منابع مشابه
Markets with Search Frictions
THE ROYAL SWEDISH ACADEMY OF SCIENCES has as its aim to promote the sciences and strengthen their influence in society.
متن کاملExperimental Markets with Frictions
Decentralized and impersonal exchange is fundamental to contemporary economies, where many interactions take place among individuals with low levels of information about their counterpart. We review the experimental literature about markets with frictions, where strangers interact in pairs formed at random in economies of indefinite duration. We focus on the impact of communication on the effic...
متن کاملThe Trouble With Macroeconomics
For more than three decades, macroeconomics has gone backwards. The treatment of identification now is no more credible than in the early 1970s but escapes challenge because it is so much more opaque. Macroeconomic theorists dismiss mere facts by feigning an obtuse ignorance about such simple assertions as "tight monetary policy can cause a recession." Their models attribute fluctuations in agg...
متن کاملInvestment Frictions versus Financing Frictions
Bertola/Caballero (1994) and Abel/Eberly (1996) extended Jorgensons classical model of rmsoptimal investment. By introducing investment frictions, they were able to capture the role of future anticipations in investment decisions as well as the lumpy and intermittent nature of investment dynamics. We extend Jorgensons model to the other direction of nancing frictions. We construct a model ...
متن کاملPricing and Matching with Frictions
Suppose that n buyers each want one unit and m sellers each have one or more units of a good. Sellers post prices, and then buyers choose sellers. In symmetric equilibrium, similar sellers all post one price, and buyers randomize. Hence, more or fewer buyers may arrive than a seller can accommodate. We call this frictions. We solve for prices and the endogenous matching function for finite n an...
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ژورنال
عنوان ژورنال: Quarterly Review
سال: 1997
ISSN: 0271-5287
DOI: 10.21034/qr.2134