WorldCat Identities

Cooper, Russell W. 1955-

Works: 106 works in 618 publications in 2 languages and 5,701 library holdings
Roles: Author, Editor, Thesis advisor, Honoree
Classifications: HB1, 330
Publication Timeline
Most widely held works by Russell W Cooper
Dynamic economics : quantitative methods and applications by Jérôme Adda( Book )

18 editions published in 2003 in English and held by 409 WorldCat member libraries worldwide

"This book is an effective, concise text for students and researchers that combines the tools of dynamic programming with numerical techniques and simulation-based econometric methods. Doing so, it bridges the traditional gap between theoretical and empirical research and offers an integrated framework for studying applied problems in macroeconomics and microeconomics."--Jacket
Coordination games : complementarities and macroeconomics by Russell W Cooper( Book )

22 editions published between 1989 and 2011 in English and Chinese and held by 384 WorldCat member libraries worldwide

This 1999 book studies the implications of macroeconomic complementarities for aggregate behavior. The presentation is intended to introduce PhD students into this sub-field of macroeconomics and to serve as a reference for more advanced scholars. The initial sections of the book cover the basic framework of complementarities and provide a discussion of the experimental evidence on the outcome of coordination games. The subsequent sections of the book investigate applications of these ideas for macroeconomics. The topics Professor Cooper explores include: economies with production complementarities, search models, imperfectly competitive product markets, models of timing and delay and the role of government in resolving and creating coordination problems. The presentation goes into detail on a few models and uses them as a structure to integrate related literature. The discussion brings together theory and quantitative analysis
Wage and employment patterns in labor contracts : microfoundations and macroeconomic implications by Russell W Cooper( Book )

15 editions published between 1987 and 2001 in English and held by 222 WorldCat member libraries worldwide

The economics of labor adjustment : mind the gap by Russell W Cooper( Book )

26 editions published between 2001 and 2003 in English and held by 98 WorldCat member libraries worldwide

Studies the inferences about labor adjustment costs obtained by the 'gap methodology' of Caballero and Engel [1993] and Caballero, Engel and Haltiwanger [1997]. In that approach, the policy function of a manufacturing plant is assumed to depend on the gap between a target and the current level of employment. Using time series observations, these studies reject the quadratic cost of the adjustment model and find that aggregate employment dynamics depends on the cross sectional distribution of employment gaps. Argues that these conclusions may not be justified. Instead these findings may reflect difficulties in measuring the gap. Thus it appears that the gap methodology, as currently employed, may be unable to: (i) identify the costs of labor adjustment and (ii) assess the aggregate implications of labor adjustment costs
Establishing a monetary union by Russell W Cooper( Book )

14 editions published between 1998 and 2000 in English and held by 87 WorldCat member libraries worldwide

This paper explores the gains to monetary union. We consider a two-country overlapping generations model. Agents work when young and have random tastes over the composition (domestic vs. foreign goods) of old age consumption. In equilibrium, governments require that local currency be used for transactions as a means of creating a base for seignorage. Thus agents hold multiple currencies to deal with uncertainty in their optimal consumption bundles. We argue that this equilibrium is Pareto dominated by a monetary union, in which there is a single currency and a strong central bank that optimally chooses zero inflation. As suggested by the European Commission's 1990 report, monetary union reduces the inefficiencies created by multiple currencies and leads to price stability. Finally, we argue this Pareto superior outcome cannot be achieved without cooperation of the two governments
Learning by doing and aggregate fluctuations by Russell W Cooper( Book )

13 editions published between 1998 and 1999 in English and held by 73 WorldCat member libraries worldwide

A major unresolved issue in business cycle theory is the construction of an endogenous propagation mechanism capable of capturing the amount of persistence displayed in the data. In this paper we explore the quantitative implications of one propagation mechanism: learning by doing. Estimation of the parameters characterizing learning by doing is based both on aggregate 2-digit data and plant level observations in the US. The estimated learning by doing function is then integrated into a stochastic growth model in which fluctuations are driven by technology shocks. We conclude that learning by doing can be a powerful mechanism for generating endogenous persistence
Balladurette and Juppette : a discrete analysis of scrapping subsidies by Jérôme Adda( Book )

21 editions published in 1997 in English and held by 73 WorldCat member libraries worldwide

