D Corbae… - The Review of Economics and Statistics, 1988 - JSTOR
Nonstationarity in the levels of spot exchange rates and domestic and foreign price indices
makes the use of conventional tests of the absolute version of purchasing power parity
(PPP) inappropriate. If PPP is true, inter-country commodity arbitrage ensures that ...
S Chatterjee, D Corbae,
M Nakajima… - Econometrica, 2007 - Wiley Online Library
We study, theoretically and quantitatively, the general equilibrium of an economy in which
households smooth consumption by means of both a riskless asset and unsecured loans
with the option to default. The default option resembles a bankruptcy filing under Chapter ...
G Camera… - International Economic Review, 1999 - Wiley Online Library
2. Abstract We relax restrictions on the storage technology in a prototypical monetary search
model to study price dispersion. In this case, buyers and sellers enter matches with
potentially different willingness to trade. Across the distribution of possible bilateral ...
D Corbae… - Economic Record, 1991 - Wiley Online Library
* We are grateful to Guillermo Mondino, participants of the University of Melbourne
economics workshop, and three anonymous referees for helpful comments on an earlier
version of this paper. Ian McKenzie kindly provided the data used in this paper. ...
D Corbae, T Temzelides… - Econometrica, 2003 - Wiley Online Library
We develop a model of monetary exchange where, as in the random matching literature,
agents trade bilaterally and not through centralized markets. Rather than assuming they
match exogenously and at random, however, we determine who meets whom as part of ...
S Chatterjee… - Journal of Political Economy, 1992 - JSTOR
We study the monetary theory implications of fixed costs associated with trade in private
assets. We show that with heterogeneous endowment profiles it is possible for an
endogenous subset of agents to hold currency even when it is dominated in return by a ...
D Corbae… - Economics Letters, 1986 - Elsevier
Abstract Empirical studies that have tested for unit roots in foreign exchange rate data have
assumed independent and identically distributed errors in order to apply Dickey-Fuller test
procedures. This assumption ignores the temporal dependence of the error sequence ...
D Corbae, S Ouliaris… - Econometrica, 2002 - Wiley Online Library
Band spectral regression with both deterministic and stochastic trends is considered. It is
shown that trend removal by regression in the time domain prior to band spectral regression
can lead to biased and inconsistent estimates in models with frequency dependent ...
D Corbae, KG Lim… - The Review of Economics and Statistics, 1992 - JSTOR
This paper provides univariate and multivariate tests of the unbiasedness hypothesis in
forward market efficiency studies using canonical regression procedures for cointegrated
systems. The advantage of conducting inference on levels rather than differenced data ...
D Corbae… - Games and Economic Behavior, 2008 - Elsevier
We examine how groups of agents form trading networks in the presence of idiosyncratic
risk and the possibility of contagion. Specifically, four agents play a two-stage finite repeated
game. In the first stage, the network structure is endogenously determined through a non- ...
D Corbae… - n Unpublished paper, University of Texas at Austin, 2009 - nber.org
Abstract We present a model where households select from a set of possible mortgage
contracts and choose whether to default on their mortgage payments given idiosyncratic
realizations of non-insurable income and housing price shocks. The mortgage menu ...
D Corbae… - … Theory and Practice: Frontiers of Analysis …, 2006 - books.google.com
At least since Burns and Mitchell (1946), economists have been interested in developing
methods for extracting" business cycle" components from the level of a time series. One
important practical issue, for example, is how to extract the cyclical component from real ...
D Corbae… - University of, 2000 - pitt.edu
Abstract This study examines groups of L subjects who repeatedly play a two~ stage game.
In the first stage, the network structure in which individuals interact is either exogenously
imposed or endoge0 nously determined through a noncooperative game. In the second ...
R Cooper… - Journal of Economic Theory, 2002 - Elsevier
We analyze financial collapses, such as the one that occurred during the US Great
Depression, from the perspective of a monetary model with multiple equilibria. The
multiplicity arises from the presence of a strategic complementarity due to increasing ...
