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Author : Mark Victor Loewenstein
Publisher :
ISBN 13 :
Total Pages : 152 pages
Book Rating : 4.:/5 (364 download)
Download or read book Essays on Financial Markets with Frictions written by Mark Victor Loewenstein and published by . This book was released on 1996 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Shengxing Zhang
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (14 download)
Download or read book Essays on frictions in financial over-the-counter markets written by Shengxing Zhang and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Makoto Watanabe
Publisher :
ISBN 13 :
Total Pages : 280 pages
Book Rating : 4.:/5 (645 download)
Download or read book Essays on Middlemen and Market Frictions written by Makoto Watanabe and published by . This book was released on 2005 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Marcel Jansen
Publisher :
ISBN 13 :
Total Pages : 159 pages
Book Rating : 4.:/5 (535 download)
Download or read book Essays on Efficiency in Markets with Frictions written by Marcel Jansen and published by . This book was released on 2002 with total page 159 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Stanislav Rabinovich
Publisher :
ISBN 13 :
Total Pages : 97 pages
Book Rating : 4.:/5 (799 download)
Download or read book Essays on Markets with Frictions written by Stanislav Rabinovich and published by . This book was released on 2012 with total page 97 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Christoph Ungerer
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (862 download)
Download or read book Essays on Markets with Frictions written by Christoph Ungerer and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The classical treatment of market transactions in economics presumes that buyers and sellers engage in transactions instantly and at no cost. In a series of applications in the housing market, the labour market and the market for corporate bonds, this thesis shows that relaxing this assumption has important implications for Macroeconomics and Finance. The first chapter combines theory and empirical evidence to show that search frictions in the housing market imply a housing liquidity channel of monetary policy transmission. Expansionary monetary policy attracts buyers to the housing market, raising housing liquidity. Higher housing sale rates in turn allow lenders to threaten foreclosure more effectively, because the expected carrying costs on foreclosure inventory are lower. Ex-ante, this makes banks willing to offer larger loans, stimulating aggregate demand. The second chapter uses a heterogeneous firm industry model to explore how the macroeconomic response to a temporary employer payroll tax cut depends on the hiring and firing costs faced by firms. Controversially, the presence of non-convex labour adjustment costs suggests that tax cuts create fewer jobs in recessions. When firms hoard labour during downturns, they do not respond to marginal tax cuts by hiring additional workers. The third chapter develops a theory in which trader career concerns generate an endogenous transaction friction. Traders are reluctant to sell assets below historical purchase price, since realizing a loss signals to the employer that the trader is incompetent. The chapter documents empirically several properties of corporate bond transaction data consistent with this theory of career-concerned traders.
Author : Feng Dong (Economist)
Publisher :
ISBN 13 :
Total Pages : 160 pages
Book Rating : 4.:/5 (891 download)
Download or read book Essays on Financial and Labor Markets with Frictions written by Feng Dong (Economist) and published by . This book was released on 2014 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt: The dissertation, which consists of three chapters, is devoted to exploring financial and labor markets with frictions. Chapter I: Unemployment and Capital Misallocation. The recent recession was associated not only with a marked disruption in the credit market, but also a sharp deterioration in labor market conditions, as evidenced by high unemployment rates and an outward shift in the Beveridge curve. Motivated by such co-movements of the credit market and the labor market, in this chapter I develop a tractable dynamic model with heterogeneous entrepreneurs, credit constraints, and labor-search frictions. In this framework, the misallocation of capital across firms has an adverse effect on the matching efficiency in the labor market. I then quantify the importance of capital misallocation for understanding the behavior of unemployment rate. I find that the credit crunch was the key driving force behind the outward shift in the Beveridge curve during and after the Great Recession. More broadly, I find that credit market frictions and labor search frictions almost equally contributed to unemployment over all business cycles between 1951 and 2011. Chapter II: Asset Exchange with Search Frictions and Costly Information Acquisition. The second chapter presents a model to characterize conditions under which centralized and decentralized markets (CM/DM) co-exist for asset trading. The asset payoff and trading motive are the seller's private information. CM is immune to search frictions, but suffers from adverse selection. In contrast, DM is subject to search frictions, but it is sustainable since buyers acquire costly information on the asset payoff, and offer a trading menu different from that posted by uninformed buyers. As matching efficiency in the DM increases and the information cost decreases, more trade migrates from CM with adverse selection to DM with search frictions. In the limit, DM with search frictions converges to CM with complete information. I use the model to address the heterogeneous welfare effect of a government asset purchase programs like the Troubled Asset Relief Program (TARP). Chapter III: A Search-Based Theory of The Life-Cycle Pattern of Asset Holding. The third chapter investigates the implications of search frictions for a household's life cycle pattern of asset trading as well as for its size distribution in the OTC. General types of preferences are considered and the usual search-theoretic restriction of indivisibility on asset holding is removed. I employ the birth-and-death process to analytically characterize the non-stationary life-cycle pattern of asset holding by each cohort. In the presence of search frictions in the OTC, our paper predicts that the life cycle of asset holding by each cohort conforms to a geometric distribution while the size distribution of asset holding in each cross-section follows a logarithmic pattern. In the end, our model yields Gibrat's law for asset trading in the OTC.