This paper studies the effects of subsidies on durable goods markets. In particular, we study a recent policy in France in which the governments of Balladur and Juppé subsidized the replacement of old cars with new ones. To study this policy, we construct a dynamic stochastic discrete choice model of car ownership at the household level. The resulting decision rules and equilibrium conditions are used to estimate, using aggregate data, the underlying parameters of the model. These policy functions are used to evaluate the short and long run effects of the French policies. We find that these policies do stimulate the automobile sector in the short run but, through the induced changes in the cross sectional distribution of car ages, create the basis for subsequent low activity. Further, while these policies increase government revenues in the short run, revenues in the long run are lower relative to a baseline without intervention
Business cycles : theory, evidence and implications by Russell W Cooper( Book )

11 editions published in 1997 in English and held by 67 WorldCat member libraries worldwide

Abstract: This paper looks at recent advances in the study of aggregate fluctuations. Our emphasis is on three prominent areas of research: the stochastic growth model, economies which exhibit macroeconomic complementarities and models that emphasize heterogeneity. Each section of the paper outlines the theory, discusses relevant empirical evidence and then discusses some implications of the analysis
Machine replacement and the business cycle : lumps and bumps by Russell W Cooper( Book )

13 editions published in 1995 in English and held by 66 WorldCat member libraries worldwide

This paper explores cyclical fluctuations in investment due to discrete changes in the plant's stock of capital. To do so, we focus on a machine replacement problem in which a producer decides whether to replace its entire existing stock of capital with new machinery and equipment. This decision is undertaken in a stochastic, dynamic environment which allows us to characterize the relationship between lumpy investment and the state of the aggregate economy. Our theoretical results are supplemented by numerical and empirical analyses of the dynamics of lumpy investment at the plant level and the associated aggregate implications. The dynamics are surprisingly rich since they represent the interaction between a replacement cycle, the cross sectional distribution of the age of the capital stock and the state of the aggregate economy. The empirical analysis of these dynamics is based on plant level investment data for the Longitudinal Research Database (LRD) for the 1972-91 period. Overall, we find that the frequency of lumpy investment activity is higher during periods of high economic activity and more likely the older is the capital. These empirical results are consistent with the predictions of our theoretical model. Nonetheless, the predicted path of aggregate investment that neglects the interaction of the non-flat hazard and the cross sectional distribution of the age of the capital stock tracks actual aggregate investment quite well. However, ignoring the fluctuations in the cross sectional distribution can yield predictable nontrivial errors in forecasting changes in aggregate investment in periods following large swings in aggregate investment
Entry and exit, product variety and the business cycle by Satyajit Chatterjee( Book )

14 editions published between 1993 and 1994 in English and held by 66 WorldCat member libraries worldwide

We study the stochastic behavior of a dynamic general equilibrium model with monopolistic competition. Each seller sells his product in the consumption goods as well as the investment goods market and has market power in both. Consumers derive utility from a CES aggregate of all the consumption goods and augment their capital stock by a CES aggregate of all the investment goods. We analyze the equilibrium of this economy allowing for an endogenous determination of the number of firms and therefore of products. The principal effect we highlight is the endogenous propagation and magnification of technology and preference disturbances through product space variations
Designing stabilization policy in a monetary union by Russell W Cooper( Book )

15 editions published in 2000 in English and held by 66 WorldCat member libraries worldwide

While the European Monetary Union (EMU) is now a reality, debate among economists nonetheless continues about the design and desirability of monetary unions. Since an essential element of a monetary union is the delegation of monetary power to a single centralized entity, one of the key issues in this debate is whether a monetary union will limit the effectiveness of stabilization policy. If so, monetary union will not necessarily be welfare improving. In this paper, we study a two-country world economy and consider various designs of monetary union. We argue that the success of monetary union depends on : (i) the commitment ability of the single central bank, (ii) the policy flexibility of the national fiscal authorities and the central monetary authority and (iii) the cross country correlation of shocks. If, for example, the central bank moves before the fiscal authorities, then a monetary union will increase welfare as long as fiscal policy is sufficiently responsive to shocks. However, if the fiscal authorities have a restricted set of tools and/or the monetary authority lacks the ability to commit to its policy, then monetary union may not be desirable
Dynamic complementarities : a quantitative analysis by Russell W Cooper( Book )

