pact would be to buy money with securities! When the supply of any asset is .... pectations, estimates of risk, attitudes towards risk, and a host of other fac- tors.

Apr 7, 2018 - prices are used to “estimate” marginal products, cost, and utilities. • this is important because it means that the underlying output elasticities ...

We use information technology and tools to increase productivity and .... negative, homogeneous of degree zero ..... tax models vary in the degree to which.

and Williams (2010) indicates that the CES might fare considerably better on cost-effectiveness .... the assumption that X and Y are separable in utility from K and L, the tax-interaction effect term ...... Fair, Raymond, and John Taylor, 1983.

This points to a role for fiat money as an unit of account, where by fiat money we mean ... As long as the nominal interest rate is positive, It > 0 it is clear that both conditions ... dominated asset: bonds give always a higher return. ..... ing th

the current account balance and the real exchange rate. ... a number of real frictions, such as habit formation in consumption, investment adjustment costs ...... also define the following equations: Real imports. (. ) m t t t t m Q c im. = +. (A30).

Apr 7, 2018 - Davis et al. (2007), Gordon (2012), Neiman and Karabarbounis (2014), Elsby et al. (2013), Piketty and Zucman (2014), Baqaee (2015), Barkai (2016),. Rognlie (2016), Koh et al. (2016), Gutiérrez and ...... Heterogeneous mark-ups, growth

++ → R. Agent h's portfolio holding at node ξ is denoted by θ h. (ξ) ∈ RJ and his consumption by c h. (ξ) ∈ RL. + . In order to simplify notation we will sometimes ...

by genetical predispositions, or, to a lower degree, by factors like age or occupational ..... bachelor p values in brackets (+ significant at 10%; * significant at 5%; ...

Thus by Assumption 2 the price domain of z in time period t = 1,...,2T can be considered ..... an agent with η ∈ [0,η] only sells one unit of x and does not buy y;.

Jan 10, 2017 - Department of Economics, Texas A&M University, College Station, TX 77843 USA. January .... At a technical level, our work is closer to Velez ...

The model incorporates technological change exogenously for each industry in the form of. Harrod-neutral (labor-embodied) technological progress at the rate of one percent per year. 23. Investment. In each industry, managers choose the level of inves

productivity is not affected by the agent's birth date. Government collects taxes on labor income, capital income and consumption. We assume that the capital ...

finite sets of data, and, recently, by Chiappori and Ekeland (1999a) for analytic demand functions. In all cases, the ... Sonnenschein–Debreu–Mantel (SDM) result has strong implications for the convergence of tâtonnement ...... CentER, the Unive

Suppose that fiat money is just one asset that brings no benefit to the consumer ..... In most models of fiscal policy (and of business cycles in general), the labor ... Take an increase in government spending now, assuming that technology.