Similar Search Results

Measuring unemployment composition over the cycle

Barbarino, Alessandro; Pavan, Ronni - Society for Economic Dynamics - SED - 2006

This paper proposes a strategy to measure, in a unified setting, how the job finding probability and the job separation probability conditional on observable and unobservable individual characteristics varies over the business cycle. Recent papers by Shimer and Hall point out how new...

Persistent link: https://www.econbiz.de/10005069220

The Return to Capital and the Business Cycle

Gomme, Paul; Ravikumar, B.; Rupert, Peter - Society for Economic Dynamics - SED - 2006

Real business cycle models have difficulty replicating the volatility of S&P 500 returns. This fact should not be surprising since the RBC theory suggests a measurement of the return of aggregate capital, not stock market returns. We construct a quarterly time series of the after-tax return to...

Persistent link: https://www.econbiz.de/10005048009

Greasing the Wheels of Trade: Inflation with Menu Costs and Search Frictions

Rocheteau, Guillaume; Craig, Ben - Society for Economic Dynamics - SED - 2004

This paper investigates the welfare and output effects of inflation in a monetary economy with search frictions and … sticky prices. Agents trade in both a centralized Walrasian market and a decentralized search market. Trade has two … when a trade occurs). In the centralized market, prices are flexible and clear the market. In the search market, sellers …

Persistent link: https://www.econbiz.de/10005069481

Endogenously Segmented Market in a Search-Theoretic Model of Monetary Exchange

Chiu, Jonathan; Molico, Miguel - Society for Economic Dynamics - SED - 2006

redistribute money holdings. The model provides a general framework that nests several existing search models as special cases for …

Persistent link: https://www.econbiz.de/10005090797

Superneutrality and the welfare effects of inflation

Rocheteau, Guillaume; Lagos, Ricardo - Society for Economic Dynamics - SED - 2004

This paper studies the long-run effects of anticipated inflation on output and welfare within a search …-theoretic framework. We allow money-holders to choose the intensities with which they search for trading partners, so the frequency of … trades is endogenous. We consider the standard pricing mechanism for search models, i.e., ex-post bargaining, as well as two …

Persistent link: https://www.econbiz.de/10005090891

Welfare improvement from restricting the liquidity of nominal bonds

Shi, Shouyong - Society for Economic Dynamics - SED - 2006

In this paper I examine whether a society can improve welfare by imposing a legal restriction to forbid the use of nominal bonds as a means of payments for goods. To do so, I integrate a microfounded model of money with the framework of limited participation. While the asset market is Walrasian,...

Persistent link: https://www.econbiz.de/10005051225