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Balanced Budget Rules and Aggregate Instability: The Role of Consumption Taxes
Giannitsarou, Chryssi - Econometric Society - 2004
fiscal policy rule, steady state indeterminacy may arise as a result of endogenously determined labor income tax rates. This … a combination of capital and labor income taxes. This paper revisits the issue of indeterminacy and aggregate …
Persistent link: https://www.econbiz.de/10005342191
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Balanced Budget Rules and Aggregate Instability: The Role of Consumption Taxes
Giannitsarou, Chryssi - Econometric Society - 2004
fiscal policy rule, steady state indeterminacy may arise as a result of endogenously determined labor income tax rates. This … a combination of capital and labor income taxes. This paper revisits the issue of indeterminacy and aggregate …
Persistent link: https://www.econbiz.de/10005328994
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How Large Are Returns to Scale in the U.S.? A View Across the Boundary
Lubik, Thomas A. - Econometric Society - 2004
issue is of importance for assessing the possibility of equilibrium indeterminacy and sunspot-driven business cycles. The … equilibrium perspective. I argue that the question of indeterminacy is a property of a system and cannot be conclusively answered … by single equation methods. Moreover, estimates of returns to scale will be biased when the possibility of indeterminacy …
Persistent link: https://www.econbiz.de/10005063709
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Reaching Inflation Stability
Moreno, Antonio - Econometric Society - 2004
Inflation volatility has significantly declined over the last 20 years in the U.S. To find out why, I follow a structural approach. I estimate a complete New Keynesian model which imposes cross-equation restrictions on the time series of inflation, the output gap and the interest rate. I perform...
Persistent link: https://www.econbiz.de/10005702688
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Non-Fungibility and Mental Accounting: A Model of Bounded Rationality with Sunspot
Goenka, Aditya - Econometric Society - 2004
In this paper we consider a model where some consumers act in a boundedly rational way by treating money as non-fungible (Kahneman and Tversky (1979) and (1984), Thaler (1987) and (1990). The budget is broken up into different expenditure groups (cookie-jars). Given the amount of resources...
Persistent link: https://www.econbiz.de/10005702537
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Noisy evolution in normal form games
Kuzmics, Christoph - Econometric Society - 2004
This paper analyzes a stochastic model of evolution in normal form games. The long-run behavior of individuals in this model is investigated in the limit where mutation rates tend to zero, while the expected number of mutations, and hence population sizes, tend to infinity. It is shown that...
Persistent link: https://www.econbiz.de/10005129796
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The Max-Convolution Approach to Equilibrium Models with Indivisibilities
YANG, Zaifu; SUN, Ning - Econometric Society - 2004
undesirable. Agents' preferences depend on the bundle of commodities and the quantity of money they hold. We assume that agents …
Persistent link: https://www.econbiz.de/10005130244
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Pure Strategy Equilibria of Multidimensional and Non-Monotonic Auctions
Araujo, Aloisio; Filho, Luciano I. de Castro - Econometric Society - 2004
We give necessary and sufficient conditions for the existence of symmetric equilibrium without ties in common values auctions, with multidimensional independent types and no monotonic assumptions. When the conditions are not satisfied, we are still able to prove the existence of pure strategy...
Persistent link: https://www.econbiz.de/10005328867
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Optimal Environmental Protection and Environmental Kuznets Curve
Teles, Vladimir K.; Arraes, Ronaldo A. - Econometric Society - 2004
This paper explores the link between an environmental policy and economic growth employing an extension of the Neoclassical Growth Model. We include a state equation to renewable natural resources, and consider natural resources as a component of the aggregate productivity. It is assumed that...
Persistent link: https://www.econbiz.de/10005699573
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Indivisible Goods and Fiat Money
Rivera, Jorge; Florig, Michael - Econometric Society - 2004
In spite of fiat money is useless in a standard Arrow-Debreu model, in this paper we will show that this does not hold true anymore when goods are indivisible. In our setting, although fiat money yields no utility, its price will always be positive and the set of equilibrium allocations changes...
Persistent link: https://www.econbiz.de/10005699608