S3s)—that took place within the framework of the European regional cohesion programs between 2011 and the present. The go ...
Unemployment differentials are bigger in Europe than in the United States. Migration responds to unemployment differentials, though the response is smaller in Europe. Mundell (1961) argued that factor mobility is a precondition for a successful currency un ...
This contribution puts the spotlight on participation of heterogeneous actors and diverse forms of expertise in knowledge production and its implications for governance of complex problems. With regard to tackling complex ‘global’ problems, multifaceted de ...
This paper analyses the policy mix for urban transition by drawing on insights from studies in institutions and path dependence. It sheds new light on the role of institutions and actors in creating a policy mix for sustainable city districts, which has no ...
The constituent countries of the MENA region---defined in this thesis in conformity with the regional definition of the International Energy Agency and encompassing 17 Muslim countries in North Africa, in the Levant, on the Arabian Peninsula, and Iran---ha ...
Financial factors are central to the recent economic crisis. Most macroeconomic models treat banks and financial intermediation as a veil. These models are unable to account for the recent financial crisis and they cannot be used for policy evaluation. Fin ...
