Similar Search Results

The Political Agenda Effect and State Centralization

Acemoglu, Daron - 2016

We provide a potential explanation for the absence of, and unwillingness to create, centralized power in the hands of a national state based on the political agenda effect. State centralization induces citizens of different backgrounds, interests, regions or ethnicities to coordinate their...

Persistent link: https://www.econbiz.de/10012991695

Multidimensional Private Information, Market Structure and Insurance Markets

Fang, Hanming - 2016

A large empirical literature found that the correlation between insurance purchase and ex post realization of risk is … in a negative correlation in equilibrium between insurance coverage and ex post realization of risk. We show that if the … correlation property in equilibrium, unless there is a sufficiently high loading factor. If the insurance market is monopolistic …

Persistent link: https://www.econbiz.de/10012980144

Consistent Expectations, Rational Expectations, Multiple-Solution Indeterminacies, and Least-Squares Learnability

McCallum, Bennett T. - 2021

After some historical discussion of the rational expectations (RE) solution procedures of John Muth, Alan Walters, and Robert Lucas, this paper considers the relevance for actual economies of issues stemming from the existence of multiple RE equilibria. In all linear models, the minimum state...

Persistent link: https://www.econbiz.de/10013213057

Congressional Vote Options

King, David C.; Zeckhauser, Richard J. - 2022

votes. 'This vote,' we hear, ' will either win by a little or lose by a lot.' Real-world examples suggest coalition leaders …

Persistent link: https://www.econbiz.de/10014175679

A Graph Theoretic Approach to Markets for Indivisible Goods

Caplin, Andrew - 2010

Many important markets, such as the housing market, involve goods that are both indivisible and of budgetary significance. We introduce new graph theoretic techniques ideally suited to analyzing such markets. In this paper and its companion (Caplin and Leahy [2010]), we use these techniques to...

Persistent link: https://www.econbiz.de/10013139034

A Theory of Political and Economic Cycles

Ales, Laurence - 2012

We develop a theoretical framework in which political and economic cycles are jointly determined. These cycles are driven by three political economy frictions: policymakers are non-benevolent, they cannot commit to policies, and they have private information about the tightness of the government...

Persistent link: https://www.econbiz.de/10013100994

Refining Linear Rational Expectations Models and Equilibria

Cho, Seonghoon - 2012

This paper proposes forward convergence as a model refinement scheme for linear rational expectations (LRE) models and an associated no-bubble condition as a solution selection criterion. We relate these two concepts to determinacy and characterize the complete set of economically relevant...

Persistent link: https://www.econbiz.de/10013101279

An Equilibrium Model of the African Hiv/Aids Epidemic

Greenwood, Jeremy - 2013

Eleven percent of the Malawian population is HIV infected. Eighteen percent of sexual encounters are casual. A condom is used one quarter of the time. A choice-theoretic general equilibrium search model is constructed to analyze the Malawian epidemic. In the developed framework, people select...

Persistent link: https://www.econbiz.de/10013083407

Speculative Runs on Interest Rate Pegs

Bassetto, Marco - 2013

We analyze a new class of equilibria that emerges when a central bank conducts monetary policy by setting an interest rate (as an arbitrary function of its available information) and letting the private sector set the quantity traded. These equilibria involve a run on the central bank's interest...

Persistent link: https://www.econbiz.de/10013085500

Mismatch, Sorting and Wage Dynamics

Lise, Jeremy - 2013

We develop an empirical search-matching model which is suitable for analyzing the wage, employment and welfare impact of regulation in a labor market with heterogeneous workers and jobs. To achieve this we develop an equilibrium model of wage determination and employment which extends the...

Persistent link: https://www.econbiz.de/10013088394

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