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Boone, Jan; Goeree, Jacob K. - C.E.P.R. Discussion Papers - 2010

This paper introduces three methodological advances to study the optimal design of static and dynamic markets. First, we apply a mechanism design approach to characterize all incentive-compatible market equilibria. Second, we conduct a normative analysis, i.e. we evaluate alternative competition...

Persistent link: https://www.econbiz.de/10008530381

The Relationship between Market Structure and Innovation in Industry Equilibrium: A Case Study of the Global Automobile Industry

Hashmi, Aamir Rafique; Van Biesebroeck, Johannes - C.E.P.R. Discussion Papers - 2012

We first estimate a dynamic game for the global automobile industry and then compute a Markov Perfect equilibrium to study the equilibrium relationship between market structure and innovation. The key state variable in the model is the efficiency level of each firm and the market structure is...

Persistent link: https://www.econbiz.de/10011084428

Indeterminacy and Sector-specific Externalities

Benhabib, Jess; Farmer, Roger E A - C.E.P.R. Discussion Papers - 1996

technologies for both sectors identical, for expositional simplicity, we show that indeterminacy can easily occur for parameter …

Persistent link: https://www.econbiz.de/10005662407

Has Monetary Policy Become More Effective?

Boivin, Jean; Giannoni, Marc - C.E.P.R. Discussion Papers - 2006

We investigate the implications of changes in the structure of the US economy for monetary policy effectiveness. Estimating a VAR over the pre- and post-1980 periods, we provide evidence of a reduced effect of monetary policy shocks in the latter period. We estimate a structural model that...

Persistent link: https://www.econbiz.de/10005666463

National Labour Markets, International Factor Mobility and Macroeconomic Instability

Aloi, Marta; Lloyd-Braga, Teresa - C.E.P.R. Discussion Papers - 2006

of equilibrium indeterminacy, liberalization of capital movements is likely to be accompanied by persistent fluctuations …

Persistent link: https://www.econbiz.de/10005666695

On the Indeterminacy of Determinacy and Indeterminacy

Beyer, Andreas; Farmer, Roger E A - C.E.P.R. Discussion Papers - 2003

A number of authors have attempted to test whether the US economy is in a determinate or an indeterminate equilibrium. We argue that to answer this question, one must impose a priori restrictions on lag length that cannot be tested. We provide examples of two economic models. Model 1 displays an...

Persistent link: https://www.econbiz.de/10005666730

A Heliocentric Journey into Germany's Great Depression

Weder, Mark - C.E.P.R. Discussion Papers - 2004

The Paper finds empirical evidence on the ripple effect of sunspots on the interwar German economy. It identifies a sequence of negative shocks to expectations for the 1927-32 period. The artificial economy predicts the 1928-32 depression and a long boom from 1933 onwards. Overall, a tangible...

Persistent link: https://www.econbiz.de/10005667073

Business Cycles with Free Entry Ruled by Animal Spirits

Dos Santos Ferreira, Rodolphe; Lloyd-Braga, Teresa - C.E.P.R. Discussion Papers - 2003

The Paper approaches business cycles in terms of extrinsic uncertainty related, not to dynamic indeterminacy of … static indeterminacy of free entry oligopolistic equilibria within each period. We consider an OLG economy in which firms … magnify the extrinsic uncertainty characterizing producers’ conjectures. Since the source of fluctuations does not rely on …

Persistent link: https://www.econbiz.de/10005789194

Taylor Rules in Practice: How Central Banks can Intercept Sunspot Expectations

Weder, Mark - C.E.P.R. Discussion Papers - 2003

This Paper derives new results on the effects of employing Taylor rules in economies that are subject to real-market imperfections such as production externalities. It suggests that rules that should be avoided (chosen) in perfect-markets environments do in fact ensure (yield) unique (multiple)...

Persistent link: https://www.econbiz.de/10005791225

Performance of Inflation Targeting Based on Constant Interest Rate Projections

Honkapohja, Seppo; Mitra, Kaushik - C.E.P.R. Discussion Papers - 2003

indeterminacy of equilibria and instability under adaptive learning. Some other forms of CIR policy perform better, however. We also …

Persistent link: https://www.econbiz.de/10005791491

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