Monetary-Labor Interactions, International Monetary Regimes, and Central Bank Conservatism
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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 ...
This paper analyses the effects of quantitative easing (QE) on households' income and consumption inequality in the Euro Area. Using a SVAR with high frequency identification, I show that an identified QE shock is redistributive and expansionary. To ration ...
Motivated by applications in shared mobility, we address the problem of allocating a group of agents to a set of resources to maximize a cumulative welfare objective. We model the welfare obtainable from each resource as a monotone DR-submodular function w ...
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 ...
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 ...
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 ...
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 ...
Marshall Plan (1948-1952), introduced for postwar reconstruction in Europe, marks the Cold War economy-political and foreign policy of the US. Besides building the Western Bloc, its financial and technical assistance programs launched the self-help paradig ...
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 ...
Classical monetary systems regularly subject the most vulnerable majority of the world's population to debilitating financial shocks, and have manifestly allowed uncontrolled global inequality over the long term. Given these basic failures, how can we avoi ...