International monetary policy cooperation revisited: conservatism and non-atomistic wage setting
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This article shows that the inability to use monetary policy for macroeconomic stabilization leaves a government more vulnerable to a rollover crisis. We study a sovereign default model with self-fulfilling rollover crises, foreign currency debt, and nomin ...
Can artificial agents benefit from human conventions? Human societies manage to successfully self-organize and resolve the tragedy of the commons in common-pool resources, in spite of the bleak prediction of non-cooperative game theory. On top of that, rea ...
Can artificial agents benefit from human conventions? Human societies manage to successfully self-organize and resolve the tragedy of the commons in common-pool resources, in spite of the bleak prediction of non-cooperative game theory. On top of that, rea ...
International Foundation for Autonomous Agents and Multiagent Systems2022
We study a canonical model of decentralized exchange for a durable good or asset, where agents are assumed to have time-varying, heterogeneous utility types. Whereas the existing literature has focused on the special case of two types, we allow agents' uti ...
With nominal wage rigidities, it is crucial to distinguish whether wages are set by workers or firms — whether we have monopoly or monopsony power. This paper provides a model of monopsony power in the labour market and a monopsonistic Phillips Curve. If w ...
With nominal wage rigidities, it is crucial to distinguish whether wages are set by workers or firms -- whether we have monopoly or monopsony power. This paper provides a model of wage bargaining in the labour market where workers have monopoly power over ...
We propose a framework to find optimal price-based policies to regulate markets characterized by oligopolistic competition and in which consumers make a discrete choice among a finite set of alternatives. With this framework, we can include general discret ...
We propose a framework to find optimal price-based policies to regulate markets characterized by oligopolistic competition and in which consumers make a discrete choice among a finite set of alternatives. The framework accommodates general discrete choice ...
We argue that the time-varying regional distribution of housing equity influences the aggregate consequences of monetary policy through its effects on mortgage refinancing. Using detailed loan-level data, we show that regional differences in housing equity ...
We study a transportation network company (TNC) that offers on-demand solo and pooling e-hail services in an aggregate mobility service market, while competing with transit for passengers. The market equilibrium is established based on a spatial driver–pas ...