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Optimal Decentralized Investment Management
Brandt, Michael W. - 2010
optimal benchmark substantially mitigates the utility costs of decentralized investment management. These costs can be further …
Persistent link: https://www.econbiz.de/10012761668
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Optimal Monetary Policy with Informational Frictions
Angeletos, George-Marios - 2011
This paper studies optimal policy in a business-cycle setting in which firms have a blurry understanding of the state of the economy due to informational or cognitive constraints. The latter are not only the source of nominal rigidity but also an impediment in the coordination of production. The...
Persistent link: https://www.econbiz.de/10013118850
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Equilibrium Labor Turnover, Firm Growth and Unemployment
Coles, Melvyn Glyn - 2012
This paper considers a dynamic, non-steady state environment in which wage dispersion exists and evolves in response to shocks. Workers do not observe firm productivity and firms do not commit to future wages, but there is on-the-job search for higher paying jobs. The model allows for firm...
Persistent link: https://www.econbiz.de/10013107210
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Labor Market Frictions as a Source of Comparative Advantage, with Implications for Unemployment and Inequality
Helpman, Elhanan - 2010
Recent research has emphasized firm heterogeneity as a source of comparative advantage. Combining this approach with labor market frictions and worker heterogeneity provides a framework for studying the impact of trade on unemployment and inequality. This paper reviews this approach and reports...
Persistent link: https://www.econbiz.de/10013147599
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Automated Economic Reasoning with Quantifier Elimination
Mulligan, Casey B. - 2016
economic theory …
Persistent link: https://www.econbiz.de/10012977622
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Merging Simulation and Projection Approaches to Solve High-Dimensional Problems
Judd, Kenneth L. - 2012
We introduce an algorithm for solving dynamic economic models that merges stochastic simulation and projection … approaches: we use simulation to approximate the ergodic measure of the solution, we construct a fixed grid covering the support …
Persistent link: https://www.econbiz.de/10013098481
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A New Use of Importance Sampling to Reduce Computational Burden in Simulation Estimation
Ackerberg, Daniel A. - 2011
Method of Simulated Moments (MSM) estimators introduced by McFadden (1989)and Pakes and Pollard (1989) are of great use to applied economists. They are relatively easy to use even for estimating very complicated economic models. One simply needs to generate simulated data according to the model...
Persistent link: https://www.econbiz.de/10013127757
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Firm Heterogeneity and Firm Behavior with Conditional Policies
Demidova, Svetlana A. - 2007
This paper shows that the result of Ju and Krishna (2002, 2005), i.e., the non-monotonicity in the comparative statics across regimes, disappears, if exporters differ in their productivities, which provides very different predictions about the results of policy changes
Persistent link: https://www.econbiz.de/10012777451
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Does Management Matter? Evidence from India
Bloom, Nicholas - 2014
A long-standing question in social science is to what extent differences in management cause differences in firm … performance. To investigate this we ran a management field experiment on large Indian textile firms. We provided free consulting … on modern management practices to a randomly chosen set of treatment plants and compared their performance to the control …
Persistent link: https://www.econbiz.de/10013068799
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Mutual Fund Performance and the Incentive to Generate Alpha
Del Guercio, Diane - 2011
find that flows chase risk-adjusted returns, and that funds respond by investing more in active management. Importantly …
Persistent link: https://www.econbiz.de/10013119774