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We show that modifying the standard neoclassical growth model by assuming that competition is imperfect makes it easier to explain the size of the declines in output and real wages that follow increases in the price of oil. Plausibly parameterized models of this type are able to mimic the...
Persistent link: https://www.econbiz.de/10005575453
spread measure does not make the mistake of double counting systematic risk in the evaluation of international investments as …
Persistent link: https://www.econbiz.de/10010951038
The overriding practical problem now is the tension between the global financial and market system and the national political and power structures. The main analytical short-coming lies in the failure to incorporate financial frictions, especially default, into our macro-economic models. Neither...
Persistent link: https://www.econbiz.de/10009395475
We reconsider the empirical links between volatility and growth between 1970 and 2007. There is a strong and significant correlation between individual country growth rates and global factors that are arguably exogenous with respect to their economies. The amount of volatility driven by these...
Persistent link: https://www.econbiz.de/10005037715
investments in new pipeline infrastructure between the Midwest and the Gulf Coast, such as the southern segment of the …
Persistent link: https://www.econbiz.de/10010950987
Technological innovations in horizontal drilling and hydraulic fracturing have enabled tremendous amounts of natural gas to be extracted profitably from underground shale formations that were long thought to be uneconomical. In this paper, we provide the first estimates of broad-scale welfare...
Persistent link: https://www.econbiz.de/10011266638
irreversible investments following an increase in the uncertainty of their environment is not empirically well-known. This paper …
Persistent link: https://www.econbiz.de/10008727845
can occur, and how it relates to investments in oil reserves, inventories, or derivatives (such as futures contracts …
Persistent link: https://www.econbiz.de/10010636926
In this paper we propose a method to evaluate the effectiveness of U.S. horizontal merger policy and apply it to the study of five recent consumer product mergers. We selected the mergers from those that, from the public record, seemed to be most problematic for the antitrust agencies. Thus we...
Persistent link: https://www.econbiz.de/10005777461
A direct consequence of imposing a ceiling on the price of a good for which secondary markets do not exist, is that, when there is excess demand, the good will not be allocated to the buyers who value it the most. The resulting allocative cost has been discussed in the literature as a...
Persistent link: https://www.econbiz.de/10005778427