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Essays On Networks And Macroeconomics
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Book Synopsis Essays on Networks and Macroeconomics by :
Download or read book Essays on Networks and Macroeconomics written by and published by . This book was released on 2015 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis consists of three essays related by the themes of networks and macroeconomics. The first essay examines the role of networks in workers' search for employment. Unemployed workers gain employment by sending resumes directly to employers, and indirectly through employed friends. I find that the amount of search effort a worker undertakes is related to how many employed friends it has, and whether networks are substitutes or complements in search. When search costs are linear I find that complementary networks cause those with the most friends to search, while substitutable networks cause search effort to be independent of an individual's network position. Finally, I examine the role of aggregate links on aggregate matching. The second essay examines the impact of networks on aggregate labour market variables, such as unemployment and unfilled vacancies. It is concluded that networks lead to wage heterogeneity, increased unemployment volatility, and higher autocorrelation of vacancy rates. The conclusions follow analytically using an approximation method, and quantitative magnitudes are discussed using numerical simulations. Finally, issues of network formation and multiple equilibria are addressed. The final essay analyzes the role of imitation on firm pricing decisions. A generalization of Calvo pricing is developed. It is shown that price dynamics are much different in a model with imitation. I demonstrate analytically that sticky inflation can arise. I partially characterize equilibrium prices and inflation. I finish the chapter by generalizing the network effects.
Book Synopsis Essays on Macroeconomics and Capital Intermediation Networks by : Jose Luis Chavez Calva
Download or read book Essays on Macroeconomics and Capital Intermediation Networks written by Jose Luis Chavez Calva and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Networks and Public Economics by : Pier-André Bouchard St Amant
Download or read book Three Essays on Networks and Public Economics written by Pier-André Bouchard St Amant and published by . This book was released on 2013 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis is a collection of three essays. The first two study how ideas spread through a network of individuals, and how it an advertiser can exploit it. In the model I develop, users choose their sources of information based on the perceived usefulness of their sources of information. This contrasts with previous literature where there is no choice made by network users and thus, the information flow is fixed. I provide a complete theoretical characterization of the solution and define a natural measure of influence based on choices of users. I also present an algorithm to solve the model in polynomial time on any network, regardless of the scale or the topology. I also discuss the properties of a network technology from a public economic standpoint. In essence, a network allows the reproduction of ideas for free for the advertiser. If there is any free-riding problem, I show that coalitions of users on the network can solve such problem. I also discuss the social value of networks, a value that cannot be captured for profit. The third essay is completely distinct from the network paradigm and instead studies funding rules for public universities. I show that a funding rule that depends solely on enrolment leads to "competition by franchise" and that such behavior is sometimes inefficient. I suggest instead an alternate funding rule that allows government to increase welfare without increasing spending in universities.
Book Synopsis Macroeconomics and Beyond by : Guido Erreygers
Download or read book Macroeconomics and Beyond written by Guido Erreygers and published by Maklu. This book was released on 2012 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book contains 20 essays on macroecomics.
Book Synopsis Essays on Economics of Networks by : Soomin Jung
Download or read book Essays on Economics of Networks written by Soomin Jung and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation is on economics of networks. The first two chapters study what network sellers and buyers create when there exist gains of trade. The last chapter studies information diffusion on a given network. In the first two chapters, I study sellers and buyers who trade via bargaining. Agents can often increase their bargaining power by increasing the value of their outside options. They may seek to invest in costly relationships with potential trade partners. That is, they form an endogenous trade network and then bargain with their trade partners. I study a two-stage model in which sellers and buyers trade non-cooperatively on an endogenous trade network. In Chapter 1, sellers are assumed to have no capacity constraints. The main result of this chapter is that even though agents can increase their bargaining power by forming relationships with multiple trading partners, there exists an efficient subgame perfect equilibrium--that is, all the gains from trade are realized with the minimum costs and without a delay. Chapter 2 assumes that sellers are endowed with one unit of a good for a trade following the tradition of the bargaining literature. The capacity constraint increases the seller's bargaining power if there are many buyers who want to buy a good from each seller. This may give incentives to sellers to invest in superfluous links. Chapter 2 shows that the market can achieve efficiency even if sellers have the capacity constraint. In specific, a bilateral trading network is supported as an equilibrium network. Chapter 3 studies information diffusion on a fixed network through word-of-mouth. Word-of-mouth is an effective tool that a firm leverages to advertise the quality of its products to uninformed consumers. Such viral marketing, however, may fail if the consumers' "words" are not credible. Suppose that consumers are located on a given network and a firm "buys" one consumer and employs her as an implant to make recommendations of a product to her neighbors regardless of the actual quality of the good. I show that the viral marketing fails if the consumer network has a node with an excessively high degree of connection--for instance, a star network or a complete network--which undermines the credibility of the recommendation from an implant employed by a firm to promote a bad quality product. Also, if the viral marketing works, a good quality product is spread out over the network while a bad quality is driven out.
