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Pundits and Quacks
Rudiger, Jesper; Vigier, Adrien - Cowles Foundation for Research in Economics, Yale University - 2015
Do asset prices aggregate investors’ private information about the ability of financial analysts? We show that as financial analysts become reputable, the market can get trapped: Investors optimally choose to ignore their private information, and blindly follow analyst recommendations. As time...
Persistent link: https://www.econbiz.de/10011240393
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Overlapping Generations Models of General Equilibrium
Geanakoplos, John - Cowles Foundation for Research in Economics, Yale University - 2008
;" they can be eliminated with land or uniform impatience. The OLG model is used to analyze bubbles, social security …
Persistent link: https://www.econbiz.de/10005010139
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Aggregate Implications of Lumpy Investment: New Evidence and a DSGE Model
Bachmann, Ruediger; Caballero, Ricardo J.; Engel, Eduardo - Cowles Foundation for Research in Economics, Yale University - 2008
The sensitivity of U.S. aggregate investment to shocks is procyclical: the response upon impact increases by approximately 50% from the trough to the peak of the business cycle. This feature of the data follows naturally from a DSGE model with lumpy microeconomic capital adjustment. Beyond...
Persistent link: https://www.econbiz.de/10005593547
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Lumpy Investment in Dynamic General Equilibrium
Bachmann, Ruediger; Caballero, Ricardo J.; Engel, Eduardo - Cowles Foundation for Research in Economics, Yale University - 2006
Microeconomic lumpiness matters for macroeconomics. According to our DSGE model, it explains roughly 60% of the smoothing in the investment response to aggregate shocks. The remaining 40% is explained by general equilibrium forces. The central role played by micro frictions for aggregate...
Persistent link: https://www.econbiz.de/10005593597
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Gold, Fiat and Credit. An Elementary Discussion of Commodity Money, Fiat Money and Credit, Part II
Quint, Thomas; Shubik, Martin - Cowles Foundation for Research in Economics, Yale University - 2004
In this paper we present a series of models, all within the context of a simple two-good economy, which bring out the distinctions between the different types of money and financial institutions. The models emphasize the physical properties of the economic goods, moneys, and trading systems. In...
Persistent link: https://www.econbiz.de/10005762717
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The Theory of Money
Shubik, Martin - Cowles Foundation for Research in Economics, Yale University - 2000
Fiat money(1) is a creation of both the state and society. Its value is supported by expectations which are conditioned … expectations and bound behavior.(2) Paper money emerges as a virtual commodity. The dynamics of the economy permits it to serve as … circulation expectations will degenerate and the economy will break down. In order to appreciate the intrinsic dynamics of a high …
Persistent link: https://www.econbiz.de/10005762736
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El Farol Revisited: A Note on Emergence, Game Theory and Society
Shubik, Martin - Cowles Foundation for Research in Economics, Yale University - 2009
The El Farol Bar problem with coordination is reconsidered in terms and extended with consideration of further context.
Persistent link: https://www.econbiz.de/10008531397
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A Consumable Money. An Elementary Discussion of Commodity Money, Fiat Money and Credit: Part I
Quint, Thomas; Shubik, Martin - Cowles Foundation for Research in Economics, Yale University - 2004
In this paper we present a series of models, all within the context of a simple two-good economy, which bring out the distinctions among the different types of money and financial institutions. The models emphasize the physical properties of the economic goods, moneys, and trading systems. Part...
Persistent link: https://www.econbiz.de/10005093960
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Runs, Panics and Bubbles: Diamond-Dybvig and Morris-Shin Reconsidered
Smith, Eric; Shubik, Martin - Cowles Foundation for Research in Economics, Yale University - 2012
The basic two-noncooperative-equilibrium-point model of Diamond and Dybvig is considered along with the work of Morris and Shin utilizing the possibility of outside noise to select a unique equilibrium point. Both of these approaches are essentially nondynamic. We add an explicit replicator...
Persistent link: https://www.econbiz.de/10011075768
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Dynamic Revenue Maximization: A Continuous Time Approach
Bergemann, Dirk; Strack, Philipp - Cowles Foundation for Research in Economics, Yale University - 2014
We characterize the profit-maximizing mechanism for repeatedly selling a non-durable good in continuous time. The valuation of each agent is private information and changes over time. At the time of contracting every agent privately observes his initial type which influences the evolution of his...
Persistent link: https://www.econbiz.de/10010933107