In this section, I evaluate how the results change when we reduce θ from 1 to 0.5. Now, the firm has to pay only half of the wage bill in advance. Figure 5 displays the

[r]

Fourth paper (still to come): implications for debt management with optimal fiscal policy under incomplete markets (e.g. transaction costs) and bonds at different maturities.a.

The goal of this analysis was to assess gait oscillation during gait and stair stepping in patients after total knee arthroplasty (TKA).. Methods: Fifteen patients diagnosed with

Classification matrix based on linear discriminant analysis of Procrustes coordinates derived from adult male Blueback Herring caught in North Carolina (Chowan and Yeopim rivers)

For small taste shocks, the algorithms make value function maximization 20-200 times faster for small taste shocks in a.. • standard incomplete markets model

Considering the Ramsey optimal policy as the reference case, we calculate the conditional expected lifetime utility of the representative household and obtain the conditional

Aiyagari (1995) showed that long-run optimal fiscal policy features a positive tax rate on capital income in Bewley-type economies with heterogeneous agents and incomplete

Again, the results from the VAR analysis suggest that fiscal policy shocks exert minor influence on the asset markets of the U.S and Germany; fiscal policy shocks

First, I show that when the govern- ment follows an optimal fiscal policy and agents have access to complete markets, the value of the government’s debt portfolio is

As shown in Table 2, although the output gap and inflation both are zero, the real welfare loss function expressed as Equation (20) is worse when using govern- ment spending

Aiyagari (1995) showed that long-run optimal fiscal policy features a positive tax rate on capital income in Bewley-type economies with heterogeneous agents and incomplete

The R&D wing functioning under the control of the Chief Engineer (Corporate Planning) is the nodal centre for research activities of KSEB in the State and carries out the

We show that the transition from an economy characterized by idiosyncratic income shocks and incomplete markets ` a la Aiyagari (1994) to markets where state- contingent assets

Kunskapskrav A Eleven visar sin förståelse genom att välgrundat redogöra för, diskutera och kommentera innehåll och detaljer samt genom att med gott resultat agera utifrån

Thus we conclude that, under permanent productivity shocks, cyclical fluctuations in the idiosyncratic risk do not affect how the monetary policy should be conducted, even if it

We introduce limited commitment into a standard optimal fiscal policy model in small open economies. We consider the problem of a benevolent government that signs a

We show that the transition from an economy characterized by idiosyncratic income shocks and incomplete markets ` a la Aiyagari ( 1994 ) to markets where state- contingent assets