11 editions published in 1996 in English and held by 66 WorldCat member libraries worldwide

This paper considers the importance of dynamic complementarities as an endogenous source of propagation in a dynamic stochastic economy. Dynamic complementarities link the stocks of human and organizational capital, which are influenced by past levels of economic activity, to current levels of productivity. We supplement an otherwise standard dynamic business cycle model with both contemporaneous and dynamic complementarities. The model is calibrated using estimates of these effects. Our quantitative analysis identifies empirically relevant dynamic complementarities as a source of propagation for both technology and taste shocks
The dynamics of car sales : a discrete choice approach by Jérôme Adda( Book )

13 editions published in 2000 in English and held by 63 WorldCat member libraries worldwide

Mankiw [1982] explores the Permanent Income Hypothesis implication that durable expenditures follow an ARMA(1,1) representation. He finds that durable expenditures are represented by an AR(1) process which implies that the rate of depreciation of durables, under the PIH model, is 100%. This finding presents a puzzle. Our paper builds on earlier work which attempts to explain this puzzle by considering the aggregation of the discrete dynamic choices of heterogeneous households. We implement this approach by estimating a dynamic discrete choice model of car replacement. We find that through aggregation we can explain both the AR and MA components of Mankiw's results. Further we find that our model is able to match a VAR representation of car sales, prices and income. We find that most of the variation in car sales is due to shocks which influence the replacement probability
Financial intermediation and aggregate fluctuations : a quantitative analysis by Russell W Cooper( Book )

12 editions published in 1994 in English and held by 62 WorldCat member libraries worldwide

This paper investigates the quantitative implications of two business cycle models in which aggregate fluctuations arise in response to variations in the process of financial intermediation. In the first, fundamental shocks in the capital accumulation process lead to fluctuations in the real returns from intermediated investment. For this economy, we find that the correlations produced are not consistent with observations of the U.S. economy. In particular, consumption is not smoother than output, investment is negatively correlated with output, variations in the capital stock are quite large and interest rates are procyclical. In an economy with both intermediation and total factor productivity shocks, the correlations we produce are closer to those observed in the U.S. economy only when the intermediation shock is relatively unimportant. In the second economy, variations in the returns to intermediation are part of a sunspot equilibrium. Fluctuations here are driven by self-fulfilling beliefs by private agents regarding the returns to intermediation as in an economy beset by banking crises. For this non-linear economy, we find that the correlations are closer to those observed but the variability of capital relative to output is still too large
Financial fragility and the Great Depression by Russell W Cooper( Book )

13 editions published between 1997 and 1998 in English and held by 62 WorldCat member libraries worldwide

We analyze a financial collapse, such as the one which occurred during the Great Depression, from the perspective of a monetary model with multiple equilibria. The economy we consider contains financial fragility due to increasing returns to scale in the intermediation process. Intermediaries provide the link between savers and firms who require working capital for production. Fluctuations in the intermediation process are driven by variations in the confidence agents place in the financial system. Our model matches quite closely the qualitative movements in some financial and real variables (the currency/deposit ratio, ex-post real interest rates, the level of intermediated activity, deflation, employment and production) during the Great Depression period
On the nature of capital adjustment costs by Russell W Cooper( Book )

13 editions published in 2000 in English and held by 62 WorldCat member libraries worldwide

This paper studies the nature of capital adjustment at the plant-level. We use an indirect inference procedure to estimate the structural parameters of a rich specification of capital adjustment costs. In effect, the parameters are optimally chosen to reproduce the nonlinear relationship between investment and profitability that we uncover in the plant-level data. Our findings indicate that a model which mixes both convex and nonconvex adjustment costs with irreversibility fits the data best
Estimation and identification of structural parameters in the presence of multiple equilibria by Russell W Cooper( Book )

11 editions published in 2002 in English and held by 57 WorldCat member libraries worldwide

This paper studies quantitative implications of model economies that exhibit multiple equilibria. The goal is to assess two interrelated issues. First, do economies with multiple equilibria have falsifiable predictions? Second, is identification possible in economies that exhibit multiple equilibria? Put differently, are these economies observationally equivalent to economies with unique equilibria? We raise these questions within a general framework and then study a series of examples to determine how the existing literature has addressed them
Exhuming Q : market power vs. capital market imperfections by Russell W Cooper( Book )