S Chatterjee, D Corbae… - Manuscript, University of Texas at …, 2007 - usc.edu
... Fed. Res. Bank of Philadelphia Dean Corbae University of Texas Victor Rios-Rull ... December 8,
2005 1 USC FBE MACROECONOMICS AND presented by Dean Corbae FRIDAY, Dec. 9, 2005
3:30 pm – 5:00 pm, Room: HOH-601K INTERNATIONAL FINANCE WORKSHOP ...
D Corbae, S Ouliaris… - Empirical Economics, 1994 - Springer
This paper reexamines the permanent income hypothesis (PIH) in the frequency domain. In
contrast to some time domain tests, our frequency domain approach provides an explicit and
natural test ofboth the permanentand transitory implications of the PIH for jointly ...
S Chatterjee… - Journal of monetary Economics, 2007 - Elsevier
The potential benefit of policies that eliminate a small likelihood of economic crises is
calculated. An economic crisis is defined as an increase in unemployment of the magnitude
observed during the Great Depression. For the US, the maximum likelihood estimate of ...
S Chatterjee, D Corbae… - Journal of Economic Theory, 2008 - Elsevier
We present a theory of unsecured consumer debt that does not rely on utility costs of default
or on enforcement mechanisms that arise in repeated-interaction settings. The theory is
based on private information about a person's type and on a person's incentive to signal ...
D Corbae, T Temzelides… - The American Economic Review, 2002 - JSTOR
In Corbae, Temzelides, and Wright (2001)(hereafter, CTW) we proposed a new version of
the framework that uses bilateral matching to model the exchange process, and in particular
to model the use of money as a medium of exchange. Our version does not have agents ...
R Cooper… - 1997 - nber.org
We analyze a financial collapse, such as the one which occurred during the Great
Depression, from the perspective of a monetary model with multiple equilibria. The economy
we consider contains financial fragility due to increasing returns to scale in the ...
D Corbae, M Stinchcombe… - 2009 - books.google.com
Providing an introduction to mathematical analysis as it applies to economic theory and
econometrics, this book bridges the gap that has separated the teaching of basic
mathematics for economics and the increasingly advanced mathematics demanded in ...
D Corbae,
P D'Erasmo… - Journal of Monetary Economics, 2009 - Elsevier
This paper uses a dynamic political economy model to evaluate whether the observed rise
in wage inequality and decrease in median to mean wages can explain some portion of the
relative increase in transfers to low earnings quintiles and relative increase in effective tax ...
D Corbae… - Journal of Applied Econometrics, 1989 - Wiley Online Library
Abstract Evidence to support the Gibson paradox is often given in the form of a simple
correlation between the nominal interest rate and the log of price level, or in the form of a
simple linear regression between these two variables. Authors then show, using standard ...
S Chatterjee, D Corbae… - Unpublished working paper, …, 2008 - ifk-cfs.de
Abstract We propose a theory of unsecured consumer credit where:(i) borrowers have the
legal option to default;(ii) defaulters are not exogenously excluded from future borrowing;(iii)
there is free entry of lenders; and (iv) lenders cannot collude to punish defaulters. In our ...
D Corbae… - Economic Theory, 2004 - Springer
Summary. We relax a standard assumption on the matching technology in a search model of
money. In particular, agents may remain in a long-term partnership as long as it is in their
self-interest. With this simple modification, it is possible to support self-enforcing, ...
D Corbae… - 2011 - frbatlanta.org
Abstract We develop a model of banking industry dynamics to study the relation between
commercial bank market structure, business cycles, and borrower default frequencies. We
analyze an environment where a small number of dominant bank interact with a many ...
