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This page is forthcoming in the journal, Macroeconomic Dynamics, as an Announcement from the Editor. The page provides …
Persistent link: https://www.econbiz.de/10005076743
Persistent link: https://www.econbiz.de/10005126090
This statement outlines the objectives and policies of the new journal, Macroeconomic Dynamics, which is dedicated to …
Persistent link: https://www.econbiz.de/10005126416
This paper studies the existence of single-price price equilibrium from a given initial distribution of money holdings in a search-theoretic model of money where agents have no time preference. The model is similar to the authors' recent models of search economies with no constraints on money...
Persistent link: https://www.econbiz.de/10005561223
This paper presents a model of an economy in which traders use social capital to reduce transaction costs. A key assumption is that there are two types of social capital: “village” capital relies on personal networks and repeat play to guarantee contracts; “market” capital relies on...
Persistent link: https://www.econbiz.de/10005118663
The cyclical behavior of hours worked, wages, and consumption does not conform with the prediction of the representative agent with standard preferences. The residual in the intra-temporal first-order condition for commodity consumption and leisure is often viewed as a failure of labor-market...
Persistent link: https://www.econbiz.de/10005076681
This paper analyzes the implications of heterogeneity in price setting for the real effects of monetary shocks …. Starting from otherwise standard sticky price and sticky information models, I introduce ex-ante heterogeneity in terms of … price setting frictions, and compare the resulting dynamics with those of identical firms economies under alternative …
Persistent link: https://www.econbiz.de/10005125022
This paper aims at studying the effects of learning - seen as a possible source of individual heterogeneity - on team … the strategies of their previous partners). A significant heterogeneity in the behaviour, related to personal traits and … differences affect team performance in the same task. Best teams require a mix of similarity and heterogeneity among members. …
Persistent link: https://www.econbiz.de/10005125572
This paper examines the role of agent heterogeneity and learning on wage dispersion and employment dynamics. In the … heterogeneity in beliefs about match quality. Under a simple CRS technology, the equilibrium wage is additively separable in worker …
Persistent link: https://www.econbiz.de/10005125778
Persistent link: https://www.econbiz.de/10005125814