E Baharad… - Review of economic dynamics, 2004 - Elsevier
We use large unpublished data set about the prices by store of 381 products collected by the
Israeli Bureau of Statistics during 1991–1992 in the process of computing the CPI. On
average 24% of the stores changed their price where the average is over products and ...
B Eden - Journal of Political Economy, 1990 - JSTOR
The standard formulation of a spot market subject to uncertain excess demand uses a
tatonnement process that restricts trade until the market-clearing price is found. Here I
present a model in which there is no restriction on trade during the process of the ...
JR Campbell, B Eden… - 2005 - nber.org
Abstract This paper uses over two years of weekly scanner data from two small US cities to
characterize time and state dependence of grocers' pricing decisions. In these data, the
probability of a nominal adjustment declines with the time since the last price change even ...
B Eden - Journal of Political Economy, 1994 - JSTOR
Trade is both uncertain and sequential. Money surprises are not neutral because prices at
the beginning of the trading process cannot depend on its end. In contrast with fixed-price
models, in this paper sellers can change prices during trade. In contrast with Lucas's ...
B Eden - Review of Economic Dynamics, 2001 - Elsevier
I use large datasets on prices by products and stores from recent inflationary periods in
Israel to compare simple menu cost models with simple uncertain and sequential trade
(UST) models. The main empirical findings are (a) price erosion due to inflation explains ...
B Bental… - Journal of Political Economy, 1993 - JSTOR
Trade is sequential: Buyers arrive in batches, and each batch completes trade before the
next arrives. Producers allocate the available supply among all potential batches of buyers.
Inventories accumulate whenever a batch does not arrive. Shocks to cost and demand are ...
B Eden - The Journal of Political Economy, 1976 - JSTOR
The demand for money is sometimes specified as a function of the anticipated rate of
inflation and sometimes as a function of the anticipated real rate of return on money.'In the
absence of uncertainty, individuals hold point anticipations and it does not matter which ...
B Eden… - The American Economic Review, 1993 - JSTOR
Recently Robert Hall (1988, 1990) found that the short-run elasticity of output with respect to
labor is too high relative to the prediction of the standard competitive spot-market. model.
Thomas Abbott, Griliches, and Jerry Hausman (1988; henceforth AGH) examined the ...
B Eden - Journal of Economic Theory, 1977 - Elsevier
Abstract Some simple, well-known arguments concerning the value of information are
applied to show that diminishing marginal utility will lead to insurance, but insurance-type
phenomena do not require diminishing marginal utility. In particular, when there are no ...
B Eden… - Economic Inquiry, 1994 - Wiley Online Library
Evidence suggests the volatility of stock prices cannot be accounted for by information about
future dividends. We argue that some of the volatility of stock prices in excess of
fundamentals results from fluctuations in the amount of public information over time. Our ...
B Eden, A Pakes - The Review of Economic Studies, 1981 - JSTOR
The purpose of this paper is to introduce a measure of the uncertainty in different earnings
paths. The measure we propose has two desirable properties. First, given appropriate data,
it is relatively easy to estimate. Second, under the assumptions of the life-cycle permanent ...
B Eden - The Journal of Political Economy, 1980 - JSTOR
The paper considers the choice between two finite income paths that are subject to random
variations. It is shown that if one income path, X, has more cumulative variation at the outset
and less variation toward the end than another income path, Y, then X dominates Y in the ...
[CITATION] A course in monetary economics: sequential trade, money, and uncertainty
B Eden - 2005 - Wiley-Blackwell
B Eden - The Review of Economic Studies, 1979 - restud.oxfordjournals.org
Friedman and Savage (1948) provided a utility function of income which is capable of
rationalizing the behaviour of an individual who combines insurance against a small risk
with a large gamble. However, they concluded that the" willingness of individuals,..., who ...
B Eden - The Review of Economic Studies, 1981 - restud.oxfordjournals.org
In his 1959 essay" Toward a Theory of Price Adjustment" Arrow argued that" there exists a
logical gap in the usual formulations of the theory of perfectly competitive economy, namely,
that there is no place for a rational decision with respect to prices as there is with respect ...
