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 Essays on Macroeconomics Monetary Policy and Firm Heterogeneity written by Claire Thürwächter and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Monetary Economies with Heterogeneous agents written by Hoonsik Yang and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three essays in monetary economics. Although the topic of each chapter differs, the approach is shared: I extend a random matching model of money by augmenting the set of money holdings, and compute socially desirable allocations in the spirit of mechanism design analysis. The augmentation is not just technically improving the model, but making the model rich enough to think about the economic problem that each chapter delves into. I document some interesting properties of the desirable allocations, and highlight the differences generated by the extension.Chapter 1. "A beneficial role of government bonds"I study a random matching model of money to show that the existence of bonds can be beneficial to a society, compared to having only money. In the model, anonymous agents randomly meet in pairs to produce and consume, hence money becomes essential. I compare two identical economies except the availability of bonds, in the sense that people can use any available assets as payments. Following the mechanism design approach, I define implementable allocations and the optimum. Under the notion of the implementability, social planner can devise trading mechanisms that induce people to hold both assets without exogenously given advantages of money as means of payment. I find that having both bondsand money in the economy can improve social welfare over having only money. This role of bonds is associated with a beneficial effect of inflation produced by lump-sum transfers, and it is achieved differently from the previously documented mechanism.Chapter 2. "Optimal intervention in a random-matching model of money" (joint with Wataru Nozawa)Wallace [2014] conjectures that there generically exists an inflation-financed transfer scheme that improves welfare over no intervention in pure-currency economies. We investigate this conjecture in the Shi-Trejos-Wright model with different upper bounds on money holdings. The choice of an upper bound affects the results as some potentially beneficial transfer schemes cannot be studied under small upper bounds. Numerical optima are computed for different degrees of discounting rate and risk aversion. As the upper bound on money holdings increases, optima are more likely to have positive money creation (and inflation),and this result is in line with the conjecture.Chapter 3. "Optimal inflation in a model of inside money: A further result" (joint with Wataru Nozawa)We extend the Deviatov and Wallace [2014] model of inside money in which they find some examples where inflation is beneficial. Their model is restrictive in that it cannot address policies that provide interests on cash (Friedman rule). With a higher upper bound on money holdings than what they use, such policies can be engineered without inflation and resulting allocations are potentially better than what they find, in which case positive inflation is not a property of good allocation. We investigate this possibility and confirm their results in a more generalized setting for some parameters. At optima for the examples, interest on cash is not provided and positive inflation arises in a similar manner to their work. Welfareat optimum increases monotonically with respect to discount factor and public monitoring capacity of a society, but other variables change in a more complex way.

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 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 The Architecture of Illegal Markets written by Jens Beckert and published by Oxford University Press. This book was released on 2017 with total page 330 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book makes a contribution to understanding the structure of markets on which such illegal transactions occur. The authors apply the tools of economic sociology to develop conceptual frames allowing to understand the organization of such markets and present case studies that provide insights into the illegal side of the economy.

