This paper studies the role of stabilization policy in a model where …rm entry responds to shocks and uncertainty. We evaluate stabilization policy in the context of a simple analytically solvable sticky price model, where …rms have to prepay a …xed cost of entry. The presence of endogenous entry can alter the dynamic response to shocks, leading to greater persistence in the e¤ects of monetary ...

Following a recession, the aggregate labor market is slack—employment remains below normal and recruiting efforts of employers, as measured by vacancies, are low. A model of matching frictions explains the qualitative responses of the labor market to adverse shocks, but requires implausibly large shocks to account for the magnitude of observed fluctuations. The incorporation of wage-setting fri...

We develop a multi-sector sticky-price DSGE model that can endogenously deliver differential responses of prices to aggregate and sectoral shocks. Input-output production linkages induce across-sector pricing complementarities that contribute to a slow response of prices to aggregate shocks. In turn, labor-market segmentation at the sectoral level induces within-sector pricing substitutability,...

Strong procyclical fluctuations in the durable production are the most prominent feature of the empirical response to monetary shocks. This paper investigates the role of preferences in matching this feature of the data in a two-sector sticky price model with flexibly priced durables. The reaction of durables depends crucially on whether preferences are separable between labor and aggregate con...

where β is a discount factor, ξt is a country specific vector of shocks to the household’s preferences, Ct denotes household consumption of a composite consumption good, Lt(x) denotes the households’ supply of differentiated labor input x. The function u(Ct) is increasing and concave while v(Lt(x), ξt) is increasing and convex in Lt(x). There are an equal (large) number of households of each ty...

and researchers who contributed to this collection are predominantly from several areas of high AIDS prevalence: New York, San Francisco, and Miami; they are the shock troops fighting this epidemic, and it is their experiences with AIDS patients that are elegantly presented. While this edition may be a bit costly for the individual, it should be made available in all medical school and departme...

■ Wide supply voltage, 2.16 V to 3.6 V ■ Low voltage compatible IOs, 1.8 V ■ Ultra low-power mode consumption down to 10 μA ■ ±2g/±4g/±8g dynamically selectable full-scale ■ I2C/SPI digital output interface ■ 16 bit data output ■ 2 independent programmable interrupt generators for free-fall and motion detection ■ Sleep to wake-up function ■ 6D orientation detection ■ Embedded self-test ■ 10000 ...

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Bent-housing motor is the most widely used directional drilling tool, but it often encounters problem of high friction when sliding in horizontal wells. In this paper, a mathematical model proposed to simulate slide with reduction tool axial vibration. A term called dynamic effective tractoring force (DETF) defined and evaluate effectiveness. The factors influencing DETF are studied, placement ...