14 editions published in 2001 in English and held by 56 WorldCat member libraries worldwide

Evidence of the statistical significance of profits in Q regressions remains one of the principal findings in the empirical investment literature. This result is frequently taken to support the view that capital market imperfections are an important element for understanding investment. This paper challenges that conclusion. We argue that allowing the profit function at the firm level to be strictly concave, reflecting, for example, market power, is sucent to replicate the Q theory based regression results in which profits are a significant factor determining investment. To be clear, our ability to replicate the existing results does not require the specification of any capital market imperfections. Thus the friction that explains the statistical significance of profits could be market power by sellers rather than capital market imperfections
Financial intermediation and the great depression : a multiple equilibrium interpretation by Russell W Cooper( Book )

10 editions published in 1995 in English and held by 54 WorldCat member libraries worldwide

Abstract: This paper explores the behavior of the U.S. economy during the interwar period from the perspective of a model in which the existence of non-convexities in the intermediation process gives rise to a multiplicity of equilibria. The resulting indeterminancy is resolved through a sunspot process which leads to endogenous fluctuations in aggregate economic activity. From this perspective, the Depression period is represented as a regime shift associated with a financial crisis. Our model economy has properties which are broadly consistent with observations over the interwar period. Contrary to observation, the model predicts a negative correlation of consumption and investment as well as a highly volatile capital stock. Our model of financial crisis reproduces many aspects of the Great Depression though the model predicts a much sharper fall in investment than is observed in the data. Modifications to our model (adding durable goods and a capacity utilization choice) do not overcome these deficiencies
Evidence on macroeconomic complementarities by Russell W Cooper( Book )

12 editions published between 1993 and 1994 in English and held by 53 WorldCat member libraries worldwide

This paper provides empirical evidence on macroeconomic complementarities, a restriction on the nature of interaction between individuals in a multi-agent setting. These models imply that activities across agents will be positively correlated, that discrete decisions will be synchronized and that disturbances will be magnified and propagated. The paper shows that these implications are consistent with aggregate observations as well as some microeconomic evidence. Further, looking at certain historical episodes, such as the NIRA, as well as seasonal fluctuations provides additional support for models with macroeconomic complementarities
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Audience level: 0.61 (from 0.22 for Dynamic ec ... to 0.74 for Balladuret ...)

Associated Subjects
Automobile industry and trade Automobile industry and trade--Econometric models Automobiles--Purchasing Banks and banking, Central--Econometric models Business cycles Business cycles--Econometric models Business cycles--Mathematical models Capital investments--Econometric models Capital productivity--Econometric models Commercial policy Competition, Imperfect Consumers' preferences Corporate profits--Econometric models Depreciation--Econometric models Depressions--Econometric models Econometric models Economic forecasting Economics, Mathematical Economic stabilization--Econometric models Employees--Training of--Econometric models Employment (Economic theory) Employment (Economic theory)--Mathematical models Equilibrium (Economics) Equilibrium (Economics)--Econometric models Equilibrium (Economics)--Mathematical models Financial crises--Econometric models France Industrial productivity--Econometric models Intermediation (Finance) Intermediation (Finance)--Econometric models Intermediation (Finance)--Mathematical models Labor contract Labor market--Mathematical models Labor productivity--Econometric models Labor supply--Econometric models Labor supply--Mathematical models Macroeconomics--Mathematical models Management Markets--Econometric models Monetary unions--Econometric models Parameter estimation Regression analysis Saving and investment Saving and investment--Mathematical models Subsidies--Econometric models Technological innovations--Economic aspects--Econometric models Technology--Economic aspects Unemployment--Mathematical models United States Wages
Dynamic economics : quantitative methods and applications
Alternative Names
Cooper, R. 1955-

Cooper, R. W. 1955-

Cooper, Russel 1955-

Cooper, Russel W. 1955-

Cooper, Russell.

Cooper, Russell 1955-

Cooper, Russell W.

Cooper, Russell Wade 1955-

Russell Cooper économiste américain

Russell W. Cooper American economist

Russell W. Cooper economista estadounidense

Wade Cooper, Russell 1955-

English (288)

Chinese (3)

Coordination games : complementarities and macroeconomics