To model the observed slow response of aggregate real variables to nominal shocks, most macroeconomic models incorporate real rigidities in addition to nominal rigidities. One popular way of modelling such a real rigidity is to assume a non-constant demand elasticity. By using a homescan data...

To model the observed slow response of aggregate real variables to nominal shocks, most macroeconomic models incorporate real rigidities in addition to nominal rigidities. One popular way of modelling such a real rigidity is to assume a non-constant demand elasticity. By using a homescan data...

Drawing on some some early literature in economics we develop a framework that assists the consideration of Bitcoin as a novel economic good. We highlight an essential tension between scarcity and concentration as having an overarching impact on Bitcoin's value. In conjunction with the...

The profiteering developer is a common figure in debates over housing policy. Governments increasingly use developer profits to justify policies like inclusionary housing. Yet, we actually understand little about the competitiveness of housing development. One unresolved question is whether...

Recent work in macroeconomics argues that firm market power dramatically increased since the 1980s. Using financial statement data, I find that public firm markups increased only modestly over this time period, and are within historical variation. These estimates improve on earlier work by...

What are the implications of digitalization for prices? This paper explores this question by looking at the various channels through which digitalization can affect prices. First, we assess the importance of the direct channel - the prices of digital goods and services in the consumer price...

Dieser Beitrag wägt Vorteile und Nachteile verschiedener Flexibilisierungsstrategien ab, die der Stabilisierung des Beschäftigungsniveaus dienen. Insgesamt zeigt sich, daß Arbeitszeitflexibilisierung durch Arbeitszeitkonten alternativen kurzfristig ausgerichteten Anpassungsmechanismen aus...

Tickets to sporting events are highly differentiated - seat location, when the game is played, and home team and opponent qualities make each ticket unique. Preferences also differ nontrivially across fans, all of which make the supplier's pricing problem complex. We examine strategies employed...

Reverse pricing is a market mechanism under which a consumer's bid for a product leads to a sale if the bid exceeds a hidden acceptance threshold the seller has set in advance. The seller faces two key decisions in designing such a mechanism: First, he must decide where in the process to collect...

Online data was collected for 350,000 products from over 65 fashion retailers in the U.S. and the U.K. Many retailers practice an extreme form of stickiness described as quantum prices: a large number of differentiated products are priced using few sparse prices, with price changes occurring...