Showing 1 - 10 of 247
Recent monetary search models emphasize that the real effects of inflation via its impact on price dispersion depend on the level of search costs and, thus, on the level of market integration. For less integrated markets, the inflation-price dispersion nexus is predicted to be asymmetrically...
Persistent link: https://www.econbiz.de/10010300016
When agents are liquidity constrained, two options exist - sell assets or borrow. We compare the allocations arising in two economies: in one, agents can sell government (outside) bonds and in the other they can borrow by issuing (inside) bonds. All transactions are voluntary, implying no...
Persistent link: https://www.econbiz.de/10010277131
While both public and private financial agencies supply asset markets with large quantities of information, they do not necessarily disclose all asset-related information to the general public. This observation leads us to ask what principles might govern the optimal disclosure policy for an...
Persistent link: https://www.econbiz.de/10010316837
This paper studies the welfare costs and the redistributive effects of inflation in the presence of idiosyncratic liquidity risk, in a micro-founded search-theoretical monetary model. We calibrate the model to match the empirical aggregate money demand and the distribution of money holdings...
Persistent link: https://www.econbiz.de/10010279920
Persistent link: https://www.econbiz.de/10000855507
Persistent link: https://www.econbiz.de/10000866980
Persistent link: https://www.econbiz.de/10000867750
Persistent link: https://www.econbiz.de/10000818770
This paper estimates a medium-scale DSGE model with search unemployment by matching model and data spectra. Price mark-up shocks emerge as the main source of business-cycle fluctuations in the euro area. Key factors in the propagation of these disturbances are a high degree of inflation...
Persistent link: https://www.econbiz.de/10011506693
Persistent link: https://www.econbiz.de/10000330190