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We present a dynamic over-the-counter model of the fed funds market, and use it to study the determination of the fed funds rate, the volume of loans traded, and the intraday evolution of the distribution of reserve balances across banks. We also investigate the implications of changes in the...
Persistent link: https://www.econbiz.de/10010751389
This paper studies the role of money in asymmetric double coincidence of real wants environments where in each meeting each agent is a consumer of the other agent's production. Traders who meet at random finance their purchases through current production, sale of divisible money, or both. It is...
Persistent link: https://www.econbiz.de/10005650156
search costs, plus more general matching and bargaining. This allows us to study many new issues, including entry, efficiency …
Persistent link: https://www.econbiz.de/10011099909
matching or information revealed by others' behaviours, or to endogenous effects generated by bargaining within marriage. A … in individual effects. As such the correlation in the raw smoking data is consistent with positive assortative matching …
Persistent link: https://www.econbiz.de/10005700850
We examine a simple bargaining setting, where heterogeneous buyers and sellers are repeatedly matched with each other. We begin by characterizing efficiency in such a dynamic setting, and discuss how it differs from efficiency in a centralized static setting. We then study the allocations which...
Persistent link: https://www.econbiz.de/10005062338
Collective labor conflicts always constituted a subject of great interest from the perspective of social, economic and legislative implications. The complex and inherent nature of conflicts within working relations justify a multidisciplinary approach of the issue, sustained by statistic tools...
Persistent link: https://www.econbiz.de/10010904700
This paper develops a dynamic model of consumer search that, despite placing very little structure on the dynamic … problem faced by consumers, allows us to exploit intertemporal variation in within-period price and search cost distributions … to estimate the population distribution from which consumers' search costs are initially drawn. We show that static …
Persistent link: https://www.econbiz.de/10010941701
of efficiency gains, namely lower search costs, better matching, and more intense product market price-competition.  A … monopolistic search engine charges advertisers too high a price, and has incentives to provide a suboptimal matching quality …Search engines enable advertisers to target consumers based on the query they have entered.  In a framework with …
Persistent link: https://www.econbiz.de/10011004434
presence of savvy consumers improves the deals available to non-savvy consumers in the market (the case of search externalities …
Persistent link: https://www.econbiz.de/10011004454
consumers search for satisfactory deals. In the pre-merger symmetricequilibrium, the probability that a firm is the next one to … when they do not find any product satisfactory enough, they continue searching atthe merging stores. When search costs are … sizable search economies. Such demand-side economies can conferthe merging firms a prominent position in the marketplace, in …
Persistent link: https://www.econbiz.de/10011255518