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van der Ploeg, Frederick - C.E.P.R. Discussion Papers - 2005

. Furthermore, they fail to allow for quantity rationing and to model unemployment as a catastrophic event. The macroeconomics based …

Persistent link: https://www.econbiz.de/10005504355

On the Role of Arbitrageurs in Rational Markets

Basak, Suleyman; Croitoru, Benjamin - C.E.P.R. Discussion Papers - 2004

Price discrepancies, although at odds with mainstream finance, are persistent phenomena in financial markets. These apparent mispricings lead to the presence of ‘arbitrageurs’, who aim to exploit the resulting profit opportunities, but whose role remains controversial. This article...

Persistent link: https://www.econbiz.de/10005123691

Equilibrium Asset Prices and Investor Behavior in the Presence of Money Illusion

Basak, Suleyman; Yan, Hongjun - C.E.P.R. Discussion Papers - 2009

inflation, the real short rate is negatively correlated with realized inflation, and money illusion may induce predictability …This article analyzes the implications of money illusion for investor behavior and asset prices in a securities market … economy with inflationary fluctuations. We provide a belief-based formulation of money illusion which accounts for the …

Persistent link: https://www.econbiz.de/10005048554

Business Cycles With Heterogenous Agents

Farmer, Roger E A - C.E.P.R. Discussion Papers - 2002

I show how to construct a stochastic long-lived overlapping generation’s model that is based on a non-stochastic model developed by Olivier Blanchard and Philippe Weil and that nests the RBC model as a special case. My innovation over previous work is to add an aggregate stochastic shock. I...

Persistent link: https://www.econbiz.de/10005662278

Asset Prices with Heterogenous Beliefs

Basak, Suleyman - C.E.P.R. Discussion Papers - 2004

This article studies the dynamic behaviour of security prices in the presence of investors’ heterogeneous beliefs. We provide a tractable continuous-time pure-exchange model and highlight the mechanism through which investors’ differences of opinion enter into security prices. In the...

Persistent link: https://www.econbiz.de/10005661585

Liquidity When It Matters Most: QE and Tobin’s q

Driffill, John; Miller, Marcus - C.E.P.R. Discussion Papers - 2011

How and why do financial conditions matter for real outcomes? The ‘workhorse model of money and liquidity’ of Kiyotaki …

Persistent link: https://www.econbiz.de/10009275964

Are Risk Aversion and Impatience Related to Cognitive Ability?

Dohmen, Thomas J; Falk, Armin; Huffman, David; Sunde, Uwe - C.E.P.R. Discussion Papers - 2007

Is the way that people make risky choices, or tradeoffs over time, related to cognitive ability? This paper investigates whether there is a link between cognitive ability, risk aversion, and impatience, using a representative sample of the population and incentive compatible measures. We conduct...

Persistent link: https://www.econbiz.de/10005067556

Are Risk Aversion and Impatience Related to Cognitive Ability?

Dohmen, Thomas J; Falk, Armin; Huffman, David; Sunde, Uwe - C.E.P.R. Discussion Papers - 2008

Persistent link: https://www.econbiz.de/10005666531

Animal Spirits, Persistent Unemployment and the Belief Function

Farmer, Roger E A - C.E.P.R. Discussion Papers - 2010

which there are multiple equilibrium unemployment rates. The model has two equations in common with the new-Keynesian model …

Persistent link: https://www.econbiz.de/10008692320

Wage Inflation, Electoral Uncertainty and the Exchange Rate Regime: Theory and UK Evidence

Alogoskoufis, George; Lockwood, Ben; Philippopoulos, … - C.E.P.R. Discussion Papers - 1992

We extend the `rational-partisan' model of inflation to allow for the effects of unemployment persistence on the … dynamics of inflation. We combine this model with the `exchange-rate-regime' model of inflation and examine the experience of … the United Kingdom. Outside the fixed exchange rate regime of Bretton Woods, persistently high inflation can be attributed …

Persistent link: https://www.econbiz.de/10005067418

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