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Disequilibrium Dynamics with Inventories and Anticipatory Price-Setting : Some Impirical Results
Green, Jerry; Laffont, Jean-Jacques - 2021
The basic assumption of this paper is an attempt to be specific about price formation while retaining a fixed-price, quantity-constrained equilibration in the short-run. The second theme of this paper is the role of inventories in macrodynamics a topic of long-recognized importance, but one...
Persistent link: https://www.econbiz.de/10013236715
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Inventories
Ramey, Valerie A.; West, Kenneth D. - 2021
demand for the good in question, and that marginal production cost slopes up. The first explanation assumes as well that …
Persistent link: https://www.econbiz.de/10013210702
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Inventories, Rational Expectations, and the Business Cycle
Blinder, Alan S.; Fischer, Stanley - 2022
The simplest macroeconomic models in which markets clear instantaneously, and expectations are rational preclude the existence of "business cycles," that is, of serially correlated deviations of output from trend. This paper studies one of several mechanisms that can be used to make these...
Persistent link: https://www.econbiz.de/10014135401
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Inventory Models
West, Kenneth D. - 2021
Econometric aspects of recent research on inventory models are surveyed. The discussion emphasizes issues relevant to instrumental variables estimation of a first order condition of the Holt et al. (1960) linear quadratic inventory model, including choice of instruments, covariance matrix...
Persistent link: https://www.econbiz.de/10013226948
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Valuing Identity
Fryer, Roland G. - 2010
Affirmative action policies are practiced around the world. This paper explores the welfare economics of such policies. A model is proposed where heterogeneous agents, distinguished by skill level and social identity, compete for positions in a hierarchy. The problem of designing an efficient...
Persistent link: https://www.econbiz.de/10013135413
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A Testable Theory of Imperfect Perception
Caplin, Andrew - 2011
We introduce a rational choice theory that allows for many forms of imperfect perception, including failures of memory …, selective attention, and adherence to simplifying rules of thumb. Despite its generality, the theory has strong, simple, and … (stochastic) consequences of their available choices. Our theory separately identifies two distinct "framing" effects: standard …
Persistent link: https://www.econbiz.de/10013123311
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Cycles of Distrust : An Economic Model
Acemoglu, Daron - 2012
We propose a model of cycles of distrust and conflict. Overlapping generations of agents from two groups sequentially play coordination games under incomplete information about whether the other side consists of "extremists" who will never take the good/trusting action. Good actions may be...
Persistent link: https://www.econbiz.de/10013103053
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Informational Frictions and Commodity Markets
Sockin, Michael - 2013
has complementarity, and serve as price signals to guide producers' production decisions and commodity demand. Our … on commodity demand and spot prices, which are ignored by existing empirical studies and policy discussions …
Persistent link: https://www.econbiz.de/10013084735
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Uncertainty as Commitment
Nosal, Jaromir B. - 2013
Time-inconsistency of no-bailout policies can create incentives for banks to take excessive risks and generate endogenous crises when the government cannot commit. However, at the outbreak of financial problems, usually the government is uncertain about their nature, and hence it may delay...
Persistent link: https://www.econbiz.de/10013087435
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Incomplete Information, Higher-Order Beliefs and Price Inertia
Angeletos, George-Marios - 2010
This paper investigates who incomplete information impacts the response of prices to nominal shocks. Our baseline model is a variant of the Calvo model in which firms observe the underlying nominal shocks with noise. In this model, the response of prices is pinned down by three parameters: the...
Persistent link: https://www.econbiz.de/10013152625