Author : Yifei Wang
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (14 download)
Download or read book Three Essays on Frictions in Financial Markets written by Yifei Wang and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Chia-Ying Chang
Publisher :
ISBN 13 :
Total Pages : 288 pages
Book Rating : 4.:/5 (522 download)
Download or read book Essays in Dynamics Macroeconomics with Market Frictions written by Chia-Ying Chang and published by . This book was released on 2002 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jae Eun Song
Publisher :
ISBN 13 : 9781109848281
Total Pages : 60 pages
Book Rating : 4.8/5 (482 download)
Download or read book Essays on Market Frictions and Money written by Jae Eun Song and published by . This book was released on 2006 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three essays on market frictions and money. In Chapter 1, we analyze the effect of money growth on long-run capital accumulation and production in case that there exist trading frictions in the capital market. We model liquidity demand for money that includes both speculative and precautionary purposes. The main result is that the relationship between money growth and capital accumulation can be either positive or negative depending on the degree of the frictions. If no friction exists in the capital market, inflation raised by an increase in money growth always has a negative real balance effect on capital accumulation. However, together with the capital market frictions, inflation may induce portfolio substitution out of money into capital, and this effect can be greater than the negative one. In Chapter 2, we present a price-posting monetary search model for studying endogenous trading frequency as well as prices. Here we show sellers' price setting results in higher prices but more trades compared with the benchmark case in which buyers set prices and extract all trading surplus. This is because sellers under the price-posting mechanism internalizes a part of trading frequency of the economy while buyers in the benchmark case do not. It is also shown that technology progress under this pricing mechanism can lower down prices and facilitate trading at the same time while the trading frequency remains unchanged in the benchmark case. In the matter of the effects of monetary policy on this economy, we find an increase in money supply raise prices, but it also facilitates trading unless there are too many buyers. In Chapter 3, we present a fixed price search-theoretic model of monetary exchange to study endogenous specialization. Here we show under what conditions technology progress can explain historical deepening of specialization to some extent. In comparison between barter and monetary equilibrium, we find agents become more specialized by the use of money as in existing studies. We also find individual specialization decision does not depend on others' level of specialization in the former while it does in the latter.
Author : Seungho Nah
Publisher :
ISBN 13 :
Total Pages : 129 pages
Book Rating : 4.:/5 (722 download)
Download or read book Essays on Market Frictions, Economic Shocks and Business Fluctuations written by Seungho Nah and published by . This book was released on 2010 with total page 129 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: In the first essay, 'Financial Frictions, Intersectoral Adjustment Costs, and News-Driven Business Cycles', I show that an RBC model with financial frictions and intersectoral adjustment costs can generate sizable boom-bust cycles and plausible responses of stock prices in response to a news shock. Booms in the labor market, which make it possible for both consumption and investment to increase in response to positive news, are caused through two channels: the increases in value of marginal product of labor and the increases in value of collateral. Both of these channels enable firms to hire more workers. Intersectoral adjustment costs contribute to both channels by increasing the relative price of output and capital during expansions. Financial frictions enter in the forms of collateral constraints on firms, which influence the latter channel, and the financial accelerator mechanism driven by agency costs, which amplifies all the key variables. My model differs from previous studies in its ability to generate boom-bust cycles without restricting the functional form of consumption in household preferences and without requiring investment adjustment costs, variable capital utilization, or any nominal rigidities. In the second essay, 'Financial and Real Frictions as Sources of Business Fluctuations', I show that a negative shock to a financial or real friction in an economy can generate quantitatively significant and persistent recessions, even without a decrease in exogenous aggregate total factor productivity in a heterogeneous agents DSGE model. The increase in uncertainty that a firm is facing when it makes capital adjustment, however, is found to have a limited or dubious influence on economic activities. The roles of collateral constaints as a financial friction and nonconvex capital adjustment costs as a real friction in aggregate fluctuations are examined in this propagation mechanism. When these frictions become strengthened, the degree of capital misallocation is intensified, which leads to a drop of endogenous aggregate total factor productivity. As agents expect that the return to investment and endogenous TFP decrease, they reduce aggregate investment sharply, which also leads to a drop in employment. Interruption of efficient resource allocation coming from these two frictions is found out to be enough to generate a large and persistent aggregate flucutations even without introducing heterogeneity in firm-level productivity.
Author : Phillip Martin Johnson
Publisher :
ISBN 13 :
Total Pages : 152 pages
Book Rating : 4.:/5 (391 download)
Download or read book Essays on Capital Markets written by Phillip Martin Johnson and published by . This book was released on 1997 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :
Publisher :
ISBN 13 :
Total Pages : 136 pages
Book Rating : 4.:/5 (927 download)
Download or read book Three Essays on Market Frictions written by and published by . This book was released on 2015 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Tamás László Bátyi
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (14 download)
Download or read book Essays in Information Frictions and Financial Markets written by Tamás László Bátyi and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Yueyang Han
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (111 download)
Download or read book Essays on Information and Frictions in Financial Markets written by Yueyang Han and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : 孫軼博
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (139 download)
Download or read book Essays on Capital Markets with Information Frictions written by 孫軼博 and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Cecil Xi Wang
Publisher :
ISBN 13 :
Total Pages : 314 pages
Book Rating : 4.:/5 (913 download)
Download or read book Essays on Market Frictions and Investor Behavior written by Cecil Xi Wang and published by . This book was released on 2014 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt:
