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Forthcoming discussion article

28/02/2011

Is the Political Economy stable or chaotic?

Norman Schofield, Washington University

Abstract: Recent events in the global economy have caused many writers to argue that the market is driven by animal spirits, by irrational exuberance or speculation. At the same time, the economic downturn has apparently caused many voters in the United States, and other countries, to change their opinion about the proper role of government. Unfortunately, there does not exist a general equilibrium model of the political economy, combining a formal model of the existence, and convergence to a price equilibrium, as well as an equilibrium model of political choice. One impediment to such a theory is the so-called chaos theorem which suggests that existence of a political equilibrium is non-generic. This paper surveys results in the theory of dynamical systems, emphasizing the role of structural stability and chaos. We consider models of celestial mechanics where the notion of chaos first developed, and then examine applications in models of climate change and economics. There is discussion of the past influences of climate on human society, and particularly how agriculture developed during the “holocene”, the past ten thousand years of benign climate. The recent period of globalization is likened to the holocene, and the question is raised whether future climate change may bring economic and political chaos.

Keywords: Economic uncertainty, climate change, political disorder
JEL classification: H10


The Czech Economic Review, Vol. 4, No. 3

14/11/2010

A new issue of the Czech Economic Review is available online. See table of contents:

Editorial

Editorial to the special issue on Econophysics of Markets and Economic Networks
Vošvrda, Miloslav
AUCO Czech Economic Review 4 (3), 234-235

Articles

Keynesian Macrodynamics: Convergence, Roads to Instability and the Emergence of Complex Business Fluctuations
Chiarella, Carl; Hung, Hing; Flaschel, Peter
AUCO Czech Economic Review 4 (3), 236-262

Nonlinear Inflation Expectations and Endogenous Fluctuations
Gomes, Orlando
AUCO Czech Economic Review 4 (3), 263-280

Tail Behavior of the Central European Stock Markets during the Financial Crisis
Baruník, Jozef; Vácha, Lukáš; Vošvrda, Miloslav
AUCO Czech Economic Review 4 (3), 281-294

Forecasting the Quantiles of Daily Equity Returns Using Realized Volatility: Evidence from the Czech Stock Market
Bubák, Vít
AUCO Czech Economic Review 4 (3), 295-314

Rescaled Range Analysis and Detrended Fluctuation Analysis: Finite Sample Properties and Confidence Intervals
Krištoufek, Ladislav
AUCO Czech Economic Review 4 (3), 315-329

Dynamics of Stock Market Correlations
Kenett, Dror Y.; Shapira, Yoash; Madi, Asaf; Bransburg-Zabary, Sharron; Gur-Gershgoren, Gitit; Ben-Jacob, Eshel
AUCO Czech Economic Review 4 (3), 330-340

Book review

Book review: L. E. Calvet & A. J. Fisher, Multifractal Volatility: Theory, Forecasting, and Pricing
Baruník, Jozef
AUCO Czech Economic Review 4 (3), 341-343

Reports

Workshop: Voting, Power, and Manipulation
Doležel, Pavel
AUCO Czech Economic Review 4 (3), 344-345

To view, download, or recommend a single article, click on the article title. To unsubscribe, please fill in the form in the left column (Table of Contents Alert) on the journal homepage.


Scopus

01/11/2010

The independent reviewers of the Content Selection and Advisory Board (CSAB) have completed the year-long review of our journal, and the Board has advised that the AUCO Czech Economic Review will be accepted for inclusion in Scopus. The articles shall be available in this database once Source Collection Department sets up subscriptions for this title.


Citations tracker

09/08/2010

We have used Scopus, CitEc and Google Scholar to map the network of citations to our journal:

Journals

Journal of Applied Mathematics and Decision Sciences, Group Decision and Negotiation, Control and Cybernetics, Post-Communist Economies, Central European Journal of Operations Research, Czech Journal of Economics and Finance, Economics Bulletin, Financial Theory and Practice, Studies and Scientific Researches - Economic Edition, Theoretical and Applied Economics, Politicka ekonomie, Ekonomický časopis, AUCO Czech Economic Review

Working paper series

European Investment Bank, CESifo Working Paper Series, Fondazione Eni Enrico Mattei Working Papers, IZA Discussion Papers, Center in Political Economy of Washington University, Seoul National University, Universite de Saint-Etienne, Ecole Polytecnique, Austrian Institute for Family Studies, Czech National Bank Research Department

Book series and theses

Theory and Decision Library (Springer), University of California, Berkeley (Undergraduate Honors Thesis), Högskolan Dalarna (Master Thesis)


The AUCO Czech Economic Review, Vol. 4, No. 2

23/06/2010

A new issue of the AUCO Czech Economic Review is available online. See table of contents:

Articles

Co-determination and Merger Incentives from Transfers of Wealth: Firm Owners vs. Workers
Coscollá, M. Paz; Granero, Luis M.
AUCO Czech Economic Review 4 (2), 123-138

Monetary Policy Transmission in Italy: A BVAR Analysis with Sign Restriction
Migliardo, Carlo
AUCO Czech Economic Review 4 (2), 139-167

Risk-Sharing Externalities and Its Implications for Equity Premium in an Infinite-Horizon Economy
Ohno, Hiroaki
AUCO Czech Economic Review 4 (2), 168-188

Interval Values for Multicriteria Cooperative Games
Pieri, Graziano; Pusillo, Lucia
AUCO Czech Economic Review 4 (2), 189-200

The Uncertainty in Voting Power: The Case of the Czech Parliament 1996–2004
Mielcová, Elena
AUCO Czech Economic Review 4 (2), 201-222

Book review

M. Luptáčik (2009): Mathematical Optimization and Economic Analysis
Doležel, Pavel
AUCO Czech Economic Review 4 (1), 223-229

To view, download, or recommend a single article, click on the article title. To unsubscribe, please fill in the form in the left column (Table of Contents Alert) on the journal homepage.


Access statistics by source

09/06/2010

We have compiled lifetime access statistics to our journal articles, using three sources that constantly monitor the use of articles in their depositories.

Total downloads
Source/Year (or Volume) 2007 2008 2009 2010
Journal homepage  1,745 3,631 4,687  704
RePEc  31  308  515  259
CEEOL  58 62 61 3
 
Total abstract views
Source/Year (or Volume) 2007 2008 2009 2010
Journal homepage  8,162 17,849 8,563  1,333
RePEc  158  1,480  2,137  1,118

Call for book reviews

08/06/2010

We are currently seeking book reviews in all fields of economics covered in our Aims and Scope. We intend to publish approximately 700-word reviews in each issue of AUCO, which appears three times a year. Prior to submitting a book review, the writers are welcome to submit proposals for book reviews to our editorial office. A proposal should consist of a brief statement about the significance of the book in question, basic information about its publisher and publication date, and a brief summary of the review author's background and reasons for interest in the book. We promise careful and impartial consideration for each submission.


Featured article of the forthcoming issue

28/05/2010

Risk-Sharing Externalities and Its Implications for Equity Premium in an Infinite-Horizon Economy

Hiroaki Ohno
Tokyo International University

Abstract: This paper examines asset prices when risk-sharing externalities are incorporated into an infinite-horizon model where consumers are exposed to the endogenous income risks. It is shown that there exist multiple types of equilibria depending on the degree of market participation. Under incomplete participation, income risks cannot be fully diversified as they induce higher precautionary savings, which are conducive in turn to higher asset prices. However, the exposure to additional dividend risks can lead at the same time to a lower demand for risky assets. The aggregate effect is an increase in the equity risk premium and a decrease in the risk-free rate. Thus, the evidence suggests that the equity premium and risk-free rate puzzles can be partly explained by infinite-horizon models with incomplete market participation.

Keywords: Risk-sharing externalities, endogenous income risks, incomplete market participation, asset prices
JEL classification: D11, E21, E44, G12


Toplisting

10/05/2010

The most downloaded articles at this webpage are as follows:

Volume 4 (2010)

Volume 3 (2009)

Volume 2 (2008)

Volume 1 (2007)


The AUCO Czech Economic Review, Vol. 4, No. 1

10/03/2010

A new issue of the AUCO Czech Economic Review is available online. See table of contents:

Articles

Voting Weights or Agenda Control: Which One Really Matters?
Hannu Nurmi
AUCO Czech Economic Review 4 (1), 5-17

Machiavelli’s Possibility Hypothesis
Manfred J. Holler, Alain Marciano
AUCO Czech Economic Review 4 (1), 18-31

Game-Theoretic Modeling of Electricity Markets in Central Europe
Martin Hrubý, Petr Čambala, Jan Toufar
AUCO Czech Economic Review 4 (1), 32-61

Public Utilities: Privatization without Regulation
Ornella Tarola
AUCO Czech Economic Review 4 (1), 62-78

Downward Wage Rigidities in Slovakia
Pavel Gertler, Matúš Senaj
AUCO Czech Economic Review 4 (1), 79-101

Policy discussions

Bata Management System: A Built-In Resilience against Crisis at the Micro Level
Milan Zelený
AUCO Czech Economic Review 4 (1), 102-117

Reports

International Conference on Multilevel Governance and Democracy in the EU
Frantisek Turnovec
AUCO Czech Economic Review 4 (1), 118-118

To view, download, or recommend a single article, click on the article title. To unsubscribe, please fill in the form in the left column (Table of Contents Alert) on the journal homepage.


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