Monetary policy in a financial crisis

Article Abstract:

An attempt is made to find the effects of an interest rate cut when the economy is facing financial crisis and under what conditions would a cut stimulate output and employment and raise welfare. The findings indicate that when there are frictions in adjusting the level of output in the traded good sector, and then a cut in the interest rate is most likely to result in a welfare-reducing fall in output and employment.

Interest Rates, Monetary policy

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Core is a manipulable via segmentation

Article Abstract:

The study presents a stronger strategic manipulation of the core allocation rule via 'segmentation' and a worse problem with its implementation. It also presents that a coalition can do better for all its members by applying any core allocation to its sub-economy before the core allocation rule is applied to the entire economy.

Market segmentation

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A necessary and sufficient condition for non-emptiness of the core of a non-transferable utility game

Article Abstract:

A natural extension of the pi-balancedness condition that is both necessary and sufficient for non-emptiness of the core in the utility games is presented. The pi-balanced version of the weak Knaster, Kuratowski, Mazurkiewicz, and Shapley (K-K-M-S) theorem is stated.

Models, Influence, Game theory, Globalization

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