[CITATION] Monetary patterns of exchange with search
G Camera… - International Economic Review, 1999
S Ouliaris… - Economics Letters, 1985 - Elsevier
Abstract Standard models of the demand for money employ the partial adjustment
framework in which the adjustment parameter is specified as a constant over the entire
sample period. This paper relaxes this assumption. The adjustment parameter is specified ...
[CITATION] Money and search with enduring relationships
D Corbae… - Unpublished manuscript, 1997
D Corbae, T Temzelides… - Univeristy of Pennsylvania, …, 2001 - gs.cornell.edu
Abstract We present a new framework for studying monetary economics. As in the random
matching literature, agents trade bilaterally, and not through centralized markets. However,
our approach is fundamentally different in the following sense: rather than assuming ...
S Chatterjee, D Corbae… - 2000 - clevelandfed.org
A central concern in macroeconomics has been whether policy should attempt to stabilize
cyclical fluctuations. In a thought0provoking argument, Lucas (1987) suggested that the
welfare gains from eliminating postwar variability in aggre0 gate consumption was ...
[CITATION] On the optimality of exchange rate band policies
D Corbae, B Ingram… - University of Iowa, working paper, 1990
D Corbae - Journal of Economic Dynamics and Control, 1993 - Elsevier
This paper studies the microeconomic foundations of trigger-target rules of portfolio demand
such as the demand for money. It allows an agent to relax her cash-in-advance constraint by
paying a fixed transactions cost to move between money and the interest bearing asset. ...
[CITATION] Financial fragility and active monetary policy: A lesson from the Great Depression
R Cooper… - Manuscript. Boston University, 2000
S Chatterjee… - The American Economic Review, 1995 - JSTOR
Transactions costs are a potentially important friction in macroeconomics. Yet, the task of
assessing the effects of measured transactions costs on aggregate equilibrium has
proceeded very slowly. For instance, in the field of asset-pricing, the effects of observed ...
S Chatterjee… - 2004 Meeting Papers, 2004 - ideas.repec.org
We study how credit scoring impacts the ability of individuals to consumption smooth. Our
environment has ex-ante heterogeneity of household types. Credit scoring is interpreted as
an intermediary's posterior of a household's type conditional on its bankruptcy and ...
S Chatterjee… - Journal of Monetary Economics, 1996 - Elsevier
We develop a variant of Townsend's turnpike model where the trading friction is related to a
commitment problem rather than spatial separation alone. Specifically, expenditure on
financial services is necessary to ensure commitment. When commitment is costless, the ...
[CITATION] On the Distribution of Money and Prices with Search
G Camera… - Manuscript. Iowa City: University of Iowa, 1996
RW Cooper, D Corbae… - 2001 - minneapolisfed.org
ABSTRACT We analyze financial collapses, such as the one that occurred during the US
Great Depression, from the perspective of a monetary model with multiple equilibria. The
multiplicity arises from the presence of a strategic complementarity due to increasing ...
R Castro, G Clementi… - 2005 - eea-esem.com
Abstract In this paper we assess whether informational frictions can successfully explain
certain stylized facts about firm dynamics. Our model nests two forms of informational friction
that differ in the distribution of information between insider to the firm (managers or ...
[CITATION] Money and matching
D Corbae, T Temzelides… - 2000 - Manuscript
[CITATION] A Quantitative Theory of Unsecured Consumer Credit with Risk and Default
C Satyajit, D Corbae, M Nakajima… - University of Pennsylvania, mimeo, 2002
CJ Neely, PA Weller… - Oxford Economic Papers, 2003 - Oxford Univ Press
Abstract We examine the effects of endogenously determined realignment expectations in a
model of a target zone with sluggish price adjustment. We allow these expectations to be
based on a policy rule which generates an increasing probability of realignment as output ...
CJ Neely, PA Weller… - Working Paper Series, 1994 - research.stlouisfed.org
We examine the effects of endogenously determined realignment expectations in a model of
a target zone with sluggish price adjustment. We allow these expectations to be based on a
policy rule that generates an increasing probability of realignment as output moves away ...
