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See detailOn business cycles of variety and quality
Hamano, Masashige UL

E-print/Working paper (2013)

This paper explores the role played by product variety and quality in a real business cycle model. Firms are heterogeneous in terms of their speci c quality as well as pro- ductivity levels. Firms which ... [more ▼]

This paper explores the role played by product variety and quality in a real business cycle model. Firms are heterogeneous in terms of their speci c quality as well as pro- ductivity levels. Firms which have costly technology enter in a period of high aggregated demand and produce high quality goods. Thus, the average quality level and number of available varieties are procyclical, as in the data. The model can replicate the observed in flationary bias in the conventional Consumer Price Index due to a rise in the number of new product varieties and quality. [less ▲]

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See detailExtensive and intensive margins and the choice of exchange rate regimes
Hamano, Masashige UL

E-print/Working paper (2013)

This paper studies how the choice of xed or exible exchange rate regimes is a¤ected by the existence of intensive and extensive margins. We study two models where rms enter during or before each period of ... [more ▼]

This paper studies how the choice of xed or exible exchange rate regimes is a¤ected by the existence of intensive and extensive margins. We study two models where rms enter during or before each period of production. We show how the choice of those regimes depend on the level and the volatily of the intensive and extensive margins as well as on the congruence between consumers preferences and the supply and diversity of products. We show that xed exchange rate regimes are preferred for high enough labor supply elasticities. Fixed exchange rate regimes are unambigously better when entry occurs at the same time as production in each period. Fixed exchange rate regimes are less attractive in the presence of production lags and higher love of product diversity. [less ▲]

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See detailEndogenous Firm creation and destruction over the business cycle
Hamano, Masashige UL

E-print/Working paper (2013)

This paper revisits Schumpeterian destruction in a DSGE model based on monopolistic competition. Firms enter the market through a free entry condition and exit endogenously depending on their specific ... [more ▼]

This paper revisits Schumpeterian destruction in a DSGE model based on monopolistic competition. Firms enter the market through a free entry condition and exit endogenously depending on their specific productivity level. The mechanism of endogenous destruction among heterogeneous firms is based on the probabilistic argument discussed in Melitz (2003). The models in the paper are successful in reproducing observed business cycle patterns for creation and destruction and other major economic variables. The models also feature typical characteristics of Schumpeterian economies as found in literature. [less ▲]

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See detailThe consumption-real exchange rate anomaly with extensive margins
Hamano, Masashige UL

E-print/Working paper (2013)

This paper investigates a consumption-real exchange rate anomaly from the open macroeconomics literature known as the Backus-Smith puzzle . We both analytically and quantitatively examine how an expansion ... [more ▼]

This paper investigates a consumption-real exchange rate anomaly from the open macroeconomics literature known as the Backus-Smith puzzle . We both analytically and quantitatively examine how an expansion of trade along extensive margins can contribute to the puzzle s resolution. Our argument is based on 1) a wealth effect due to changes in the number of product varieties, 2) statistical inefficiency in measuring the number of product varieties, and 3) market incompleteness. Contrary to complete asset markets which, in general, feature overly strong risk sharing properties, changes in the number of product varieties under incomplete markets may produce a wealth e¤ect under high trade elasticity. Since statistical agencies systematically fail to capture the welfare impact arising from that changes, data-consistent terms of trade and real exchange rates tend to appreciate due to this positive wealth effect. This provides a realistic correlation between data-consistent real exchange rates and consumption. [less ▲]

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