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Information, Technology Adoption and Productivity : The Role of Mobile Phones in Agriculture
Gupta, Apoorv - 2020
We study the effect of information on technology adoption and productivity in agriculture. Our empirical strategy … of call centers for agricultural advice. We measure information on agricultural practices by analyzing the content of 2 … agricultural productivity. Our estimates indicate that information frictions can explain around 25 percent of the agricultural …
Persistent link: https://www.econbiz.de/10012481775
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Dynamic Consumption and Portfolio Choice with Stochastic Volatility in Incomplete Markets
Chacko, George - 1999
This paper analyzes optimal portfolio choice and consumption with stochastic volatility in incomplete markets. Using the Duffie-Epstein (1992) formulation of recursive utility in continuous time, it shows that the optimal portfolio demand for stocks under stochastic volatility varies strongly...
Persistent link: https://www.econbiz.de/10012471407
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Global Diversification, Growth and Welfare with Imperfectly Integrated Markets for Goods
Dumas, Bernard - 1999
In this article, we examine the effect of the imperfect mobility of goods on international risk sharing and, through that, on the investment in risky projects, welfare and growth. We find that the welfare gain of financial market openness is not monotonic with respect to investors' risk aversion...
Persistent link: https://www.econbiz.de/10012471806
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The Economic Ripple Effects of COVID-19
Buera, Francisco; Jaef, Roberto N. Fattal; Hopenhayn, … - National Bureau of Economic Research - 2021
What are the effects of a temporary lockdown of the economy? Do firms' deteriorating balance sheets and labor market frictions propagate and prolong the effects? We answer these questions in a model with financial and labor market frictions. The model makes quantitative predictions about the...
Persistent link: https://www.econbiz.de/10012510582
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Empirical Models of Demand and Supply in Differentiated Products Industries
Gandhi, Amit; Nevo, Aviv - National Bureau of Economic Research - 2021
This is an invited chapter for the forthcoming Volume 4 of the Handbook of Industrial Organization. We present empirical models of demand and supply in differentiated products industries with an emphasis on the key ideas arising from the recent applied literature. We start with a discussion of...
Persistent link: https://www.econbiz.de/10012629477
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Frictions in Product Markets
Gavazza, Alessandro; Lizzeri, Alessandro - National Bureau of Economic Research - 2021
with frictions, such as transaction costs, asymmetric information, search and matching frictions. We discuss how such …
Persistent link: https://www.econbiz.de/10012629479
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Procyclical Fiscal Policy and Asset Market Incompleteness
Fernández, Andrés; Guzman, Daniel; Lama, Ruy E.; … - National Bureau of Economic Research - 2021
To explain the fact that government spending and tax policy are procyclical in emerging and developing countries, we develop a model for the joint behavior of optimal tax rates and government spending over the business cycle. Our set-up relies on financial frictions, which have been shown to be...
Persistent link: https://www.econbiz.de/10012616597
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Price Theory for Incomplete Markets
Farhi, Emmanuel; Olivi, Alan; Werning, Iván - National Bureau of Economic Research - 2022
We provide a price theory for incomplete markets that extends the traditional Walrasian analysis. We derive formulas expressing the consumption response to current and future changes in interest rates and income. Our analysis provides a natural decomposition of these responses into substitution...
Persistent link: https://www.econbiz.de/10013210065
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Tariffs as Insurance : Optimal Commercial Policy When Domestic Markets Are Incomplete
Eaton, Jonathan - 1981
Free trade is not optimal for a small country that faces uncertain terms of trade if some factors are immobile - ex post, and markets for contingent claims are incomplete. The government can improve social welfare by using commercial policy that serves as a partial substitute for missing...
Persistent link: https://www.econbiz.de/10012478316
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Capital Structure Equilibrium under Incomplete Market Conditions
Senbet, Lemma W. - 1981
Most discussions of corporate capital structure have been set in the context of a complete capital market. In this paper we study the determinants of capital structure for the incomplete markets case, where incompleteness manifests itself in the form of divergent borrowing and lending rates. We...
Persistent link: https://www.econbiz.de/10012478368