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The Response Of Prices, Sales, And Output To Temporary Changes In Demand, Adam Copeland, George J. Hall Dec 2005

The Response Of Prices, Sales, And Output To Temporary Changes In Demand, Adam Copeland, George J. Hall

Cowles Foundation Discussion Papers

We determine empirically how the Big Three automakers accommodate shocks to demand. They have the capability to change prices, alter labor inputs through temporary layoffs and overtime, or adjust inventories. These adjustments are interrelated, non-convex, and dynamic in nature. Combining weekly plant-level data on production schedules and output with monthly data on sales and transaction prices, we estimate a dynamic profit-maximization model of the firm. Using impulse response functions, we demonstrate that when an automaker is hit with a demand shock sales respond immediately, prices respond gradually, and production responds only after a delay. The size of the immediate sales …


Grading In Games Of Status: Marking Exams And Setting Wages, Pradeep Dubey, John Geanakoplos Dec 2005

Grading In Games Of Status: Marking Exams And Setting Wages, Pradeep Dubey, John Geanakoplos

Cowles Foundation Discussion Papers

We introduce grading into games of status. Each player chooses effort, producing a stochastic output or score. Utilities depend on the ranking of all the scores. By clustering scores into grades, the ranking is coarsened, and the incentives to work are changed. We first apply games of status to grading exams. Our main conclusion is that if students care primarily about their status (relative rank) in class, they are often best motivated to work not by revealing their exact numerical exam scores (100,99,…,1), but instead by clumping them into coarse categories ( A,B,C ). When student abilities are disparate, the …


Broderick 1 Cdo Offering Circular, Goldman Sachs Dec 2005

Broderick 1 Cdo Offering Circular, Goldman Sachs

Documents

This offering circular serves the interest of Broderick 1 and Goldman Sachs.


Broderick 1 Cdo Term Sheet, Merrill Lynch International Dec 2005

Broderick 1 Cdo Term Sheet, Merrill Lynch International

Documents

No abstract provided.


Financial Sector Program (Loan 1601-Kor) And Institutional Strengthening Of The Financial Sector Project (Loan 1602-Kor) To The Republic Of Korea, Organisation For Economic Co-Operation And Development (Oecd) Dec 2005

Financial Sector Program (Loan 1601-Kor) And Institutional Strengthening Of The Financial Sector Project (Loan 1602-Kor) To The Republic Of Korea, Organisation For Economic Co-Operation And Development (Oecd)

Documents

No abstract provided.


E Trade Iv Cdo Offering Circular, Merrill Lynch International Dec 2005

E Trade Iv Cdo Offering Circular, Merrill Lynch International

Documents

This offering circular serves the interest of E trade IV and Merrill Lynch.


Testing Linearity In Cointegrating Relations With An Application To Purchasing Power Parity, Seung Hyun Hong, Peter C.B. Phillips Dec 2005

Testing Linearity In Cointegrating Relations With An Application To Purchasing Power Parity, Seung Hyun Hong, Peter C.B. Phillips

Cowles Foundation Discussion Papers

This paper develops a linearity test that can be applied to cointegrating relations. We consider the widely used RESET specification test and show that when this test is applied to nonstationary time series its asymptotic distribution involves a mixture of noncentral chi-squared distributions, which leads to severe size distortions in conventional testing based on the central chi-squared. Nonstationarity is shown to introduce two bias terms in the limit distribution, which are the source of the size distortion in testing. Appropriate corrections for this asymptotic bias leads to a modified version of the RESET test which has a central chi-squared limit …


Federal Reserve Bank Presentation - Residential Mortgage Lenders Peer Group Survey- Analysis And Implications For First Lien Guidance, Federal Reserve System: Board Of Governors Nov 2005

Federal Reserve Bank Presentation - Residential Mortgage Lenders Peer Group Survey- Analysis And Implications For First Lien Guidance, Federal Reserve System: Board Of Governors

Documents

No abstract provided.


Frbny Citibank European Structured Credit Derivatives Target Exam From October 31 To November 18 2005, Federal Reserve System: Federal Reserve Bank Of New York Nov 2005

Frbny Citibank European Structured Credit Derivatives Target Exam From October 31 To November 18 2005, Federal Reserve System: Federal Reserve Bank Of New York

Documents

No abstract provided.


Aig Memo From William Shirley To Kevin Mcginn Regarding Goldman Sachs, William Shirley Nov 2005

Aig Memo From William Shirley To Kevin Mcginn Regarding Goldman Sachs, William Shirley

Documents

No abstract provided.


Aig Memo From William Shirley To Kevin Mcginn Regarding Socgen, William Shirley Nov 2005

Aig Memo From William Shirley To Kevin Mcginn Regarding Socgen, William Shirley

Documents

No abstract provided.


New Organizational Structure Of The Dexia Group, Dexia Group N.V./S.A. Nov 2005

New Organizational Structure Of The Dexia Group, Dexia Group N.V./S.A.

Documents

No abstract provided.


