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作者：Barlevy, G; Veronesi, P
作者单位：University of Chicago; Northwestern University
摘要：This paper offers an explanation for stock market crashes which focuses on the role of rational but uninformed traders. We show that uninformed traders can precipitate a price crash because as prices decline, they surmise that informed traders received negative information, which leads them to reduce their demand for assets and drive the price of stocks even lower. The model yields several implications, such as that crashes can occur even when the fundamentals are strong, and that the magnitud...
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作者：Ben-Gad, M
作者单位：University of Haifa
摘要：This paper investigates the dynamic behavior of two-sector models of endogenous growth with sector-specific external effects, and government expenditure financed by distortionary taxation. When this type of external effect is combined with a sufficient degree of capital taxation in a Lucas-Uzawa endogenous growth model, continua of equilibria will emerge in the region of the balanced growth paths. By contrast, indeterminacy is not possible when either sector-specific external effects or factor...
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作者：Segal, I
作者单位：Stanford University
摘要：The paper studies bilateral contracting between N agents and one principal, whose trade with each agent generates externalities on other agents. It examines the effects of prohibiting the principal from (i) coordinating agents on her preferred equilibrium, and (ii) making different contracts available to different agents. These effects depend on whether an agent is more or less eager to trade when others trade more. The prohibitions reduce the aggregate trade in the former case, and have littl...
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作者：Takeoka, N
作者单位：University of Rochester
摘要：A technique to show the existence of stationary Markov equilibria is provided by Duffie, Geanakoplos, Mas-Colell and McLennan Econometrica 62 (1994) 745-781. In many applications, a state space is constructed as the product of a space of exogenous variables and a space of endogenous variables. In addition, the exogenous shock is given and is a Markov process with a transition probability and an initial distribution. Then their theorem does not ensure the existence of a stationary Markov equili...
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作者：Meng, QL
作者单位：Chinese University of Hong Kong
摘要：This paper extends research in indeterminacy literature to a small open economy, two-sector endogenous growth model. It shows that a continuum of equilibria exist in two situations, (i) the production functions exhibit social constant returns to scale with very small or even negligible externalities; and (ii) the production functions are standard constant returns to scale without externalities but the government implements asymmetric tax policies across sectors. (C) 2003 Elsevier Science (USA)...
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作者：Benchekroun, H
作者单位：McGill University
摘要：This paper examines a dynamic game of exploitation of a productive asset by a doupoly. A closed-loop Nash equilibrium of the game is constructed and used to analyze the effects of a unilateral production restriction. Surprisingly, such unilateral action may result in a decrease of the long-run asset's stock. We also exhibit production restrictions that can result simultaneously in an increase of the asset's stock and the long-run profits of the firm that is being imposed the production restric...
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作者：Bech, ML; Garratt, R
作者单位：University of California System; University of California Santa Barbara; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：We use a game theoretical framework to analyze the intraday behavior of banks with respect to settlement of interbank claims in a real-time gross settlement setting. The game played by banks depends upon the intraday credit policy of the central bank and it encompasses two well-known game theoretical paradigms: the prisoner's dilemma and the stag hunt. The former arises in a collateralized credit regime where banks have an incentive to postpone payments when daylight liquidity is costly, an ou...
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作者：Ennis, HM; Keister, T
作者单位：Instituto Tecnologico Autonomo de Mexico; Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：We construct an endogenous growth model in which bank runs occur with positive probability in equilibrium. In this setting, a bank run has a permanent effect on the levels of the capital stock and of output. In addition, the possibility of a run changes the portfolio choices of depositors and of banks, and thereby affects the long-run growth rate. These facts imply that both the occurrence of a run and the mere possibility of runs in a given period have a large impact on all future periods. A ...
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作者：Spear, SE
作者单位：Carnegie Mellon University
摘要：This paper examines the effects of imperfect competition in unregulated electricity markets from a general equilibrium perspective, and demonstrates that horizontal market power can explain both the large peak-period price spikes observed recently in California and elsewhere, and the marked reduction in addition to capacity that have also occurred during the transition to competitive markets. (C) 2003 Elsevier Science (USA). All rights reserved.
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作者：Balasko, Y
作者单位：Centre National de la Recherche Scientifique (CNRS)
摘要：With the exception of existence, not much is known of economies where individual preferences may depend on prices. We show that the main properties of competitive equilibria that fall under the general heading of qualitative comparative statics remain true when preferences are price-dependent, provided that the total resources are allowed to vary in the parameter space. The equilibrium set is a smooth manifold diffeomorphic to a Euclidean space; the natural projection is a smooth proper map, w...