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 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 Social and Economic Factors in Decision Making under Uncertainty written by Kinga Posadzy and published by Linköping University Electronic Press. This book was released on 2017-11-16 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: The objective of this thesis is to improve the understanding of human behavior that goes beyond monetary rewards. In particular, it investigates social influences in individual’s decision making in situations that involve coordination, competition, and deciding for others. Further, it compares how monetary and social outcomes are perceived. The common theme of all studies is uncertainty. The first four essays study individual decisions that have uncertain consequences, be it due to the actions of others or chance. The last essay, in turn, uses the advances in research on decision making under uncertainty to predict behavior in riskless choices. The first essay, Fairness Versus Efficiency: How Procedural Fairness Concerns Affect Coordination, investigates whether preferences for fair rules undermine the efficiency of coordination mechanisms that put some individuals at a disadvantage. The results from a laboratory experiment show that the existence of coordination mechanisms, such as action recommendations, increases efficiency, even if one party is strongly disadvantaged by the mechanism. Further, it is demonstrated that while individuals’ behavior does not depend on the fairness of the coordination mechanism, their beliefs about people’s behavior do. The second essay, Dishonesty and Competition. Evidence from a stiff competition environment, explores whether and how the possibility to behave dishonestly affects the willingness to compete and who the winner is in a competition between similarly skilled individuals. We do not find differences in competition entry between competitions in which dishonesty is possible and in which it is not. However, we find that due to the heterogeneity in propensity to behave dishonestly, around 20% of winners are not the best-performing individuals. This implies that the efficient allocation of resources cannot be ensured in a stiff competition in which behavior is unmonitored. The third essay, Tracing Risky Decision Making for Oneself and Others: The Role of Intuition and Deliberation, explores how individuals make choices under risk for themselves and on behalf of other people. The findings demonstrate that while there are no differences in preferences for taking risks when deciding for oneself and for others, individuals have greater decision error when choosing for other individuals. The differences in the decision error can be partly attributed to the differences in information processing; individuals employ more deliberative cognitive processing when deciding for themselves than when deciding for others. Conducting more information processing when deciding for others is related to the reduction in decision error. The fourth essay, The Effect of Decision Fatigue on Surgeons’ Clinical Decision Making, investigates how mental depletion, caused by a long session of decision making, affects surgeon’s decision to operate. Exploiting a natural experiment, we find that surgeons are less likely to schedule an operation for patients who have appointment late during the work shift than for patients who have appointment at the beginning of the work shift. Understanding how the quality of medical decisions depends on when the patient is seen is important for achieving both efficiency and fairness in health care, where long shifts are popular. The fifth essay, Preferences for Outcome Editing in Monetary and Social Contexts, compares whether individuals use the same rules for mental representation of monetary outcomes (e.g., purchases, expenses) as for social outcomes (e.g., having nice time with friends). Outcome editing is an operation in mental accounting that determines whether individuals prefer to first combine multiple outcomes before their evaluation (integration) or evaluate each outcome separately (segregation). I find that the majority of individuals express different preferences for outcome editing in the monetary context than in the social context. Further, while the results on the editing of monetary outcomes are consistent with theoretical predictions, no existing model can explain the editing of social outcomes.

Download or read book Empirical essays in monetary economics written by Ivo Johannes Maria Arnold and published by . This book was released on 1995 with total page 219 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays in Monetary Economics Collected Works of Harry Johnson written by Harry G. Johnson and published by Routledge. This book was released on 2013-07-18 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: Reprinting the second edition (which included a new introduction explaining developments which had emerged since first publication) this book discusses explorations in the fundamental theory of a monetary economy, a theoretical critique of the ‘Phillips Curve’ approach to the theory of inflation and the theory of the term structure of interest rates in terms of the theory of forward markets pioneered by David Meiselman.

Download or read book Should Inequality Factor Into Central Banks Decisions written by Niels-Jakob Harbo Hansen and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Handbook of Computational Economics written by Leigh Tesfatsion and published by Elsevier. This book was released on 2006-05-15 with total page 905 pages. Available in PDF, EPUB and Kindle. Book excerpt: The explosive growth in computational power over the past several decades offers new tools and opportunities for economists. This handbook volume surveys recent research on Agent-based Computational Economics (ACE), the computational study of economic processes modeled as dynamic systems of interacting agents. Empirical referents for "agents" in ACE models can range from individuals or social groups with learning capabilities to physical world features with no cognitive function. Topics covered include: learning; empirical validation; network economics; social dynamics; financial markets; innovation and technological change; organizations; market design; automated markets and trading agents; political economy; social-ecological systems; computational laboratory development; and general methodological issues.*Every volume contains contributions from leading researchers*Each Handbook presents an accurate, self-contained survey of a particular topic *The series provides comprehensive and accessible surveys