MI Blejer… - Economics Letters, 1979 - Elsevier
Abstract The effect of uncertainty on the relationship between the nominal interest rate and
the expected rate of inflation, the Fisher equation, is examined both theoretically and
empirically. It is found that the coefficient of the expected rate of inflation is significantly ...
B Eden - Economic Inquiry, 1980 - Wiley Online Library
According to Friedman and Savage (1948) the “willingness of individuals,..., who buy
insurance against a small risk to enter into small fair gambles” is inexplicable, In this paper
we try to provide a rationale for the behavior of a gambler who buys any type of insurance ...
B Eden - Revue economique, 1979 - JSTOR
Quand l'offre de monnaie est stable, les agents économiques veulent employer la monnaie
comme unité de compte dans leurs contrats futurs; par conséquent, il faudrait, quand il se
produit des perturbations monétaires, préserver les contrats émis en termes nominaux. C' ...
B Eden - Carnegie-Rochester Conference Series on Public …, 1983 - ideas.repec.org
If you experience problems downloading a file, check if you have the proper application to
view it first. Information about this may be contained in the File-Format links below. In case of
further problems read the IDEAS help page. Note that these files are not on the IDEAS site ...
B Eden - Journal of International Economics, 2007 - Elsevier
I study an example of a competitive environment in which trade occurs in a sequential
manner. In this example, a country with a stable demand may suffer from trade with a country
with unstable demand, there may be too much trade, a country may import and export the ...
B Bental… - Journal of Monetary Economics, 2002 - Elsevier
When trade is uncertain and sequential, a fractional reserve banking system may give rise to
endogenous monetary shocks. These endogenous monetary shocks lead to fluctuations in
capacity utilization and waste. When fluctuations in the currency/deposit ratio are the ...
B Eden - Working Papers, 1992 - econpapers.repec.org
... EconPapers has moved to http://EconPapers.repec.org! Please update your
bookmarks. How to Subsidize Education and Achieve Voluntary Integration:
An Analysis of Voucher Systems. Benjamin Eden (). ...
[CITATION] Time Rigidities in the Adjustment of Prices to Monetary Shocks: An Analysis of Micro Data
B Eden… - 1994 - Research Department, Bank of Israel
B Eden - The Quarterly Journal of Economics, 1982 - qje.oxfordjournals.org
Abstract In a competitive environment in which (ex ante) identical sellers set prices, the
market price cannot always be based on updated information, since otherwise there will be
no incentive to gather information about changes in demand. This result is applied to the ...
[CITATION] VRigid prices: evidence from US scanner dataV
JR Campbell… - 2004 - mimeo
B Eden - Journal of Monetary Economics, 1986 - Elsevier
Abstract It is argued that when money and bonds are distinct and money yields a lower rate
of return, the quantity of private bonds that is exchanged for money is a signal for demand in
the near future. Therefore, competitive price setters who observe transactions in the ...
B Eden - 1975 - getcited.org
An academic directory and search engine.
B Eden - Review of Economic Dynamics, 2001 - Elsevier
The uncertain and sequential trading (UST) model of inventories behavior with iid shocks
predicts that (a) the beginning of period inventories is a sufficient statistic for past variables
and (b) an increase in the beginning of period inventories reduces output, employment, ...
B Eden - University of Iowa, 1994 - vanderbilt.edu
ABSTRACT It is argued that simple vouchers are not sufficient for successful
decentralization: To achieve the socially desired outcome, the government must pay schools
for the educational outputs in addition to payments for the employment of students. Once ...
B Eden - Manuscript. Nashville: Vanderbilt University, 2007 - vanderbilt.edu
Cash may disappear in a technological advanced society. Will seigniorage payments
disappear? In Woodford (2003) cashless economy, money does not enter as an argument
into the utility function and therefore interest must be paid on it. In his cashless economy ...
B Eden - Economic inquiry, 1985 - Wiley Online Library
* Professor of Economics, The University of Iowa. Versions of this paper were presented at
the Econometric Society meeting and the NBER economic fluctuations workshop, both in the
summer of 1983. In addition to the participants in those meetings, I would like to thank J. ...
