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Firm heterogeneity, technological adoption, and urbanization : theory and measurement

Chernoff, Alex W. - 2017

This paper develops a model of firm heterogeneity, technological adoption, and urbanization. In the model, welfare is measured by household real income, and urbanization is measured by population density. I use the model to derive statistics that measure the effect of a new technology on...

Persistent link: https://www.econbiz.de/10011685493

Uncertain fiscal consolidations

Bi, Huixin; Leeper, Eric M.; Leith, Campbell B. - 2013

The paper explores the macroeconomic consequences of fiscal consolidations whose timing and composition - either tax- or spending-based - are uncertain. We find that the composition of the fiscal consolidation, its duration, the monetary policy stance, the level of government debt, and...

Persistent link: https://www.econbiz.de/10009781108

Volatility risk and economic welfare

Xu, Shaofeng - 2017

can decelerate growth in the absence of any level shocks. In contrast to level risk, which is always welfare reducing for … a risk-averse household, volatility risk can increase or decrease welfare, depending on model parameters. When … calibrated to U.S. data, the model finds that the welfare cost of volatility risk is largely negligible under plausible model …

Persistent link: https://www.econbiz.de/10011650148

Portfolio considerations in differentiated product purchases : an application to the Japanese automobile market

Wakamori, Naoki - 2011

Consumers often purchase more than one differentiated product, assembling a portfolio, which might potentially affect substitution patterns of demand and, as a consequence, oligopolistic firms' pricing strategies. This paper studies such consumers' portfolio considerations by developing a...

Persistent link: https://www.econbiz.de/10009382059

Macroprudential rules and monetary policy when financial frictions matter

Bailliu, Jeannine N.; Meh, Césaire Assah; Zhang, Yahong - 2012

This paper examines the interaction between monetary policy and macroprudential policy and whether policy makers should respond to financial imbalances. To address this issue, we build a dynamic general equilibrium model that features financial market frictions and financial shocks as well as...

Persistent link: https://www.econbiz.de/10009501847

Commodities and monetary policy : implications for inflation and price level targeting

Coletti, Donald; Lalonde, René; Masson, Paul R.; Muir, Dirk - 2012

We examine the relative ability of simple inflation targeting (IT) and price level targeting (PLT) monetary policy rules to minimize both inflation variability and business cycle fluctuations in Canada for shocks that have important consequences for global commodity prices. We find that...

Persistent link: https://www.econbiz.de/10009546871

House price dynamics : fundamentals and expectations

Granziera, Eleonora; Kozicki, Sharon - 2012

We investigate whether expectations that are not fully rational have the potential to explain the evolution of house prices and the price-to-rent ratio in the United States. First, a Lucas type asset-pricing model solved under rational expectations is used to derive a fundamental value for house...

Persistent link: https://www.econbiz.de/10009532586

To share or not to share? : uncovered losses in a derivatives clearinghouse

Raykov, Radoslav S. - 2016

volume is sensitive to the degree of loss sharing and to the risk sensitivity of skinin-the-game capital. By contrast, for …

Persistent link: https://www.econbiz.de/10011432527

International transmission of credit shocks in an equilibrium model with production heterogeneity

Imura, Yuko; Thomas, Julia K. - 2015

Many policy-makers and researchers view the recent financial and real economic crises across North America, Europe and beyond as a global phenomenon. Some have argued that this global recession has a common source: the U.S. financial crisis. This paper investigates the extent to which a credit...

Persistent link: https://www.econbiz.de/10011280030

Managerial compensation duration and stock price manipulation

Schroth, Josef - 2015

I build a model of optimal managerial compensation where managers each have a privately observed propensity to manipulate short-term stock prices. It is shown that this informational asymmetry reverses some of the conventional wisdom about the relationship between reliance on short-term pay and...

Persistent link: https://www.econbiz.de/10011287603

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