Similar Search Results

Hayashi meets Kiyotaki and Moore : a theory of capital adjustment cost

Wang, Pengfei; Wen, Yi - 2010

Persistent link: https://www.econbiz.de/10008668603

Hayashi Meets Kiyotaki and Moore : A Theory of Capital Adjustment Costs

Wang, Pengfei - 2011

capital adjustment cost functions identical to those assumed by Hayashi (1982) and (ii) explain the weak empirical …

Persistent link: https://www.econbiz.de/10013132690

Hayashi meets Kiyotaki and Moore : a theory of capital adjustment costs

Wang, Pengfei; Wen, Yi - In: Review of economic dynamics 15 (2012) 2, pp. 207-225

Persistent link: https://www.econbiz.de/10010218754

Credit search and credit cycles

Dong, Feng; Wang, Pengfei; Wen, Yi - 2015 - This version: August 2015

Persistent link: https://www.econbiz.de/10011392252

Credit search and credit cycles

Dong, Feng; Wang, Pengfei; Wen, Yi - In: Economic theory : official journal of the Society for … 61 (2016) 2, pp. 215-239

Persistent link: https://www.econbiz.de/10011479813

A search-based neoclassical model of capital reallocation

Dong, Feng; Wang, Pengfei; Wen, Yi - 2018 - This version: July, 2018

As a form of investment, the importance of capital reallocation between firms has been increasing over time, with the … purchase of used capital accounting for 25% to 40% of firms total investment nowadays. Cross- firm reallocation of used capital … also exhibits intriguing business-cycle properties, such as (i) the illiquidity of used capital is countercyclical (or the …

Persistent link: https://www.econbiz.de/10011911555

Inventories, liquidity, and the macroeconomy

Wen, Yi - Federal Reserve Bank of St. Louis - 2008

It is widely believed in the literature that inventory fluctuations are destabilizing to the economy. This paper re-assesses this view by developing an analytically-tractable general-equilibrium model of inventory dynamics based on a precautionary stockout-avoidance motive. The model's...

Persistent link: https://www.econbiz.de/10005360585

Imperfect competition and sunspots

Wang, Pengfei; Wen, Yi - Federal Reserve Bank of St. Louis - 2006

This paper shows that imperfect competition can be a rich source of sunspots equilibria and coordination failures. This is demonstrated in a dynamic general equilibrium model that has no major distortions except imperfect competition. In the absence of fundamental shocks, the model has a unique...

Persistent link: https://www.econbiz.de/10005352799

Input and output inventory dynamics

Wen, Yi - Federal Reserve Bank of St. Louis - 2009

This paper develops an analytically-tractable general-equilibrium model of inventory dynamics based on a precautionary stockout-avoidance motive. The model’s predictions are broadly consistent with the U.S. business cycle and key features of inventory behavior, including (i) a large inventory...

Persistent link: https://www.econbiz.de/10005352803

Wavelet: a new tool for business cycle analysis

Raihan, Sharif Md.; Wen, Yi; Zeng, Bing - Federal Reserve Bank of St. Louis - 2005

One basic problem in business-cycle studies is how to deal with nonstationary time series. The market economy is an evolutionary system. Economic time series therefore contain stochastic components that are necessarily time dependent. Traditional methods of business cycle analysis, such as the...

Persistent link: https://www.econbiz.de/10005352836