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Competitive Equilibria of Economies with a Continuum of Consumers and Aggregate Shocks

Miao, Jianjun - China Economics and Management Academy, Central … - 2004

This paper studies competitive equilibria of a production economy with aggregate productivity shocks. There is a continuum of consumers who face borrowing constraints and individual labor endowment shocks. The dynamic economy is described in terms of sequences of aggregate distributions. The...

Persistent link: https://www.econbiz.de/10009220138

Bank Finance Versus Bond Finance

Del Fiore, Fiorella; Uhlig, Harald - Becker Friedman Institute for Research in Economics, … - 2011

We present a dynamic general equilibrium model with agency costs, where heterogeneous firms choose among two alternative instruments of external finance - corporate bonds and bank loans. We characterize the financing choice of firms and the endogenous financial structure of the economy. The...

Persistent link: https://www.econbiz.de/10009399799

The Socio-Economic Distribution of AIDS Incidence and Output

Araujo, Pedro de - Center for Applied Economics and Policy Research … - 2008

to resemble sub-Sahara Africa. I use skill heterogeneity as a proxy for socioeconomic status and test scenarios where the …

Persistent link: https://www.econbiz.de/10005727842

Bank finance versus bond finance: What explains the differences between US and Europe?

De Fiore, Fiorella; Uhlig, Harald - 2005

We present a dynamic general equilibrium model with agency costs, where heterogenous firms choose among two alternative instruments of external finance - coporate bonds and bank loans. We characterize the financing choice of firms and the endogeous financial structure of the economy. The...

Persistent link: https://www.econbiz.de/10010263601

Sustainable Heterogeneity: Inequality, Growth, and Social Welfare in a Heterogeneous Population

Harashima, Taiji - Volkswirtschaftliche Fakultät, … - 2010

heterogeneity. As is well known, heterogeneity in time preference results in substantial inequality. This paper shows that, even if … heterogeneous households are equally and indefinitely satisfied, and heterogeneity is sustainable on this path. The existence of a … by relying only on markets. Sustainable heterogeneity is politically fragile and requires rational―not unconditional …

Persistent link: https://www.econbiz.de/10008493034

Bank Finance versus Bond Finance: What Explains the Differences Between US and Europe?

Uhlig, Harald; Fiore, Fiorella De - Society for Economic Dynamics - SED - 2005

Persistent link: https://www.econbiz.de/10005090833

Bank Finance versus Bond Finance: What Explains the Differences Between the US and Europe?

De Fiore, Fiorella; Uhlig, Harald - C.E.P.R. Discussion Papers - 2005

We present a dynamic general equilibrium model with agency costs, where heterogeneous firms choose between two alternative instruments of external finance - corporate bonds and bank loans. We characterize the financing choice of firms and the endogenous financial structure of the economy. The...

Persistent link: https://www.econbiz.de/10005498089

Bank finance versus bond finance: what explains the differences between US and Europe?

Fiore, Fiorella De; Uhlig, Harald - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2005

We present a dynamic general equilibrium model with agency costs, where heterogeneous firms choose among two alternative instruments of external finance-corporate bonds and bank loans. We characterize the financing choice of firms and the endogenous financial structure of the economy. The...

Persistent link: https://www.econbiz.de/10005652791

Tail Probabilities for Regression Estimators

Mikosch, Thomas; de Vries, Casper G. - 2006

Estimators of regression coefficients are known to be asymptotically normally distributed, provided certain regularity conditions are satisfied. In small samples and if the noise is not normally distributed, this can be a poor guide to the quality of the estimators. The paper addresses this...

Persistent link: https://www.econbiz.de/10010325358

Some recent advances in measurement error models and methods

Schneeweiss, Hans; Augustin, Thomas - 2005

A measurement error model is a regression model with (substantial) measurement errors in the variables. Disregarding these measurement errors in estimating the regression parameters results in asymptotically biased estimators. Several methods have been proposed to eliminate, or at least to...

Persistent link: https://www.econbiz.de/10010332971