Showing 1 - 10 of 12
This paper studies a competitive market model for trading indivisible commodities. Commodities can be desirable or undesirable. Agents' preferences depend on the bundle of commodities and the quantity of money they hold. We assume that agents have quasi-linear utilities in money. Using the...
Persistent link: https://www.econbiz.de/10005130244
I argue in favor of a competitive screening approach for studying the question of coalition formation in exchange economies under asymmetric information. I obtain a new notion of core that refines Wilson (1978)'s coarse core. It is nonempty under the standard regularity conditions. I also...
Persistent link: https://www.econbiz.de/10005130196
The assumption of internationally identical factor intensity techniques may be one of the major causes of the HOV model's poor performance. To relax this assumption, detailed input-output data are required to compute the factor intensity techniques used in different countries; however, these...
Persistent link: https://www.econbiz.de/10005063671
The paper focuses on short run macroeconomic dynamics triggered by demand side shocks. In particular, the paper analyzes, in a general equilibrium framework, the impact of transitory demand side shocks on the behavior of macroeconomic variables and examines the relevance of policy instruments...
Persistent link: https://www.econbiz.de/10005702585
The tax reform literature, pioneered by Guesnerie [1977], uses static models but views tax reform as a dynamic process, i.e., as a policy-maker implementing incremental reforms over time. This paper studies tax reform in a dynamic version of the Diamond-Mirrlees-Guesnerie model and focuses on a...
Persistent link: https://www.econbiz.de/10005702588
This paper analyzes the macroeconomic and welfare effects of population aging and Social Security reform. First, a stochastic overlapping-generations model with heterogeneous agents is carefully extended to an aging society. The model uses the intermediate population projection of the Trustee...
Persistent link: https://www.econbiz.de/10005329021
This paper provides a preliminary investigation into the lifetime cost of children upon a household's lifetime wealth. By comparing the lifetime cost function of a household with children compared to the lifetime cost function of a household without children, an intertemporal equivalence scale...
Persistent link: https://www.econbiz.de/10005063631
This paper focuses on the identification and estimation of the intertemporal and intratemporal elasticities of substitution for the wife and separately for the husband using individual Euler equations. To that end, the household is represented as a group of agents making joint decisions. By...
Persistent link: https://www.econbiz.de/10005063734
Affine term structure models are widely applied for pricing of bonds and interest rate derivatives but the consistency of affine term structure models (ATSM) in cases when the short rate may be unbounded from below remains essentially an open question. The main stress in the classification paper...
Persistent link: https://www.econbiz.de/10005063599
Based on Bergara and Licandro´s Model (2001), this paper studies the relationship between the requirements of prudential regulations for risks management and its effects on the loans portfolio. The financial regulation (Basle´s Accords, I and II) becomes sensible to risks (using Value at...
Persistent link: https://www.econbiz.de/10005699604