This study decomposed shocks of the global crude oil (GCO) market and Korean gasoline (KG) into six types using structural vector auto-regressive model. Breaking down six, we analyzed how each shock affects macroeconomy in Korea. Results analysis revealed that supply did not cause a large fluctuation prices, but it harmed macroeconomy. By contrast, two on demand side GCO caused increase domesti...

This paper assesses whether the primary effect of the global crisis on Eastern European firms took the form of an adverse demand shock or a credit crunch. Using a unique firm survey conducted by the World Bank in six Eastern European countries during the 2008 e2009 financial crisis, the paper shows that the drop in demand for firms' products and services was overwhelmingly reported as the most ...

Supply function equilibria are used in the analysis of divisible good auctions with a large number of identical objects to be sold or bought. An important example occurs in wholesale electricity markets. Despite the substantial literature on supply function equilibria the existence of a pure strategy Nash equilibria for a uniform price auction in asymmetric cases has not been established in a g...

Motivated by recent findings on the cyclical movement of both health and health spending, we construct a general equilibrium model that distinguishes health care demand from the demand for other goods. Using this model, we are able to generate inflation dynamics and cyclicality of health that match the US data. When the model is subjected to an expansionary monetary policy shock, it yields diff...

Auctions are increasingly being used to allocate emissions allowances (“permits”) for cap and trade and common-pool resource management programs. These auctions create thick markets that can provide important information about changes in current market conditions. This paper reports a laboratory experiment in which half of the bidders experienced unannounced increases in their willingness to pa...

Numerous contract scenarios in information technology goods and services, telecommunications, digital entertainment, and supply chain contracting feature demand uncertainty for individual customers (demand is subject to idiosyncratic demand shocks that change marginal valuations). Sellers in these scenarios often use non-linear pricing mechanisms (flat rate, two part tariffs, three-part tariffs...

This short note has one main ambition. It seeks to provide students with a very simple macroeconomic framework deal the short-term economic impact of COVID-19 pandemic. The explanation for unprecedented magnitude recession over span time is be found in peculiar form shock due various lockdowns. Indeed, 2020 crisis specific that it involved two recessive shocks simultaneously: demand superimpose...

This paper examines the U.S. meat demand impacts of the announced outbreaks of bovine spongiform encephalopathy (BSE) and avian influenza (AI). Findings indicate that beef and chicken demand was negatively affected by BSE and AI disease outbreaks. Specifically, in the short run, U.S. consumers shift demand due to both outbreaks but more so due to domestic disease outbreaks than for outbreaks oc...

Two shock loads of a commercial detergent (I-150 mg chemical oxygen demand (COD)/L, fed for 56 h; II-300 mg COD/L fed for 222 h) were applied in a lab-scale Expanded Granular Sludge Blanket (EGSB) reactor, fed with 1,500 mg COD/L of ethanol. The impact of the surfactant was assessed in terms of granular sludge morphology, specific methanogenic activity (SMA) in the presence of individual substr...

This paper builds on previous papers describing our ongoing research in automated market-mechanism design: using a genetic algorithm (GA) to find optimal parameter-settings for softwareagent traders that operate in virtual “e-marketplaces”, where the rules of the marketplaces are also under simultaneous control of the GA. The aim is that the GA automatically designs new agentbased e-marketplace...