A growth model with shocks to technology is studied. Labor is indivisible, so all variability in hours worked is due to fluctuations in the number employed. We find that, unlike previous equilibrium models of the business cycle, this economy displays large fluctuations in hours worked

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I develop a general equilibrium model with sticky prices, credit constraints, nominal loans and asset prices. Changes in asset prices modify agents ’ borrowing capacity through collateral value; changes in nominal prices affect real repayments through debt deflation. Monetary policy shocks move asset and nominal prices in the same direction, and are amplified and propagated over time. The “financial accelerator ” is not constant across shocks: nominal debt stabilises supply shocks, making the economy less volatile when the central bank controls the interest rate. I discuss the role of equity, debt indexation and household and firm leverage in the propagation mechanism. Finally, I find that monetary policy should not target asset prices as a means of reducing output and inflation volatility.

, this paper shows that the stationary departure process is approximately Poisson when there are many busy slow servers in a large class of stationary G/GI/s congestion models having.; servers, infinite waiting room, the first-come first-served discipline, and mutually independent and identically distributed

Our capabilities of both generating and collecting data have been increasing rapidly in the last several decades. Contributing factors include the widespread use of bar codes for most commercial products, the computerization of many business, scientific and government transactions and managements

The factors that affect the supply of entrepreneurs are important but poorly understood. We study a sample of individuals who choose either to be employees or to run their own businesses. Four

Today’s business enterprises must deal with global competition, reduce the cost of doing business, and rapidly develop new services and products. To address these requirements enterprises must constantly reconsider and optimize the way they do business and change their information systems

Mining information and knowledge from large databases has been recognized by many researchers as a key research topic in database systems and machine learning, and by many industrial companies as an important area with an opportunity of major revenues. Researchers in many different fields have

Schema matching is a basic problem in many database application domains, such as data integration, E-business, data warehousing, and semantic query processing. In current implementations, schema matching is typically performed manually, which has significant limitations. On the other hand, previous

This paper provides a simple example of an economy in which equi-librium prices and quantities exhibit what may be the central feature of the modern business cycle: a systematic relation between the rate of change in nominal prices and the level of real output. The relationship,