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A Characterization of Inefficiency in Stochastic Overlapping Generations Economies
Bloise, Gaetano; Calciano, Filippo L. - 2007
In this paper, we provide a characterization of interim inefficiency in stochastic economies of overlapping generations under possibly sequentially incomplete markets. With respect to the established body of results in the literature, we remove the hypothesis of two-period horizons, by...
Persistent link: https://www.econbiz.de/10015260902
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Welfare dynamics based on a new concept of inefficient equilibrium
Zaman, Md Monowaruz - 2008
This article has developed a new model of welfare dynamics under imperfect information or imperfect competition by introducing a new concept of ‘inefficient welfare equilibrium’. It assumes that an economy can be split into two virtual parts. For one part the fundamental welfare theorems are...
Persistent link: https://www.econbiz.de/10015267872
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Welfare dynamics based on a new concept of inefficient equilibrium
Zaman, Md Monowaruz - 2008
This article has developed a new model of welfare dynamics under imperfect information or imperfect competition by introducing a new concept of “inefficient equilibrium”. If a country suffers from poverty, then the population of the country can be divided into two groups. For one group the...
Persistent link: https://www.econbiz.de/10015270427
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Monetary-Fiscal Forward Guidance
Kopiec, Paweł - 2024
When central banks announce cuts to future interest rates, the expected costs of government debt service decrease, generating additional resources in future budgets. This paper demonstrates that if the rational-expectations assumption is dropped, fiscal authority can exploit those gains by...
Persistent link: https://www.econbiz.de/10015213307
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New Economics
Obregon, Carlos - 2020
economic theory. The main problem of traditional economy is that it has not taken seriously the need to explore the … themselves, have perniciously enter into microeconomics, macroeconomics and economic growth theory. And as a consequence we do … economic theory. The main purpose of this manuscript is to delineate the route towards the consolidation of such a new theory. …
Persistent link: https://www.econbiz.de/10015214327
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The Imperfections of Conditional Programs and the Case for Universal Basic Income
Guimarães, Luis; Lourenço, Diogo - 2024
How costly are the imperfections of conditional welfare programs? Should we replace these programs with a Universal Basic Income (UBI)? We answer these questions using a general equilibrium model with incomplete markets, accounting for three overlooked imperfections of real-life conditional...
Persistent link: https://www.econbiz.de/10015214826
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The theoretical aspect of Muhammad Yunus’s dream-'putting poverty in museums'
Zaman, Md Monowaruz - 2007
Poverty is an irrevocable curse of our existing institutional structure and a grey area of existing economic theories. The micro-credit can support a mere semi-subsistence economic structure since its targets are those poor people who are dependent on borrowings for their subsistence. The...
Persistent link: https://www.econbiz.de/10015215063
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The impossibility of effective enforcement mechanisms in collateralized credit markets
Ferreira, Thiago Revil T.; Torres-Martínez, Juan Pablo - 2009
We analyze the possibility of the simultaneous presence of three key features in price-taking credit markets: infinity horizon, collateralized credit operations and effective additional enforcement mechanisms, i.e. those implying payments besides the value of the collateral guarantees. We show...
Persistent link: https://www.econbiz.de/10015215895
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Risk, Leverage, and Regulation of Financial Intermediaries
Tianxi, Wang - 2009
This paper presents a model on the leverage of financial intermediaries, where debt are held by risk averse agents and equity by the risk neutral. The paper shows that in an unregulated competitive market, financial intermediaries choose to be leveraged over the social best level. This is...
Persistent link: https://www.econbiz.de/10015218821
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The impossibility of effective enforcement mechanisms in collateralized credit markets
Ferreira, Thiago Revil T.; Torres-Martínez, Juan Pablo - 2009
We analyze the possibility of the simultaneous presence of three key features in price-taking credit markets: infinity horizon, collateralized credit operations and effective additional enforcement mechanisms, i.e. those implying payments besides the value of the collateral guarantees. We show...
Persistent link: https://www.econbiz.de/10015218877