Showing 1 - 10 of 621
We show that Arrow-Debreu equilibria with countably additive prices in infinite-time economy under uncertainty can be implemented by trading infinitely-lived securities in complete sequential markets under two different portfolio feasibility constraints: wealth constraint, and essentially...
Persistent link: https://www.econbiz.de/10005426925
Staggered price-setting and staggered wage-setting are commonly viewed as similar mechanisms in generating persistent real effects of monetary shocks. In this paper, we distinguish the two mechanisms in a dynamic stochastic general equilibrium framework. We show that, although the dynamic...
Persistent link: https://www.econbiz.de/10005426990
This paper analyzes a two-country general equilibrium model with multiple stages of production and sticky prices. Working through the cross-country input-output relations and endogenous price stickiness, the model generates the observed patterns in international aggregate comovements following...
Persistent link: https://www.econbiz.de/10005426922
Recent empirical studies reveal that monetary shocks cause persistent fluctuations in inflation and aggregate output. In the literature, few mechanisms have been identified to generate such persistence. In this paper, we propose a new mechanism that does so. Our model features an input-output...
Persistent link: https://www.econbiz.de/10005426984
Staggered price and staggered wage contracts are commonly viewed as similar mechanisms in generating persistent real effects of monetary shocks. In this paper, we distinguish the two mechanisms in a dynamic stochastic general equilibrium framework. We show that, although the dynamic price...
Persistent link: https://www.econbiz.de/10005125169
Using information from on-line graded assignments in an intermediate microeconomics course, we find that non-procrastinators (both early-starters and front-loaders) obtain higher scores than their dillydallying counterparts. We also find that while busier students tend to start their assignments...
Persistent link: https://www.econbiz.de/10005503684
Persistent link: https://www.econbiz.de/10005525839
Atemporal and intertemporal use of public lands, the determination of optimal levels of wilderness designation and habitat preservation, and the appropriate regulation of natural resources have all been "hot button" issues in the American West for quite some time now. In this paper, I propose...
Persistent link: https://www.econbiz.de/10005525840
In this paper I focus on some important biological aspects of the forest management problem. I model a stochastically developing forest as a multidimensional, continuous-time Markov chain. Next, I pose three questions concerning the long-run characteristics of a stationary forest, the stochastic...
Persistent link: https://www.econbiz.de/10005525841
In a two-period model, economists such as K.J. Arrow, A.C. Fisher, and C. Henry, have shown that when development is both indivisible and irreversible, a developer who ignores the possibility of obtaining new information about the outcome of such development will invariably underestimate the...
Persistent link: https://www.econbiz.de/10005525842