This article attempts to make an insight into the essence of the current processes of expansion and molding of the niche of the Professional Valuation. The first part of the article is devoted to the brief review of new notions and processes which are engendered by the requirements of the...

We extend the study of banking equilibrium in Berentsen, Camera and Waller (2007) by introducing an explicit production function for banks. Banks employ labor resources, hired on a competitive market, to run their operations. In equilibrium this generates a spread between interest rates on loans...

Russian Abstract: Согласно теоретическим представлениям, жесткость цен является важнейшим условием работы процентного канала, который в свою очередь является ключевым...

Markup fluctuations are often the combined outcome of sources of variability with conflicting effects. We exploit a natural experiment framework based on episodes of unanticipated cuts in city council spending and of firm exits from the market to investigate the markup response to contractions...

In the first quarter of 2022, the Stanford Computational Antitrust project team invited the partnering antitrust agencies to share their advances in implementing computational tools. Here are the results of the survey

I construct a search model to formalize the intuitive idea that sellers hold sales to attract buyers and build customer relationships. The market consists of a large number of buyers and sellers. All sellers sell a homogeneous good and all buyers have the same publicly known valuation of the...

A common finding in empirical studies using micro data on consumer and producer prices is that hazard functions for price changes are decreasing. This means that a firm will have a lower probability of changing its price the longer it has kept it unchanged. This result is at odds with standard...

This paper uses a model of import prices whereby exporters to the euro area set export prices partly as a mark-up on their production costs (i.e., the degree of exchange rate pass-through) and partly in line with euro area producer prices (i.e., pricing-to-market). Using both time series and...

Economists never managed to consistently integrate micro- and macroeconomics. Walrasian economics is built upon microfoundations. These consist of patently absurd subjective-behavioral assumptions. Keynesian economics is built upon objective-structural macrofoundations. These are algebraically...

Speculative economic, financial, and cryptocurrency bubbles are not arcane anymore; nonetheless, they are still misunderstood. For this exact reason, they continue to form even centuries after the famous first speculative bubbles of 17th and 18th centuries. Bubbles do not form instantaneously;...