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Productivity Shocks and Aggregate Cycles in an Estimated Endogenous Growth Model

Malley, Jim; Woitek, Ulrich - 2009

Using a two-sector endogenous growth model, this paper explores how productivity shocks in the goods and human capital … findings, we also assess whether the human capital model or the standard real business cycle (RBC) model better explains the …-forecast horizons whereas human capital productivity innovations dominate at longer ones. Second, the combined explanatory power of the …

Persistent link: https://www.econbiz.de/10014207350

Commodity money with frequent search

Oberfield, Ezra; Trachter, Nicholas - 2010

A prominent feature of the Kiyotaki and Wright (1989) model of commodity money is the multiplicity of dynamic equilibria. We show that the frequency of search is strongly related to the extent of multiplicity. To isolate the role of frequency of search in generating multiplicity, we (i) vary the...

Persistent link: https://www.econbiz.de/10010292131

Multiple equilibrium problem and non-canonical correlation devices

Ray, Indrajit - 2002

A correlated equilibrium for a normal form game is a mediator whose recommendations the players find optimal to follow obediently. A (direct) correlation device or a mediator however may face the multiple equilibrium problem as the obedient strategy profile may be dominated by some other Nash...

Persistent link: https://www.econbiz.de/10010333084

War of the waves: Radio and resistance during World War II

Gagliarducci, Stefano; Onorator, Massimiliano G.; … - 2018

What is the role of the media in coordinating and mobilizing insurgency against a foreign military occupation? We analyze this question in the context of the Nazi-fascist occupation of Italy during WWII. We study the effect of BBC radio counter-propaganda (Radio Londra) on the intensity of...

Persistent link: https://www.econbiz.de/10012059358

Unemployment and indeterminacy

Nakajima, Tomoyuki - 2003

Using an efficiency-wage model, we examine the relationship between indeterminacy and unemployment insurance. It is shown that the less unemployment insurance is, the more likely equilibrium is to be indeterminate. Equilibrium can be indeterminate even without externalities or increasing...

Persistent link: https://www.econbiz.de/10010318962

Declining Labor and Capital Shares

Barkai, Simcha - 2016

Persistent link: https://www.econbiz.de/10013342529

Some Inequalities related to the analysis of electricity auctions

Hästö, Peter; Holmberg, Pär - 2005

Most balaning markets of electric power are organized as uniform-price auctions. In 2001, the balancing market of England and Wales switched to a pay-as-bid auction with the intention of reducing wholesale electricity prices. Numerical simultations of an electricity auction model have indicated...

Persistent link: https://www.econbiz.de/10010321551

Asymmetric Supply Function Equilibrium with Constant Marginal Costs

Holmberg, Pär - 2005

In a real-time electric power auction, the bids of producers consist of committed supply as a function of price. The bids are submitted under uncertainty, before the demand by the Independent System Operator has been realized. In the Supply Function Equilibrium (SFE), every producer chooses the...

Persistent link: https://www.econbiz.de/10010321577

Unique Supply Function Equilibrium with Capacity Constraints

Holmberg, Pär - 2004

Consider a market where producers submit supply functions to a procurement auction - e.g. an electric power auction - under uncertainty, before demand has been realized. In the Supply Function Equilibrium (SFE), every firm commits to the supply function maximizing his expected profit given the...

Persistent link: https://www.econbiz.de/10010321615

Fixing Swiss Potholes: The Importance and Cyclical Nature of Improvements

Dueker, Michael; Fischer, Andreas - 2003

additional form of capital spending - that of improvements. The analysis examines a unique long-run data set on Swiss road …

Persistent link: https://www.econbiz.de/10011430043