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Monetary Policy, Bounded Rationality, and Incomplete Markets
Farhi, Emmanuel - 2017
This paper extends the benchmark New-Keynesian model with a representative agent and rational expectations by introducing two key frictions: (1) agent heterogeneity with incomplete markets, uninsurable idiosyncratic risk, and occasionally-binding borrowing constraints; and (2) bounded...
Persistent link: https://www.econbiz.de/10012455400
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The risk of policy tipping and stranded carbon assets
Ploeg, Frederick van der; Rezai, Armon - 2019 - Revised July 2019
If global warming is to stay below 2°C, there are four risks of assets stranding. First, substantial fossil fuel reserves will be stranded at the end of the fossil era. Second, this will be true for exploration capital too. Third, unanticipated changes in present or expected future climate...
Persistent link: https://www.econbiz.de/10012039083
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Climate policy under cooperation and competition between regions with spatial heat transport
Cai, Yongyang; Brock, William A.; Xepapadeas, Anastasios; … - 2018
Persistent link: https://www.econbiz.de/10011844691
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A model of the international monetary system
Farhi, Emmanuel; Maggiori, Matteo - 2016
Persistent link: https://www.econbiz.de/10011494968
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Policy evaluation in uncertain economic environments
Brock, William A.; Durlauf, Steven N.; West, Kenneth D. - 2003
Persistent link: https://www.econbiz.de/10001808688
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Crash risk in currency markets
Farhi, Emmanuel; Fraiberger, Samuel P.; Gabaix, Xavier; … - 2009
Persistent link: https://www.econbiz.de/10003851615
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Crash Risk in Currency Markets
Farhi, Emmanuel - 2009
1996 to 2011 period using exchange rate spot, forward, and option data, we obtain a real-time index of world disaster risk …
Persistent link: https://www.econbiz.de/10012463588
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The Economics of Human Development and Social Mobility
Heckman, James J. - 2014
This paper distills and extends recent research on the economics of human development and social mobility. It summarizes the evidence from diverse literatures on the importance of early life conditions in shaping multiple life skills and the evidence on critical and sensitive investment periods...
Persistent link: https://www.econbiz.de/10012458740
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A Model of the International Monetary System
Farhi, Emmanuel - 2016
We propose a simple model of the international monetary system. We study the world supply and demand for reserve assets … denominated in different currencies under a variety of scenarios: a Hegemon vs. a multipolar world; abundant vs. scarce reserve … instability of the system, as well as the common prediction regarding the natural and beneficial emergence of a multipolar world …
Persistent link: https://www.econbiz.de/10012456380
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Beyond the dogma of the fixed book price agreement
Ploeg, Frederick van der - 2003
the book world and the political arena. …
Persistent link: https://www.econbiz.de/10011507914