Download or read book Essays in the Economics of Heterogeneity written by Laurent E. Calvet and published by . This book was released on 1998 with total page 800 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Interaction and Market Structure written by Domenico Delli Gatti and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a collection of essays which examine how the properties of aggregate variables are influenced by the actions and interactions of heterogenous individuals in different economic contexts. The common denominator of the essays is a critique of the representative agent hypothesis. If this hypothesis were correct, the behaviour of the aggregate variable would simply be the reproduction of individual optimising behaviour. In the methodology of the hard sciences, one of the achievements of the quantum revolution has been the rebuttal of the notion that aggregate behaviour can be explained on the basis of the behaviour of a single unit: the elementary particle does not even exist as a single entity but as a network, a system of interacting units. In this book, new tracks in economics which parallel the developments in physics mentioned above are explored. The essays, in fact are contributions to the analysis of the economy as a complex evolving system of interacting agents.
Download or read book Essays on the Economics of Heterogeneity written by Nils-Holger Gudat and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays on Public Economics and Heterogeneity written by Anderson Luís Schneider and published by . This book was released on 2009 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Heterogeneity in Economic Networks written by Malte Cherdron and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays in Financial Economics on Heterogeneity in the Marginal Propensity to Consume written by Jan Wedigo Radermacher and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Heterogeneity and Cooperation written by Felix Kölle and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Four Essays in Monetary Economics and Heterogeneity written by Giacomo Mangiante and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Thèse. HEC. 2023
Download or read book Stochastic Dynamics written by Lutz Schimansky-Geier and published by Springer. This book was released on 1997-05-20 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt: Stochastic Dynamics, born almost 100 years ago with the early explanations of Brownian motion by physicists, is nowadays a quickly expanding field of research within nonequilibrium statistical physics. The present volume provides a survey on the influence of fluctuations in nonlinear dynamics. It addresses specialists, although the intention of this book is to provide teachers and students with a reliable resource for seminar work. In particular, the reader will find many examples illustrating the theory as well as a host of recent findings.
Download or read book Essays on Economies with Heterogeneous Labor written by Brandon Charles Lehr and published by . This book was released on 2010 with total page 133 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this thesis, I study two different economies that consist of heterogeneous labor. By allowing for differences among individuals where previous analyses restricted attention to homogeneous labor, I am able to understand the impact of such a consideration on issues of optimal policy and potential equilibria. The first chapter, Optimal Social Insurance with Individual Private Insurance and Moral Hazard, characterizes optimal social insurance in an economy where competitive firms also provide insurance to workers facing uncertain outcomes. An ex-ante heterogeneous population of workers exerts effort to increase the likelihood of high outcome events. This chapter is novel in its joint consideration of two sources of heterogeneity, two potential sources of insurance, and an endogenous ex-post distribution of outcomes. The introduction of ex-ante heterogeneity in the presence of optimal private insurance changes the optimal prescription for social insurance away from zero. Moreover, the relative source of the variation in outcomes due to ex-ante heterogeneity and ex-post shocks plays a significant role in the welfare loss associated with setting optimal social insurance without recognizing the presence of private insurance. The second chapter, Efficiency Wages with Heterogeneous Agents, builds a model of efficiency wages with heterogeneous workers in the economy who differ with respect to their disutility of labor effort. In such an economy, two types of pure strategy symmetric Nash equilibria in firm wage offers can exist: a no-shirking equilibrium in which all workers exert effort while employed and a shirking equilibrium in which within each firm some workers exert effort while others shirk. The type of equilibrium that prevails in the economy depends crucially on the extent of heterogeneity among the workers. In addition, it is shown that the characterization of the economy is independent of allowing for variable labor hours and the subsequent adverse selection problem it introduces, as there does not exist a pure strategy symmetric separating Nash equilibrium. Finally, in the third chapter I correct the proof of the main proposition in the analysis of an efficiency wage model with a continuum of heterogeneous agents constructed by Albrecht and Vroman (1998).
Download or read book Essays on Heterogeneity in Econometric Models written by Shengwu Shang and published by . This book was released on 2013 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Firms Heterogeneity and Business Cycles written by Andrea Alati and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Heterogeneous Agent Economics written by Robert Jump and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays on the Role of Heterogeneity in Industrial Organization International Trade and Environmental Economics written by Xin Zhao and published by . This book was released on 2017 with total page 115 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three studies on trade, industrial organization, and environmental economics. The first study investigates endogenous cartel formation with market entry and firm heterogeneity. We show why large firms do not join a cartel in some industries and choose to compete rather than cooperate with a cartel. We illustrate that, under certain conditions, only firms with intermediate productivity benefit from joining a cartel; and low-productive firms cannot compete efficiently for production quota in the cartel and hence choose to stay out. High-productive firms prefer to stay out because building excess capacity in cartel lowers their profits.
Download or read book Essays in Heterogeneous Agent Monetary Economics written by Christian D. Bustamante Amaya and published by . This book was released on 2019 with total page 119 pages. Available in PDF, EPUB and Kindle. Book excerpt: In these essays, I study the interplay of monetary policy with agent heterogeneity in economies with frictional markets. While accounting for the heterogeneity observed at the micro level, I investigate the implications of having persistent differences in firms and households' balance sheets and their consequences for business cycle fluctuations in monetary economies during both normal times and in times of economic distress. In the first chapter, “Debt Overhang, Monetary Policy, and Economic Recoveries After Large Recessions”, I explore why conventional monetary policy was so ineffective in mitigating the severity of the 2007 U.S. recession and unsuccessful thereafter in stimulating aggregate demand. Linking firm-level data with predictions from a model, I show that accounting for individual firms’ debt structures is crucial in explaining why business investment fell so dramatically through the recession and remained low for several years, despite the Federal Reserve repeatedly cutting its target interest rate until conventional policy tools were exhausted. Using a sample of publicly traded firms, I establish that firms with greater long-term debt exposure experienced larger contractions and slower recoveries in their investment expenditure. Next, I show that debt overhang episodes were unusually prevalent over the years following the onset of the recession, and particularly so among firms relying more heavily on long-maturing debt. To understand these microeconomic observations and their implications for aggregates, I develop a New Keynesian model where heterogeneous firms finance investment using defaultable nominal long-term debt and where the central bank faces an explicit zero lower bound constraint. There, the greater a firm’s leverage, the higher its likelihood of experiencing a debt overhang episode following a large aggregate shock. Moreover, the severity of debt overhang problems, and their consequences for the distribution and level of aggregate investment, compounds with (1) an increased real value of debt, i.e., debt deflation, and (2) the monetary authority’s inability to restore inflation once nominal interest rates reach the zero lower bound. Together, firms’ long maturity debt positions and the binding zero lower bound are critical in transmitting the consequences of a deep recession into a remarkably anemic recovery in aggregate investment.
Download or read book Essays in Public and Environmental Economics Household Heterogeneity and the Distributional Effects of Climate Policy written by Giacomo Schwarz and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Heterogeneous Firms in International Economics written by Konstantinos Costas Arkolakis and published by . This book was released on 2007 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt:
