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作者：Kollmann, Robert
作者单位：University of Bonn; Centre for Economic Policy Research - UK
摘要：This paper evaluates the welfare effects of a monetary union (MU), compared to a floating exchange rate regime, using a quantitative business cycle model of a two-country world with sticky prices. It is assumed that, under a float, there are shocks to the uncovered interest rate parity (UIP) condition. These shocks are shown to have a negative effect on welfare-the detrimental effect is stronger, the higher the degree of trade openness. A MU eliminates UIP shocks, and it may thus raise welfare...
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作者：Miravete, Eugenio J.; Roeller, Lars-Hendrik
作者单位：University of Pennsylvania; Humboldt University of Berlin
摘要：This paper provides a structural interpretation to the estimates of the shape and position of nonlinear tariffs. We focus on the evaluation of price-cost margins, and thus we need to identify marginal cost from an equilibrium model of nonlinear pricing competition. We estimate these price-cost margins using quarterly data from the early U.S. cellular telephone industry between 1984 and 1988. Our results indicate that the margins are increased under duopoly, due to a significant reduction in ma...
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作者：Shimer, Robert
作者单位：University of Chicago; National Bureau of Economic Research
摘要：The standard theory of equilibrium unemployment, the Mortensen-Pissarides search and matching model, cannot explain the magnitude of the business cycle fluctuations in two of its central elements, unemployment and vacancies. Modifying the model to make the present value of wages unresponsive to current labor market conditions amplifies fluctuations in unemployment and vacancies by an order of magnitude, significantly improving the performance of the model. Despite this, the welfare consequence...
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作者：Cordoba, Juan Carlos; Ripoll, Marla
作者单位：Rice University; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：This paper reviews the role of collateral constraints in transforming small monetary shocks into large persistent output fluctuations. We do this by introducing money in the heterogeneous-agent real economy of Kiyotaki and Moore (1997). Money enters in a cash-in-advance constraint and money supply is managed via open-market operations. We find that a monetary shock generates persistent movements in aggregate output, the amplitude of which depends upon whether or not debt contracts are indexed....
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作者：Gali, Jordi
作者单位：Centre de Recerca en Economia Internacional (CREI); Pompeu Fabra University
摘要：I provide some new evidence that reinforces the conclusion in Gali (1999) that exogenous variations in technology play a very limited role, if any, as sources of the business cycle. First, I provide evidence that supports the identification of technology shocks proposed in that paper. Second, I show that similar findings obtain when the same approach is implemented for the Euro area, using a newly available data set. (JEL: E32, E24)
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作者：Bertrand, Marianne; Mullainathan, Sendhil
作者单位：University of Chicago; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT)
摘要：Most corporate finance models of firm behavior study the typical U.S. corporation: one firm with a large set of dispersed shareholders. In contrast, in many countries around the world, firms are often held in groups with complicated ownership structures. These groups, often referred to as pyramids, raise very distinct questions about firm behavior; these questions that are especially relevant for developing countries where these groups are most prevalent. In this paper, we first describe some ...
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作者：Marin, Dalia; Verdier, Thierry
作者单位：University of Munich
摘要：Globalization has been identified by many experts as a new way firms organize their activities. This paper surveys recent work that examines the role of trade integration between similar and dissimilar countries for these changes in corporate organization. It is shown that international competition and international trade both increase the stakes of the firm that affects the behavior of agents inside the corporation. This way, trade integration leads to waves of outsourcing and to convergence ...
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作者：Piccione, Michele; Rubinstein, Ariel
作者单位：University of London; London School Economics & Political Science; Tel Aviv University; Princeton University
摘要：We model differences among agents in their ability to recognize temporal patterns of prices. Using the concept of DeBruijn sequences in two dynamic models of markets, we demonstrate the existence of equilibria in which prices fluctuate in a pattern that is independent of the fundamentals and that can be recognized only by the more competent agents. (JEL: C7, D4, S477)
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作者：Goeschl, Timo; Swanson, Timothy
作者单位：University of Cambridge; University of London; University College London
摘要：The paper investigates the interaction between dynamic forms of incentive mechanisms (patent systems) and dynamic forms of problems (adaptations of pests and pathogens). Since biological problems recur, the design of the incentive mechanism must take into consideration: a) the need for investments into R&D that take into account the impermanence of the solution concepts; and b) the impact of this impermanence on the anticipated lifespan of any patent awarded for an innovation. The results indi...
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作者：Hassler, John; Storesletten, Kjetil; Zilibotti, Fabrizio
作者单位：Stockholm University; Stockholm University; Stockholm University
摘要：We analyze positive theories of redistribution, social insurance and public good provision in a dynamic macroeconomic framework. Political outcomes are determined via repeated voting and driven by a conflict of interests between agents. Voters and politicians rationally forecast the impact of current political choices on future political and economic outcomes. The theory is consistent with large differences in the size of governments across societies. These need not rely on intrinsic differenc...
