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Economic impacts of renewable power generation technologies and the role of endogenous technological change
Lutz, Markus; Flaute, Markus; Lehr, Ulrike; Wiebe, … - 2015
This paper brings together the debate on economic impacts of renewable energy (RE) deployment and the discussion on modelling endogenous technological change on the global markets for the different renewable power generation technologies. Economic impacts of RE deployment are still mostly...
Persistent link: https://www.econbiz.de/10011372071
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On the Importance of Sales for Aggregate Price Flexibility
Kryvtsov, Oleksiy; Vincent, Nicolas - 2014
Macroeconomists have traditionally ignored the behavior of temporary price markdowns ("sales") by retailers. Although sales are common in the micro price data, they are assumed to be unrelated to macroeconomic phenomena and generally filtered out. We challenge this view. First, using the 1996 -...
Persistent link: https://www.econbiz.de/10011396661
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Addressing Household Indebtedness: Monetary, Fiscal or Macroprudential Policy?
Alpanda, Sami; Zubairy, Sarah - 2014
In this paper, we build a dynamic stochastic general-equilibrium model with housing and household debt, and compare the effectiveness of monetary policy, housing-related fiscal policy, and macroprudential regulations in reducing household indebtedness. The model features long-term fixed-rate...
Persistent link: https://www.econbiz.de/10011396672
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Information, Risk Sharing and Incentives in Agency Problems
Xie, Jia - 2015
This paper studies the use of information for incentives and risk sharing in agency problems. When the principal is … risk neutral or the outcome is contractible, risk sharing is unnecessary or completely taken care of by a contract on the … outcome is noncontractible, however, the principal has to rely on imperfect information for both incentives and risk sharing …
Persistent link: https://www.econbiz.de/10011396681
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International Spillovers of Large-Scale Asset Purchases
Alpanda, Sami; Kabaca, Serdar - 2015
This paper evaluates the international spillover effects of large-scale asset purchases (LSAPs) using a two-country dynamic stochastic general-equilibrium model with nominal and real rigidities, and portfolio balance effects. Portfolio balance effects arise from imperfect substitution between...
Persistent link: https://www.econbiz.de/10011396682
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Securitization under Asymmetric Information over the Business Cycle
Kuncl, Martin - 2015
risk, the issuer of securitized assets may credibly signal its quality. However, in the boom stage of the business cycle …-quality assets are no longer traded. The model also suggests that improperly designed regulation requiring higher explicit risk …
Persistent link: https://www.econbiz.de/10011396684
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International Transmission of Credit Shocks in an Equilibrium Model with Production Heterogeneity
Imura, Yuko; Thomas, Julia K. - 2015
Many policy-makers and researchers view the recent financial and real economic crises across North America, Europe and beyond as a global phenomenon. Some have argued that this global recession has a common source: the U.S. financial crisis. This paper investigates the extent to which a credit...
Persistent link: https://www.econbiz.de/10011396687
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Managerial Compensation Duration and Stock Price Manipulation
Schroth, Josef - 2015
I build a model of optimal managerial compensation where managers each have a privately observed propensity to manipulate short-term stock prices. It is shown that this informational asymmetry reverses some of the conventional wisdom about the relationship between reliance on short-term pay and...
Persistent link: https://www.econbiz.de/10011396693
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On the Welfare Cost of Rare Housing Disasters
Xu, Shaofeng - 2015
-housing consumption each year to eliminate the housing disaster risk. The evaluation of this risk, however, varies considerably across age … negative price effect of disaster risk. …
Persistent link: https://www.econbiz.de/10011396703
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Materials, Capital, Direct/Indirect Substitution and Mass Balance Production Functions
van den Bergh, Jeroen C.J.M. - 1998
A foundation is provided for a correct and accurate analysis of the relationship between monetary values and physical dimensions in economic production. A distinction is proposed between direct and indirect substitution. Linked to this, a classification is offered of various types of...
Persistent link: https://www.econbiz.de/10010324469