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If borrowing capacity of indebted households is tied to the value of their home, house prices should enter a correctly specified aggregate Euler equation for consumption. I develop a simple two-agent, dynamic general equilibrium model in which home (collateral) values affect debt capacity and consumption possibilities for a fraction of the households. I… (More)

- Florin O. Bilbiie, Fabio Ghironi, Marc J. Melitz, Massimo Giovannini, Margarita Rubio
- 2007

This paper studies the role of endogenous producer entry and product creation for monetary policy analysis and business cycle dynamics in a general equilibrium model with imperfect price adjustment. Optimal monetary policy stabilizes producer prices, but lets the consumer price index vary to accommodate changes in the number of available products. The free… (More)

- Florin O. Bilbiie, Fabio Ghironi, +7 authors Massimo Giovannini
- 2012

This paper builds a framework for the analysis of macroeconomic fluctuations that incorporates the endogenous determination of the number of producers and products over the business cycle. Economic expansions induce higher entry rates by prospective entrants subject to irreversible investment costs. The sluggish response of the number of producers (due to… (More)

A large class of string-cosmology backgrounds leads to a spectrum of relic stochastic gravitational waves, strongly tilted towards high frequencies, and characterized by two basic parameters of the cosmological model. We estimate the required sensitivity for detection of the predicted gravitational radiation and show that a region of our parameter space is… (More)

We compute the spectrum of scalar and tensor metric perturbations generated, as amplified vacuum fluctuations, during an epoch of dilaton-driven inflation of the type occurring naturally in string cosmology. In the tensor case the computation is straightforward while, in the scalar case, it is made delicate by the appearance of a growing mode in the… (More)

- Matteo Iacoviello, Fabio Schiantarelli, Scott Schuh, Massimo Giovannini, Andreas Hornstein, Michel Juillard
- 2007

We build and estimate a two-sector (goods and services) dynamic stochastic general equilibrium model with two types of inventories: materials (input) inventories facilitate the production of finished goods, while finished goods (output) inventories yield utility services. The model is estimated using Bayesian methods. The estimated model replicates the… (More)

Cosmology, high-energy physics and astrophysics are converging on the study of large-scale magnetic fields. While the experimental evidence for the existence of large-scale magnetization in galaxies, clusters and superclusters is rather compelling, the origin of the phenomenon remains puzzling especially in light of the most recent observations. The purpose… (More)

The entropy growth in a cosmological process of pair production is completely determined by the associated squeezing parameter, and is insensitive to the number of particles in the initial state. The total produced entropy may represent a significant fraction of the entropy stored today in the cosmic black-body radiation, provided pair production originates… (More)

The vector and tensor fluctuations of vortices localizing gravity in the context of the six-dimensional Abelian Higgs model are studied. These string-like solutions break spontaneously six-dimensional Poincaré invariance leading to a finite four-dimensional Planck mass and to a regular geometry both in the bulk and on the core of the vortex. While the… (More)

We analyze the fluctuations of Nielsen-Olesen vortices arising in the sixdimensional Abelian-Higgs model. The regular geometry generated by the defect breaks spontaneously six-dimensional Poincaré symmetry leading to a warped space-time with finite four-dimensional Planck mass. As a consequence, the zero mode of the spin two fluctuations of the geometry is… (More)