B Eden - Economics Letters, 1979 - Elsevier
Abstract An intertemporal Von Neumann-Morgenstern utility function may account for
aversion to risks when only gains are at stake and preference for risks when only losses are
at stake. It may therefore be used to account for the findings of Markowitz and Kahneman ...
B Eden - Journal of Monetary Economics, 1985 - econpapers.repec.org
... EconPapers has moved to http://EconPapers.repec.org! Please update your bookmarks. Indexation
and related issues: A review essay. Benjamin Eden (). Journal of Monetary Economics, 1985, vol.
16, issue 2, pages 259-266. Date: 1985 Track citations by RSS feed. ...
[CITATION] A course in monetary economics
Benjamin. Eden - Blackwell Pub.
[CITATION] Labor Contracts, Enforcement and Aggregate Unemployment
B Eden - University of Iowa, mimeo, 1985
B Eden - The University of Haifa, 2002 - vanderbilt.edu
I study the choice of capacity and capacity utilization in competitive environments with
demand uncertainty and risk neutral agents. This is done under the assumption that it is too
costly to gather all potential buyers and run a Walrasian auction. But there are no costs for ...
[CITATION] Inflation and Price Dispersion: An Analysis of Micro Data
B Eden… - 1994 - Research Department, Bank of Israel
B Eden - Economic Inquiry, 1983 - Wiley Online Library
To justify the use of money when other assets with more attractive rates of return are
available, it is common to add some friction andlor restriction to the standard general
equilibrium analysis. Various specifications of transaction costs, Clower's constraint and ...
SE Landsburg… - Journal of Economic Theory, 1989 - Elsevier
Abstract We present a model in which sellers must set prices in the face of uncertain
demand. Demand is realized sequentially and sellers who set low prices sell before those
who set high prices. Sellers who set high prices sell only when the realization of demand ...
[CITATION] Monetary Economics and Sequential Trade, to be published in the year 2000 by Blackwell
B Eden - Some chapters are on my web site: http://econ. haifa. …
[CITATION] The Choice of Nominal Price Changes by Individual Stores: An Empirical Analysis of Data from High Inflation Periods
B Eden - 1995 - Working Paper
[CITATION] VRigid prices: evidence from US scanner data
R Campbell Jeffrey… - 2005 - V Working Paper Series WP'05'08, …
B Eden - Journal of International Economics, 2009 - Elsevier
This paper studies the choice of tariffs and other type of consumption taxes and subsidies in
a flexible price version of the Prescott [Prescott, Edward C., 1975. Efficiency of the Natural
Rate. Journal of Political Economy 83, 1229–1236.] hotels model. It is shown that a ...
[CITATION] On the Specification of the Demand for Money: Some Theoretical and Empirical Results
B Eden - MS, University of Chicago, 1974
B Eden… - 1991 - nber.org
Our test of price-taking behavior looks at the choice of capacity rather than the choice of
output. It is motivated by a complete spot markets model in which goods are distinguished by
the selling probabilities in addition to other characteristics. When output is explained by ...
B Eden… - Working Papers, 2009 - vanderbilt.edu
This paper studies price setting within a chain of grocery stores, using a scanner database
that contains observations of retail prices for 435 products within 75 stores over 121 weeks.
We find price dispersion within the chain. Although price dispersion is pervasive 75% of ...
B Eden - 2005 - Wiley Online Library
In the first part of this book we use standard monetary models to talk about the joint behavior
of nominal and real variables. We start with the long-run relationship focusing on the
relationship between money and inflation. The focus then shifts to the short-run ...
B Eden - 2003 - vanderbilt.edu
The importance of controlling the money supply has been debated for a long time. Friedman
and Schwartz (1963) argued that money plays an important role in causing the business
cycle and since money works with a long and variable lag ak% rule is optimal. This has ...
B Eden - Economics Letters, 1994 - Elsevier
Abstract The unconditional variance of the rate of nominal price change can always be
expressed as a function of the unconditional mean. Therefore the relationship between the
unconditional variance and the unconditional mean cannot be used to distinguish among ...
