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Displaying results 1 to 10 of 10.

  1. Equilibrium wage rigidity in directed search
    Author: Camera, Gabriele; Kim, Jaehong
    Published: June 29, 2018
    Publisher:  [Chapman University, Economic Science Institute], [Orange, CA]

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: [Working papers / Chapman University, Economic Science Institute ; 18, 04]
    Subjects: frictions; matching; sticky wages
    Scope: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  2. Structural transformation and allocation efficiency in China and India
    Author: Di Stefano, Enrica; Marconi, Daniela
    Published: [2016]
    Publisher:  Banca d'Italia Eurosistema, [Rom]

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 450 (1093)
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Temi di discussione / Banca d'Italia ; number 1093 (December 2016)
    Subjects: structural transformation; frictions; resource allocation; productivity; China; India
    Scope: 1 Online-Ressource (circa 55 Seiten), Illustrationen
  3. Redistribution through technology
    equilibrium impacts of mandated efficiency in three electricity markets
    Author: Liski, Matti; Vehviläinen, Iivo
    Published: [2023]
    Publisher:  MIT Center for Energy and Environmental Policy Research, Cambridge, MA, USA

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    ZSS 39
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working paper series / MIT Center for Energy and Environmental Policy Research ; 2023, 10 (April 2023)
    Subjects: Information technology; frictions; trade; electricity
    Scope: 1 Online-Ressource (circa 56 Seiten), Illustrationen
  4. Dynamic directed search
    Author: Camera, Gabriele; Kim, Jaehong
    Published: 2015
    Publisher:  Chapman Univ., Economic Science Inst., Orange, Calif.

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working papers / Chapman University, Economic Science Institute ; 15,06
    Subjects: frictions; matching; price dispersion; search
    Scope: Online-Ressource (39, 2 S.), graph. Darst.
  5. Goods-market frictions and international trade
    Author: Krolikowski, Pawel M.; McCallum, Andrew H.
    Published: December 2016
    Publisher:  Federal Reserve Bank of Cleveland, [Cleveland, OH]

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: Working paper / Federal Reserve Bank of Cleveland ; 16, 35
    Subjects: Search; trade; goods; frictions; information
    Scope: 1 Online-Ressource (circa 97 Seiten)
  6. On the directional destabilizing feedback effects of option hedging
    Author: Sornette, Didier; Ulmann, Florian; Wehrli, Alexander
    Published: [2022]
    Publisher:  Swiss Finance Institute, Geneva

    We investigate the feedback effect of option hedging activity on the stability of the price of the underlying. While previous literature has focused on the effect of hedging activity on the volatility of the underlying, this paper focuses on... more

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    We investigate the feedback effect of option hedging activity on the stability of the price of the underlying. While previous literature has focused on the effect of hedging activity on the volatility of the underlying, this paper focuses on directional instabilities arising from feedback effects. We propose a model in which the drift of the underlying is affected by delta hedging and couple the predictions of this model with an approach to identify short-lived, locally explosive trends in the expected price evolution. We show that such directional instabilities indeed occur with higher or lower intensity (depending on the option parameters and its delta) when option hedging is present, in line with the predictions of our model. Analytical results and synthetic experiments furthermore suggest that the effect of hedging on price stability is strongly asymmetric, with a significantly more pronounced effect on the spot price when the option market maker is short compared to long the option. Since the regime where the market maker is short is the predominant regime empirically, this suggests that option hedging indeed can be expected to impact and even destabilize prices. Using the example of the GameStop stock in early 2021, we investigate the predictions of our model on empirical option positions and document that there are indeed instances where explosive trends due to hedging were more likely. In line with other studies of the event, we however also find only limited evidence that option hedging was a main contributor to the observed large-scale price dislocations in this particular case

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: Research paper series / Swiss Finance Institute ; no 22, 34
    Subjects: option hedging; frictions; feedback effects; instability; drift burst
    Scope: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  7. "Are you in the right job?" Human capital mismatch in the UK
    Author: Galanakis, Yannis
    Published: 2021
    Publisher:  Global Labor Organization (GLO), Essen

    This paper examines a problem of worker misallocation into jobs. A theoretical model, allowing for heterogeneous workers and firms, shows that job search frictions generate mismatch between employees and employers. In the empirical analysis, the... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    This paper examines a problem of worker misallocation into jobs. A theoretical model, allowing for heterogeneous workers and firms, shows that job search frictions generate mismatch between employees and employers. In the empirical analysis, the British Household Panel Survey (BHPS), the UK household Longitudinal Study (UKHLS) and British Cohort Study 1970 (BCS70) data are used to measure the incidence of mismatch, how it changes over time and whether it can be explained by unobserved ability. Results show that (i) the incidence of mismatch increases after the Great Recession. (ii) Individual transitions to/from matching take place due to workers' occupational mobility and over-time skills development. (iii) Employees can find better jobs or their mobility occurs earlier than the aggregate change of skills. (iv) Controlling for individual heterogeneity, measured by cognitive and non-cognitive skill test scores throughout childhood, does not decrease the incidence of mismatch. This suggests that unobserved productivity does not generate mismatch in the labour market.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/245917
    Edition: Current Version: November 4, 2021
    Series: GLO discussion paper ; no. 976
    Subjects: Human Capital Mismatch; frictions; individual heterogeneity
    Scope: 1 Online-Ressource (circa 60 Seiten), Illustrationen
  8. Institutions, holdup and automation
    Author: Presidente, Giorgio
    Published: 2021
    Publisher:  Global Labor Organization (GLO), Essen

    What drives investment in automation technologies? This paper documents a positive relationship between labor-friendly institutions and investment in industrial robots in a sample of developing and advanced economies. Institutions explain a... more

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    What drives investment in automation technologies? This paper documents a positive relationship between labor-friendly institutions and investment in industrial robots in a sample of developing and advanced economies. Institutions explain a substantial share of cross-country variation in automation. The relationship between institutions and robots is stronger in sunk cost-intensive industries, where producers are vulnerable to holdup. The result suggests that one reason for producers to invest in automation is to thwart rent appropriation by labor. As a consequence, policies aimed at supporting workers' welfare by increasing their bargaining power might actually reduce their employment opportunities.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/242821
    Series: GLO discussion paper ; no. 941
    Subjects: automation; robots; holdup; institutions; unions; sunk costs; appropriability; bargaining; frictions; rents; technology adoption
    Scope: 1 Online-Ressource (circa 68 Seiten), Illustrationen
  9. Frictional spatial equilibrium
    Author: Schmutz, Benoît; Sidibé, Modibo
    Published: [2021]
    Publisher:  Center for Research in Economics and Statistics, Palaiseau, France

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 647
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working paper series / Center for Research in Economics and Statistics ; no. 2021, 01
    Subjects: city size; local labor market; frictions; on-the-job search; migration
    Scope: 1 Online-Ressource (circa 34 Seiten), Illustrationen
  10. Frictions in product markets
    Author: Gavazza, Alessandro; Lizzeri, Alessandro
    Published: 13 September 2021
    Publisher:  Centre for Economic Policy Research, London

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    LZ 161
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    Location:
    Universitätsbibliothek Mannheim
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP16542
    Subjects: frictions; intermediaries; market power
    Scope: 1 Online-Ressource (circa 77 Seiten)