Book Review| March 21 2024 On Savage Shores: How Indigenous Americans Discovered Europe Europe. By Caroline Dodds Pennock. London: Weidenfeld and Nicolson, 2022. Photographs. Plates. Map. Notes. Glossary. Index. 302 pp. Paper, £16.99. Adrian Masters Trier University Search for other works by this author on: This Site Google Hispanic American Historical Review 11189770. https://doi.org/10.1215/00182168-11189770 Views Icon Article contents Figures & tables Video Audio Supplementary Data Peer...

This article shows how allowing for goods to be divisible at the point of consumption and incorporating productive heterogeneity lead emergence middlemen in an equilibrium search environment. In baseline model, are welfare reducing their number increases as market frictions reduced. When model is extended allow time taken production increasing returns scale meeting technology, can beneficial society by speeding up process.

A matching model is used to analyze the effect of search frictions on incentives invest in human and physical capital. Equilibrium involves inefficient (low) levels investment. The source inefficiency cannot be attributed solely either or bargaining. Schemes that assist are Pareto-improving. While ratio workers firms remains fixed, intermediaries pay owners according amount capital carried into market able generate efficient outcomes. Such intervention may not eliminate inefficiencies when...

This article considers optimal unemployment insurance (UI) in an equilibrium matching framework where wages are determined by strategic bargaining. It compares the outcome with standard Nash bargaining approach, which can be interpreted as union wage insider/outsider distortion. also shows that a coordinated policy one chooses job creation subsidies and UI optimally, generates much greater welfare gain than simply varies payments duration.

This article focuses on wage formation in an equilibrium (two‐sided) model of search with match‐specific heterogeneity. Despite a large number (a continuum) employers, provides sufficient isolation to generate market power. By posting wages, without collusion, capture most the surplus that accrues any match. The is below which maximizes employment. An example, using calibrated parameter values, used reconcile some recent, otherwise contradictory empirical results employment effects minimum...

A monetary-search model with match specific preferences and traded quantities is analyzed to assess how aggregate output, the price level, velocity of money are affected by various forms technological change. Changes in productive technology lead output prices moving opposite directions but provide no prediction for monetary velocity. The matching directly affects has little impact on prices. Transactions technologies, which affect fixed cost trading, ambiguous respect comovements systematically

This paper develops a model of equilibrium unemployment with duration‐dependent insurance (UI) payments. As the government does not observe job offers, there is moral hazard problem because option receiving further UI payments raises job‐seeker's value remaining unemployment. Extending duration while reducing level payments, to hold total generosity constant, results in higher negotiated wages. Simulations suggest that neutral switch from six‐month scheme one‐year has small effects, but an...

This paper considers the effect of monetary policy and inflation on retail markets: goods are dated produced prior to being retailed; buyers direct their search price general quality; buyers’ match‐specific tastes private information. Sellers set same for all buyers, some whom do not value good highly enough buy it. The market economy is typically inefficient as a social planner would have consumed. Under free entry sellers, Friedman rule optimal policy. When upper bound number participating...

A credit-card acceptance decision by retailers is embedded into a simple model of precautionary demand for money. The gives new explanation how the use credit-cards can differ so widely across countries. Retailers’ propensity to accept cards reduces need buyers hold cash as chance stock-out (of cash) reduced. When make their with respect they do not take account effect that has on other sellers. This externality generates multiple equilibria over some portions parameter space.

An equilibrium model of search and matching is developed to analyse the effects retraining unemployed on market for skilled (or semi‐skilled) workers. Versions with free entry vacancies fixed numbers jobs are considered. The latter environment exhibits multiple equilibria. While subsidized training (and enforced participation) justified employment grounds, it cannot be efficiency grounds. Policies that, ceteris paribus , lower unemployment, also reduce incentive train. When such policies...

This paper considers the role of tax code in determining income dispersion and vacancy creation. A “span‐of‐control” model is embedded into a search matching environment. cut to on profits isolation improves job creation reduces before‐tax inequality. The impact budget‐balancing increase wage depends bargaining power firms. When it high, firms pick up lion's share burden. acts like barrier entry: benefits large at expense marginal ones. Net effects are an unemployment dispersion. Low firm...