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Preference bias and outsourcing to market : a steady-state analysis
Wang, Ping (contributor); Riezman, Raymond Glenn (contributor) - 2008
Persistent link: https://www.econbiz.de/10003641680
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A Unified framework for using micro-data to compare dynamic wage and price setting models
Dixon, Huw - 2010
This paper develops a statistical framework of steady-state identities which enable us to match the distributions of durations found in the micro-data to generalized Taylor and Calvo models of time-dependent pricing. We illustrate the approach with the UK micro CPI data for 2006-2009, and employ...
Persistent link: https://www.econbiz.de/10003977346
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Can degrowth overcome the leakage problem of unilateral climate policy?
Larch, Mario; Löning, Markus; Wanner, Joschka - 2017
Unilateral climate policy suffers from carbon leakage, i.e. the (partial) offset of the initial emission reduction by increases in other countries. Different than most typically discussed climate policies, degrowth not only aims at reducing the fossil fuel use in an economy, but rather at a...
Persistent link: https://www.econbiz.de/10011718521
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Optimal trend inflation
Adam, Klaus; Weber, Henning - 2018
Sticky price models featuring heterogeneous firms and systematic firm-level productivity trends deliver radically different predictions for the optimal inflation rate than their popular homogenous-firm counterparts: (1) the optimal steady-state inflation rate generically differs from zero and...
Persistent link: https://www.econbiz.de/10011845313
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Economics and nature : a long-neglected combination
Pettini, Anna - 2023
The intersection of Economics and Nature has long been overlooked, but recent events have shed new light on their …
Persistent link: https://www.econbiz.de/10014336451
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Liquidity shortages and monetary policy
Cao, Jin (contributor); Illing, Gerhard (contributor) - 2008
Persistent link: https://www.econbiz.de/10003635213
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Endogenous systemic liquidity risk
Cao, Jin; Illing, Gerhard - 2009
Traditionally, aggregate liquidity shocks are modelled as exogenous events. Extending our previous work (Cao & Illing, 2008), this paper analyses the adequate policy response to endogenous systemic liquidity risk. We analyse the feedback between lender of last resort policy and incentives of...
Persistent link: https://www.econbiz.de/10003833348
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Analysis of monetary policy and financial stability : a new paradigm
Goodhart, Charles A. E.; Osorio, Carolina; Tsomocos, … - 2009
This paper introduces agent heterogeneity, liquidity, and endogenous default to a DSGE framework. Our model allows for a comprehensive assessment of regulatory and monetary policy, as well as welfare analysis in the different sectors of the economy. Due to liquidity and endogenous default, the...
Persistent link: https://www.econbiz.de/10003923247
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Financial returns to collecting rare political economy books
Ursprung, Heinrich W. - 2021
Rare books of political economy are eminently collectable. Using historical prices, I employ hedonic regressions to estimate financial returns to collecting the works of ten eminent political economists and develop a price index for this corpus of collectables. For the observation period...
Persistent link: https://www.econbiz.de/10012437910
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Have macroeconomic models lost their connection with economic reality?
Veen, Tom van - 2020
Macroeconomic theory has developed into increasingly sophisticated mathematical models. In the words of Mankiw … the development of macroeconomic theory over the past 40 years. The focus is on the main lines of thinking and the story … changes in macroeconomic theory and that the current debates after the GFC will be the start of a more plural approach to …
Persistent link: https://www.econbiz.de/10012211109