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Recent studies in monetary theory show that if buyers can use lotteries to signal the quality of bank notes, counterfeiting does not occur in a pooling equilibrium. In this paper, I investigate the robustness of this non-existence result by considering an alternative trading mechanism....
Persistent link: https://www.econbiz.de/10009762123
Persistent link: https://www.econbiz.de/10013083118
In response to the disruption of credit markets and the zero lower bound during the recent financial crisis, the Federal Reserve introduced a variety of new policy tools. Perhaps, the most visible of these tools is large scale asset purchases (LSAP) programs, often referred to as "quantitative...
Persistent link: https://www.econbiz.de/10013055860
We document a new set of facts regarding the impact of referrals on labor market outcomes. Our results highlight the importance of distinguishing between different types of referrals-those from family and friends and those from business contacts-and different occupations. Then we develop an...
Persistent link: https://www.econbiz.de/10012660361
matching process with a unit of money of their choice. A certain number of sellers also come into the same process to maintain …
Persistent link: https://www.econbiz.de/10013034054
Using a relatively mild restriction on the beliefs of the MMEU-apreference functional, in which the decision maker’s degree of ambiguity and degree of pessimism are each parameterized, we present a rather general theory of religious choice in the decision theory tradition, one that can resolve...
Persistent link: https://www.econbiz.de/10005426911
We analyse a model of equilibrium directed search in a large labour market. Each worker, observing the wages posted at all vacancies, makes a fixed, finite number of applications, a. We allow for the possibility of ex post competition should more than one vacancy want to hire the same worker....
Persistent link: https://www.econbiz.de/10011332815
We analyze the implications of multiple applications by job seekers for the microfoundations of the matching function …
Persistent link: https://www.econbiz.de/10011317448
We analyze the impact of information frictions on workers' wages, contributing to the literature that tested search theory, which has so far focused on labor market frictions in general and not specifically on information asymmetries. Using data for 16 countries from the European Social Survey...
Persistent link: https://www.econbiz.de/10010528571
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