[CITATION] On the Specification of the Demand for Money during the Hyperinflations
B Eden - 1976 - Hebrew University of Jerusalem, …
B Eden - Working Papers, 2008 - vanderbilt.edu
Since the discovery of the risk premium puzzle by Mehra and Prescott (1985) there has been
a debate about the choice of the representative agent's utility function. In his presidential
address Lucas (2003) followed Mehra and Prescott in using the standard power utility ...
[CITATION] Using Consumption Data for Measuring the Time Resolution of Uncertainty
B Eden, A Pakes - 1979 - Maurice Falk Institute for Economic …
[CITATION] Uncertain Market Conditions and Gains from Trade: A Sequential Trade Model with Heterogeneous Buyers
B Eden - 2005 - Vanderbilt University working paper
B Eden - Economics Letters, 1979 - Elsevier
Economics Letters 2 (1979) 315320 NorthHolland Publishing Company STOCHASTIC DOMINANCE
WITHOUT RISK AVERSION Benjamin EDEN The Hebrew University and Falk Institute,
Jerusalem, Israel Received 30 April 1979 The time at which uncertainty is being resolved, ...
B Eden - The Journal of Political Economy, 1983 - JSTOR
The public good aspect of information is used to account for periods in which the aggregate
level of trade is low. It is shown that abstention from trade may occur when the uncertainty
with respect to the market-clearing price (there is no auctioneer) gets large relative to the ...
B Eden - Vanderbilt University, Department of Economics WP, 2004 - nber.org
Since the discovery of the risk premium puzzle by Mehra and Prescott (1985) there has been
a lot of debate about the magnitude of risk aversion. In his presidential address Lucas
(2003) followed Mehra and Prescott in using the standard power utility function: βtU (Ct) t
B Eden - Working Papers, 1994 - econpapers.repec.org
Related works: Journal Article: Inflation and Price Adjustment: An Analysis of Microdata
(2001) This item may be available elsewhere in EconPapers: Search for items with the same
title. ... This site is part of RePEc and all the data displayed here is part of the RePEc data ...
B Eden… - 2010 - papers.ssrn.com
Abstract: We assess the ability of the cross sectional price distribution to react to shocks from
the point of view of a Prescott “hotels” type model, using a sample of 435 products in 75
stores over 121 weeks. We argue that the cross sectional distribution is flexible in spite of ...
B Eden - Working Papers, 2007 - vanderbilt.edu
The idea that liquidity is important for assets returns is not new. Recently, McGrattan and
Prescott (2003) have argued that short term US government securities provide liquidity and
are therefore overpriced. Amihud (2002) and Cochrane (2003) argued that some stocks ...
B Eden - 1976 - getcited.org
An academic directory and search engine.
B Eden… - The Canadian Journal of Economics/Revue …, 1980 - JSTOR
Recently Eden (1976) has shown that for risk-neutral consumers the demand for money
should be specified as a function of the expected real rate of return on money and not as a
function of the expected rate of inflation. This paper presents empirical evidence which ...
B Eden… - Working Papers, 1994 - econpapers.repec.org
... EconPapers has moved to http://EconPapers.repec.org! Please update your
bookmarks. Inventories in a Competitive Environment: An Empirical Study of
a Housing Market. Benjamin Eden () and Joel Horowitz. ...
B Eden - UCLA Economics Working Papers, 1980 - econ.ucla.edu
—For other attempts see the recent symposium on perfect competition in the Journal of
Economic Theory, April 1980. For some literature on monopolistic price adjustment, see
Gordon and Heynes (1970), Barro (1972) and Sheshinski and Weiss (1977, 1979).
B Eden… - Review of Quantitative Finance and Accounting, 1999 - Springer
The objective of this paper is to reexamine the effects of the timing of information releases on
security prices. We extend Ross (1989) by allowing the timing of information releases to
affect the martingale probabilities. We show that if the early release of information is ...
B Eden - 1999 - vanderbilt.edu
I test the implications of a monetary version of the Uncertain and Sequential Trading (UST)
model using post war US data. The data support the hypothesis about the effect of demand
shocks: Low demand has a persistent positive effect on inventories and a persistent ...
B Eden - Vanderbilt University and The University of Haifa, 2005 - vanderbilt.edu
Should a country discourage currency substitution? Should it have its own national
currency? These questions have occupied monetary economics and international finance
for a long time. Fischer (1982) argued that countries choose to have national money to ...
