作者：Wright, Randall; Wong, Yuet-Yee
作者单位：University of Wisconsin System; University of Wisconsin Madison; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Federal Reserve System - USA; Federal Reserve Bank - Chicago; National Bureau of Economic Research; State University of New York (SUNY) System; Binghamton University, SUNY
摘要：We study exchange that is bilateral but indirect-it involves chains of intermediaries, or middlemen-in markets with frictions. These frictions include search and bargaining problems. We show how, and how many, intermediaries might get involved in a chain, and how bargaining with one depends on upcoming negotiations with those downstream. The roles of buyers, sellers, money, and prices are discussed, allowing us to clarify some neglected connections between different branches of search theory. ...
作者：Chu, Angus C.; Cozzi, Guido
作者单位：University of Liverpool; University of St Gallen
摘要：R&D investment has well-known liquidity problems, with potentially important consequences. In this study, we analyze the effects of monetary policy on economic growth and social welfare in a Schumpeterian growth model with cash-in-advance (CIA) constraints on R&D investment, consumption, and manufacturing. Our main results can be summarized as follows. Under the CIA constraints on R&D and consumption (the CIA constraint on manufacturing), an increase in the nominal interest rate decreases (inc...
作者：Djajic, Slobodan
摘要：This article studies the implications of temporary emigration for the welfare of a source country. The framework is one of general equilibrium, where the economy's stocks of both capital and labor are endogenously determined by the saving and migration decisions of optimizing agents. Simulations of the model suggest that for realistic values of the parameters, welfare of nonmigrants of the source country is maximized when the migrants are employed abroad for a period in the range of roughly 8-...
