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Macroeconomic dynamics in a model of goods, labor, and credit market frictions

Nicolas Petrosky-Nadeau, Etienne Wasmer
2015 Journal of Monetary Economics  
The calibrated model leads to a significant reduction in the gap with the data, both in terms of persistence and volatility while search models of the labor market fail in one of the two dimensions.  ...  Two factors related to goods market frictions generate these results: i) the expected dynamics of consumers' search for goods, itself depending on the income redistributed by firms and the entry of new  ...  Finally, the negotiated price is increasing in goods market tightness ξ t : the greater the effective demand on the consumer side relative to the supply of unmatched goods N g , the greater the price and  ... 
doi:10.1016/j.jmoneco.2015.01.006 fatcat:xgohs3vdl5bg5cdmwmytmsc6lu

Macroeconomic Dynamics in a Model of Goods, Labor and Credit Market Frictions

Nicolas Petrosky-Nadeau, Etienne Wasmer
2011 Social Science Research Network  
The calibrated model leads to a significant reduction in the gap with the data, both in terms of persistence and volatility while search models of the labor market fail in one of the two dimensions.  ...  Two factors related to goods market frictions generate these results: i) the expected dynamics of consumers' search for goods, itself depending on the income redistributed by firms and the entry of new  ...  Finally, the negotiated price is increasing in goods market tightness ξ t : the greater the effective demand on the consumer side relative to the supply of unmatched goods N g , the greater the price and  ... 
doi:10.2139/ssrn.1865876 fatcat:3azyx7py3ndszdpnwubxztdoq4

Futures Market Efficiency in the Soybean Complex

Gordon C. Rausser, Colin Carter
1983 Review of Economics and Statistics  
They found that the corn and soybean market prices (both storable commodities) are "good" forecasts and that the potato market prices (a nonstorab1e commodity) are "bad" forecasts.  ...  The relatively poor performance of the futures market is attributed to the fact that it overestimates the variance of the price changes.  ... 
doi:10.2307/1924192 fatcat:465yxbydrvfmlbbr3fdng7cg6y

Robust Firm Pricing with Panel Data

Kanishka Misra, James W. Roberts, Benjamin R. Handel
2009 Social Science Research Network  
results relative to our bounds shed light on the potential direction of bias in these results.  ...  In these charts observe that we get quite tight bounds in the middle of the demand curve for prices between 0.35 and 0.65. However the bounds are quite wide for higher price points.  ... 
doi:10.2139/ssrn.1695631 fatcat:cvjzhygwzzf6njpegu5tlpwuxe

Combining Spot and Futures Markets: A Hybrid Market Approach to Dynamic Spectrum Access

Lin Gao, Biying Shou, Ying-Ju Chen, Jianwei Huang
2016 Operations Research  
To this end, we propose a heuristics approach based on an on-line VCG-like mechanism with polynomial-time complexity, and further characterize the corresponding performance loss bound analytically.  ...  In this paper, we propose and study a hybrid secondary spectrum market consisting of both the futures market and the spot market, in which SUs (buyers) purchase under-utilized licensed spectrum from a  ...  Acknowledgments The authors would like to thank Prof. Asuman Ozdaglar and the anonymous review team for their valuable  ... 
doi:10.1287/opre.2016.1507 fatcat:kybo6plgfbeorixf6djr2mjofi

Combining Spot and Futures Markets: A Hybrid Market Approach to Dynamic Spectrum Access [article]

Lin Gao, Biying Shou, Ying-Ju Chen, Jianwei Huang
2016 arXiv   pre-print
To this end, we propose a heuristics approach based on an on-line VCG-like mechanism with polynomial-time complexity, and further characterize the corresponding performance loss bound analytically.  ...  In this paper, we propose and study a hybrid secondary spectrum market consisting of both the futures market and the spot market, in which SUs (buyers) purchase under-utilized licensed spectrum from a  ...  Acknowledgments The authors would like to thank Prof. Asuman Ozdaglar and the anonymous review team for their valuable  ... 
arXiv:1405.7175v3 fatcat:6ss3qu52mvcjvkvyn3xaojrwoq

The Time Varying Effect of Oil Price Shocks on Euro-Area Exports

Marianna Riggi, Fabrizio Venditti
2015 Social Science Research Network  
In this paper we provide novel evidence on changes in the relationship between the real price of oil and real exports in the euro area.  ...  in production and (iii) increased competitive pressures in the product market.  ...  economy and F , i.e. the relative price of foreign goods.  ... 
doi:10.2139/ssrn.2731677 fatcat:txedrsrrhrc2xkbog6taq5qvhu

