Narrow search
Showing 1 - 10 of 98
Cover Image
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
Cover Image
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
Cover Image
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
Cover Image
Fixing Swiss Potholes: The Importance and Cyclical Nature of Improvements
Dueker, Michael; Fischer, Andreas - 2003
This note sheds new light on the dynamic properties of maintenance and repair and examines the behavior of an additional form of capital spending - that of improvements. The analysis examines a unique long-run data set on Swiss road spending.
Persistent link: https://www.econbiz.de/10011430043
Cover Image
Search Frictions and the Labor Wedge
Pescatori, Andrea; Tasci, Murat - 2011
This paper assesses whether labor market frictions, in the form of searching and matching, can help explain movements in the labor wedge - the gap between the marginal rate of substitution (MRS) and the marginal productivity of labor in a perfectly competitive business cycle model. Results...
Persistent link: https://www.econbiz.de/10010500176
Cover Image
The French Great Depression: A business cycle accounting analysis
Bridji, Slim - 2012
. Econometrica 75, 781-836.], this paper sheds new light on the French Great Depression. Frictions that reduce the efficiency with … which factor inputs are used (efficiency wedge) were the primary factor in the economic downturn. The decline in consumption … economy after 1936. This drop in the efficiency wedge might have resulted from financial frictions and tariff policies …
Persistent link: https://www.econbiz.de/10010316878
Cover Image
Deep dynamics
Gottfries, Nils; Mickelsson, Glenn; Stadin, Karolina - 2018
Combining micro and macro data, we construct demand-side shocks, which we take to be exogenous for individual firms. We estimate a reduced-form model to describe how firms adjust their production, employment, capital stock, and inventories in response to such shocks. Then, we chose the...
Persistent link: https://www.econbiz.de/10012013517
Cover Image
Normal utilization as the adjusting variable in Neo-Kaleckian growth models: A critique
Girardi, Daniele; Pariboni, Riccardo - 2018
As well-known, the canonical Neo-Kaleckian growth model fails to reconcile actual and normal rates of utilization in equilibrium. Some recent contributions revive an old proposal for solving this problem - making the normal rate of utilization an endogenous variable that converges to the actual...
Persistent link: https://www.econbiz.de/10012059898
Cover Image
Capital stock and unemployment: searching for the missing link
Perez-Soba Aguilar, Ines; Marquez de la Cruz, Elena; … - 2006
This paper examines the proposition that capital stock relative to aggregate output has been an important variable in the determination of the Non-Accelerating Inflation Rate of Unemployment (NAIRU) over the last four decades. The authors present new empirical evidence that lends strong support...
Persistent link: https://www.econbiz.de/10010266535
Cover Image
Saving Europe? The unpleasant arithmetic of fiscal austerity in integrated economies
Mendoza, Enrique G.; Tesar, Linda L.; Zhang, Jing - 2014
What are the macroeconomic effects of tax adjustments in response to large public debt shocks in highly integrated economies? The answer from standard closed-economy models is deceptive, because they underestimate the elasticity of capital tax revenues and ignore crosscountry spillovers of tax...
Persistent link: https://www.econbiz.de/10011460657