A Regular Demand System with Commodity-Specific Demographic Effects (2006)
Blacklow, P, Cooper, Russell, Ham, R, McLaren, K
Regular consumer demand systems almost invariably employ specifications that involve common functional forms in all equations. When applications involve crosssectional data it is often the case that...
"Balladurette y Jupette": un análisis discreto de los subsidios al reemplazo (2006)
Este artículo estudia el efecto de los subsidios en mercados de bienes duraderos. En particular, se analiza una reciente política adoptada en Francia en la que los gobiernos de Balladur y Juppé...
A Regular Demand System with Commodity-Specific Demographic Effects (2006)
Blacklow, Paul, Cooper, Russell, Ham, Roger, McLaren, Keith
Regular consumer demand systems almost invariably employ specifications thatinvolve common functional forms in all equations. When applications involve crosssectionaldata it is often the case that...
A Regular Demand System with Commodity-Specific Demographic Effects (2006)
Blacklow, Paul, Cooper, Russell, Ham, Roger, McLaren, Keith
Regular consumer demand systems almost invariably employ specifications that involve common functional forms in all equations. When applications involve crosssectional data it is often the case that...
A Regular Demand System with Commodity-Specific Demographic Effects (2006)
Blacklow, P, Cooper, Russell, Ham, R, McLaren, K
Regular consumer demand systems almost invariably employ specifications that involve common functional forms in all equations. When applications involve crosssectional data it is often the case that...
Cooper, Russell, Dragar, Charles, Elliot, Kate, Fitton, JH, Godwin, John, Thompson, Ken
Abstract Background We sought to assess whether GFS, a proprietary preparation of Tasmanian Undaria pinnatifida , has effects on healing or re-emergence of Herpetic infections, and additionally, to...
Andrea Moro, Russell Cooper, Arthur Goldberger, Gautam Gowrisankaran, Tom Holmes, John Kennan, ...
This paper presents the structural estimation of a statistical discrimination model. Although the model is capable of displaying multiple equilibria, an estimation strategy that identifies both the...
Research Department Staff Report 289 (2001)
We analyze financial collapses, such as the one that occurred during the U.S. Great Depression, from the perspective of a monetary model with multiple equilibria. The multiplicity arises from the...
Financial Intermediation and Endogenous Fluctuations in a Real Economy (1998)
Financial Intermediation, Sanjay Banerji, Joydeep Bhattacharya, Helle Bunzel, Russell Cooper, Jon Eaton, ...
In this paper, we pose the following question: can the financial system in an economy be itself the raison d'etre for endogenous cyclical fluctuations in the economy? The focus here is on the...
Is it is or is it Ain't my Obligation? Regional Debt in Monetary Unions
Russell Cooper, Hubert Kempf, Dan Peled
This paper studies the implications of the circulation of interest bearing regional debt in a monetary union. Does the circulation of this debt have the same monetary implications as the printing of...
Is it is or is it ain't my obligation? Regional debt in a fiscal federation
Russell Cooper, Hubert Kempf, Dan Peled
This paper studies the repayment of regional debt in a multiregion economy with a central authority: Who pays the obligation issued by a region? With commitment, a central government will use its...
Evidence on Macroeconomic Complementarities
Russell Cooper, John Haltiwanger
This paper provides empirical evidence on macroeconomic complementarities, a restriction on the nature of interaction between individuals in a multi-agent setting. These models imply that activities...
Is it is or is it ain't my obligation? Regional debt in a fiscal federation
Russell Cooper, Hubert Kempf, Dan Peled
This paper studies the repayment of regional debt in a multiregion economy with a central authority: Who pays the obligation issued by a region? With commitment, a central government will use its...
GMM for Discrete Choice Models: A Capital Accumulation Application
Jon Willis, Russell Cooper, John Haltiwanger
GMM, capital adjustment costs
Is It Is or Is It Ain't My Obligation? Regional Debt in a Fiscal Federation
Russell Cooper, Hubert Kempf, Dan Peled
This paper studies the repayment of regional debt in a multi-region economy with a central authority: who pays the obligation issued by a region? With commitment, a central government will use its...
