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Real Exchange Rate Misalignment: Prelude to Crisis? [PDF]
A model of the long run equilibrium real exchange rate based upon macroeconomic fundamentals is employed to calculate real exchange rate misalignments for Poland and Russia during the 1990s using the Beveridge and Nelson (1981) decomposition of ...
David M. Kemme, Saktinil Roy
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The RAND Journal of Economics, EarlyView.ABSTRACT A platform matches a unit mass of sellers, each owning a single product of heterogeneous quality, to a unit mass of buyers with differing valuations for unit‐quality. After matching, sellers make take‐it‐or‐leave‐it price‐offers to buyers. Initially, valuations of buyers are only known to them and the platform, but sellers make inferences from
Daniele Condorelli, Balazs Szentes
wiley +1 more source
Credit growth in Central and Eastern Europe: convergence or boom? [PDF]
, 2006 Credit to the private sector has been growing very rapidly in a number of Central and Eastern European countries in recent years. The main question is whether this dynamics is an equilibrium convergence process or may rather pose stability risks.
Kiss, Gergely +2 more
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The RAND Journal of Economics, EarlyView.ABSTRACT We study a long‐horizon, oligopolistic market with random shocks to demand that can be arbitraged by two storage operators with finite capacity. This problem applies to any storable commodity—that is, most commodities. Because the arbitrage spread is so sensitive to market power, storage operators face strong incentives to restrain quantities ...
Sergei Balakin, Guillaume Roger
wiley +1 more source
Tax-Favored Retirement Accounts: Are they Efficient in Increasing Savings and Growth? [PDF]
The present paper aims to quantify the macroeconomic and welfare effects of taxfavored retirement accounts. Starting from an equilibrium without saving incentives, we introduce such accounts and compute the new transition path and the resulting long-run ...
Christian Habermann +2 more
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Imperfect rationality, macroeconomic equilibrium and price rigidities [PDF]
, 2013 We introduce some elements of Prospect Theory into a general equilibrium model with monoolistic competition in the good market and real wage rigidities due to (right to manage or efficient) wage bargaining, or to efficiency wages.
Ciccarone, Giuseppe +2 more
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Dynamic Pricing With Recommendation and Consumer Feedback
The RAND Journal of Economics, EarlyView.ABSTRACT A long‐lived seller sells a new product of unknown value by offering prices and recommendations to short‐lived consumers in continuous time. The seller receives consumer feedback about the product at a rate that increases with the instantaneous sales volume.
Wenji Xu, Shuoguang Yang
wiley +1 more source
Modern Paradigm in Macroeconomic Monetary Theories [PDF]
Ovidius University Annals: Economic Sciences Series, 2016 In this paper we tried to present an objective perspective over modern monetary theories andtheir impact on economic activity. In the end, our research stressed some specific actions thatinfluence the macroeconomic equilibrium.
Daniel Lipară
doaj
Nature Communications, 2019 Supply demand equilibria in modern macroeconomic theories do not hold during recessionary shocks. Here the authors developed a non-equilibrium theory for the susceptibility of industrial sectors to shocks and showed these susceptibilities vary across ...
Peter Klimek +2 more
doaj +1 more source
The Impact of Real Exchange Rate Misalignment and Instability on Macroeconomic Performance in Sub-Saharan Africa [PDF]
This study investigates the relationship between indicators of macroeconomic performance and real exchange rate (RER) misalignment and instability in Sub-Saharan Africa (SSA). Three measures of RER misalignment are used.
Ghura, Dhaneshwar, Grennes, Thomas J.
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