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Real and Nominal Wage Rigidity in a Model of Equal-Treatment Contracting Following insights by Bewley (1999a), this paper analyses a model with downward rigidities in which firms cannot pay discriminate based on a year of entry to a firm, and develops an equilibrium model of wages and unemployment. We solve for the dynamics of wages and unemployment under conditions of downward wage rigidity, w...

We consider infinite-horizon economies populated by a continuum of agents subject to idiosyncratic shocks. This framework contains models of saving and capital accumulation with incomplete markets in the spirit of works by Bewley, Aiyagari, and Huggett, models of entry, exit and industry dynamics in the spirit of Hopenhayn’s work as well as dynamic models of occupational choice and search model...

K. A. McEwen,1 J. Jensen,2 E. D. Beirne,1 J. P. Allen,1 K. Habicht,3 D. T. Adroja,4 R. I. Bewley,4 and D. Fort5 1Department of Physics and Astronomy, University College London, Gower Street, London WC1E 6BT, United Kingdom 2Niels Bohr Institute, Universitetsparken 5, 2100 Copenhagen, Denmark 3Berlin Neutron Scattering Centre, Hahn-Meitner-Institute, Glienicker Strasse 100, 14109 Berlin, Germany...

Debreu and Scarf (1963), Hildenbrand (1974), Aumann (1964), Dierker (1975), Bewley (1973), others have shown that the core of an exchange economy with infinitely many or finitely traders converges. However, does not always consist traders. This note provides proof convergence theorem on limited by a bargaining game methodology. The main contribution this is to innovate equilibrium solution in e...

امروزه توسعه سیستم‌های کارآمد و اثربخش بهداشت درمان به یکی از نگرانی‌های اصلی دولت‌ها تصمیم‌گیرندگان تبدیل شده است. تأمین به‌موقع دارو کارایی سیستم موجودی توزیع، نقشی حیاتی در زنجیره بیمارستانی دارند برای افزایش این فعالیت‌ها، فرآیند تصمیم‌گیری مناسب مدیریت ضروری نظر می‌رسد. پژوهش یک مدل دوهدفه به‌صورت برنامه‌ریزی خطی عدد صحیح مختلط جریان اطلاعات ارائه اهداف حداقل­کردن هزینه‌های خرید، نگهداری، ...

The application of optimal control theory to complex problems in fluid mechanics has proven to be quite effective when complete state information from high-resolution numerical simulations is available [P. Moin, T.R. Bewley, Appl. Mech. Rev., Part 2 47 (6) (1994) S3–S13; T.R. Bewley, P. Moin, R. Temam, J. Fluid Mech. (1999), submitted for publication]. In this approach, an iterative optimizatio...

Berentsen, Camera, and Waller (henceforth BCW) have written a nice piece that illustrates the effects of monetary policy when the distribution of money balances is non-degenerate across the population at the time of a policy action. The model is very helpful in addressing the issues at hand, and I felt that the article is, in general, quite instructive. Perhaps the closest relative of this arti...

Using a Bewley-Hugget-Aiyagari model we show how to use the Fokker-Planck equation for likelihood inference in heterogeneous agent (HA) models. We study finite sample properties of maximum estimator (MLE) Monte Carlo experiments using cross-sectional data on wealth and income. Kullback–Leibler divergence investigate identification problems that may affect inference. Unrestricted MLE leads consi...

Infrequent but turbulent sovereign defaults on domestic creditors were a “forgotten history” in macroeconomics. We propose Bewley model which the government chooses debt and default foreign by balancing distributional incentives versus benefits of for self-insurance, liquidity, risk-sharing. A feedback mechanism links issuance, distribution, decision, risk premia. Calibrated to Eurozone data, i...