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he purpose of this paper is to discuss some of the models used in New Monetarist Economics, which is our label for a body of recent work on money, banking, payments systems, asset markets, and related topics. A key principle in New Monetarism is that solid microfoundations are critical for...
Persistent link: https://www.econbiz.de/10015220651
This essay articulates the principles and practices of New Monetarism, our label for a recent body of work on money, banking, payments, and asset markets. We first discuss methodological issues distinguishing our approach from others: it has something in common with Old Monetarism, but there are...
Persistent link: https://www.econbiz.de/10015220894
We introduce lotteries (randomized trading) into search-theoretic models of money. In a model with indivisible goods and fiat money, we show goods trade with probability 1 and money trades with probability τ, where τ1 iff buyers have sufficient bargaining power. With divisible goods, a...
Persistent link: https://www.econbiz.de/10015250175
The first essay of this dissertation presents a general equilibrium model of a finan-cial intermediary that extends the model first introduced by D. Diamond and P. Dybvig(JPE, 1983) to an infinite-horizon environment. This extension enables the relationshipbetween the real business cycle and...
Persistent link: https://www.econbiz.de/10009449938
Chapter 1 considers a stochastic overlapping generations model in which, at each date, a distributional shock divides the constant total endowment between a young and an old agents. Commitment cannot be externally enforced. More precisely, at each date, the young and old agents simultaneously...
Persistent link: https://www.econbiz.de/10009449980
Chapter 1: Previous work on the denomination structure of currency treats as exogenous the distribution of transactions and the denominations held by people. Here, by way of a matching model, both are endogenous. In the model, trades in pairwise meetings alternate in time with the opportunity to...
Persistent link: https://www.econbiz.de/10009449923
This paper develops and estimates a structural model of production and inventory behavior for manufacturing plants in two Colombian industries, metal products and plastic product, from 1977 to 1991. Plant level decisions on production, inventories, sales, entry, and exit are developed using an...
Persistent link: https://www.econbiz.de/10009449951
This dissertation develops dynamic stochastic models of heterogeneous firms in small open economies and uses them to analyze how firms' decisions are shaped by their participation in export markets and to understand the implications that these decisions have for firm-level volatility and the...
Persistent link: https://www.econbiz.de/10009450033
This dissertation consists of three essays on consumer behavior and demand analysis. The three essays incorporate quality variation, non-market goods and habit-persistence, respectively, into the framework of traditional consumer behavior analysis from a theoretical perspective. The essays also...
Persistent link: https://www.econbiz.de/10009450039
This thesis empirically investigates the effects of agency problemson endogenous managerial effort, firm performance, corporatestructure and industry-wide productivity.In the second chapter, I develop an industrial evolution model withendogenous managerial effort and endogenous organizational...
Persistent link: https://www.econbiz.de/10009449912