B Eden… - Working Papers, 1994 - econpapers.repec.org
... EconPapers has moved to http://EconPapers.repec.org! Please update your
bookmarks. Sequential Trade, Search Externalities and Inventories: Do Houses
Sell Faster in Thick Markets? Benjamin Eden () and Joel Horowitz. ...
B Eden - 1999 - vanderbilt.edu
Uncertain and Sequential Trading (UST) models are based on ideas in Prescott (1975) and
Butters (1977). In a review article of the Phelps volume, Prescott provides a counter example
to the view that precautionary unemployment is likely to be excessive because sellers of ...
B Eden - Working Papers, 1991 - ideas.repec.org
No abstract is available for this item. ... To our knowledge, this item is not available for
download. To find whether it is available, there are three options: 1. Check below under "Related
research" whether another version of this item is available online. 2. Check on the ...
B Eden - 2007 - vanderbilt.edu
The nominal interest rate is often viewed as a tax on real balances. Understanding the
working of an economy with zero nominal interest is therefore crucial for estimating the
welfare cost of this tax. Yet there is little agreement on exactly how a zero nominal interest- ...
B Eden - Working Papers, 2008 - vanderbilt.edu
The welfare gains from adopting a zero nominal interest policy depend on the
implementation details. Here I argue that implementing the Friedman rule by a government
loan program may be better than implementing it by collecting taxes, even when lump sum ...
[CITATION] Linked Versus Flexible Exchange Rate and the Functions of Money in an Open Economy
B Eden - 1978 - Hebrew University of Jerusalem, …
B Eden, MS Jaremski - 2009 - www-new.vanderbilt.edu
This paper studies price setting within a chain of grocery stores, using a scanner database
that contains observations of retail prices for 435 products within 75 stores over 121 weeks.
We find price dispersion within the chain. Stores differentiate themselves by the prices of ...
B Eden - Working Papers, 1991 - econpapers.repec.org
... EconPapers has moved to http://EconPapers.repec.org! Please update your bookmarks. Money
Non-Neutrality when Spot Market are Complete. Benjamin Eden (). ...
B Eden - 2009 - vanderbilt.edu
The paper analyzes a government loan program that complements money. The focus is on
administrative costs and the difference between the collection technologies available to the
public and the private sectors. Among the questions addressed are: the optimal monetary ...
[CITATION] MONETARY ECONOMICS AND SEQUENTIAL TRADE
B EDEN - 2002
B Eden - 2001 - vanderbilt.edu
I introduce inside money and serially correlated supply shocks to the Uncertain and
Sequential Trading (UST) monetary model and test its implications using a vector auto
regression impulse response analysis on post-war US data. I find that (a) The importance ...
[CITATION] SEQUENTIAL TRADE, MONEY AND UNCERTAINTY
B EDEN - 2003
B Eden - Working Papers, 2009 - www-new.vanderbilt.edu
It seems that dollar denominated assets held by non-US residents earn a lower rate of return
than comparable alternatives. In a recent study, Gourinchas and Rey (2005) found that
during the post Bretton Woods era (1973-2004) the real rate of return on foreign bonds ...
B Eden… - econ.nyu.edu
ABSTRACT This paper argues that some of the volatility of stock prices in excess of
fundamentals results from fluctuations in the amount of public information over time. The
model assumes that dividends and consumption are constant in the aggregate but that ...
B Eden - Working Papers, 2011 - vanderbilt.edu
The paper analyzes the intermediation role of government under the assumption that it has
an advantage over the private sector in collecting uncollateralized loan payments. It is
shown that a government loan program may improve the welfare of all generations ( ...
[CITATION] Ariel Pakes
B Eden - 1979
B Eden - Carnegie-Rochester Conference Series on Public …, 1983 - ideas.repec.org
If you experience problems downloading a file, check if you have the proper application to
view it first. Information about this may be contained in the File-Format links below. In case of
further problems read the IDEAS help page. Note that these files are not on the IDEAS site ...