On Allocative Distortions in Problems of Self-Selection
This paper considers the general structure of self-selection models. By imposing conditions which permit the ordering of agents by their preferences, we provide a characterization of the distortions...
Optimal Labor Contracts and the Role of Monetary Policy in an Overlapping Generations Model
This paper extends the optimal labor contracts literature to consider an environment with both real and nominal shocks. In an overlapping generations model, we compare alternative means of trading...
Predetermined Prices and the Allocation of Social Risks
Costas Azariadis, Russell Cooper
We propose a Walrasian explanation for the existence of fixed prices, i.e., of trades in which either the price or the quantity exchanged do not reflect all publicly available information. Such...
Monopoly Provision of Product Quality with Uninformed Buyers
Russell Cooper, Thomas W. Ross
This essay is concerned with a monopolist's incentives to provide a high quality goods when some of its customers cannot observe quality prior to purchase. We show that if all buyers have the same...
Product Warranties and Double Moral Hazard
This paper explores a model of warranties in which moral hazard problems play a key role. The goal is to understand the important characteristics of warranties including their provision of incomplete...
Expansionary Government Policy in an Economy with Commodity and Labor
This paper considers a model in which all exchange is mediated by contracts. The analysis explores the indexation of labor and commodities contracts to observable variations in government spending...
Coordinating Coordination Failures in Keynesian Models
This paper focuses on the importance of strategic complementarity in agents' payoff functions as a basis for macroeconomic coordination failures. We first analyze an abstract game and find that...
This paper examines the macroeconomic properties of imperfectly competitive economies. The focus is on the coordination failures that might arise in these economies, a study of alternative policies...
Dynamic Behavior of Imperfectly Competitive Economies with Multiple Equilibria
This paper investigates the dynamic behavior of an economy with multiple Nash equilibria. The first part of the paper analyzes an abstract game exhibiting multiple equilibria. A history dependent...
Inventories and the Propagation of Sectoral Shocks
Russell Cooper, John C. Haltiwanger
This paper studies the dynamic properties of an imperfectly competitive economy with inventory holdings. In particular, we focus on the serial correlation in aggregate output and employment produced...
Sharing Some Thoughts on Weitzman's The Share Economy
This paper explores the positive and normative aspects of share contracts. In particular, the paper explores the properties of a share system as advanced by Martin Weitzman in The Share Economy.The...
Macroeconomic Implications of Production Bunching
Russell Cooper, John C. Haltiwanger
The literature on inventory holdings stresses their role in smoothing production when costs are convex. Existing empirical evidence suggests that output is more variable than consumption so that...
Autos and the National Industrial Recovery Act: Evidence on Industry Complementarities
Russell Cooper, John Haltiwanger
This paper investigates the motivations for, and implications of, the Automobile Industry code under the National Industrial Recovery Act. The amended code contained a provision calling for...
Balladurette and Juppette: A Discrete Analysis of Scrapping Subsidies
This paper studies the effects of subsidies on durable goods markets. In particular, we study a recent policy in France in which the governments of Balladur and Jupp‚ subsidized the replacement...
The Aggregate Implications of Machine Replacement: Theory and Evidence.
Cooper, Russell, Haltiwanger, John
The authors study an economy in which producers incur resource costs to replace depreciated machines. The process of costly replacement and depreciation creates endogenous fluctuations in...
EXHUMING Q: MARKET POWER VERSUS CAPITAL MARKET IMPERFECTIONS
Evidence of the statistical significance of profits in Q regressions remains one of the principal findings in the empirical investment literature. This result is taken to support the view that...
Warranties without Commitment to Market Participation.
Bigelow, John, Cooper, Russell, Ross, Thomas W
The provision of product warranties when the exit of firms is possible is an example of a more general contracting proble m without full commitment. When firms cannot precommit to future mark et...
Financial Intermediation and Aggregate Fluctuations: A Quantitative Analysis.
