The Auckland aggregate market is estimated to be 7.2 million tonnes a year. Sixteen major quarries supply this market. Because of the number of suppliers and the variety of products, planning in this complex environment is difficult. Winstone Aggregates is the largest producer of rock products in Auckland. It owns nine quarries and supplies slightly more then half of the region's aggregate need...

This paper analyses a model of overlapping generations in which agents who do not participate in the labor market are unable to borrow. Thus an increase in a fully funded pension raises aggregate savings even with a fixed participation rate since private savings are not crowded out one-for-one. When labor force participation is determined endogenously, a rise in the level of fully funded pensio...

This paper illustrates how fluctuations in aggregate economic activity can result from many small, independent shocks to individual sectors. The effects of the small independent shocks fail to cancel in the aggregate due to the presence of two non standard assumptions: local interaction between productive units (linked by supply relationships), and non-convex technology. We also argue that neit...

In recent work I have tried to spell out a Post Walrasian approach to macroeconomics (Colander, 1995a) and to translate that Post Walrasian vision into the aggregate supply/aggregate demand framework (Colander, 1995b). In this paper I continue that work and begin to relate the Post Walrasian vision to the standard IS/LM analysis. The paper is not about high theory; instead it is about the pedag...

This version: May, 2008 Abstract We construct a model of the credit market where lenders use two incentive devices, monitoring and termination, to enforce truth-telling and effort-making. The economy’s aggregate activity and its equilibrium lending mechanism are determined jointly and endogenously. We analyze how changes in the model’s exogenous variables, including the returns of the economy’s...

In this paper we investigate the effect of oil price shocks on stock market index in Iran, by using of a structural VAR (SVAR) approach. We used four variables in the model namely Kilian index, global oil supply, real oil price and real stock market index. The data are monthly and spanning the period 1997M10-2014M12. We identify the effect of four different shocks on stock market including oil ...

Concentrating on the period of quantitative easing in Japan, this paper reexamines the correlation between the asymmetry of sectoral relative-price changes and the aggregate inflation rate. This correlation is widely interpreted as evidence that short-run inflation is determined by supply-side factors; however, we study whether, in addition to the inflation rate, monetary environment and aggreg...

This paper investigates the equilibrium implications of the presence of nonlinearly taxed, redundant securities, and of the resulting tax arbitrage opportunities. Heterogeneity in taxation leads to discrepancies in assets' pre-tax market prices of risk. We show that this mispricing is set so that agents e®ectively cooperate to minimize aggregate taxes, even though individually each agent may no...

in this paper we investigate the effect of oil price shocks on stock market index in iran, by using of a structural var (svar) approach. we used four variables in the model namely kilian index, global oil supply, real oil price and real stock market index. the data are monthly and spanning the period 1997m10-2014m12. we identify the effect of four different shocks on stock market including oil ...