-
作者：Faig, Miquel
作者单位：University of Toronto
摘要：In the Lagos-Wright model [R. Lagos, R. Wright, A unified framework for monetary theory and policy analysis, J. Polit. Economy 113 (2005) 463-484], the quasi-linear preferences assumption is not necessary to generate simple distributions of money holdings if individuals choose endogenously to go to the search market as buyers or as sellers. The non-convex buyer-seller choice provides an incentive for gambling in lotteries, and, as a result, the value function has a linear interval. As long as ...
-
作者：Li, Jinlu; Lin, Shuanglin
作者单位：Peking University; University of Nebraska System; University System of Ohio; Shawnee State University
摘要：In his seminal paper Galor [A two-sector overlapping generations-model: a global characterization of the dynamical system, Econometrica 60 (1992) 1351-1386] establishes conditions for the existence of equilibrium in the two-sector overlapping generations (OLG) model. Although appealing theoretically, these conditions are implicit and not easy to apply. This paper develops new theorems on the existence and uniqueness of steady-state equilibrium in the two-sector OLG model. We provide explicit c...
-
作者：Manea, Mihai
作者单位：Harvard University
摘要：We provide a non-geometric constructive short proof of the ordinal efficiency welfare theorem. (C) 2007 Elsevier Inc. All rights reserved.
-
作者：Gajdos, T.; Hayashi, T.; Tallon, J. -M.; Vergnaud, J. -C.
作者单位：heSam Universite; Universite Pantheon-Sorbonne; Centre National de la Recherche Scientifique (CNRS); University of Texas System; University of Texas Austin; Paris School of Economics
摘要：This paper presents an axiomatic model of decision making under uncertainty which incorporates objective but imprecise information. Information is assumed to take the form of a probability-possibility set, that is, a set P of probability measures on the state space. The decision maker is told that the true probability law lies in P and is assumed to rank pairs of the form (P, f) where f is an act mapping states into outcomes. The key representation result delivers maxmin expected utility (MEU)...
-
作者：Leith, Campbell; von Thadden, Leopold
作者单位：University of Glasgow; European Central Bank
摘要：The paper examines simple monetary and fiscal policy rules consistent with determinate equilibrium dynamics in the absence of Ricardian equivalence. Under this assumption, government debt turns into a relevant state variable which needs to be accounted for in the analysis of equilibrium dynamics. The key analytical finding is that without explicit reference to the level of government debt it is not possible to infer how strongly the monetary and fiscal instruments should be used to ensure dete...
-
作者：Kikuchi, Tomoo
作者单位：National University of Singapore
摘要：We develop an overlapping generations model with re-tradeable paper assets and capital accumulation to analyze the interaction between the real economy and an international asset market. The world consists of two homogeneous countries, which differ only in their initial levels of capital. Consumers who live for two periods transfer wealth over time and across countries by holding international mutual funds which pay stochastic dividends. The optimal portfolio decisions of consumers do not nece...
-
作者：Fabbri, Giorgio; Gozzi, Fausto
作者单位：Luiss Guido Carli University
摘要：This paper deals with an endogenous growth model with vintage capital and, more precisely, with the AK model proposed in [R. Boucekkine, O. Licandro, L.A. Puch, F. del Rio, Vintage capital and the dynamics of the AK model, J. Econ. Theory 120 (1) (2005) 39-72]. In endogenous growth models the introduction of vintage capital allows to explain some growth facts but strongly increases the mathematical difficulties. So far, in this approach, the model is studied by the Maximum Principle; here we d...
-
作者：Michihiro, Kandori; Serrano, Roberto; Volij, Oscar
作者单位：University of Tokyo; Brown University; Iowa State University; Ben-Gurion University of the Negev
摘要：We study decentralized trade processes in general exchange economies and house allocation problems with and without money. The processes are affected by persistent random shocks stemming from agents' maximization of random utility. By imposing structure on the utility noise term-logit distribution-one is able to calculate exactly the stationary distribution of the perturbed Markov process for any level of noise. We show that the stationary distribution places the largest probability on the max...
-
作者：Hojman, Daniel A.; Szeid, Adam
作者单位：University of California System; University of California Berkeley; Harvard University
摘要：We study a model of network formation where the benefits from connections exhibit decreasing returns and decay with network distance. We show that the unique equilibrium network is a periphery-sponsored star, where one player, the center, maintains no links and earns a high payoff, while all other players maintain a single link to the center and earn lower payoffs. Both the star architecture and payoff inequality are preserved in an extension of the model where agents can make transfers and ba...
-
作者：Steiner, Jakub
作者单位：University of Edinburgh
摘要：We study coordination failures in many simultaneously occurring coordination problems. Players encounter one of the problems but have the outside option of migrating to one of the remaining ones. Drawing on the global games approach, we show that such a mobile game has a unique equilibrium that allows us to examine comparative statics. The endogeneity of the outside option value and of the migration activity leads to non-monotonicity of welfare with respect to mobility friction; high mobility ...
