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Kuang, Pei - Department of Economics, University of Birmingham - 2013

This paper studies the interaction of agents' collateral price beliefs, credit constraint and aggregate economic activity over the business cycle. Learning strengthens the role of collateral constraints in aggregate fluctuations. Under Heterogeneous learning rules, numerical simulations...

Persistent link: https://www.econbiz.de/10010797808

Comment on Assenza and Berardi "Learning in a Credit Economy" (2009, JEDC)

Kuang, Pei - Department of Economics, University of Birmingham - 2012

This comment shows that the "optimality" conditions in Assenza and Berardi (2009, JEDC) "Learning in a Credit Economy" imply that agents' "optimal" choices are either suboptimal or infeasible. It presents the correct optimality conditions and discusses the effect on the E-stability condition of...

Persistent link: https://www.econbiz.de/10010616671

Exploiting the Choice-Consumption Mismatch: A New Approach to Disentangle State Dependence and Heterogeneity

Sudhir, K.; Yang, Nathan - Cowles Foundation for Research in Economics, Yale University - 2014

heterogeneity in preferences. Our strategy exploits market environments where there is a choice-consumption mismatch. We first …

Persistent link: https://www.econbiz.de/10010895639

Heterogeneity and Uniqueness in Interaction Games

Morris, Stephen; Shin, Hyun Song - Cowles Foundation for Research in Economics, Yale University - 2003

arguments generating uniqueness in games with strategic complementarities by introducing heterogeneity in these different … settings. We also report on the relation between local and global heterogeneity, on the role of strategic multipliers and on …

Persistent link: https://www.econbiz.de/10005762837

Economic Transition and Growth

Phillips, Peter C.B.; Sul, Donggyu - Cowles Foundation for Research in Economics, Yale University - 2005

Some extensions of neoclassical growth models are discussed that allow for cross section heterogeneity among economies …

Persistent link: https://www.econbiz.de/10005593341

Adaptive Estimation of Autoregressive Models with Time-Varying Variances

Xu, Ke-Li; Phillips, Peter C.B. - Cowles Foundation for Research in Economics, Yale University - 2006

unknown nonparametric time-varying function generating heterogeneity. An important special case involves structural change in …

Persistent link: https://www.econbiz.de/10005593399

Adaptive Estimation of Autoregressive Models with Time-Varying Variances

Xu, Ke-Li; Phillips, Peter C.B. - Cowles Foundation for Research in Economics, Yale University - 2006

unknown nonparametric time-varying function generating heterogeneity. An important special case involves structural change in …

Persistent link: https://www.econbiz.de/10005593627

The Elusive Empirical Shadow of Growth Convergence

Phillips, Peter C.B.; Sul, Donggyu - Cowles Foundation for Research in Economics, Yale University - 2003

, we find an important new role for heterogeneity over time and across economies in the transitional dynamics of economic …

Persistent link: https://www.econbiz.de/10005463918

Cointegrating Rank Selection in Models with Time-Varying Variance

Cheng, Xu; Phillips, Peter C. B. - Cowles Foundation for Research in Economics, Yale University - 2009

Reduced rank regression (RRR) models with time varying heterogeneity are considered. Standard information criteria for …

Persistent link: https://www.econbiz.de/10005196029