The feasibility of fabricating a single component with copper and stainless steel multi-material structure can broaden its functional properties offer significant value in engineering design. In an effort to join 304L (SS304L) using the laser metal deposition technique, pure was deposited on SS304L both directly via interlayers nickel-based alloy Deloro 22 (D22). microstructure, elemental distr...

In a financial market with a continuous price process and proportional transaction costs we investigate the problem of utility maximization of terminal wealth. We give sufficient conditions for the existence of a shadow price process, i.e. a least favorable frictionless market leading to the same optimal strategy and utility as in the original market under transaction costs. The crucial ingredi...

In a market with one safe and one risky asset, an investor with a long horizon, constant investment opportunities, and constant relative risk aversion trades with small proportional transaction costs. We derive explicit formulas for the optimal investment policy, its implied welfare, liquidity premium, and trading volume. At the first order, the liquidity premium equals the spread, times share ...

Policy, Institutional Factors and Earnings Mobility This paper uses ECHP and OECD data for 14 EU countries to explore the role of labour market factors in explaining cross-national differences in the dynamic structure of earnings: in permanent inequality, transitory inequality and earnings mobility. Based on ECHP, minimum distance estimator is used to decompose earnings inequality into the perm...

Drawing upon unique transaction-level data from rural Ethiopia, this paper tests for general forms of imperfect competition among rural wholesale traders. These are key to the grain distribution system as they purchase from farmers and perform interregional trade. Tests show that traders in a typical source market engage in imperfectly competitive behavior in purchasing from farmers, driving do...

Discount rate changes always receive considerable attention in financial markets. Two hypotheses compete to explain financial market reactions: the direct ‘borrowing cost effect’ and the announcement effect. This paper examines the issue for the Bundesbank’s discount rate changes after 1979. Summing up we find that market reactions cannot be attributed to a direct borrowing cost effect but excl...

Substitutability and Competition in the Dixit-Stiglitz Model The effects of competition on growth are analyzed in the recent literature by comparing economies with the same market structure but different degrees of substitutability. In this note, we show that in a general equilibrium model with monopolistic competition à la DixitStiglitz the effect of substitutability on the allocation of resou...

We study a dynamic setting in which stochastic information about the value of a privately-informed seller’s asset is gradually revealed to a market of buyers. We characterize the unique equilibrium in a continuous-time framework. The equilibrium involves periods of no trade or market failure. The no-trade period ends in one of two ways: either enough good news arrives restoring confidence and m...

Extensive empirical research has shown that in many markets institutional investors have a significant impact on prices and mitigate its adverse effects through their trading strategies. This paper develops a dynamic model of such thin markets, in which the market structure is one of bilateral oligopoly. The paper demonstrates that market thinness qualitatively changes equilibrium properties of...

Labor Market Assimilation of Recent Immigrants in Spain This paper provides a preliminary analysis of the employment and occupational assimilation of recent immigrant waves to the Spanish labor market as their residencies lengthen. Using Spanish data from the 2001 Population Census and the 2002 Earnings Structure Survey, we find evidence of immigrant employment and occupational assimilation sig...