In recent years a relatively large body of research has explored and established the ... lived representative agents with cash-in-advance constraints or with money ..... simplicity of the model, we can give a global analysis of the equilibrium.
data. This chapter surveys this literature and places it in the context of other recent ..... the assumptions of the real business cycle model lead to big departures from its ... in advance and yet all markets may clear at all dates and agents may ha
We show that positive externalities can yield multiple steady states, a one-parameter family of homoclinic orbits, and a two-parameter family of periodic solutions. It is also shown that there exists a sunspot equilibrium in this model. Key words bif
Jul 3, 2017 - estimated version of our model fitted to U.S. data, we argue that 1) there is evidence of ... post-Great Recession dismal recovery of the U.S. economy. ... in spot markets when they exist, and liquidity service may convince people to ..
We find that despite the lack of any externalities or nonconvexities in tech- nology or preferences .... functions for each differentiated good based on their sentiments and the id- iosyncratic .... all propositions that follow without loss of genera
Nov 26, 2014 - in sunspot-contingent assets, this information would weigh down both the ..... The rich will take the other side of each s-security trade, and.
sunspots can easily occur in standard real business cycle models or in models of ... petition or of technologies that exhibit external effects and are modelled in.
response of pollution to growth will depend on the degree of relative risk-aversion and the elasticity of substitution in .... Third, higher income and education empower local communities to enforce higher environmental standards, whatever ..... cont
Feb 6, 2017 - Associate Editor (Nir Jaimovich) and an anonymous referee for very helpful comments ... erences, government expenditures and technology.3 By and large, we follow ...... that were computed with orthogonal information sets.
Jul 3, 2017 - development is in an intermediate stage, recurrent bubbles can be harmful in ... estimated version of our model fitted to U.S. data, we argue that 1) there is evidence of ... post-Great Recession dismal recovery of the U.S. economy. ...
Jan 16, 2012 - Investment in research and development (henceforth R&D) as well as employment in the ... Physical capital is mobile between sectors but with a cost. .... (2000), argues that patent applications are usually taken early ... average 2.7 p
Jun 1, 2018 - We further study to which extent our analysis could be affected by the presence of ... Firms post vacancies at a per-period cost κ, and the vacancies are ... allows us to construct a lower bound on the required volatility of risk ...
Nov 1, 2015 - to aggregate output from product scope variations is at least as important ...... uniform distribution is employed for the expectation error ...
frictions across nodes, e.g., in international trade networks, financial ...... Price rigidity has a mechanical ..... University of Chicago Booth School of Business. 44 ...
basketball players moving downcourt or the degree of coor- dination between ... National Science Foundation (NSF) Grant BNS-8811510 awarded to .... mode) and one at 180° relative phase angle (alternate mode; ..... a 33-year-old female professor (CC)
nous population growth rate, B is the cost of raising children and is constant ..... (iii) Over the domain where W12(kO,kl ) < 0 holds, optimal paths oscillate. ... A.
roughly constant, if not decreasing.3 While one can argue whether the degree of increasing returns required for indeterminacy in Benhabib and. Farmer [10] falls ...
Oct 18, 2017 - If the firm chooses to adjust the size of its workforce, it incurs a fixed adjustment cost, denoted C.10. For the purposes of the main text, we focus ...
