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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

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

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

Recent evidence on the relationship between unemployment and wage growth

Aaronson, Daniel; Sullivan, Daniel - Federal Reserve Bank of Chicago - 2000

across the states for more timely evidence of a change in this relationship. We find some evidence that the elasticity of …

Persistent link: https://www.econbiz.de/10005419896

Rigid prices: evidence from U.S. scanner data

Campbell, Jeffrey R.; Eden, Benjamin - Federal Reserve Bank of Chicago - 2005

last price change. This reflects differences over time in the flexibility of prices charged by a single store for a given … substantially differs from the average of other stores. However, extreme prices typically reflect the selling store's recent nominal … adjustments rather than changes in other stores' prices. …

Persistent link: https://www.econbiz.de/10005419897