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Institution Formation in Public Goods Games

Kosfeld, Michael; Okada, Akira; Riedl, Arno - Institut für Volkswirtschaftslehre, … - 2006

Centralized sanctioning institutions are of utmost importance for overcoming free-riding tendencies and enforcing outcomes that maximize group welfare in social dilemma situations. However, little is known about how such institutions come into existence. In this paper we investigate, both...

Persistent link: https://www.econbiz.de/10005627839

Outside versus inside bonds: A Modigliani-Miller type result for liquidity constrained economies

Berentsen, Aleksander; Waller, Christopher - Institut für Volkswirtschaftslehre, … - 2009

When agents are liquidity constrained, two options exist — sell assets or borrow. We compare the allocations arising in two economies: in one, agents can sell government bonds (outside bonds) and in the other they can borrow (issue inside bonds). All transactions are voluntary, implying no...

Persistent link: https://www.econbiz.de/10008528449

Liquidity, innovation and growth

Berentsen, Aleksander; Rojas Breu, Mariana; Shi, Shouyong - Institut für Volkswirtschaftslehre, … - 2009

Many countries simultaneously suffer from high inflation, low growth and poorly developed financial sectors. In this paper, we integrate a microfounded model of money and finance into a model of endogenous growth to examine the effects of inflation on welfare, growth and the size of the...

Persistent link: https://www.econbiz.de/10008528451

The Cyclical Behavior of Equilibrium Unemployment and Vacancies Revisited

Hagedorn, Marcus; Manovskii, Iourii - Institut für Volkswirtschaftslehre, … - 2007

Recently, a number of authors have argued that the standard search model cannot generate the observed business …

Persistent link: https://www.econbiz.de/10005463517

The Distribution of Money and Prices in an Equilibrium with Lotteries

Berentsen, Aleksander; Camera, Gabriele; Waller, Christopher - Institut für Volkswirtschaftslehre, …

by considering randomized monetary trades in a standard search-theoretic model of money where agents can hold multiple …

Persistent link: https://www.econbiz.de/10005463523

Money and the Gains from Trade

Berentsen, Aleksander; Rocheteau, Guillaume - Institut für Volkswirtschaftslehre, …

This paper studies the role of money in environments where in each meeting there is a double coincidence of real wants. Traders who meet at random finance their purchases through current production, the sale of divisible money or both. It is shown that in the absence of valued money if traders...

Persistent link: https://www.econbiz.de/10005463533

Outside Versus Inside Bonds

Berentsen, Aleksander; Waller, Christopher - Institut für Volkswirtschaftslehre, … - 2008

When agents are liquidity constrained, two options exist — borrow or sell assets. We compare the welfare properties of these options in two economies: in one, agents can borrow (issue inside bonds) and in the other they can sell government bonds (outside bonds). All transactions are voluntary,...

Persistent link: https://www.econbiz.de/10005585658

Friedman Meets Hosios: Efficiency in Search Models of Money

Berentsen, Aleksander; Rocheteau, Guillaume; Shi, Shouyong - Institut für Volkswirtschaftslehre, …

In this paper we study the inefficiencies of the monetary equilibrium and optimal monetary policies in a search economy … trade and an inefficient number of trades (or search decisions). The Friedman rule eliminates the first inefficiency and the … order to internalize all search externalities. …

Persistent link: https://www.econbiz.de/10005184878

Monetary Policy in a Channel System

Berentsen, Aleksander; Monet, Cyril - Institut für Volkswirtschaftslehre, … - 2006

This paper studies the theoretical properties of a channel system of interestrate control in a dynamic general equilibrium model. Agents are subject to liquidity shocks which can be partially insured in a secured money market, or at a standing facility operated by the central bank. We show that...

Persistent link: https://www.econbiz.de/10005040818

On the Friedman Rule in Search Models with Divisible Money

Berentsen, Aleksander; Rocheteau, Guillaume - Institut für Volkswirtschaftslehre, …

This paper studies the validity of the Friedman rule in a search model with divisible money and divisible goods where …

Persistent link: https://www.econbiz.de/10005627792