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  • 22 Jan 2013
  • First Look

First Look: Jan. 22

learning can induce a great deal of wage inequality. An equilibrium model is developed in which firms can choose either to advertise their job openings prominently or not. Prominent ads are assumed to have more influence on more... View Details
Keywords: Sean Silverthorne
  • 09 Jan 2006
  • Research & Ideas

Rebuilding Commercial Real Estate

made from 1990 to 1995 picking up the pieces of the crash," says Fidelity's Sandwen. "Prices adjusted and real estate became more attractive. And we got back to relative equilibrium through the tech bust in 2001. After the bust,... View Details
Keywords: by Roger Thompson; Construction; Real Estate
  • 10 Dec 2013
  • First Look

First Look: December 10

capabilities across markets: no learning, local learning, and global learning. Three equilibrium strategies arise: accommodate, marginalize, and collocate. We identify how these strategies emerge depending on the tradeoff between the... View Details
Keywords: Sean Silverthorne
  • 27 Apr 2010
  • First Look

First Look: April 27

standards represent a political-economic equilibrium, why is that equilibrium for some countries shifting over time in favor of IFRS? We develop and test the hypothesis that network effects from the extant worldwide adoption of IFRS... View Details
Keywords: Martha Lagace
  • 18 Dec 2007
  • First Look

First Look: December 18, 2007

a player's pay-off from agreement is risky. We find that a risk-averse player typically increases his equilibrium receipts when his pay-off is made risky. This is because the presence of risk makes individuals behave "more... View Details
Keywords: Martha Lagace
  • 17 May 2011
  • First Look

First Look: May 17

and Matthew C. Weinzierl Abstract This paper examines the optimal response of monetary and fiscal policy to a decline in aggregate demand. The theoretical framework is a two-period general equilibrium model in which prices are sticky in... View Details
Keywords: Sean Silverthorne
  • 02 Aug 2016
  • First Look

August 2, 2016

the capital regulation of commercial banks? This paper builds a quantitative general equilibrium model with commercial banks and shadow banks to study the unintended consequences of capital requirements. A key feature of our model is... View Details
Keywords: Sean Silverthorne
  • 18 Sep 2007
  • First Look

First Look: September 18, 2007

joint decision of holding sovereign debt and reserves, we construct a stochastic dynamic equilibrium model calibrated to a sample of emerging markets. We obtain that the reserve accumulation does not play a quantitative important role in... View Details
Keywords: Martha Lagace
  • 01 Mar 2011
  • First Look

First Look: March 1

asymmetric equilibrium where only one retailer elects to operate an online arm but earns lower profits than its bricks-only rival. We also characterize equilibria where firms open an online channel, even though consumers only use it for... View Details
Keywords: Sean Silverthorne
  • 05 Nov 2013
  • First Look

First Look: November 5

as this increases the utility they derive from the service, but they incur disutility from information disclosure. This, in turn, benefits the firm providing an additional source of revenue, but reduces consumer demand for the service. We characterize View Details
Keywords: Sean Silverthorne
  • 10 Jun 2002
  • Research & Ideas

How to Look at Globalization Now

fixed costs/scale sensitivity on the supply side, are all capable of reducing the equilibrium level of global standardization, as is the ability of local producers to pre-commit costs to particular markets. Convergence of the price of the... View Details
Keywords: by Martha Lagace
  • 12 Jul 2016
  • First Look

July 12, 2016

Landvoigt Abstract—How does the shadow banking system respond to changes in the capital regulation of commercial banks? This paper builds a quantitative general equilibrium model with commercial banks and shadow banks to study the... View Details
Keywords: Sean Silverthorne
  • 14 May 2013
  • First Look

First Look: May 14

diversion relative to competition for consumers. Both types of competition lead to at least as much search diversion as a monopoly platform. Nevertheless, in the case of competing platforms, the equilibrium level of search diversion... View Details
Keywords: Sean Silverthorne
  • 30 Mar 2010
  • First Look

First Look: March 30

incentive to default through inflation versus hedging against unforeseen shocks. We model and calibrate these arguments to assess their quantitative importance. We use a dynamic equilibrium model with tax distortion, government outlays... View Details
Keywords: Sean Silverthorne
  • 09 Mar 2010
  • First Look

First Look: March 9

match between firms, managers, and incentives using a new survey that contains information on managers' risk preferences and human capital, on their compensation schemes, and on the firms they work for. The data is consistent with the View Details
Keywords: Martha Lagace
  • 03 Nov 2015
  • First Look

November 3, 2015

evidence on the choices made by decision makers in such settings. Equilibrium assumptions that are commonly applied to analyze these situations yield the least cost-separating outcome as the unique equilibrium. In this equilibrium, the... View Details
Keywords: Sean Silverthorne
  • 04 Feb 2014
  • First Look

First Look: February 4

choices to optimally guide the other choices." This definition captures the idea of strategy as the core of an intended course of action that is potentially flexible and adaptive. It coincides with the equilibrium outcome of a... View Details
Keywords: Sean Silverthlorne
  • 06 Jun 2005
  • Research & Ideas

Microsoft vs. Open Source: Who Will Win?

long-run equilibrium regardless of the speed of Linux's demand-side learning persists if there are cost asymmetries. We find that because OSS implies lower profits for Microsoft, the larger the cost differences are between Linux and... View Details
Keywords: by Sean Silverthorne; Technology
  • 21 Aug 2018
  • First Look

New Research and Ideas, August 21, 2018

can affect the set of stable equilibrium outcomes. Consequently, agents may be incentivized to modify the set of contracts upfront. We consider one simple way in which agents may do so: unilateral bundling, in which a single agent links... View Details
Keywords: Dina Gerdeman
  • 21 Jun 2011
  • First Look

First Look: June 21

intermediate, respectively. However, for larger quality provision costs, firms exploit both dimensions to differentiate their products. In particular, we characterize a maximal differentiation equilibrium in which one firm chooses the... View Details
Keywords: Sean Silverthorne

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