D Corbae… - 2007 - ruf.rice.edu
Abstract We address Hotelling's venerable question about where shops endogenously
locate in variety space in an environment that shares certain features of search models of
money. Specifically, households are anonymous, have heterogeneous tastes, search is ...
[CITATION] mEndogenous Market Participation and the General Equilibrium Value of Money, nJournal of Political Economy 100 (1992)
S Chatterjee… - $646
[CITATION] Financial Fragility and Active Monetary Policy: A Lesson from the Great Depression: A Multiple Equilibrium Interpretation
RW Cooper… - 2000 - Boston University, mimeo
[CITATION] A Quantitative Theory of Unsecured Credit with Risk of Default.” forthcoming
S Chatterjee, D Corbae, M Nakajima… - Econometrica, 2007
[CITATION] José% Víctor Ríos% Rull, 2007
C Satyajit, D Corbae… - VA Quantitative Theory of Unsecured Con% sumer …
[CITATION] Jose $ Victor Rios $ Rull. A quantitative theory of unsecured consumer credit with default
S Chaterjee, D Corbae… - 2007 - working paper
D Corbae - 2006 - books.google.com
Written in honor of Peter CB Phillips of Yale University by some of his former students, these
essays analyze a number of state of the art issues in econometrics, all of which Professor
Phillips has directly influenced through his scholarly contribution as well as through his ...
S Chatterjee, D Corbae… - Working Paper, 2005 - atl-res.com
Abstract This paper explores how consumption smoothing (via borrowing and lending)
works when a person cannot commit to payback a loan. We study an environment where
individuals are of two types, with one type having a higher propensity to default on debt ...
R Cooper… - Boston University-Institute for Economic …, 1999 - ideas.repec.org
We analyze financial collapses, such as the one that occurred during the US Great
Depression, from the perspective of a monetary model with multiple equilibria. The economy
we consider contains financial fragility due to increasing returns to scale in the ...
S Chatterjee, D Corbae, M Nakajima… - Corbae: University, 2001 - phil.frb.org
Abstract We study, theoretically and quantitatively, the equilibrium of an economy with
unsecured consumer credit with the following features. Credit suppliers take deposits at a
given interest rate and offer loans to households via a menu of credit levels and ...
S Chatterjee… - Working Papers, 1994 - econpapers.repec.org
Related works: Working Paper: Money and Finance in a Model of Costly Commitment (1994)
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 set.
We examine the effects of endogenously determined realignment expectations in a model of
a target zone with sluggish price adjustment. We allow these expectations to be based on a
policy rule which attaches differing weights to output and price stability. We find that for ...
D Corbae… - Journal of Economic Theory, 2011 - 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 ...
P Davis, RM Stulz, D Corbae… - questia.com
A LARGE LITERATURE examines the relation between inflation and relative price
variability.(1) This literature derives its importance from the belief that, if higher inflation
leads to higher relative price variability, the welfare cost of inflation is greater than ...
DP Corbae, DS Hamermesh, SJ Trejo… - lib.utexas.edu
... I am deeply indebted to Dr. Russell Cooper and Dr. Daniel Hamermesh for their academic
guidance and generous support. Helpful comments from my committee members Dr. Dean Corbae,
Dr. Stephen Trejo, and Dr. Rob Williams are highly appreciated. All errors are mine. I ...
DC Dacy… - 2004 - lib.utexas.edu
Some optimal control macroeconomic models are naturally formulated as bilinear models-ie
models in which the only nonlinear elements are pairs of variables multiplying one another.
Models with handcrafted feedback policy rules could be seen as bilinear if their ...
D Corbae… - 2006 Meeting Papers, 2006 - repec.org
Abstract We apply a mechanism design approach to a trading post environment where the
household type space (tastes over variety) is continuous and it is costly to set up shops that
trade differentiated goods. In this framework, we address Hotelling's [3] venerable ...
