Narrow search
Showing 1 - 10 of 288
Cover Image
Welfare Costs of Inflation and the Circulation of US Currency Abroad
Calza, Alessandro - 2011
Empirical studies of the "shoe-leather" costs of inflation are typically computed using M1 as a measure of money. Yet … minimized for a positive but moderate value of the inflation rate, thereby justifying a deviation from the Friedman rule in …
Persistent link: https://www.econbiz.de/10013127698
Cover Image
The Economic Costs of Supply Chain Decoupling
Attinasi, Maria Grazia; Boeckelmann, Lukas; Meunier, … - 2023
As countries and firms increasingly seek ways to strengthen the resilience of their supply chains, this paper studies the global economic costs of a decoupling of global supply chains along geopolitical lines as well as in strategic sectors. We explore not only the long-run effects, but also the...
Persistent link: https://www.econbiz.de/10014345763
Cover Image
Sectoral Money Demand and the Great Disinflation in the US
Calza, Alessandro; Zaghini, Andrea - 2021
Estimates of the welfare costs of inflation based on Bailey (1956) are typically computed using aggregate money demand … models. Yet, the behavior of money demand may vary across sectors. Thus, the impact on welfare of inflation regime shifts may … Great Inflation to the present regime of low and stable inflation. For this purpose, we estimate different functional …
Persistent link: https://www.econbiz.de/10013316204
Cover Image
Bubbles, Banks and Financial Stability
Aoki, Kosuke - 2012
We build a model of rational bubbles in a limited commitment economy and show that the impact of the bubble on the real economy crucially depends on who holds the bubble. When banks are the bubble-holders, this amplifies the output boom while the bubble survives but also deepens the recession...
Persistent link: https://www.econbiz.de/10013097948
Cover Image
Search-Based Endogenous Asset Liquidity and the Macroeconomy
Cui, Wei - 2016
We endogenize asset liquidity in a dynamic general equilibrium model with search frictions on asset markets. In the model, asset liquidity is tantamount to the ease of issuance and resaleability of private financial claims, which is driven by investors' participation on the search market....
Persistent link: https://www.econbiz.de/10012988598
Cover Image
Does Bargaining Matter in the Small Firm's Matching Model?
L'Haridon, Olivier - 2011
In this article, we use a stylized model of the labor market to investigate the effects of three alternative and well-known bargaining solutions. We apply the Nash, the Egalitarian and the Kalai-Smorodinsky bargaining solutions in the small firm's matching model of unemployment. To the best of...
Persistent link: https://www.econbiz.de/10013123030
Cover Image
The Cyclical Behavior of Equilibrium Unemployment and Vacancies Revisited
Hagedorn, Marcus; Manovskii, Iourii - 2021
Recently, a number of authors have argued that the standard search model cannot generate the observed business-cycle-frequency fluctuations in unemployment and job vacancies, given shocks of a plausible magnitude. We use data on the cost of vacancy creation and cyclicality of wages to identify...
Persistent link: https://www.econbiz.de/10013316636
Cover Image
Restoring Rational Choice : The Challenge of Consumer Financial Regulation
Campbell, John Y. - 2016
This lecture considers the case for consumer financial regulation in an environment where many households lack the knowledge to manage their financial affairs effectively. The lecture argues that financial ignorance is pervasive and unsurprising given the complexity of modern financial products,...
Persistent link: https://www.econbiz.de/10012993665
Cover Image
Financial Frictions, International Capital Flows and Welfare
Taddei, Filippo - 2018
The connection between the financial crisis and global imbalances is controversial. This paper argues that this relationship is likely to be connected to the existence of heterogenous financial frictions in different domestic credit markets. By developing a general equilibrium model where...
Persistent link: https://www.econbiz.de/10012914879
Cover Image
Trade, Productivity Improvements and Welfare : An Endogenous Market Structure Framework
Montinari, Letizia - 2015
In this paper, I investigate the welfare effects that developed countries experience after productivity improvements occur in their emerging trading partners, using a two-country model featuring pro-competitive effects of trade and asymmetries in technology. I model the technology advantage of...
Persistent link: https://www.econbiz.de/10013034576