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作者：Lewis, TR; Yildirim, H
作者单位：Duke University
摘要：This article examines the use of switching costs by long-lived strategic buyers to manage dynamic competition between rival suppliers. The analysis reveals how buyers may employ switching costs to their advantage. We show that when switching costs are high, a buyer may induce suppliers to price more competitively by credibly threatening to replace the incumbent supplier with his rivals. The implications of this finding for adoption of technology and firm organization are explored in settings i...
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作者：Grant, S; Karni, E
作者单位：Johns Hopkins University; Rice University
摘要：This article contains an analysis of a simple principal-agent problem illustrating possible problems that may arise when the prinicpal ascribes to the agent subjective probabilities and utilities that are implied by the subjective expected utility model but do not represent the agent's beliefs and valuations. In particular, it is possible that an incentive contract designed by the principal induces the agent to choose an action that is not in the principal's best interest.
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作者：Berentsen, A; Camera, G; Waller, C
作者单位：University of Notre Dame; Purdue University System; Purdue University; University of Basel
摘要：Recent monetary models with explicit microfoundations are made tractable by assuming that agents have access to centralized markets after one round of decentralized trade. Given quasi-linear preferences, this makes the distribution of money degenerate-which keeps the models simple but precludes the discussion of distributional effects of monetary policy. We generalize these models by assuming two rounds of trade before agents can readjust their money holdings to study a range of new distributi...
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作者：Atkeson, A
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
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作者：Levine, DK
作者单位：University of California System; University of California Los Angeles
摘要：This article discusses the paper by Green and Zhou Money as a Mechanism in a Bewley Economy as presented at the second Karaken Conference.
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作者：Dittmar, RD; Gavin, WT; Kydland, FE
作者单位：Carnegie Mellon University; Federal Reserve System - USA; Federal Reserve Bank - St. Louis
摘要：If the central bank follows an interest rate rule, then inflation is likely to be persistent, even when prices are fully flexible. Any shock, whether persistent or not, may lead to inflation persistence. In equilibrium, the dynamics of inflation are determined by the evolution of the spread between the real interest rate and the central bank's target. Inflation persistence can be characterized by a vector autocorrelation function relating inflation and output. This article shows that a flexibl...
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作者：Desdoigts, A; Moizeau, F
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Universite Bourgogne Europe
摘要：This article studies how distributional tensions can act in many different ways depending on the social affinity between the different economic classes and their prospect of upward or downward mobility. We consider that socioeconomic group membership through its implied social interactions and peer effects is an important determinant of an individual's outcome. Agents, while voting on a social contract, take into account the consequences of their choice over their ex post belonging to a partic...
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作者：Wang, SS; Zhu, T
作者单位：Hong Kong University of Science & Technology
摘要：This article develops a two-period double moral hazard model with incomplete contracting to explore the implication of a possible adverse effect of unilateral control on the optimal revenue sharing and control allocation in a joint venture. We identify conditions under which joint ownership and control become optimal when unilateral control gives the controlling party opportunities to inefficiently extract private benefits at the expense of the joint revenue. Moreover, this adverse consequence...
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作者：Davis, MA; Heathcote, J
作者单位：Georgetown University; Federal Reserve System - USA
摘要：In the United States, the percentage standard deviation of residential investment is more than twice that of nonresidential investment. In addition, GDP, consumption, and both types of investment co-move positively. We reproduce these facts in a calibrated multisector growth model where construction, manufacturing, and services are combined, in different proportions, to produce consumption, business investment, and residential Structures. New housing requires land in addition to new structures...
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作者：Bhattacharya, J; Haslag, JH; Martin, A
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Iowa State University; University of Missouri System; University of Missouri Columbia
摘要：We study monetary models with nondegenerate stationary distributions of money holdings. We find that the Friedman rule does not typically maximize ex post social welfare. An increase in the rate of growth of the money supply has two effects: the standard distortionary, or rate-of-return, effect makes money a less desirable asset for all moneyholders. A second, redistributive effect, creates a transfer from one type of agent to the other. An increase in the rate of growth of money away from the...
