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Edmond, Chris 1975-

Works: 11 works in 48 publications in 2 languages and 338 library holdings
Roles: Author
Classifications: HB1, 330.072
Publication Timeline
Publications about Chris Edmond
Publications by Chris Edmond
Most widely held works by Chris Edmond
On the sluggish response of prices to money in an inventory-theoretic model of money demand by Fernando Alvarez( Book )
10 editions published in 2003 in English and held by 44 libraries worldwide
We exposit the link between money, velocity and prices in an inventory-theoretic model of the demand for money and explore the extent to which such a model can account for the short-run volatility of velocity, the negative correlation of velocity and the ratio of money to consumption, and the resulting stickiness' of the aggregate price level relative to a benchmark model with constant velocity. We find that an inventory-theoretic model of the demand for money is a natural framework for understanding these aspects of the dynamics of money, velocity and prices in the short run
Aggregate implications of micro asset market segmentation by Chris Edmond( Book )
8 editions published in 2009 in English and held by 14 libraries worldwide
This paper develops a consumption-based asset pricing model to explain and quantify the aggregate implications of a frictional financial system, comprised of many financial markets partially integrated with one-another. Each of our micro financial markets is inhabited by traders who are specialized in that market's type of asset. We specify exogenously the level of segmentation that ultimately determines how much idiosyncratic risk traders bear in their micro market and derive aggregate asset pricing implications. We pick segmentation parameters to match facts about systematic and idiosyncratic return volatility. We find that if the same level of segmentation prevails in every market, traders bear 20% of their idiosyncratic risk. With otherwise standard parameters, this benchmark model delivers an unconditional equity premium of 3.3% annual. We further disaggregate the model by allowing the level of segmentation to differ across markets. This version of the model delivers the same aggregate asset pricing implications but with only half the amount of segmentation: on average traders bear 10% of their idiosyncratic risk
Income dispersion and counter-cyclical markups by Chris Edmond( Book )
8 editions published in 2008 in English and held by 13 libraries worldwide
Recent advances in measuring cyclical changes in the income distribution raise new questions: How might these distributional changes affect the business cycle itself? We show how counter-cyclical income dispersion can generate counter-cyclical markups in the goods market, without any preference shocks or price-setting frictions. In recessions, heterogeneous labor productivity shocks raise income dispersion, lower the price elasticity of demand, and increase imperfectly competitive firms' optimal markups. The calibrated model explains not only many cyclical features of markups, but also cyclical, long-run and cross-state patterns of standard business cycle aggregates
Sluggish responses of prices and inflation to monetary shocks in an inventory model of money demand by Fernando Alvarez( Book )
4 editions published in 2008 in English and held by 12 libraries worldwide
Information manipulation, coordination, and regime change by Chris Edmond( Book )
6 editions published in 2011 in English and held by 10 libraries worldwide
This paper presents a model of information and political regime change. If enough citizens act against a regime, it is overthrown. Citizens are imperfectly informed about how hard this will be and the regime can, at a cost, engage in propaganda so that at face-value it seems hard. This coordination game with endogenous information manipulation has a unique equilibrium and the paper gives a complete analytic characterization of its comparative statics. If the quantity of information available to citizens is sufficiently high, then the regime has a better chance of surviving. However, an increase in the reliability of information can reduce the regime's chances. These two effects are always in tension: a regime benefits from an increase in information quantity if and only if an increase in information reliability reduces its chances. The model allows for two kinds of information revolutions. In the first, associated with radio and mass newspapers under the totalitarian regimes of the early twentieth century, an increase in information quantity coincides with a shift towards media institutions more accommodative of the regime and, in this sense, a decrease in information reliability. In this case, both effects help the regime. In the second kind, associated with diffuse technologies like modern social media, an increase in information quantity coincides with a shift towards sources of information less accommodative of the regime and an increase in information reliability. This makes the quantity and reliability effects work against each other. The model predicts that a given percentage increase in information reliability has exactly twice as large an effect on the regime's chances as the same percentage increase in information quantity, so, overall, an information revolution that leads to roughly equal-sized percentage increases in both these characteristics will reduce a regime's chances of surviving
Total technological productivity and panel data approaches to R & D spillovers by Chris Edmond( Book )
2 editions published in 1998 in English and held by 9 libraries worldwide
International macroeconomic R & D spillovers by Chris Edmond( Book )
3 editions published in 1998 in English and held by 9 libraries worldwide
Essays on money and information by Chris Edmond( Archival Material )
2 editions published in 2004 in English and held by 4 libraries worldwide
In the model, a deflationary policy has the standard benefit of raising the rate of return on real balance holdings, which makes consumption-smoothing relatively cheap for those households that want to save. However, for households that want to but cannot borrow--because of the market incompleteness--the lump-sum taxes implied by a deflationary policy result in lower consumption. An optimal policy has to trade off these costs and benefits and can involve using inflation to redistribute resources in favor of would-be borrowers. Essay 3: Information and the limits to autocracy. Will the information technology revolution make autocratic regimes easier to overthrow? Probably not. I describe a game between one such regime and a large number of individuals. Individuals face a coordination problem: the more people act against the regime, the more likely it is to be overthrown and the greater the incentive for any individual to also act against it
Competition, markups, and the gains from international trade by Chris Edmond( Book )
2 editions published in 2012 in English and held by 3 libraries worldwide
We study the gains from trade in a model with endogenously variable markups. We show that the pro-competitive gains from trade are large if the economy is characterized by (i) extensive misallocation, i.e., large inefficiencies associated with markups, and (ii) a weak pattern of cross-country comparative advantage in individual sectors. We find strong evidence for both of these ingredients using producer-level data for Taiwanese manufacturing establishments. Parameterizations of the model consistent with this data thus predict large pro-competitive gains from trade, much larger than those in standard Ricardian models. In stark contrast to standard Ricardian models, data on changes in trade volume are not sufficient for determining the gains from trade -- National Bureau of Economic Research web site
La baronne, drame en quatre actes, en prose by Edouard Foussier( Book )
2 editions published in 1871 in French and held by 3 libraries worldwide
Self-insurance, social insurance, and the optimun quantity of money by Chris Edmond( Article )
1 edition published in 2002 in English and held by 1 library worldwide
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English (46)
French (2)
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