Filters








240 Hits in 8.3 sec

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

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.  ...  We focus on the optimal spectrum allocation among SUs in an exogenous hybrid market that maximizes the secondary spectrum utilization efficiency.  ...  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.  ...  We focus on the optimal spectrum allocation among SUs in an exogenous hybrid market that maximizes the secondary spectrum utilization efficiency.  ...  Acknowledgments The authors would like to thank Prof. Asuman Ozdaglar and the anonymous review team for their valuable  ... 
arXiv:1405.7175v3 fatcat:6ss3qu52mvcjvkvyn3xaojrwoq

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

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 mechanism was designed in the context of optimally segmenting the provider's data center capacity between on-demand and spot market requests.  ... 
doi:10.1145/2843945 fatcat:goj56sayqranvgwsjs6w2jwzi4

Optimal Public Expenditure with Inefficient Unemployment

Pascal Michaillat, Emmanuel Saez
2018 The Review of Economic Studies  
This paper proposes a theory of optimal public expenditure when unemployment is inefficient. The theory is based on a matching model.  ...  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  ...  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

Fee-Setting Mechanisms: On Optimal Pricing by Intermediaries and Indirect Taxation

Simon Loertscher, Andras F. Niedermayer
2012 Social Science Research Network  
Moreover, fees decrease with competition (or the weight on welfare) and the elasticity of supply but decrease with the elasticity of demand.  ...  We show that any weighted average of revenue and social welfare can be maximized through appropriately chosen transaction fees and that in increasingly thin markets such optimal fees converge to linear  ...  This proposition is in line with the prevalence of price posting in thick markets and in markets with storable goods.  ... 
doi:10.2139/ssrn.2172386 fatcat:yh75uk72gfdsvjlb4py3n3ir3u

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

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

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

Revenue Management with Partially Refundable Fares

Guillermo Gallego, Ozge Sahin
2008 Social Science Research Network  
We also investigate the social implications and show that the use of options is both socially optimal and socially efficient.  ...  The model leads directly to the study of call options on capacity that are similar to partially refundable fares.  ...  In addition, the maximum revenue is extracted when the surplus constraint is not tight and in this case the optimal price is the market clearance price.  ... 
doi:10.2139/ssrn.1476313 fatcat:vamc2taaxncfpcbvdzwxwxbpgm

Optimal monetary interventions in credit markets

Luis Araujo, Tai-Wei Hu
2018 Journal of Economic Theory  
The nature of the optimal intervention depends on the fundamentals of the economy and we provide conditions under which the optimal intervention is inflationary and under which it is deflationary.  ...  We consider two classes of interventions: an inflationary policy which uses inflation tax to forgive private debt, and a deflationary policy which uses credit tax to increase the real rate of return on  ...  In this sense, we may say that round-2 DM is relatively slack in terms of liquidity, while round-1 is relatively "tight."  ... 
doi:10.1016/j.jet.2018.10.005 fatcat:2d7yshvj3zfcdivbaiuvqcxrae

From Packet to Power Switching: Digital Direct Load Scheduling

Mahnoosh Alizadeh, Anna Scaglione, Robert J. Thomas
2012 IEEE Journal on Selected Areas in Communications  
Energy consumers are shielded from making price-aware decisions, which degrades the efficiency of the market. This state of affairs tends to favor fossil fuel generation over renewable sources.  ...  At present, the power grid has tight control over its dispatchable generation capacity but a very coarse control on the demand.  ...  In our future work, we will study architectures to incorporate these large reservoirs of storable demand in the electricity market.  ... 
doi:10.1109/jsac.2012.120702 fatcat:ev6fylbaufaonpluwpzypw5vhq
« Previous Showing results 1 — 15 out of 240 results