Why do some sellers set nominal prices that apparently do not respond to changes in the aggregate price level? In many models, prices are sticky by assumption; here it is a result …
We construct a model where money and credit are alternative payment instruments, use it to analyze sluggish nominal prices, and confront the data. Equilibria entail price dispersion …
This paper has two related goals:(i) construct a model where money and credit coexist;(ii) pursue in this setting a theory of endogenous sticky prices that can be taken to the data …
Summary “With almost 23 million people unemployed and another 91million inactive in the labor market of Europe within the second quarter of 2015, promoting entrepreneurship and …
Abstract Chapter 1: Feasibility, Desirability, and Stability of Currency Unions A two-country, one-currency search-theoretic model is developed to explore the criteria of forming a …