2006 Seminars

23 March

Xiangkang Yin (La Trobe University)

Capital Asset Pricing with Asymmetric Information

30 March

Anna Gunnthorsdottir (AGSM)

6 April

Paul Frijters (Queensland University of Technology)

All-Pay Auctions with Budget Constraints and Fair Insurance

We study all-pay auctions with budget-constrained bidders who have access to fair insurance before bidding simultaneously over a prize. We characterize a unique equilibrium for the special cases of two bidders and one prize, show existence and a heuristic for finding an equilibrium in the case of multiple bidders and multiple prizes. We end with an example of non-uniqueness of equilibria for the general case of multiple prizes and multiple players.

13 April

Yuliya Meshcheryakova (Vixtoria University Wellington)

Macroeconomic Effects of International Outsourcing

27 April

Chikako Yamauchi (Australian National University)

11 May

Subrata Sarkar, Indira Ganhi Institute of Development Research

Name Ordering in Economics Publication

18 May

Kristoffer Nimark (Reserve Bank of Australia)

Optimal Monetary Policy with Real Time Signal Extraction from the Bond Market

Monetary policy is conducted in an environment of uncertainty. This paper sets up a model where the central bank uses real time data from the bond market together with standard macro indicators to estimate the current state of the economy more ef_ciently, while taking into account that its own actions in_uence what it observes. The timeliness of bond market data allows for quicker responses of monetary policy to disturbances compared to the case when the central bank has to rely solely on collected aggregate data. The information content of the term structure creates a link between the bond market and the macro economy that is novel to the literature. To quantify the importance of the bond market as a source of information, the model is estimated on U.S. and Australian data using Bayesian methods. The empirical exercise suggests that there is some information in the U.S. term structure that helps the Federal Reserve identify shocks to the economy on a more timely basis. Australian bond prices seem to be less informative than their U.S. counterparts. This may be because Australia is a relatively small and open economy.

25 May

Steven Miller, Monash University

Global Equity Systematic Risk Hedging and the Asian Crisis

1 June

Harry Paarsch, University of Iowa

Bounding Best-Response Violations in Discriminatory Auctions with Private Values

12 June

Peter Streufert, University of Western Ontario

Characterizing Consistency by Monomials and by Product Dispersions

This paper derives two characterizations of the Kreps- Wilson concept of consistent beliefs. In the first, beliefs are shown to be consistent iff they can be constructed from the elements of monomial vectors which converge to the strategies. In the second, beliefs are shown to be consistent iff they can be induced by a product dispersion whose marginal dispersions induce the strate- gies. The first characterization is simpler than the definition in Kreps and Wilson (1982), and the second seems more fundamen- tal in the sense that it is built on an underlying theory of relative probability.

22 June

Simon Grant, Rice University

Learning and Discovery with an application to Incomplete Contracts

3 August

Diego Restuccia, University of Toronto

The Role of the Structural Transformation in Aggregate Productivity

7 August

Sugata Marjit, Centre for Studies in Social Sciences, Calcutta

Trade Theory and the Role of Time Zones

10 August

Michele Boldrin, University of Minnesota

Competitive Innovation, Intellectual Property and Growth Theory

14 August

Ali Khan, John Hopkins University

Theory of Optimal Growth

17 August

David Levine, UCLA

A Dual Self Model of Impulse Control

24 August

Richard Freeman, Harvard and LSE

Workers Responses to Shirking

31 August

Phillip McCalman, University of California, Santa Cruz

The impact of trade liberalization on Productivity within and Across Industries: Theory and Evidence

7 September

Andrew Leigh, ANU

Teacher Pay and Teacher Aptitude

14 September

Jaime Alonso, Universidade de Vigo

Growth, sectoral composition, and the wealth of nations

21 September

Christopher Carroll, John Hopkins University

Sticky Expectations and Consumption Dynamics

12 October

Peter Abelson, Discipline of Economics, The University of Sydney

Price and Efficiency Effects of Taxes and Subsidies for Australian Housing

26 October

Robert Owen, University of Nantes

Irreversibility, Sunk Costs, News and Evolutionary Economic Methodology

31 October

Jota Ishikawa, Hitotsubashi University

Tariffs and Technology Transfer with an Intermediate Product

9 November

Robert Waschik, La Trobe University

Modelling Kemp-Vanek Admissibility: The Effects of Free Trade Areas on Non-Members