Cooper, Russell, Ejarque, Joao
We investigate the quantitative behavior of business-cycle models in which the intermediation process acts either as a source of fluctuations or as a propagator of real shocks. In neither case do we...
Cooperation without Reputation: Experimental Evidence from Prisoner's Dilemma Games
Cooper, Russell, DeJong, Douglas V., Forsythe, Robert, Ross, Thomas W.
A Regular Demand System with Commodity-Specific Demographic Effects
Blacklow, Paul, Cooper, Russell, Ham, Roger, McLaren, Keith
Regular consumer demand systems almost invariably employ specifications that involve common functional forms in all equations. When applications involve crosssectional data it is often the case that...
Financial Frictions and Investment: Requiem in Q
Understanding the nature of financial frictions faced by firms is relevant for both monetary and fiscal policy experiments. Empirical investment studies commonly find that proxies for firms' internal...
Insurance, Flexibility and Non-contingent Trades
This paper considers non-contingent trades through either forward markets or simple contracts. The point of the inquiry is to understand the costs and benefits of trades of this nature. We focus on...
An Intertemporal Model of Warranties.
Russell Cooper, Thomas W. Ross
Using a simple two-period model, this paper attempts to explain uncertain interesting intertemporal properties of product warranties. Specifically, why does coverage generally fall over time and why...
Optimal Labour Contracts and Imperfect Competition: A Framework for Analysis.
This paper examines the macroeconomic properties of imperfectly competitive economies by modeling the labor market from the perspective of optimal contract theory. The point is to demonstrate that...
Overturning Mundell: Fiscal Policy in a Monetary Union
Central to ongoing debates over the desirability of monetary unions is a supposed trade-off, outlined by Mundell (1961): a monetary union reduces transactions costs but renders stabilization policy...
Strategic Complementarity in Business Formation: Aggregate Fluctuations and Sunspot Equilibria.
Chatterjee, Satyajit, Cooper, Russell, Ravikumar, B
The possibility of sunspot equilibria and endogenous cycles are explored in a two-sector overlapping-generations model with entry. It is shown that if prospective entrants act oligopolistically as...
Predetermined Wages and Prices and the Impact of Expansionary Government Policy.
This paper characterizes the monetary equilibria of an economy with commodity and labor contracts. If government policy is not "too variable," there may exist an equilibrium with predetermined wages...
Uncertainty and the Choice of Trade Policy in Oligopolistic Industrie s.
Cooper, Russell, Riezman, Raymond
This paper investigates the design of trade policies in an uncertain world. Governments in two countries select between direct quantity controls and subsidies in an attempt to shift profits in favor...
Exhuming Q: Market Power vs. Capital Market Imperfections
Evidence of the statistical significance of profits in Q regressions remains one of the principal findings in the empirical investment literature. This result is taken to support the view that...
Designing Stabilization Policy in a Monetary Union
While the European Monetary Union (EMU) is now a reality, debate among economists nonetheless continues about the design and desirability of monetary unions. Since an the essential element of a...
Machine Replacement and the Business Cycle: Lumps and Bumps
Russell Cooper, John Haltiwanger, Laura Power
This paper explores investment fluctuations due to discrete changes in a plant's capital stock. The resulting aggregate investment dynamics are surprisingly rich, reflecting the interaction between a...
Forward Induction in the Battle-of-the-Sexes Games.
Cooper, Russell, Douglas V. DeJong, Robert Forsythe, Thomas W. Ross
This paper provides experimental evidence on forward induction as a refinement criterion. In the basic extensive form, one of the two players chooses to play a battle-of-the-sexes game or to receive...
Inventories and the Propagation of Sectoral Shocks.
Cooper, Russell, Haltiwanger, John
This paper contrasts the dynamic properties of an imperfectly competitive economy with a representative agent, real business cycle model. For both economies, inventories are the important dynamic...
THE AGGREGATE IMPLICATIONS OF MACHINE REPLACEMENT: THEORY AND EVIDENCE
John Haltiwanger, Russell Cooper
This paper studies an economy in which producers incur resource costs to replace depreciated machines. The process of costly replacement and depreciation creates endogenous fluctuations in...
