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Are there Economies of Scale in the Demand for Money by Firms? some Panel Data Estimates

Bover, Olympia; Watson, Nadine - Banco de España - 2000

The purpose of this paper is to estimate elasticities of scale in the demand for money by firms using firm level panel data. In common with the recent literature, we use disaggregate data to overcome the identification problems in aggregate time series approaches. Our main dataset is a sample of...

Persistent link: https://www.econbiz.de/10005590720

Aggregation and Imperfect Competition: On the Existence of Equilibrium

Caplin, Andrew; Nalebuff, Barry - Cowles Foundation for Research in Economics, Yale University - 1990

We present a new approach to the theory of imperfect competition and apply it to study price competition among differentiated products. The central result provides general conditions under which there exists a pure strategy price equilibrium for any number of firms producing any set of products....

Persistent link: https://www.econbiz.de/10005249202

On the Relevance and Nature of Regional Inflation Differentials: the Case of Spain.

Alberola, Enrique; Marqués, José M. - Banco de España - 1999

This paper studies two aspects of the behaviour of provincial relative prices in Spain: the relevance and the nature of … half point per year in the long-run), but deviations of relative prices from equilibrium can be very persistent. …

Persistent link: https://www.econbiz.de/10005022283

Is Comprehensive Education Really Free? A Study of the Effects of Secondary School Admissions Policies on House Prices.

Leech, D.; Campos, E. - Department of Economics, University of Warwick - 2000

This paper reports on a study that tests the anecdotal hypothesis that the prices of houses near popular comprehensive … move house for the sake of their children's education. This would be expected to be reflected in house prices. The study …

Persistent link: https://www.econbiz.de/10005146907

Monetary Policy and Exchange Rate Behavior in the Fiscal Theory of the Price Level

Andrés, Javier; Ballabriga, Fernando; Vallés, Javier - Banco de España - 2000

The fiscal theory of the price level has challenged the conventional view that monetary factors drive prices and …

Persistent link: https://www.econbiz.de/10005155276

Explaining asset pricing puzzles associated with the 1987 market crash

Benzoni, Luca; Collin-Dufresne, Pierre; Goldstein, Robert S. - Federal Reserve Bank of Chicago - 2010

in option prices. Consumption and dividends remain smooth, and the model is consistent with salient features of …

Persistent link: https://www.econbiz.de/10008740003

The Theory of Money and Financial Institutions: A Summary of a Game Theoretic Approach

Shubik, Martin - Cowles Foundation for Research in Economics, Yale University - 2006

A game theoretic approach to the theory of money and financial institution is given utilizing both the strategic and coalitional forms for describing the economy. The economy is first modeled as a strategic market game, then the strategic form is used to calculate several cooperative forms that...

Persistent link: https://www.econbiz.de/10005762688

Useful Government Spending, Direct Crowding Out and Fiscal Policy Interdependence.

Ganelli, G. - Department of Economics, University of Warwick - 2000

This paper introduces perfect substitutability between private and public consumption in a dynamic, open economy with imperfect competition and nominal rigidities. This implies a direct crowding-out effect that, generalizing to the two-country case some well-known properties of a closed economy,...

Persistent link: https://www.econbiz.de/10005178307

Economic Equilibrium and Soviet Economic Reform

Scarf, Herbert E. - Cowles Foundation for Research in Economics, Yale University - 1991

The paper, prepared for a Roundtable on Major Economic Problems in the U.S. and the U.S.S.R., discusses some aspects of price theory ñ in particular, the theory of general equilibrium -ñ which may offer some theoretical insights about the economic problems to be encountered during the...

Persistent link: https://www.econbiz.de/10005464001

Impact of independent directors and the regulatory environment on bank merger prices: evidence from takeover activity in the 1990s

Elijah Brewer, III; William E. Jackson, III; Jagtiana, … - Federal Reserve Bank of Chicago - 2000

restricted by federal and state laws from expanding across state lines. We examine whether bank merger prices were higher or … well as those that may provide some diversification benefits, are offered higher prices.> We find that changes in the … regulatory environment had a significant impact on bank merger activities in general, and bank merger prices in particular. For …

Persistent link: https://www.econbiz.de/10005419870