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this sort are not robust (i.e., "additive") in the sense that they are not usually preserved through aggregation of …
Persistent link: https://www.econbiz.de/10005093932
This study sheds new light on the question of whether or not sentiment surveys, and the expectations derived from them …
Persistent link: https://www.econbiz.de/10009647230
frequency and real-time data. I present a collection of 37 different measures of inflation expectations, including many … previously unexploited monthly and real-time measures of inflation expectations. These higher frequency measures tend to … outperform the standard three low frequency survey measures in tests of accuracy, predictive power, and rationality, indicating …
Persistent link: https://www.econbiz.de/10009647457
We show how frictions and continuous transfers jointly affect equilibria in a model of matching in trading networks. Our model incorporates distortionary frictions such as transaction taxes, bargaining costs, and incomplete markets. When contracts are fully substitutable for firms, competitive...
Persistent link: https://www.econbiz.de/10012290311
We show how frictions and continuous transfers jointly affect equilibria in a model of matching in trading networks. Our model incorporates distortionary frictions such as transaction taxes, bargaining costs, and incomplete markets. When contracts are fully substitutable for firms, competitive...
Persistent link: https://www.econbiz.de/10012212204
We consider a general equilibrium model of a private ownership economy with consumption and production externalities. Utility functions and production technologies may be affected by the consumption and production activities of all other agents in the economy. We use differential techniques to...
Persistent link: https://www.econbiz.de/10011268204
This paper proves the existence of competitive equilibrium in a single sector dynamic economy with elastic labor supply. The method of proof relies on some recent results (see Le Van and Saglam [2004]) concerning the existence of Lagrange multipliers in infinite dimensional spaces and their...
Persistent link: https://www.econbiz.de/10005220190
Competitive equilibria are shown to exist in two-object exchange economies with indivisibilities and additive complementarities in agent valuations between objects, provided that complementarities are common across agents. We further investigate whether the competitive equilibrium can be...
Persistent link: https://www.econbiz.de/10005704422
Although fiat money is useless in standard Arrow-Debreu models, in this paper we will show that this general conclusion does not hold true when goods are indivisible. In our setting, fiat money is valuable because it facilitates exchange, its price will always be positive and equilibrium...
Persistent link: https://www.econbiz.de/10008509508
We analyze a Ramsey economy when net investment is constrained to be non negative. We prove existence of a competitive equilibrium when utility need not be bounded from below and the Inada-type conditions need not hold. The analysis is carried out by means of a direct and technically standard...
Persistent link: https://www.econbiz.de/10004985080