Forward induction in coordination games
Cooper, Russell, De Jong, Douglas V., Forsythe, Robert, Ross, Thomas W.
Commitment and the Adoption of a Common Currency
In contrast to Mundell's inquiry on the optimality of currency areas, this article aims to understand under what circumstances a Pareto-dominant monetary union will be established. Using a...
Bank Runs: Deposit Insurance and Capital Requirements
Russell Cooper, Thomas W. Ross
Diamond and Dybvig provide a model of intermediation in which deposit insurance can avoid socially undesirable bank runs. We extend the Diamond-Dybvig model to evaluate the costs and benefits of...
Equilibrium Selection in Imperfectly Competitive Economies with Multiple Equilibria.
This paper investigates the selection of an equilibrium in an economy with multiple, Pareto-ranked, Nash equilibria. A history-dependent selection criterion is proposed which induces correlated...
Financial collapse and active monetary policy: a lesson from the Great Depression
We analyze financial collapses, such as the one that occurred during the U.S. Great Depression, from the perspective of a monetary model with multiple equilibria. The multiplicity arises from the...
Overturning Mundell: fiscal policy in a monetary union
Central to ongoing debates over the desirability of monetary unions is a supposed trade-off, outlined by Mundell [1961]: a monetary union reduces transactions costs but renders stabilization policy...
The economics of labor adjustment: mind the gap
Russell Cooper, Jonathan L. Willis
We study inferences about the dynamics of labor adjustment obtained by the "gap methodology" of Caballero and Engel [1993] and Caballero, Engel and Haltiwanger [1997]. In that approach, the policy...
The economics of labor adjustment : mind the gap
Russell Cooper, Jonathan L. Willis
We study the inferences about labor adjustment costs obtained by the "gap methodology" of Caballero and Engel [1993] and Caballero, Engel and Haltiwanger [1997]. In that approach, the policy function...
The cost of labor adjustment : inferences from the gap
Russell Cooper, Jonathan Willis
We study labor adjustment costs. We specify a dynamic optimization problem at the plant-level, allowing for both convex and non-convex adjustment costs. We estimate the parameters of the adjustment...
The economics of labor adjustment : mind the gap
Russell Cooper, Jonathan L. Willis
We study inferences about the dynamics of labor adjustment obtained by the "gap methodology" of Caballero and Engel [1993] and Caballero, Engel and Haltiwanger [1997]. In that approach, the policy...
Dynamics of labor demand : evidence from plant-level observations and aggregate implications
Russell Cooper, John Haltiwanger, Jonathan L. Willis
This paper studies the dynamics of labor demand at the micro and aggregate level. The correlation of hours and employment growth is negative at the plant level and positive in aggregate time series....
Russell Cooper, John Haltiwanger, Jonathan L. Willis
This paper studies worker and job flows at the establishment and aggregate levels. The paper is built around a set of facts concerning the variability of unemployment and vacancies in the aggregate,...
Exhuming Q: market power capital market imperfections
Evidence of the statistical significance of profits in Q regressions remains one of the principal findings in the empirical investment literature. This result is frequently taken to support the view...
Designing stabilization policy in a monetary union
The European Monetary Union (EMU) has become a reality, but economists nonetheless continue to debate the desirability and the optimal design of a monetary union. Since a union's essential element is...
Communication in the Battle of the Sexes Game: Some Experimental Results
Russell Cooper, Douglas V. DeJong, Robert Forsythe, Thomas W. Ross
We report experimental results on the role of preplay communication in a one-shot, symmetric battle of the sexes game. We conducted games in which there was no communication, and we studied the...
Product Warranties and Double Moral Hazard
Russell Cooper, Thomas W. Ross
This article explores a model of warranties in which moral hazard problems play a key role. The goal is to understand the important characteristics of warranties, including their provision of...
On Allocative Distortions in Problems of Self-Selection
This article considers the general structure of self-selection models. By imposing conditions which permit the ordering of agents by their preferences, we provide a characterization of the...