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Shocks to Bank Lending, Risk-Taking, Securitization, and Their Role for U.S. Business Cycle Fluctuations
Peersman, Gert - 2014
type of shock. Expansionary securitization shocks lead to a permanent rise in real GDP and a fall in inflation. Bank …
Persistent link: https://www.econbiz.de/10013055428
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Sector Specific News Shocks in Aggregate and Sectoral Fluctuations
Görtz, Christoph G.; Tsoukalas, John D. - 2021
Using a two-sector estimated DSGE model with a financial channel we show the sector where TFP news arrives matters for its propagation and quantitative importance. Anticipated increases in TFP expected to arrive in the consumption sector are expansionary while those in the investment sector are...
Persistent link: https://www.econbiz.de/10013315761
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'Mitigation, Adaptation, Suffering' : In Search of the Right Mix in the Face of Climate Change
Tulkens, Henry; van Steenberghe, Vincent - 2021
The usually assumed two categories of costs involved in climate change policy analysis, namely abatement and damage costs, hide the presence of a third category, namely adaptation costs. This dodges the determination of an appropriate level for them. Including adaptation costs explicitly in the...
Persistent link: https://www.econbiz.de/10013316316
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Adjustment Costs, Inventories and Output
Danziger, Leif - 2021
This paper analyzes the optimal adjustment strategy of an inventory-holding firm facing price- and quantity-adjustment costs in an inflationary environment. The model nests both the original menu-cost model that allows production to be costlessly adjusted, and the later model that includes...
Persistent link: https://www.econbiz.de/10013316563
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Public and Private Learning from Prices, Strategic Substitutability and Complementarity, and Equilibrium Multiplicity
Manzano Tovar, Carolina; Vives, Xavier - 2021
We study a general static noisy rational expectations model, where investors have private information about asset … information, in relation to the usual public learning channel. When the private learning channel is strong (weak) in relation to … results enable a precise characterization of whether information acquisition decisions are strategic substitutes or …
Persistent link: https://www.econbiz.de/10013316183
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One-Sided Private Provision of Public Goods with Implicit Lindahl Pricing
Meier, Volker - 2011
We consider a sequential game in which one player produces a public good and the other player can influence this decision by making an unconditional transfer. An efficient allocation requires the Lindahl property: the sum of the two (implicit) individual prices has to be equal to the resource...
Persistent link: https://www.econbiz.de/10013131546
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Do Permit Allocations Matter?
Verbon, Harrie A. A. - 2010
In the standard setting a system of tradable permits is effective and cost-efficient in attaining the policy objective of pollution reduction. This outcome is challenged in case of a tradable permit system in a federal system/constitution with individual states having discretionary power...
Persistent link: https://www.econbiz.de/10013136241
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Proprietary Public Finance : On its Emergence and Evolution Out of Anarchy
Skaperdas, Stergios - 2011
Proprietary rule, whereby the state is owned by a ruler who maximizes tax revenues minus the costs of governing, is a useful ideal type that describes many of the states that have ever existed. The study of proprietary rule and its public finance, however, is comparatively scarce. I argue that...
Persistent link: https://www.econbiz.de/10013123216
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On the Legitimacy of Coercion for the Financing of Public Goods
Bierbrauer, Felix J. - 2009
The literature on public goods has shown that efficient outcomes are impossible if participation constraints have to be respected. This paper addresses the question whether they should be imposed. It asks under what conditions efficiency considerations justify that individuals are forced to pay...
Persistent link: https://www.econbiz.de/10013158910
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Complexity, Efficiency, and Fairness of Multi-Product Monopoly Pricing
Miravete, Eugenio J. - 2014
uniform 30% markup on all products. We use an estimated discrete choice model of demand for spirits, together with information …
Persistent link: https://www.econbiz.de/10013055988