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Firm Heterogeneity, Capital Misallocation and Optimal Monetary Policy
González, Beatriz; Nuno, Galo; Thaler, Dominik; … - 2021
We analyze monetary policy in a New Keynesian model with heterogeneous firms and financial frictions. Firms differ in their productivity and net worth and face collateral constraints that cause capital misallocation. TFP endogenously depends on the time-varying distribution of firms. Although a...
Persistent link: https://www.econbiz.de/10013311708
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The ex ante incentive compatible core in exchange economies with and without indivisibilities
Forges, Françoise - 2006
The ex ante incentive compatible core of an exchange economy with private information is the (standard) core of a socially designed characteristic function, which expresses the fact that coalitions allocate goods by means of random incentive compatible mechanisms. We first survey some results in...
Persistent link: https://www.econbiz.de/10010273735
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Equity as a prerequisite for stable cooperation in a public-good economy: The core revisited
Buchholz, Wolfgang; Peters, Wolfgang - 2010
on the one hand and the core property of an allocation on the other. In particular we show that it is an inhomogeneous … allocation which can be interpreted as the outcome of a negotiation process when all agents form a grand coalition … test by which it can be checked whether a given allocation is in the core thus being a possible outcome of a cooperative …
Persistent link: https://www.econbiz.de/10010270530
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Justifying the Lindahl solution as an outcome of fair cooperation
Buchholz, Wolfgang; Peters, Wolfgang - 2005
The Lindahl equilibrium is mostly motivated by a rather artificial price mechanism. Even though the analogy to a competitive market has been emphasised by Lindahl himself his approach does not directly explain the normative ideas, which are behind this concept. In the present paper we therefore...
Persistent link: https://www.econbiz.de/10010261328
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Think Locally, Act Locally : Spillovers, Spillbacks, and Efficient Decentralized Policymaking
Ogawa, Hikaru; Wildasin, David E. - 2021
decentralized system can still result in globally efficient allocation …
Persistent link: https://www.econbiz.de/10013316740
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Banks, Credit Reallocation, and Creative Destruction
Keuschnigg, Christian; Kogler, Michael; Matt, Johannes - 2022
How do banks facilitate creative destruction and shape firm turnover? We develop a dynamic general equilibrium model of bank credit reallocation with endogenous firm entry and exit that allows for both theoretical and quantitative analysis. By restructuring loans to firms with poor prospects and...
Persistent link: https://www.econbiz.de/10014241611
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School Choice and Loss Aversion
Meisner, Vincent; von Wangenheim, Jonas - 2021
Evidence suggests that participants in direct student-proposing deferred-acceptance mechanisms (DA) play dominated strategies. To explain the data, we introduce expectation-based loss aversion into a school-choice setting and characterize choice-acclimating personal equilibria in DA. We find...
Persistent link: https://www.econbiz.de/10012799779
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Group Identity and Belief Formation: A Decomposition of Political Polarization
Bauer, Kevin; Chen, Yan; Hett, Florian; Kosfeld, Michael - 2023
intergroup preferences in both allocation decisions and belief formation across all three waves. These results suggest that …
Persistent link: https://www.econbiz.de/10014469838
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School Choice and Loss Aversion
Meisner, Vincent; von Wangenheim, Jonas - 2021
Evidence suggests that participants in direct student-proposing deferred-acceptance mechanisms (DA) play dominated strategies. To explain the data, we introduce expectation-based loss aversion into a school-choice setting and characterize choice-acclimating personal equilibria in DA. We find...
Persistent link: https://www.econbiz.de/10013310767
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Constraints on Matching Markets Based on Moral Concerns
Huesmann, Katharina; Wambach, Achim - 2015
Various markets ban or heavily restrict monetary transfers. This is often motivated by moral concerns. However, it appears to be disputable whether the observed restrictions on transfers are the appropriate market design answer to these concerns. Instead of exogenously restricting transfers on a...
Persistent link: https://www.econbiz.de/10010531829