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We study how the optimal degree of conservatism relates to decision-making procedures in a Monetary Policy Committee (MPC). In our framework, central bank conservatism is required to attenuate the volatility of monetary decisions generated by the presence of uncertainty about the committee...
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Apart from a priori assumptions on instantaneous or long run effects of structural shocks, sign restrictions have become a prominent means for structural vector autoregressive (SVAR) analysis. Moreover, second order heterogeneity of systems of times series can be fruitfully exploited for...
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Spanish Abstract: El presente artículo presenta un modelo sencillo de acelerador financiero, en el que a partir de la solución del problema de optimización intertemporal del flujo de renta del empresario en condiciones de competencia monopolística, es posible evaluar el impacto de dichos...
Persistent link: https://www.econbiz.de/10013055114
This study shows that the presence of imperfect competition in the banking system propagates external shocks and amplifies the business cycle. Strategic limit pricing, aimed at protecting retail niches from potential competitors, generates countercyclical bank markups. Markup increments during...
Persistent link: https://www.econbiz.de/10003730512
Public and private action against cartels is an internationally recognized cornerstone of antitrust enforcement. Effective private enforcement requires that cartel victims can receive (at least) full compensation for the harm suffered. Academics and competition authorities support this goal with...
Persistent link: https://www.econbiz.de/10010233583
We assess the ability of the cross sectional price distribution to react to shocks from the point of view of a Prescott “hotels” type model, using a sample of 435 products in 75 stores over 121 weeks. We argue that the cross sectional distribution is flexible in spite of the price repetition...
Persistent link: https://www.econbiz.de/10013135334
We analyze a monetary economy where firms trading intermediate inputs engage in long-term business-to-business (B2B) relationships. We focus on features such as search for business partners, price negotiation and productivity levels that can make it convenient to separate a relationship. These...
Persistent link: https://www.econbiz.de/10013231327