Memorandum Of Understanding On The Asean Swap Arrangement, Association Of Southeast Asian Nations (Asean) Nov 2005

Memorandum Of Understanding On The Asean Swap Arrangement, Association Of Southeast Asian Nations (Asean)

Documents

No abstract provided.


Implementation Completion Report On A Loan In The Amount Of Us$100 Million To Colombia (33764-Co), World Bank/World Bank Group Nov 2005

Implementation Completion Report On A Loan In The Amount Of Us$100 Million To Colombia (33764-Co), World Bank/World Bank Group

Documents

No abstract provided.


Sec Information Memorandum From Lori Richards, Mary Ann Gadziala, And Office Of Compliance Inspections And Examinations Re Cse Examination Of Bear Stearns And Co Inc, Lori Richards, Mary Ann Gadziala Nov 2005

Sec Information Memorandum From Lori Richards, Mary Ann Gadziala, And Office Of Compliance Inspections And Examinations Re Cse Examination Of Bear Stearns And Co Inc, Lori Richards, Mary Ann Gadziala

Documents

No abstract provided.


Place Of Work And Place Of Residence: Informal Hiring Networks And Labor Market Outcomes, Patrick Bayer, Stephen L. Ross, Giorgio Topa Nov 2005

Place Of Work And Place Of Residence: Informal Hiring Networks And Labor Market Outcomes, Patrick Bayer, Stephen L. Ross, Giorgio Topa

Discussion Papers

No abstract provided.


The Profits Of Power: Land Rights And Agricultural Investment In Ghana, Markus Goldstein, Christopher Udry Nov 2005

The Profits Of Power: Land Rights And Agricultural Investment In Ghana, Markus Goldstein, Christopher Udry

Discussion Papers

No abstract provided.


Institutions And Development: A View From Below, Rohini Pande, Christopher Udry Nov 2005

Institutions And Development: A View From Below, Rohini Pande, Christopher Udry

Discussion Papers

No abstract provided.


Broderick 1 Cdo Pitchbook, Seneca Capital Management Llc Nov 2005

Broderick 1 Cdo Pitchbook, Seneca Capital Management Llc

Documents

No abstract provided.


A Credit Mechanism For Selecting A Unique Competitive Equilibrium, Cheng-Zhong Qin, Martin Shubik Nov 2005

A Credit Mechanism For Selecting A Unique Competitive Equilibrium, Cheng-Zhong Qin, Martin Shubik

Cowles Foundation Discussion Papers

The enlargement of the general-equilibrium structure to allow default subject to penalties to appririate credit limits and default penalties results in a construction of a simple mechanism for a credit using society. We show that there generically exists a price-normalizing bundle that determines a credit money along with appropriate credit limmits and default penalties for a credit mechanism to select a unique competitive equilibrium (CE). With some additional conditions, a common credit money can be applied such that any CE can be a unique selection by the credit mechanism with appropriate credit limits default penalties for the traders. This will …


Frb Untitled Presentation On Nontraditional Mortgages, Federal Reserve System: Board Of Governors Nov 2005

Frb Untitled Presentation On Nontraditional Mortgages, Federal Reserve System: Board Of Governors

Documents

No abstract provided.


Florida Department Of Law Enforcement Mortgage Fraud Assessment, Guy M. Tunnell Nov 2005

Florida Department Of Law Enforcement Mortgage Fraud Assessment, Guy M. Tunnell

Documents

No abstract provided.


Citibank London Correlation Book October-November 2005, Citibank Nov 2005

Citibank London Correlation Book October-November 2005, Citibank

Documents

No abstract provided.


E Trade Iv Cdo Term Sheet, Merrill Lynch International Nov 2005

E Trade Iv Cdo Term Sheet, Merrill Lynch International

Documents

No abstract provided.


G Street Finance Cdo Pitchbook Of A Static High Grade Structured Product, Wharton Asset Management Nov 2005

G Street Finance Cdo Pitchbook Of A Static High Grade Structured Product, Wharton Asset Management

Documents

No abstract provided.


Lenox Cdo Pitchbook, Dynamic Credit Partners, Llc Nov 2005

Lenox Cdo Pitchbook, Dynamic Credit Partners, Llc

Documents

No abstract provided.


Lenox Cdo Term Sheet, Merrill Lynch International Nov 2005

Lenox Cdo Term Sheet, Merrill Lynch International

Documents

No abstract provided.


Amendment To The Capital Accord To Incorporate Market Risks, Bank For International Settlements (Bis) Nov 2005

Amendment To The Capital Accord To Incorporate Market Risks, Bank For International Settlements (Bis)

Documents

No abstract provided.


Abacus 2005-5 Cdo Offering Circular, Goldman Sachs Nov 2005

Abacus 2005-5 Cdo Offering Circular, Goldman Sachs

Documents

This offering circular serves the interest of Abacus 2005-5 and Goldman Sachs.


Fannie Mae Presentation To Hud- Update On Fannie's Housing Goals Performance, Federal National Mortgage Association (Fannie Mae) Oct 2005

Fannie Mae Presentation To Hud- Update On Fannie's Housing Goals Performance, Federal National Mortgage Association (Fannie Mae)

Documents

No abstract provided.