B Eden - 2003 - Wiley Online Library
The following observations have provoked a lot of discussion in the international trade
literature:(1) countries trade in similar goods;(2) there are government made barriers to
trade; and (3) there is a strong correlation between changes in the real and the nominal ...
B Eden - Carnegie-Rochester Conference Series on Public …, 1987 - econpapers.repec.org
... EconPapers has moved to http://EconPapers.repec.org! Please update your bookmarks. Trading
uncertainty, markups, and productivity A comment on hall's paper. Benjamin Eden ().
Carnegie-Rochester Conference Series on Public Policy, 1987, vol. 27, issue 1, pages 445-452. ...
B Eden - Working Papers, 2010 - papers.ssrn.com
Abstract: The paper investigates the role of the Intertemporal Elasticity of Substitution (IES) in
determining the equity premium. This is done in an overlapping generations economy
populated by agents that live for 2 periods and maximize a Kihlstrom-Mirman expected ...
B Eden - Working Papers, 2009 - www-new.vanderbilt.edu
The paper analyzes a government loan program that complements money. The focus is on
administrative costs and the difference between the collection technologies available to the
public and the private sectors. Among the questions addressed are: the optimal monetary ...
[CITATION] A MONETARY SHOCK IN AN UNCERTAIN AND SEQUENTIAL TRADE MODEL
B Eden - 2000
B Eden - 1978 - getcited.org
An academic directory and search engine.
B Bental… - 1998 - Citeseer
ABSTRACT We review arguments for and against reserve requirements and conclude that
the main question is whether a distinction between money creation and intermediation can
be made. We argue that such a distinction can be made in a money-in-advance economy ...
B Eden - UCLA Economics Working Papers, 1980 - econ.ucla.edu
Why do economic agents tend to use the local currency even when there exists a foreign
currency with a lower rate of inflation? The standard argument is that the local currency
provides liquidity services. This argument does not explain why foreign currencies cannot ...
B Eden - 2001 - hevra.haifa.ac.il
Sticky price models attribute the short run real effects of money to the presence of price
rigidities. It is typically assumed that (a) prices do not adjust immediately to changes in the
money supply and (b) there is a commitment on the part of the firm to supply any quantity ...
B Eden - Working Papers, 2007 - vanderbilt.edu
The welfare gains from adopting a zero nominal interest policy depend on the
implementation details. Here I focus on a government loan program that crowds out lending
and borrowing and other money substitutes. Since money can be costlessly created the ...
B Eden - 1981 - econ.ucla.edu
Recently I have applied an argument by Grossman and Stiglitz (1980) to an economy with
no auctioneer and argued that in equilibrium, some sellers will advertise prices which are
not based on updated information. To see this point, consider the problem of a seller who ...
[CITATION] The Effect of Different Financing Methods on the Extent of School Integration
B Eden… - … advancement and distributive …, 1995 - Magnes Press, Hebrew University
JL Horowitz… - Working Papers, 1995 - econpapers.repec.org
By JL Horowitz and Benjamin Eden; Inventories, Time on the Market and Prices in an Economy
with Uncertain and Sequential Trade: Theory and an Empirical. ... JL Horowitz () and Benjamin
Eden () Additional contact information JL Horowitz: University of Iowa. ...
B Bental… - Working Papers, 1991 - econpapers.repec.org
By Benjamin Bental and Benjamin Eden; Production and Inventory
Behavior When Sport Markets are Complete.
B Eden, A Pakes - 1979 - nber.org
This paper presents an operational meaning to the concept of the variance in lifetime
income in terms of the discounted variance of T mutually uncorrelated, sequentially realized,
random variables. It is then shown how the logical implications of the lifecycle ...
B Eden - Working Papers, 2011 - vanderbilt.edu
I study the real effects of bubbles in a price-setting environment. Bubbles cause price
dispersion and overinvestment in assets that are overvalued. And when they pop some
goods are not sold and capacity is not fully utilized. I argue that a government monopoly ...
B Eden - 2012 - vanderbilt.edu
I examine the implementation of the Friedman rule under the assumption that age
dependent lump sum transfers are possible and private intermediation is costly. This is done
both in an infinitely lived agents model and in an overlapping generations model. I argue ...
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