VIENNA JOINT ECONOMICS SEMINAR	INVITATION
The University of Vienna and the Institute for Advanced Studies cordially invite you to the following Vienna Joint Economics Seminar Thursday, June 2, 2016 University of Vienna, Oskar-Morgenstern-Platz 1, 1090 Vienna, HS 15, 2nd floor 4:00 pm Rakesh Vohra and                        Gilles Saint-Paul U Pennsylvania                                                      Paris School of Economics Scarf’s Lemma and Stable Matchings (Rakesh Vohra) The elegance and simplicity of Gale and Shapley's deferred acceptance algorithm (DA) has made it the algorithm of choice for determining stable matchings in a variety of settings. Each setting has imposed new demands on the algorithm. Among them are to how to handle complementarities and distributional constraints. However, the simplicity of the DA makes it difficult to accommodate these new considerations except in special cases. In this talk I will outline an alternative approach based on Scarf’s lemma for  tackling such problems. (based on joint work with Thanh Nguyen) and Credit institutions in an evolving economy (Gilles Saint-Paul) I study how limits to the ability of firms to issue debt affects the selection process in an economy where firms follow simple behavioral rules. Such an institution affects aggregate fluctuations through its effects on the granularity of the cross-sectional distribution of firms, on the financial strategy of survivors, and the inertia of its aggregate distribution. The results differ sharply depending on the wage elasticity of labor supply, which tends to generate oscillations if it is very low. If that is the case, relaxing debt limits makes the economy more ganular and paradoxically favors "holdings" which take advantage of the mistakes made by highly leveraged firms, in particular their willingness to borrow at high rates. We are looking forward to seeing you! Institute for Advanced Studies Josefstädter Straße 39, 1080 Vienna, Austria Tel.: +43 1 599 91 145 e-Mail: economics@ihs.ac.at http://www.ihs.ac.at		LINKS DIRECTIONS TO UNIVERSITY OF VIENNA on Google maps VIENNA JOINT ECONOMICS SEMINAR on Google calendar ECONOMICS SEMINARS IN VIENNA on Google calendar Institute for Advanced Studies @IHS_Vienna
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