An Auction Mechanism for Cloud Spot Markets

Adel Nadjaran Toosi, Kurt Vanmechelen, Farzad Khodadadi, Rajkumar Buyya
2016 ACM Transactions on Autonomous and Adaptive Systems  
In particular, we show how it improves on the classical uniform price auction, and we investigate the value of prior knowledge on the execution time of virtual machines for maximizing profit.  ...  Our simulation-based evaluation of the mechanism demonstrates its effectiveness under a broad variety of market conditions.  ...  The study is performed with a group of 10 people competing in a spot market to acquire VM instances.  ... 
doi:10.1145/2843945 fatcat:goj56sayqranvgwsjs6w2jwzi4

Generation capacity adequacy in interdependent electricity markets

Mauricio Cepeda, Dominique Finon
2011 Energy Policy  
We test the efficiency of different approaches in two interdependent markets: energyonly market, price capped market without capacity mechanisms, price capped markets with capacity payments or with forward  ...  The results show mutual influences on price and reliability between markets coming from differences in market designs The main finding is that in a regional market, the lack of design harmonization between  ...  The results show the opposite: i.e. the negative externalities of this market with capacity mechanism in market 2 on the performances in market 1.  ... 
doi:10.1016/j.enpol.2011.02.063 fatcat:lyhzohf4ibfn3ffop7i6pmzvbm

Confidence, Crashes and Animal Spirits*

Roger E. A. Farmer
2011 Economic Journal  
for their comments on an earlier version of this paper and on a related paper that influenced the final draft. I also wish to thank three referees of this journal for their insightful comments.  ...  Abstract This paper presents a model of the macroeconomy that reformulates what  ...  And since the canonical RBC model has only one good, the relative price of the capital good in terms of the consumption good is always equal to one.  ... 
doi:10.1111/j.1468-0297.2011.02474.x fatcat:xw727r36sndo3pujc2n4hpa74y

Incentives and coordination in vertically related energy markets

Augusto Rupérez Micola, Albert Banal-Estañol, Derek W. Bunn
2008 Journal of Economic Behavior and Organization  
Sie dürfen dieses Dokument nicht in irgendeiner Weise abändern, noch dürfen Sie dieses Dokument für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, aufführen, vertreiben oder  ...  Indeed, rewards based on aggregate profits hinder the identification of individual performances.  ...  However, in the energy case, there are good reasons to support netback pricing rather than the physical flow formulation.  ... 
doi:10.1016/j.jebo.2006.12.007 fatcat:kkt5uuveeramveugycqpy36hb4

The oil trading markets, 2003-10: analysis of market behaviour and possible policy responses

A. Turner, J. Farrimond, J. Hill
2011 Oxford review of economic policy  
ISBN 978-1-907555-24-4 iii In this working paper, Adair Turner et al. consider price movements in the oil trading markets between 2003 and 2010, and provide an analysis of factors which potentially explain  ...  markets will not address the fundamental drivers of instability. iv  ...  During the period of relatively range-bound prices, between the summer of 2009 and summer of 2010, it could be argued that, in respect to a floor, the widely reported statement by Saudi Arabia"s King Abdullah  ... 
doi:10.1093/oxrep/grr008 fatcat:jivyv5vkjjbbphxakhsp6cloyu

Optimal Public Expenditure with Inefficient Unemployment

Pascal Michaillat, Emmanuel Saez
2018 The Review of Economic Studies  
In particular, it is zero when extra public goods are useless, and it completely fills the unemployment gap when extra public goods are as valuable as extra private goods. (4) The formula for optimal stimulus  ...  This paper proposes a theory of optimal public expenditure when unemployment is inefficient. The theory is based on a matching model.  ...  The first condition is the equality of supply and demand on the market for services, the second is the equality of supply and demand on the market for land, the third is the price mechanism on the market  ... 
doi:10.1093/restud/rdy030 fatcat:67tpmsa735eave2atffvyqhksq

A DMP model of intercity trade

Yannis M. Ioannides
2018 Labour Economics  
The model's use of international trade tools confers a central role to labor market tightness, akin to factor intensity. A natural dependence of unemployment on city size is generated.  ...  independently of city size, and city sizes are independent of labor market tightness considerations but reflect both market size effects and the skill composition of the economy.  ...  the price of good j.  ... 
doi:10.1016/j.labeco.2017.04.006 fatcat:jah47gwd6zhmfjpjks23ggnvaq

Failing electricity markets: should we shoot the pools?

Richard Green
2003 Utilities Policy  
In a market system, the best way to achieve efficiency is generally to have prices that signal costs. In the  ...  These were based on bilateral trading, with no place for the kind of uniform-price auction at the centre of the previous system. Were the campaign buttons right?  ...  The balance between supply and demand was not particularly tight at that time, but a complex interaction between the mix of plant on the system (a relatively high proportion was new) and the way in which  ... 
doi:10.1016/s0957-1787(03)00045-6 fatcat:sbavo7utsrab3gbzxtcovmwudy
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