CEIS-Tor Vergata is pleased to inform you that, on Friday March 21th, 2014 at 12.00 pm, Maurizio Iacopetta (SKEMA Business School) will present a paper on “Dynamics in the Kiyotaki-Wright Models†ABSTRACT We develop a method to construct Dynamic Nash Equilibria (DNE) in search models as exemplified in Kiyotaki and Wright (1989) when agents play pure strategies. We apply the method to study the consequences of technological changes on the patterns of consumption, employment, and welfare. Agents are specialized in consumption and production. Goods can be stored at a cost that depends on the type of good. The effects of a technological shock on an individual profile of trading strategy and on his pattern of production depend on his skills, his preferences, and the storage cost he expects to incur. Depending on the prevailing technology and skill specification there could be a unique dynamic equilibrium or multiple dynamic equilibria. We illustrate the transition from one steady state to another through a number of numerical experiments. The analysis uncovers the mechanisms that lead to an expansion or contraction of consumption and welfare inequality along the adjustment process. We find that technological advances are only in specific circumstances welfare improving for all.​ The Seminar will be held at the Faculty of Economics, University of Rome "Tor Vergata", B-building, 1° floor, room B Please, go to www.ceistorvergata.it for the complete list of seminars and events at CEIS. How to reach us: http://web.uniroma2.it/mobilita/index.html http://www.economia.uniroma2.it/area.asp?a=867 Barbara Piazzi __________ Informazioni da ESET NOD32 Antivirus, versione del database delle firme digitali 9506 (20140305) __________ Il messaggio è stato controllato da ESET NOD32 Antivirus. www.nod32.it |
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