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Monetary Policy in a Channel System
Berentsen, Aleksander; Monnet, Cyril - CESifo - 2007
Channel systems for conducting monetary policy are becoming increasingly popular. Despite their popularity, the consequences of implementing policy with a channel system are not well understood. We develop a general equilibrium framework of a channel system and investigate the optimal policy. A...
Persistent link: https://www.econbiz.de/10005181445
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The Search for Abatement Technologies in the Alberta Oil Sands
Nimubona, Alain-Désiré; Chakravorty, Ujjayant; Leach, … - CESifo - 2014
We develop a three-stage model of abatement technology search, adoption, and deployment. Using this model, which draws … on search theory tools more frequently used in labour and monetary economics, we compare market-based and command …-and-control pollution control instruments with respect to the incentives each provides for abatement technology search and adoption …
Persistent link: https://www.econbiz.de/10010765498
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Applications and Interviews - A Structural Analysis of Two-Sided Simultaneous Search
Wolthoff, Ronald P. - CESifo - 2011
equilibrium search model of the labor market with an endogenous number of contacts between workers and firms. Workers contact … estimated parameter values welfare is improved if unemployed workers increase their search intensity. …
Persistent link: https://www.econbiz.de/10008833885
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Beauty Premium and Marriage Premium in Search Equilibrium: Theory and Empirical Test
Bonilla, Roberto; Kiraly, Francis; Wildman, John - CESifo - 2015
We propose a theoretical explanation for the so-called “beauty premium”. Our explanation is based entirely on search … interaction between frictional labour and marriage markets and establish the existence of a search equilibrium characterised by …
Persistent link: https://www.econbiz.de/10011200049
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Search Frictions, Competing Mechanisms and Optimal Market Segmentation
Cai, Xiaoming - 2016
In a market in which sellers compete for heterogeneous buyers by posting mechanisms, we analyze how the properties of the meeting technology affect the allocation of buyers to sellers. We show that a separate submarket for each type of buyer is the efficient outcome if and only if meetings are...
Persistent link: https://www.econbiz.de/10012988409
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Macroeconomic Modeling When Agents are Imperfectly Informed
De Grauwe, Paul - 2013
DSGE-models have become important tools of analysis not only in academia but increasingly in the board rooms of central banks. The success of these models has much to do with the coherence of the intellectual framework it provides. The limitations of these models come from the fact that they...
Persistent link: https://www.econbiz.de/10012753586
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Optimal Monetary Policy when Agents are Learning
Molnár, Krisztina; Santoro, Sergio - CESifo - 2010
We derive the optimal monetary policy in a sticky price model when private agents follow adaptive learning. We show that this slight departure from rationality has important implications for policy design. The central bank faces a new intertemporal trade-off, not present under rational...
Persistent link: https://www.econbiz.de/10008596587
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On the Perils of Stabilizing Prices When Agents are Learning
Mele, Antonio - 2015
We show that price level stabilization is not optimal in an economy where agents have incomplete knowledge about the policy implemented and try to learn it. A systematically more accommodative policy than what agents expect generates short term gains without triggering an abrupt loss of...
Persistent link: https://www.econbiz.de/10013028904
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Optimal Monetary Policy When Agents are Learning
Molnar, Krisztina - 2013
We derive the optimal monetary policy in a sticky price model when private agents follow adaptive learning. We show that this slight departure from rationality has important implications for policy design. The central bank faces a new intertemporal trade-off, not present under rational...
Persistent link: https://www.econbiz.de/10013094668
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Macroeconomic Modeling when Agents are Imperfectly Informed
Grauwe, Paul De - CESifo - 2008
DSGE-models have become important tools of analysis not only in academia but increasingly in the board rooms of central banks. The success of these models has much to do with the coherence of the intellectual framework it provides. The limitations of these models come from the fact that they...
Persistent link: https://www.econbiz.de/10005405712