Download or read book Essays on Monetary Economics and Applied Macroeconomics written by Donghai Zhang and published by . This book was released on 2018 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis consists three chapters on topics in monetary economics and applied macroeconomics. In the first chapter, I consider a framework where the central bank has private information about future economic conditions. Agents update their beliefs according to Bayes' theorem. Policy actions play a signaling role, and may therefore have an impact on both short and long-term interest rates. I discuss the implications of information frictions for the design of optimal simple rule. In the second chapter, I explore the role of market power for the optimal choice of infla-tion index for a central bank to stabilize In a framework with cross-sector heterogeneities in both nominal rigidity and market power. The optimal weight attached to inflation in a sector is increasing in this sector's: i)price stickiness (stickiness channel) and ii) degree of market competition (competition channel). Moreover, if firms in a more competitive sector adjust their price more frequently as predicted by costly price adjustment models, the competition channel offsets the stickiness channel. In the third chapter, I show that for short horizon exchange rate predictability, the simple random walk model outperforms professional forecasts. A new puzzle arises: why do professional forecasters not adopt the simple random walk model to provide a more accurate estimate? I provide an explanation based on ambiguity averse forecasters.

Download or read book Essays in Financial Economics written by Rita Biswas and published by Emerald Group Publishing. This book was released on 2019-10-24 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume, dedicated to John W. Kensinger, explores a variety of topics in financial economics, including firm growth, investment risks, and the profitability of the banking industry. With its global perspective, Essays in Financial Economics is a valuable addition to the bookshelf of any researcher in finance.

Download or read book Essays in Applied Economics written by Monica Andini and published by . This book was released on 2013 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt: The thesis is a collection of essays in Applied Economics. The first essay employs unique Italian data to jointly consider different aspects of the relationship between agglomeration and labor market pooling. The paper looks across all industries from the perspectives of both workers and firms. The study finds evidence of a positive relationship between turnover and agglomeration, evidence of on-the-job learning and evidence consistent with agglomeration improving job matches. However, the estimated labor market pooling gains seem unlikely to account for a substantial share of the agglomeration benefits accruing to workers and firms. The second essay evaluates the effectiveness of a major Italian place-based policy through which the government endorses and finances an industrialization plan proposed by private firms. By using as counterfactuals the areas exposed to the same policy later in time, the study finds little evidence of a positive effect of the program on plants and employment growth rates, which is confined to a small area (municipality) and crowds out the economic growth of the surroundings. The third essay uses the consolidation of Italian municipalities brought about by the fascist dictatorship in the 1920s to gauge the role of the size of local jurisdictions for economic development. It finds that the consolidation was associated with relevant net welfare gains for the communities involved. In particular, the advantages related to the bigger economies of scale in larger jurisdictions overwhelmed the costs owing to the higher heterogeneity. The fourth essay investigates the impact of financial development on the quantiles of the conditional growth distribution. The study presents a growth model showing the quantile effects of finance on growth and provides empirical evidence consistent with the idea that countries in the upper tail of the conditional growth distribution react more than countries in the lower tail to the same financial stimulus.

Download or read book Computational Economics Heterogeneous Agent Modeling written by Cars Hommes and published by Elsevier. This book was released on 2018-06-27 with total page 836 pages. Available in PDF, EPUB and Kindle. Book excerpt: Handbook of Computational Economics: Heterogeneous Agent Modeling, Volume Four, focuses on heterogeneous agent models, emphasizing recent advances in macroeconomics (including DSGE), finance, empirical validation and experiments, networks and related applications. Capturing the advances made since the publication of Volume Two (Tesfatsion & Judd, 2006), it provides high-level literature with sections devoted to Macroeconomics, Finance, Empirical Validation and Experiments, Networks, and other applications, including Innovation Diffusion in Heterogeneous Populations, Market Design and Electricity Markets, and a final section on Perspectives on Heterogeneity. - Helps readers fully understand the dynamic properties of realistically rendered economic systems - Emphasizes detailed specifications of structural conditions, institutional arrangements and behavioral dispositions - Provides broad assessments that can lead researchers to recognize new synergies and opportunities