Este documento estudia un agente cuasirracional que debe escoger entre varias alternativas, pero que se enfrenta a una función de costes para tomar decisiones de manera precisa. A diferencia de la literatura anterior sobre «costes de control», este documento supone que las decisiones llevan...

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En este trabajo estudiamos los efectos de las perturbaciones monetarias en un modelo donde las probabilidades de ajustar precios y salarios varían con el estado agregado e idiosincrásico debido a los «costes de control». Tanto las empresas al por menor como los trabajadores son competidores...

Este trabajo propone dos modelos donde las empresas pueden cambiar sus precios libremente en cualquier momento sin ningún coste físico, pero donde, no obstante, los precios son rígidos por razones endógenas. Las empresas se enfrentan a shocks idiosincrásicos y agregados, y también corren...

In a monetary union, the interaction between several governments and a single central bank is plagued by several sources of deficit bias, including common pool problems. Each government has strong preferences over local spending and taxation but suffers only part of the costs of union-wide...

This paper reviews recent approaches to modeling the labour market and assessestheir implications for in‡ation dynamics through both their e¤ect on marginalcost and on price-setting behaviour. In a search and matching environment, weconsider the following modeling setups: right-to-manage...

This paper reviews recent approaches to modeling the labour market and assesses their implications for in.ation dynamics through both their effect on marginal cost and on price-setting behaviour. In a search and matching environment, we consider the following modeling setups: right-to-manage...

This paper studies the cyclical dynamics of Mortensen and Pissarides' (1994) model of job creation and destruction when workers' effort is not perfectly observable, as in Shapiro and Stiglitz (1984). An occasionally-binding no-shirking constraint truncates the real wage distribution from below,...

This paper reviews recent approaches to modelling the labour market, and assesses their implications for inflation dynamics through both their effect on marginal cost and on price-setting behaviour. In a search and matching environment, we consider the following modelling set-ups:...