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Are Markets More Competitive if Commodities are Closer Substitutes?
Schulz, Norbert - C.E.P.R. Discussion Papers - 1995
Equilibrium prices of the variants of a differentiated commodity are shown to increase if the variants become closer substitutes, under a set of circumstances, which is by no means pathological. Rather, the underlying argument has a bearing on market prices, whenever a potential buyer does not...
Persistent link: https://www.econbiz.de/10005123586
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The Effect of Monetary Unification on Public Debt and its Real Return
Beetsma, Roel; Vermeylen, Koen - C.E.P.R. Discussion Papers - 2002
that the substitutability of their public debt increases after unification. This implies that the average expected real …
Persistent link: https://www.econbiz.de/10005498174
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Innovation and Competitive Pressure
Vives, Xavier - C.E.P.R. Discussion Papers - 2004
degree of product substitutability, with or without free entry, increases R&D effort – provided that the total market for …
Persistent link: https://www.econbiz.de/10005791300
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UK Phillips Curves and Monetary Policy
Haldane, Andrew; Quah, Danny - C.E.P.R. Discussion Papers - 1999
This paper documents some stylized facts on evolving UK Phillips curves, and shows how these differ from their US versions. We interpret UK Phillips curve dynamics in a positive theory of monetary policy - how policy-maker attitudes on the Phillips curve have evolved since the 1950s - rather...
Persistent link: https://www.econbiz.de/10005067633
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Robust Learning Stability with Operational Monetary Policy Rules
Evans, George W.; Honkapohja, Seppo - C.E.P.R. Discussion Papers - 2008
We consider "robust stability" of a rational expectations equilibrium, which we define as stability under discounted … exhibit robust stability. We consider a variety of interest-rate rules, including instrument rules, optimal reaction functions … Honkapohja (2003, 2006) deliver robust learning stability. In contrast, many proposed alternatives become unstable under learning …
Persistent link: https://www.econbiz.de/10005498187
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The `Walters' Critique of the EMS: A Case of Inconsistent Expectations
Miller, Marcus; Sutherland, Alan - C.E.P.R. Discussion Papers - 1990
Alan Walters has suggested that the European Monetary System will prove dynamically unstable when capital controls are removed. The argument is analysed within a model that includes overlapping contracts. It is found that the short-run effects predicted by Walters only arise when the credibility...
Persistent link: https://www.econbiz.de/10005504500
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The Dynamic Stability of the European Monetary System
Melitz, Jacques; Michel, Philippe - C.E.P.R. Discussion Papers - 1986
make an attempt to explain the dynamic stability of the system. This attempt gives a central place to movements in desired …
Persistent link: https://www.econbiz.de/10005656230
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The Structure of Simple 'New Economic Geography' Models
Robert-Nicoud, Frédéric - C.E.P.R. Discussion Papers - 2004
This paper shows that the mathematical structure of the most widely used New Economic Geography models is the same, irrespective of the underlying agglomeration mechanism assumed (factor migration, input-output linkages, endogenous capital accumulation). This enables us to provide analytical...
Persistent link: https://www.econbiz.de/10005114389
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Trade and Entrepreneurship with Heterogeneous Workers
Oyama, Daisuke; Sato, Yasuhiro; Tabuchi, Takatoshi; … - C.E.P.R. Discussion Papers - 2007
leads to the stability and uniqueness of the symmetric equilibrium. …
Persistent link: https://www.econbiz.de/10005662268
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Credit Risk Transfer and Financial Sector Performance
Marsh, Ian W; Wagner, Wolf - C.E.P.R. Discussion Papers - 2004
In this Paper we study the impact of credit risk transfer (CRT) on the stability and the efficiency of a financial …
Persistent link: https://www.econbiz.de/10005662362