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Multimarket Search, Paul Murray Anglin
Multimarket Search, Paul Murray Anglin
Digitized Theses
The extensive literature on searching for price information deals almost exclusively with the search for the price of a single good. Since consumers would like to maximize the utility of consumption, a more general problem than minimizing the price of one good, search theory should consider the problem of searching in several markets in order to determine the robustness of conclusions derived from a theory of search in a single market.;In a model of behaviour in a single market, consumers may either accept or reject a price offer. In a model of multimarket search, consumers must also decide which market …
Equilibrium In A Cash-In-Advance Economy With Endogenous Labour Supply, Benoit Carmichael
Equilibrium In A Cash-In-Advance Economy With Endogenous Labour Supply, Benoit Carmichael
Digitized Theses
The thesis analyses the equilibrium of a cash-in-advance economy with endogenous production. In this framework, inflation is a tax on trade, raising the price of goods purchased relative to those supplied. The thesis investigates three aspects of the disruptive effects of this inflation tax on the allocation of resources.;The first essay analyses the effects of anticipated inflation on stock market prices in stationary equilibrium. The essay demonstrates that a permanent rise in the anticipated rate of inflation has a depressing effect on the stock market. There are two reasons for this result. Firstly, the real value of a given stream …
Essays In International Finance, Mary Grace Finn
Essays In International Finance, Mary Grace Finn
Digitized Theses
The first essay evaluates the forecasting accuracy of monetary and random walk models of the exchange rate, using monthly data on the US and UK economies over the recent flexible exchange rate period. Instrumental-variable estimates of the simple monetary model are not supported by the data, while the full-information maximum-likelihood estimates of its rational-expectations counterpart are. The latter is found to forecast as well as the random walk model. Accordingly, in the context of the monetary model of the exchange rate, the explicit incorporation of the hypothesis of rational expectations permits a richer specification of the dynamics of the exchange …
Inflation And Costly Price Adjustment, Jerzy Dariusz Konieczny
Inflation And Costly Price Adjustment, Jerzy Dariusz Konieczny
Digitized Theses
The welfare costs of anticipated inflation are analyzed on the basis of the roles money plays in the economy. The traditional account of Bailey (1956) and Friedman (1969) are incomplete. When money is a store of value inflation distorts the optimal portfolio composition and the intertemporal allocation of consumption. When money is a medium of exchange, inflation is a tax on market activities. It reduces the trading efficiency of the economy and so shrinks agents' opportunity sets. When money is used as a unit of account, accounting costs rise. The frequency of price changes may, but need not, increase. The …
Trade And Intermediation Services, Cillian Ryan
Trade And Intermediation Services, Cillian Ryan
Digitized Theses
This thesis focuses on the problem of dimensionality in trade. It interprets the service sector as a group of agents who emerge endogenously in order to assist other agents in surmounting barriers of space, time, or information.;I develop the thesis in two stages, the first using a fixed-factor model of trade and the second using a mobile-factor version. The new results that arise in this thesis are due to two features of the model. In the fixed-factor model servicers' offer curves are linear due to the fact that they arise from technological restrictions rather than the usual utility maximizing process …
Four Essays On The Economics Of Financial Distress: Bond Ratings, Bank Failures And Deposit Insurance, Brian Frederick Smith
Four Essays On The Economics Of Financial Distress: Bond Ratings, Bank Failures And Deposit Insurance, Brian Frederick Smith
Digitized Theses
The dissertation incorporates four separate essays addressing the economics of financial distress. While essays one and two examine the capital market reaction to security rating changes and bank failures, the last two offer methods for deposit insurance corporations to better handle distress among member financial institutions.;The first essay measures the impact of rating changes on equity returns. Pooled cross-section time series analysis allows testing of significance of changes in systematic risk as well as price. Tests of monthly and daily data indicated that there are no shifts in the systematic risk of firms experiencing rating changes after controlling for the …
A General Equilibrium Model Of Person Specific Information In The Labour Market, M Mobinul Huq
A General Equilibrium Model Of Person Specific Information In The Labour Market, M Mobinul Huq
Digitized Theses
In recent years a greater emphasis has been given to the matching/sorting models of human capital investment. In these models, education generates better person-specific information which leads to a return from improved firm-worker matching. The first purpose of this thesis is to explain the factors that determine the real return for education through better firm-worker matching. The second purpose is to examine how this return is affected by two changes in the economy: firstly changes in the age composition of the labour force as a baby boom generation passes through the labour force, and secondly the introduction of a social …
Managers, Learning And The Multinational Firm: Theory And Evidence, Bernard Camille Beaudreau
Managers, Learning And The Multinational Firm: Theory And Evidence, Bernard Camille Beaudreau
Digitized Theses
This thesis examines the question of managerial/organizational advantages as a cause of foreign direct investment (FDI) and thus as the basis of multinational enterprises (MNE's). Three approaches to this question are taken: historical, analytical, and empirical. Historically, managerial/organizational advantages as a cause of MNE's is traced back to the early work of Southard and Phelps in the 1930's. Analytically, three models of embodied-in-managers, intangible assets are advanced, of which two are non-strategic. In the strategic model, foreign direct investment is shown to be a dominant strategy when entry by former managers (defectors) is threatened. These models make use of Penrose's …
Price And Output Fluctuations In An Economy With A Limited Capital Market, E Liliana Rojas-Suarez
Price And Output Fluctuations In An Economy With A Limited Capital Market, E Liliana Rojas-Suarez
Digitized Theses
This thesis sets out a rational-expectations model of an economy in which firms are constrained to finance their advances to labor and their purchases of commodity inputs by borrowing from a domestic banking system, which constitutes the entire financial system of the economy. The major implication of this "financial constraint" is that the supply of output comes to depend positively on the real monetary base.;In the closed economy version of the model, a fully anticipated increase in the rate of growth of the monetary base or an anticipated temporary decrease in the level of the monetary base reduces the equilibrium …
Sectoral Shifts, Costly Mobility And Aggregate Unemployment: Evidence From Seven Industrialized Countries, Lucie Samson
Sectoral Shifts, Costly Mobility And Aggregate Unemployment: Evidence From Seven Industrialized Countries, Lucie Samson
Digitized Theses
Determining what percentage of a country's unemployment rate is "natural", as opposed to cyclical, has been a preoccupation of macroeconomists for a very long time and is still a subject of debate today. This thesis studies this issue in the light of a more recent and comprehensive approach. A theoretical model is presented in the second chapter that puts the emphasis on the presence of transaction costs in the labour and the goods markets, and of technological shocks hitting firms differently depending on the good they produce. Given the assumption of costly mobility of labour across sectors of production, it …