In a market with two exclusive manufacturer-retailer pairs, we show that colluding manufacturers may not be able to attain supra-competitive profits when contracts with retailers are secret. The stability of manufacturer collusion depends on the retailers' beliefs. We consider various dynamic...

An introduction to econometric analysis -- Formulating empirical questions of interest -- The econometric framework -- Collecting relevant and useful data -- Specifying and estimating an appropriate econometric model -- Interpreting regression results -- Presentation of econometric analyses --...

This paper attempts to assess whether money can generate persistent economic" fluctuations in dynamic general equilibrium models of the business cycle. We show that a small" nominal friction in the goods market can make the response of output to monetary shocks large" and persistent if it is...

We propose a structural model for durations between events and (a vector of) associated marks, using a multivariate Brownian motion. Successive passage times of one latent Brownian component relative to random boundaries define durations. The other, correlated, Brownian components generate the...