We propose a general equilibrium model with oligopolistic output markets where two channels can cause a change in market power: (i) technology, via changes to productivity shocks and the cost of entry, (ii) market structure, ...

We show that Quantitative Easing (QE) stimulates investment via a corporate-bond lending channel. Fed’s large-scale asset purchases of MBS and treasuries through QE creates a vacuum of safe assets, prompting safer firms ...

A rapidly growing literature uses quantitative general equilibrium models of economic geography to study the economic impact of historical events such as the railroad revolution, industrial take-off, structural transformation ...

By identifying types whose low-order beliefs up to level li about the state of nature coincide, we obtain quotient type spaces that are typically smaller than the original ones, preserve basic topological properties, ...

We study random utility models in which heterogeneity of preferences is modeled using an ordered collection of utilities, or types. The paper shows that these models are particularly amenable when combined with domains in ...