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Sale Rates and Price Movements in Art Auctions

Ashenfelter, Orley C. - 2011

paper examines the relationship between sale rates and price surprises over time in art auctions. Using data on contemporary … strong positive relationship of sale rates to unexpected aggregate price changes, which is reminiscent of a Phillips curve … that sale rates revert to "normal" very quickly following a price surprise. We estimate an empirical model to measure …

Persistent link: https://www.econbiz.de/10012461915

Macro-Economic Equilibrium and Credit Rationing

Stiglitz, Joseph E. - 1987

In this paper we investigate the macro-economic equilibria of an economy in which credit contracts have both adverse selection and incentive effects. The terms of credit contracts include both an interest rate and a collateral requirement. We show that in this richer model all types of borrowers...

Persistent link: https://www.econbiz.de/10012476905

The Balance of Payments Adjustment Mechanism in a Rational Expectations Equilibrium

Clarida, Richard H. - 1986

of national price levels in a world comprised of countries populated by …

Persistent link: https://www.econbiz.de/10012477127

International Lending and Borrowing in a Stochastic Sequence Equilibrium

Clarida, Richard H. - 1986

Persistent link: https://www.econbiz.de/10012477128

A Disaggregate Equilibrium Model of the Tax Distortions Among Assets, Sectors, and Industries

Fullerton, Don - 1986

This paper encompasses multiple sources of inefficiency introduced by the U.S. tax system into a single general equilibrium model. Using disaggregate calculations of user cost, we measure interasset distortions from the differential taxation of many types of assets. Simultaneously, we model the...

Persistent link: https://www.econbiz.de/10012477170

Monetary Policies in Interdependent Economies with Stochastic Disturbances : A Strategic Approach

Turnovsky, Stephen J. - 1986

This paper analyzes strategic monetary policies using a standard two country stochastic macro model. Three noncooperative equilibria, namely Cournot, Stackelberg, and Consistent Conjectural Variations, are considered.The Pareto Optimal equilibrium, where aggregate joint costs are minimizedis...

Persistent link: https://www.econbiz.de/10012477253

The Equity Premium and the Concentration of Aggregate Shocks

Mankiw, N. Gregory - 1986

This paper examines an economy in which aggregate shocks are not dispersed equally throughout the population. Instead, while these shocks affect all individuals ex ante, they are concentrated among a few ex post.The equity premium in general depends on the concentration of these aggregate...

Persistent link: https://www.econbiz.de/10012477289

Optimal and Time Consistent Exchange Rate Management in an Overlapping Generations Economy

Eaton, Jonathan - 1983

This paper analyzes exchange rate management in a simple overlapping generations model. This framework is used to evaluate alternative policies in terms of their implications for the welfare of individuals in the economy.The analysis identifies two objectives of monetary policy,providing...

Persistent link: https://www.econbiz.de/10012477903

Equilibrium and Disequilibrium Exchange Rates

Dornbusch, Rudiger - 1982

The paper reviews theoretical developments in the field of exchange rate theory and assesses the empirical evidence. Since the empirical evidence does not lend support to the models that have been formulated, a number of reasons for that failure are suggested. These include the argument that the...

Persistent link: https://www.econbiz.de/10012478122

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

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