Book Synopsis Essays in the Economics of Networks by : Arun Naresh Advani
Download or read book Essays in the Economics of Networks written by Arun Naresh Advani and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays in the Economics of Networks by : Edoardo Gallo
Download or read book Essays in the Economics of Networks written by Edoardo Gallo and published by . This book was released on 2010 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays in Network Economics by : Pablo Daniel Azar
Download or read book Essays in Network Economics written by Pablo Daniel Azar and published by . This book was released on 2019 with total page 215 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis is a collection of three chapters, each representing an individual paper. The first chapter studies how the formation of supply chains affects economic growth. It provides a new tractable model for supply chain formation. The main innovation in this model is that, firms can choose suppliers to maximize profits. Individual firms' actions determine the equilibrium input-output network, and affect macroeconomic variables such as GDP. We then apply this model to understand the effect of changing supply chains on American productivity during the 1987-2007 period. The second chapter studies how a monopolist may sell multiple goods to strategic bidders. The monopolist may face a series of combinatorial constraints. For example, it may be forced to allocate at most one good to each bidder, and it may have additional constraints on which bidders can be allocated which goods. Furthermore, the monopolist does not know bidders' demand distributions. Rather, it only knows one sample from the demand distribution corresponding to each bidder. Nevertheless, by developing new online optimization algorithms, we show how simple mechanisms can approximate the monopolist's optimal revenue. Finally, the third chapter, develops a new model of firm optimization to understand how shrinking electronics have contributed to increased productivity and welfare in the United States, during the 2002-2017 period. In this model, firms face constraints on the size of the products they can build. As intermediate inputs, such as electronics, shrink, the firms' production possibilities frontier expands, and GDP increases.
Book Synopsis Essays in the Economics of Networks by : A. N. Advani
Download or read book Essays in the Economics of Networks written by A. N. Advani and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays in the Economics of Networks and Standards by : Tobias Kretschmer
Download or read book Essays in the Economics of Networks and Standards written by Tobias Kretschmer and published by . This book was released on 2001 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Applied Network Theory by : Mariya Teteryatnikova
Download or read book Essays on Applied Network Theory written by Mariya Teteryatnikova and published by . This book was released on 2010 with total page 103 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on the Economics of Networks and Social Relations by : Pekka Sääskilahti
Download or read book Essays on the Economics of Networks and Social Relations written by Pekka Sääskilahti and published by . This book was released on 2005 with total page 163 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Networks, Markets, and the Pacific Rim by : W. Mark Fruin
Download or read book Networks, Markets, and the Pacific Rim written by W. Mark Fruin and published by Oxford University Press. This book was released on 1998-11-19 with total page 337 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite the negative press Asian economies have received in connection with the recent financial crisis, their record of spectacular growth over the past few decades remains irrefutable. In an effort to provide a rich, textured analysis of these economies, editor W. Mark Fruin presents a collection of essays that explores the wide range of network organizations that have been established in the Pacific Rim. Conventional studies of economic organization have tended to center on markets and hierarchies, the two forms of organization most common in the West. But today the world moves too quickly and too unpredictably for the idealized organizations of microeconomic theory to keep up. It is no accident that the region that has generated the world's most explosive economic growth is also the region where network organizations--sets of independent actors who cooperate frequently for mutual advantage--are most pervasive. Rapid economic, social, and technical changes favor the formation of network organizations, and vice versa. The contributors to this volume identify and elucidate four basic types of networks: naturally occurring networks, market replacing networks, hierarchy replacing networks, and market enhancing networks. They show how all of these have been shaped by the history, government, legal system, and culture of each country under consideration. These network organizations allow the authors to compare and contrast network forms in China, Japan, South Korea, Taiwan, and the United States according to features such as degrees of formalization, rule definition, and market conformance. The works collected here make an important contribution to a networks-markets- hierarchies framework that recognizes and emphasizes the diversity of organizational forms and behaviors. A unique resource for scholars and professionals in the fields of management and economics, this book enables a complex analysis of one of the world's fastest growing and most theoretically challenging regions.