D Chen… - Journal of Macroeconomics, 2011 - Elsevier
The Fair Credit Reporting Act (FCRA) dictates that adverse events such as a Chapter 7
bankruptcy filing must be removed from an individual's credit record after 10 years. The
intent of the law is to provide partial consumption insurance by giving an individual a fresh ...
D Corbae… - 2012 - frbatlanta.org
Abstract We develop a model of banking industry dynamics to study the relation between
commercial bank market structure, risk taking, bank failure, and capital/liquidity
requirements. We assume Cournot competition where dominant banks can interact with ...
D Corbae, C Neely… - Working Papers, 1998 - ideas.repec.org
We examine the effects of endogenously determined realignment expectations in a model of
a target zone with sluggish price adjustment. We allow these expectations to be based on a
policy rule that generates an increasing probability of realignment as output moves away ...
PD Corbae,
CJ Neely… - CEPR Discussion Papers, 1995 - ideas.repec.org
We examine the effects of endogenously determined realignment expectations in a model of
a target zone with sluggish price adjustment. We allow these expectations to be based on a
policy rule which attaches differing weights to output and price stability. We find that for ...
PD Corbae… - library.utexas.edu
First of all, I would like to thank my advisor, Russell Cooper, whose guidance and support
have been essential in my professional development. I am also grateful to Kenneth
Hendricks and other members of my dissertation committee, Dean Corbae, Kim Ruhl, and ...
[CITATION] A Quantitative Model of Banking Industry Dynamics (Preliminary and Incomplete)
D Corbae… - 2009
D Corbae,
P D'Erasmo… - 2006 Meeting Papers, 2006 - ideas.repec.org
This paper develops a political economy model to evaluate how inequality affects policies
via the political process. The model is an extension of Krusell and Rios-Rull (1999) to
incorporate uninsured idiosyncratic risk to income. Using this framework, we evaluate the ...
D Corbae, S Donald… - 2009 - library.utexas.edu
This chapter examines the relationships between health, labor force participation and
medical spending in a simultaneous equations model using data from the Medical
Expenditure Panel Survey (MEPS). It finds a significant positive effect of health on labor ...
PD Corbae… - library.utexas.edu
Abstract I study the market for information on consumer purchases. Consumers make
sequential buy decisions from two different firms. The consumer's valuations for the two
goods are positively correlated so the second firm would like to know who has bought the ...
D Corbae… - Econometric Society World Congress 2000 …, 2000 - ideas.repec.org
Does the network structure in which economic agents interact affect their ability to coordinate
of high payoff investments in environments with multiple equilibria? We conduct experiments
with paid human subjects in an effort to resolve this important question. Our experiment ...
D Corbae… - 2002 - library.utexas.edu
My dissertation examines international monetary arrangements, alternative exchange rate
regimes, inflation stabilizations and international financial crises. The first chapter of the
dissertation focuses on alternative choices of exchange rate regimes for a small open ...
S Chatterjee, D Corbae… - 2008 - cemfi.net
Abstract We propose a theory of credit scoring based upon an adverse selection approach
to reputation. Specifically we analyze an unsecured consumer credit market where:(i)
borrowers have the legal option to default;(ii) defaulters are not exogenously excluded ...
DD Saunders… - 2006 - en.scientificcommons.org
... Saunders, Drew Donald, 1968-,; Corbae, Dean, Supervisor. Abstract. Thesis (Ph.
D.)--University of Texas at Austin, 2004.. Supervisor: P. Dean Corbae.. Vita.. Includes
bibliographical references.. Requires PDF file reader. Publication details. ...
D Corbae - Journal of Money, Credit and Banking, 1993 - JSTOR
Patricia Reagan and Rene Stulz (hereafter RS) make an important contribution to the
literature by focusing our attention on how relative price variability may affect the design of
contracts. The authors argue that there are moral hazard problems associated with certain ...
