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This paper evaluates the importance of auction format on bidding behavior and seller revenue, focusing on differences in performance under uniform-price and discriminatory-price formats. The analysis is based on a standard benchmark model from which empirically-testable hypotheses are derived on the optimal amount of bid shading that generates revenue equivalence between the two formats. Applying this model to data from the IMF gold auctions run in 1976-80, we find evidence of statistically significant shading in excess of the theoretically-derived optimum under the discriminatory format. This evidence suggests greater seller revenue under the uniform-price format.

Investments: Metals --- Finance: General --- Macroeconomics --- Simulation Methods --- Auctions --- Metals and Metal Products --- Cement --- Glass --- Ceramics --- General Financial Markets: General (includes Measurement and Data) --- Investment & securities --- Finance --- Gold --- Commodity markets --- Gold prices --- Commodities --- Financial markets --- Prices --- Commodity exchanges --- United States

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Using annual data for Colombia over the last thirty years and a new battery of econometric techniques, we test opposing theories that explain macroeconomic fluctuations: The neoclassical synthesis, which posits that, in the presence of temporary price rigidity, an unanticipated monetary expansion produces output gains that erode over time with increases in the price level; and an alternative explanation, which focuses on “real” technological or preference shocks as the sources of output changes. The coefficients from these systems are used to examine two basic propositions: the long-run neutrality of nominal quantities with respect to permanent movements in the money stock; and the short-run sensitivity of output to inflation.

Currency --- Deflation --- Exchange rates --- Foreign Exchange --- Foreign exchange --- Income economics --- Inflation --- Labor --- Labour --- Macroeconomics --- Monetary base --- Monetary economics --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Money and Monetary Policy --- Money supply --- Money --- Price Level --- Prices --- Real exchange rates --- Wages --- Wages, Compensation, and Labor Costs: General --- Colombia