Book Synopsis Essays in Macroeconomics and Production Networks by :
Download or read book Essays in Macroeconomics and Production Networks written by and published by . This book was released on 2015 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt: Chapter 1 provides a theory of financial frictions as a mechanism for uncertainty shocks to drive aggregate total factor productivity (TFP) fluctuations, and shows how input-output linkages amplify the impact of financial frictions on aggregate economy. Financial frictions distort the allocation of capital and induce capital wedges. These wedges differ across sectors due to different sectoral technology nature and financing demands. Sectors that have more financing needs are disproportionately vulnerable to financial frictions. This variation in distortion across sectors generates inefficiency in capital allocation and reduces aggregate measured TFP. Intermediate input shares amplify the effect of this inefficiency and generate larger TFP fluctuations. Chapter 2 estimates and calibrates the theoretical model in Chapter 1 into US data at 14 sectors, and quantifies the amplification magnitude from input-output linkages. Financial frictions can drive aggregate TFP fluctuations and play a crucial role when uncertainty shocks hit the economy. Adding input-output linkages can further amplify the effects of both TFP and uncertainty shocks. In particular, aggregate output drops an additional 84% under TFP shocks and an additional 40% under uncertainty shocks with input-output linkages. The amplification from input-output linkages is the key for capital misallocation to contributing significantly in generating TFP fluctuations. Furthermore, there are dramatic differences in sectors' sensitivities to a tightening of borrowing constraint. Compared to other sectors, an increase in the dispersion of the return to capital in the Finance sector has the largest impact on aggregate output. Chapter 3 settles the debate between Eeckhout (2004, 2009) and Levy (2009) and offers a simple but neglected explanation for the heavy tail observed in the city size distribution. Using the same data set and statistics reported in Eeckhout (2004), I show that U.S. city sizes are not lognormally distributed and that the upper tail indeed follows a power law. I then show that the aggregate city size distribution is a mixture of lognormal distributions, and that this mixture generates the heavy tail. Finally, I relax the independence assumption and show that city sizes are positively dependent in the data, and that the power law distribution is robust under this positive dependence.
Book Synopsis Essays in Quantitative Macroeconomics by : Hanno Kase
Download or read book Essays in Quantitative Macroeconomics written by Hanno Kase and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis consists of three essays in quantitative macroeconomics. In Chapter 1, joint with Leonardo Melosi and Matthias Rottner, we leverage recent developments in machine learning to develop methods to solve and estimate large and complex nonlinear macroeconomic models, e.g. HANK models. Our method relies on neural networks because of their appealing feature that even models with hundreds of state variables can be solved. While likelihood estimation requires the repeated solving of the model, something that is infeasible for highly complex models, we overcome this problem by exploiting the scalability of neural networks. Including the parameters of the model as quasi state variables in the neural network, we solve this extended neural network and apply it directly in the estimation. To show the potential of our approach, we estimate a quantitative HANK model that features nonlinearities on an individual (borrowing limit) and aggregate level (zero lower bound) using simulated data. The model also shows that there is an important economic interaction between the impact of the zero lower bound and the degree of household heterogeneity. Chapter 2 studies the impact of macroprudential limits on mortgage lending in a heterogeneous agent life-cycle model with incomplete markets, long-term mortgage, and default. The model is calibrated to German economy using Household Finance and Consumption Survey data. I consider the effects of four policy instruments: loan-to-value limit, debt-toincome limit, payment-to-income limit, and maximum maturity. I find that their effect on homeownership rate is fairly modest. Only the loan-to-value limit significantly reduces the homeownership rate among young households. At the same time, it has the largest positive welfare effect. Chapter 3 explores applications of the backpropagation algorithm on heterogeneous agent models. In addition, I clarify the connection between deep learning and dynamic structural models by showing how a standard value function iteration algorithm can be viewed as a recurrent convolutional neural network. As a result, many advances in the field of machine learning can carry over to economics. This in turn makes the solution and estimation of more complex models feasible.
Book Synopsis Essays on the Formation of Social and Economic Networks by : Liza Charroin
Download or read book Essays on the Formation of Social and Economic Networks written by Liza Charroin and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a world where networks become a dominant form of organization, the structure of networks and the position of individuals in these networks affect individual behavior and aggregate economic outcomes. The analysis of network formation by a central planner or by individuals themselves is at the heart of this thesis on the economics of networks.Chapter 1 theoretically studies the optimal formation and protection of networks by a central planner knowing that an external agent can destroy k links. The protection of the network can be guaranteed either by densifying the links between nodes, or by protecting the links. When the cost of protection is relatively small, a minimally connected network composed of protected links guarantees the communication flow; if this cost is high, the optimal solution is to form a symmetric network where each node has at least k+1 non-protected links.Chapter 2 explores the decentralized formation of networks in the laboratory by analyzing individual linking formation decisions when one agent has a higher value than others and that the linking formation process is sequential. The results show that sequentiality facilitatesthe coordination on efficient networks but that do not correspond to the Subgame PerfectEquilibrium. The heterogeneity across agents increases the asymmetry of networks because of the polarization of links on the agent with a higher value.Chapter 3 studies the impact of the endogenous formation of networks on the importance of peer effects, applied to dishonest behavior. In order to identify the effects of social comparisons, two controlled environments are designed in the laboratory in which individuals choose or not their peers, and then observe their behavior. The results show that peer effects on dishonest behavior are significantly higher when individuals can choose their peers.
Book Synopsis Essays on the economics of networks by : Xiangyu Wu
Download or read book Essays on the economics of networks written by Xiangyu Wu and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