D Corbae - International Economic Review, 2005 - Wiley Online Library
Studying efficient ways to organize exchange is one of the objectives of monetary theory.
Shapley and Shubik (1977) were among the first to pose a static model that organized
multilateral exchange at trading posts between agents who have endowments of goods ...
Abstract This paper uses a dynamic political economy model to evaluate whether the
observed rise in wage inequality and decrease in median to mean wages can explain some
portion of the increase in transfers to low earnings quintiles and increase in effective tax ...
PD Corbae, SN Durlauf… - Cambridge Books, 2006 - econpapers.repec.org
This book is a collection of essays written in honor of Professor Peter CB Phillips of Yale
University by some of his former students. The essays, which were originally publishedin
2006, analyze a number of important issues in econometrics, all of which Professor ...
M Fontenla… - 2006 - en.scientificcommons.org
... Fontenla, Matias, 1971-,; Corbae, Dean, Supervisor. Abstract. Thesis (Ph. D.)--University
of Texas at Austin, 2003.. Supervisor: P. Dean Corbae.. Vita.. Includes bibliographical
references.. Requires PDF file reader. Publication details. ...
[CITATION] Macroeconomic Policy with a Reduced Interest Elasticity of Money Demand
PB Bennett… - 1982 - … , Federal Reserve Bank of New York
S Chatterjee, D Corbae… - 2007 - economics.sas.upenn.edu
Abstract We propose a theory of unsecured consumer credit where:(i) borrowers have the
legal option to default;(ii) defaulters are not exogenously excluded from future borrowing;(iii)
there is free entry of lenders; and (iv) lenders cannot collude to punish defaulters. In our ...
D Corbae… - 2008 - frbatlanta.org
Abstract We present a simple quantitative model where agents with different characteristics
select from a set of possible mortgage contracts and choose whether to subsequently default
on their payments given realizations of idiosyncratic income and housing price shocks. ...
D Chen… - 2011 - aeaweb.org
Abstract According to a Survey by the Society for Human Resource Management (2010),
60% of human resource representatives interviewed in 2009 indicated that the companies
they worked for ran credit checks on potential employees. In this paper, we explore how ...
D Corbae,
P D'Erasmo… - 2008 - carnegie-rochester.rochester.edu
Abstract This paper uses a dynamic political economy model to evaluate whether the
observed rise in wage inequality and decrease in median to mean wages can explain some
portion of the increase in transfers to low earnings quintiles and increase in effective tax ...
A Almazan… - 2004 - lib.utexas.edu
/The efficient market hypothesis conjectures that asset markets are in0 formationally efficient
(Fama [1970]), ie, market prices at each point in time contain almost all available information
about the true value of the underlying asset. This conjecture is derived from the highly ...
D Corbae… - 2000 - econometricsociety.org
Abstract Does the network structure in which economic agents interact affect their ability to
coordinate on high payoff investments in environments with multiple equilibriaB We conduct
experiments with paid human subjects in an effort to resolve this important question. Our ...
T Temzelides, R Wright… - American economic review, 2002 - dialnet.unirioja.es
... Matching and Money. Autores: Ted Temzelides, Randall Wright, Dean Corbae;
Localización: American economic review, ISSN 0002-8282, Vol. 92, Nº 2, 2002 ,
págs. 67-71. Fundación Dialnet. Acceso de usuarios registrados. ...
T Temzelides, R Wright… - Econométrica, 2003 - dialnet.unirioja.es
... DIRECTED MATCHING AND MONETARY EXCHANGE. Autores: Ted Temzelides, Randall
Wright, Dean Corbae; Localización: Econométrica, ISSN 0012-9682, Vol. 71, Nº 3, 2003 ,
págs. 731-756. Fundación Dialnet. Acceso de usuarios registrados. ...
Create email alert
About Google Scholar - All About Google - My Citations
©2012 Google