Market Frictions
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Author | : Nicolas Petrosky-Nadeau |
Publisher | : MIT Press |
Total Pages | : 271 |
Release | : 2017-11-10 |
Genre | : Business & Economics |
ISBN | : 0262036452 |
An integrated framework to study the theoretical and quantitative properties of economies with frictions in labor, financial, and goods markets. This book offers an integrated framework to study the theoretical and quantitative properties of economies with frictions in multiple markets. Building on analyses of markets with frictions by 2010 Nobel laureates Peter A. Diamond, Dale T. Mortensen, and Christopher A. Pissarides, which provided a new theoretical approach to search markets, the book applies this new paradigm to labor, finance, and goods markets. It shows, in particular, how frictions in different markets interact with each other. The book first covers the main developments in the analysis of the labor market in the presence of frictions, offering a systematic analysis of the dynamics of this environment and explaining the notion of macroeconomic volatility. Then, building on the generality and simplicity of the search analysis, the book adapts it to other markets, developing the tools and concepts to analyze friction in these markets. The book goes beyond the traditional general equilibrium analysis of markets, which is often frictionless. It begins with the standard analysis of a single market, and then sequentially integrates more markets into the analysis, progressing from labor to financial to goods markets. Along the way, the book provides a number of useful results and insights, including the existence of a direct link between search frictions and the degree of volatility in the economy.
Author | : Ramon P. DeGennaro |
Publisher | : |
Total Pages | : 16 |
Release | : 2008-01 |
Genre | : |
ISBN | : 9781422319871 |
Defined as anything that interferes with trade, financial market frictions (FMF) can exist even in efficient markets. FMF generate real costs to investors, generate business opportunities, & change over time. FMF depend in part on market structure. Market structure tends to evolve over time, as trading volume increases, from low fixed costs & high marginal costs to high fixed costs & low marginal costs. The authors classify & discuss 5 categories of FMF: transactions costs, taxes & regulations, asset indivisibility, non-traded assets, & agency & info. problems. FMF impose utility costs on investors by making preferable investment portfolios unattainable. Investors who ignore market FMF compound the harm done by the FMF themselves. Illustrations.
Author | : Kirsten W. Endres |
Publisher | : Berghahn Books |
Total Pages | : 170 |
Release | : 2019-06-06 |
Genre | : Business & Economics |
ISBN | : 1789202450 |
Based on ethnographic research conducted over several years, Market Frictions examines the tensions and frictions that emerge from the interaction of global market forces, urban planning policies, and small-scale trading activities in the Vietnamese border city of Lào Cai. Here, it is revealed how small-scale traders and market vendors experience the marketplace, reflect upon their trading activities, and negotiate current state policies and regulations. It shows how “traditional” Vietnamese marketplaces have continually been reshaped and adapted to meet the changing political-economic circumstances and civilizational ideals of the time.
Author | : Mr.Pragyan Deb |
Publisher | : International Monetary Fund |
Total Pages | : 41 |
Release | : 2016-08-26 |
Genre | : Business & Economics |
ISBN | : 1475530293 |
This paper studies banks' decision to form financial interconnections using a model of financial contagion that explicitly takes into account the crisis state of the world. This allows us to model the network formation decision as optimising behaviour of competitive banks, where they balance the benefits of forming interbank linkages against the cost of contagion. We use this framework to study various market frictions that can result in excessive interconnectedness that was seen during the crisis. In this paper, we focus on two channels that arise from regulatory intervention—deposit insurance and the too big to fail problem.
Author | : |
Publisher | : |
Total Pages | : 689 |
Release | : 2002 |
Genre | : |
ISBN | : |
Author | : Claire H. Hollweg |
Publisher | : World Bank Publications |
Total Pages | : 123 |
Release | : 2014-07-03 |
Genre | : Business & Economics |
ISBN | : 1464802637 |
This report quantifies labor mobility costs in developing countries and simulates the implied adjustment paths of employment and wages following a change in trade policy. High mobility costs are shown to reduce the potential gains to trade reform.
Author | : João Correia Leitão |
Publisher | : Springer |
Total Pages | : 390 |
Release | : 2018-09-10 |
Genre | : Business & Economics |
ISBN | : 9783319689227 |
This book describes risk management and performance under the challenging context of market frictions, an environment that is characterized by a high degree of volatility and uncertainty. The contributions provide answers to essential questions on how shock transmission can be regulated or arbitrated for exploitation as investment opportunities in high-uncertainty contexts, and on how the combination of competition and high uncertainty harms or benefits the financial markets and corporate performance.
Author | : Ms.Emine Boz |
Publisher | : International Monetary Fund |
Total Pages | : 51 |
Release | : 2012-10-09 |
Genre | : Business & Economics |
ISBN | : 147551249X |
Emerging economies are characterized by higher consumption and real wage variability relative to output and a strongly countercyclical current account. A real business cycle model of a small open economy that embeds a Mortensen-Pissarides type of search-matching frictions and countercyclical interest rate shocks can jointly account for these regularities. In the face of countercyclical interest rate shocks, search-matching frictions increase future employment uncertainty, improving workers’ incentive to save and generating a greater response of consumption and the current account. Higher consumption response in turn feeds into larger fluctuations in the workers’ bargaining power while the interest rates shocks lead to variations in the firms’ willingness to hire; both of which contribute to a highly variable real wage.
Author | : Liang Wang |
Publisher | : International Monetary Fund |
Total Pages | : 54 |
Release | : 2017-01-27 |
Genre | : Business & Economics |
ISBN | : 1475572336 |
We develop a theory of money and credit as competing payment instruments, then put it to work in applications. Buyers can use cash or credit, with the former (latter) subject to the inflation tax (transaction costs). Frictions that make the choice of payment method interesting also imply equilibrium price dispersion. We deliver closed-form solutions for money demand. We then show the model can simultaneously account for the price-change facts, cash-credit shares in micro payment data, and money-interest correlations in macro data. We analyze the effects of inflation on welfare, price dispersion and markups. We also describe nonstationary equilibria as self-fulfilling prophecies, which is standard, except here it entails dynamics in the price distribution.
Author | : Gabriele Camera |
Publisher | : Springer Science & Business Media |
Total Pages | : 268 |
Release | : 2006-01-09 |
Genre | : Business & Economics |
ISBN | : 3540295003 |
Assembles theoretical contributions to monetary theory, banking and finance. This book includes papers spanning themes from monetary policy to the optimal design of financial systems, and from the study of the causes of financial crises to payment systems design. It serves as a reference to researchers interested in the study of financial systems.