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Modern infectious diseases: macroeconomic impacts and policy responses

Bloom, David E.; Kuhn, Michael; Prettner, Klaus - 2020

We discuss and review literature on the macroeconomic effects of epidemics and pandemics since the late 20th century. First, we cover the role of health in driving economic growth and well-being and discuss standard frameworks for assessing the economic burden of infectious diseases. Second, we...

Persistent link: https://www.econbiz.de/10012271478

On the Efficiency of Competitive Equilibria with Pandemics

Chari, Varadarajan V.; Kirpalani, Rishabh; Pérez, Luis - National Bureau of Economic Research - 2023

commit to contracts, virus externalities are local, and competitive equilibria are efficient. The Second Welfare Theorem also … their infection status. If society cannot control virus exposure, then virus externalities are global and competitive … externalities and result in inefficiently high economic activity. If agents cannot commit, competitive equilibria are inefficient …

Persistent link: https://www.econbiz.de/10014250134

The economics of platforms in a Walrasian framework

Jain, Anil; Townsend, Robert M. - 2020

Persistent link: https://www.econbiz.de/10012229124

A heterogeneous agents equilibrium model for the term structure of bond market liquidity

Schuster, Philipp; Gehde-Trapp, Monika; Uhrig-Homburg, … - 2013

We analyze the impact of market frictions on trading volume and liquidity premia for finite maturity assets when investors differ in their investment horizons. In equilibrium, illiquidity spills over from short-term to long-term assets and trading concentrates on assets of intermediate maturity....

Persistent link: https://www.econbiz.de/10009767309

A heterogeneous agents equilibrium model for the term structure of bond market liquidity

Schuster, Philipp; Gehde-Trapp, Monika; Uhrig-Homburg, … - 2013 - Rev.

We analyze the impact of market frictions on trading volume and liquidity premia of finite maturity assets when investors differ in their investment horizons. In equilibrium, short-horizon investors only invest in short-term assets and illiquidity spills over from short-term to long-term...

Persistent link: https://www.econbiz.de/10010248497

A heterogeneous agents equilibrium model for the term structure of bond market liquidity

Schuster, Philipp; Gehde-Trapp, Monika; Uhrig-Homburg, … - 2016

We analyze the impact of market frictions on trading volume and liquidity premia of finite maturity assets when investors differ in their trading needs. Our equilibrium model generates a clientele effect (frequently trading investors only hold short-term assets) and predicts i) a hump-shaped...

Persistent link: https://www.econbiz.de/10011449872

Consumption and asset prices with recursive preferences : continous-time approximations to discrete-time models

Fisher, Mark - 1999

Persistent link: https://www.econbiz.de/10001427379

Consumption and asset prices with homothetic recursive preferences

Fisher, Mark; Gilles, Christian - 1999

Persistent link: https://www.econbiz.de/10001427381

An experimental comparison of two exchange economies : long-lived asset versus short-lived asset

Carbone, Enrica; Hey, John Denis; Neugebauer, Tibor - 2020

The Lucas (1978) Tree Model lies at the heart of modern macro-finance. At its core, it provides an analysis of the equilibrium price of a long-lived asset in an exchange economy where consumption is the objective, and the sole purpose of the asset is to smooth consumption through time....

Persistent link: https://www.econbiz.de/10012322400

Smooth consumption externalities

Crès, Hervé - 1992

Persistent link: https://www.econbiz.de/10000867949

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