Foreign Ownership and Productivity Dynamics
RECERCAT - Dipòsit de Recerca de Catalunya
, this paper shows that foreign ownership is an important source of firm heterogeneity affecting productivity dynamics. Foreign firms have contributed disproportionately large to aggregate productivity growth, but more importantly reallocation processes...
Moral Hazard and Dynamics of Insider Ownership Stakes
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Branko Urosevic; Resumen : In this paper, I analyze the ownership dynamics of N strategic risk-averse corporate insiders facing a moral hazard problem. A solution for the...
Job Dynamics, Correlated Shocks and Wage Profiles
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Antonio Cabrales; Hugo Hopenhayn; Resumen : We generalize the Mortensen-Pissarides (1994) model of the labor market with a more realistic structure for the stochastic process of the shocks to the worker-firm match. In thi...
Inflation and Output Dynamics with Firm-owned Capital
RECERCAT - Dipòsit de Recerca de Catalunya
implies equilibrium dynamics which are quantitatively di¤erent from the ones associated with a benchmark case where households accumulate capital and rent it to firms. Our findings therefore stress the importance of modeling an investment decision at the...
Adaptive Dynamics and the Implementation Problem with Complete Information
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Antonio Cabrales; Resumen : This paper studies the equilibrating process of several implementation mechanisms using naive adaptive dynamics. We show that the dynamics...
Minimum Price Variations, Time Priority and Quotes Dynamics
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Tito Cordella; Thierry Foucault; Resumen : We analyze the impact of a minimum price variation (tick) and time priority on the dynamics of quotes and the trading costs...
Credit Cycles in Theory and Experiment
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Antoni Bosch-Domènech; María Sáez; Resumen : We test in the laboratory the potential of evolutionary dynamics as predictor of actual behavior. To this end, we propose an...
Pitfalls in the Modeling of Forward-Looking Price Setting and Investment Decisions
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Tommy Sveen; Lutz Weinke; Resumen : The present paper makes progress in explaining the role of capital for inflation and output dynamics. We followWoodford (2003, Ch. 5...
Adaptive Learning in Models with Lagged Variables
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Wilfredo Leiva; Resumen : In this work I study the stability of the dynamics generated by adaptive learning processes in intertemporal economies with lagged variables. I...
Stochastic Uncoupled Dynamics and Nash Equilibrium
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Sergiu Hart; Andreu Mas-Colell; Resumen : In this paper we consider dynamic processes, in repeated games, that are subject to the natural informational restriction of uncoupledness. We study the almost sure convergence to...
Human Capital Distribution, Growth and Convergence
RECERCAT - Dipòsit de Recerca de Catalunya
a dynamics in which aggregate variables depend not only on the stock, but also on the distribution of human capital. The evolution of this distribution over time is then characterized under different assumptions on private returns and the form of the...
Long-Run Selection and the Work Ethic
RECERCAT - Dipòsit de Recerca de Catalunya
approximation of stochastic evolutionary dynamics we give conditions for equilibria with a positive number of contributors to be selected in the long run....
Finite Horizon Bargaining and the Consistent Field
RECERCAT - Dipòsit de Recerca de Catalunya
payoffs of the noncooperative bargaining games. We show that for transferable utility, hyperplane and pure bargaining games, the dynamics of the consistent fields converge globally to the unique consistent value. However, in the general NTU case, the...
Stock Returns, Term Structure, Inflation and Real Activity: An International Perspective
RECERCAT - Dipòsit de Recerca de Catalunya
predictive power and that innovations in inflation and exchange rates induce insignificant responses of real and financial variables. An interpretation of the dynamics and some policy implications of the results are provided....
Economic Booms, Trade Deficits, and Economic Policy
RECERCAT - Dipòsit de Recerca de Catalunya
persisted after the return to the initial exchange rate parity- and a deteriorating traded sector. Those circumstances have typically raised the question of the de-sirability of some stabilization policy. We show that the dynamics induced by an expected...
Income Taxation in a Frictional Labor Market
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Joel Shapiro; Resumen : A new model of wage dispersion is used to examine welfare aspects of income taxation. The model retains the dynamics of wage posting models while...
Strike Outcomes and Wage Settlements in Spain
RECERCAT - Dipòsit de Recerca de Catalunya
. Furthermore, we find selection in wage equations induced by the strike outcome. In this sense, the possibility of wage determination processes being different in strike and non-strike samples is not rejected by the data. In particular, wage dynamics are of...
Credit Derivatives in Emerging Markets
RECERCAT - Dipòsit de Recerca de Catalunya
market has grown rapidly and credit derivatives are widely used. This paper describes the emerging credit derivatives market structure. The current market activity is analyzed through elementary pricing dynamics and the study of the term structure of...
Crossing the Rio Grande: Migrations, Business Cycles and the Welfare State
RECERCAT - Dipòsit de Recerca de Catalunya
dynamic effects and three different fiscal systems for the redistribution of income and find that these schemes can change the dynamics and lead to prolonged periods of adjustments. The aggregate welfare implications are sensitive to the welfare system...
