-quality imports or buy brand-name products, rationally expecting some degree of counterfeiting of the latter. We characterize a … counterfeiting equilibrium and explore its properties. We describe the positive and normative effects of counterfeiting in comparison … with a no-counterfeiting benchmark. Finally, we provide a welfare analysis of border inspection policy and of policy …

constant markups. The differences are important quantitatively; price differences in Hungarian exports between Germany and the …

In this paper we estimate a New-Keynesian DSGE model with heterogeneity in price and wage setting behavior. In a recent … study, Coibion and Gorodnichenko (2011) develop a DSGE model, in which firms follow four different types of price setting … heterogeneity in wage rigidity, such as the persistence in price and the wage inflation, which a standard New Keynesian model with …

second stage suggest that every one percent increase in trade (relative to GDP) raises income per capita by roughly 1/3 of a …

cycle, of several dimensions of economic inequality, including wages, labor earnings, income, consumption, and wealth. After … and the cyclical fluctuations in income inequality. The rise in income inequality was stronger at the bottom of the … distribution. Consumption inequality increased less than disposable income inequality, and tracked the latter much more closely at …

This paper presents series on top shares of income and wealth in Spain over the 20th century using personal income and … wealth tax return statistics. Top income shares are highest in the 1930s, fall sharply during the first two decades of the … Franco dictatorship, and have increased slightly since the 1960s, and especially since the mid-1990s. The top 0.01% income …