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Crash Risk in Currency Markets
Farhi, Emmanuel - 2009
expected exchange rate depreciations (appreciations) for high (low) interest rate currencies, suggesting that disaster risk is … priced in currency markets. To study the price of disaster risk, we propose a simple structural model that includes both … Gaussian and disaster risk and can be estimated even in samples that do not contain disasters. Estimating the model over the …
Persistent link: https://www.econbiz.de/10012463588
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The multiproduct firm : horizontal and vertical integration
Helpman, Elhanan - 1983
Persistent link: https://www.econbiz.de/10000895703
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Speculative growth : hints from the US economy
Caballero, Ricardo J. (contributor);  … - 2004 - [Elektronische Ressource]. - Rev
Persistent link: https://www.econbiz.de/10002111075
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Inflationary Consequences of Anticipated Macroeconomic Policies
Drazen, Allan - 1986
We consider a model in which the level of taxes and seignorage are too low to finance government expenditures and debt service. Government debt will therefore grow without bound, implying the eventual need to change policy. Starting with utility maximization, we analyze the effect of the...
Persistent link: https://www.econbiz.de/10012477065
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Exchange Rate Management : Intertemporal Tradoffs
Helpman, Elhanan - 1985
The management of the exchange rate is possible only if the government pursues a monetary-fiscal policy mix which is consistent with its exchange rate targets. In this paper with uncertainty concerning the length of individual life the real consequences of exchange rate management depend on the...
Persistent link: https://www.econbiz.de/10012477494
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A Short Note on Aggregating Productivity
Baqaee, David - 2019
This paper discusses two simple decompositions for aggregate productivity analysis in the presence of distortions and in general equilibrium. The first is a generalization of Baqaee and Farhi (2017) and the second is due to Petrin and Levinsohn (2012). In the process, we propose a new...
Persistent link: https://www.econbiz.de/10012479640
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The Darwinian Returns to Scale
Baqaee, David - 2020
How does an increase in the size of the market due to fertility, immigration, or trade integration, affect welfare and real GDP? We study this question using a model with heterogeneous firms, fixed costs, and monopolistic competition. We decompose the change in welfare into changes in technical...
Persistent link: https://www.econbiz.de/10012481722
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Entry vs. Rents
Baqaee, David - 2020
A tension between entry and rents lies at the core of a general theory of aggregation with scale effects. This paper …
Persistent link: https://www.econbiz.de/10012481723
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Supply and Demand in Disaggregated Keynesian Economies with an Application to the Covid-19 Crisis
Baqaee, David - 2020
We study supply and demand shocks in a general disaggregated model with multiple sectors, multiple factors, input-output linkages, downward nominal wage rigidities, credit-constraints, and a zero lower bound. We use the model to understand how the Covid-19 crisis, an omnibus of supply and demand...
Persistent link: https://www.econbiz.de/10012481735
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Bubbly Liquidity
Farhi, Emmanuel - 2011
This paper analyzes the possibility and the consequences of rational bubbles in a dy- namic economy where financially constrained firms demand and supply liquidity. Bub- bles are more likely to emerge, the scarcer the supply of outside liquidity and the more limited the pledgeability of...
Persistent link: https://www.econbiz.de/10012461908