Learning from Prices: Public Communication and Welfare
نویسندگان
چکیده
منابع مشابه
Addenda to: “Learning from Prices: Public Communication and Welfare”
The following addenda contain supplementary materials. Addendum I, page 2, shows that, in our model, monetary shocks are expansionary; Addendum II, page 4 proposes an extension of our model where the micro and the macro elasticity of labor supply differ. The analysis reveals that the welfare results are governed by the macro elasticity; Addendum III, page 8, shows that our results are robust to...
متن کاملReciprocity, World Prices, and Welfare
We examine in detail the circumstances under which reciprocity, as defined in Bagwell and Staiger (1999), leads to fixed world prices. We show that a change of tariffs satisfying reciprocity does not necessarily imply constant world prices in a world of many goods and countries. While it is possible to find tariff reforms that are consistent with both reciprocity and constant world prices (as B...
متن کاملEvaluating Welfare with Nonlinear Prices
This paper examines how to evaluate consumer welfare when consumers face nonlinear prices. This problem arises in many settings, such as devising optimal pricing strategies for firms, assessing how price discrimination affects consumers, and evaluating the efficiency costs of many transfer programs in the public sector. We extend prior methods to accommodate a broad range of modern pricing prac...
متن کاملHousing Prices and the Elderly Population’s Welfare
This paper explains a technique and presents empirical results for measuring the change in elderly consumer’s welfare due to price changes in items in the Consumer Price Index (CPI). A new approach for measuring welfare changes due to price changes in owner-occupied housing in a static and dynamic setting is the cornerstone of this research. The model treats housing as an asset with the fundame...
متن کاملMarket Liquidity, Asset Prices, and Welfare
This paper presents an equilibrium model for the demand and supply of liquidity and its impact on asset prices and welfare. We show that when constant market presence is costly, purely idiosyncratic shocks lead to endogenous demand of liquidity and large price deviations from fundamentals. Moreover, market forces fail to lead to efficient supply of liquidity, which calls for potential policy in...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Journal of Political Economy
سال: 2010
ISSN: 0022-3808,1537-534X
DOI: 10.1086/657923