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The real effective exchange rate (REER) is one of the most cited statistical constructs in international macroeconomics. With the rising importance of offshoring and outsourcing, the standard measures are increasingly flawed. In addition, because different sectors within a country may...
Persistent link: https://www.econbiz.de/10012458430
This paper shows that large economic downturns may result from the propagation of microeconomic shocks over the input-output linkages across different firms or sectors within the economy. Building on the framework of Acemoglu et al. (2012), we argue that the economy's input-output structure can...
Persistent link: https://www.econbiz.de/10012459432
The following arguments are developed: (i) models without monetary aggregates do not imply that inflation is a non-monetary phenomenon and are not necessarily non-monetary models; (ii) theoretical considerations suggest that such models are misspecified, but the quantitative significance of this...
Persistent link: https://www.econbiz.de/10012470552
calculus of high theory and the binomial models of classroom fame. In this setting, most of the models we examine are easily …
Persistent link: https://www.econbiz.de/10012472078
A large literature has developed quantitative versions of the Eaton and Gersovitz (1981) model to analyze default episodes on external debt. In this paper, we study whether the same framework can be applied to the analysis of debt crises in which domestic public debt plays a prominent role. We...
Persistent link: https://www.econbiz.de/10012480634
Medical practitioners typically utilize the following protocol when advising pregnant women about testing for the possibility of genetic disorders: Pregnant women over the age of 35 should be tested for Down syndrome and other genetic disorders; for younger women, such tests are discouraged...
Persistent link: https://www.econbiz.de/10012462351
do an inordinate amount of work right before projects are due. We present a theory in which people underpredict and … less smoothing of work than those chosen by a person with objective beliefs. We test our theory using extant experimental … theory predicts. For example, monetary incentives for accurate prediction ameliorate the planning fallacy while incentives …
Persistent link: https://www.econbiz.de/10012464421
Given that technologies to significantly reduce fossil fuel emissions are currently unavailable or only available at high cost, technological change will be a key component of any long-term strategy to reduce greenhouse gas emissions. In light of this, the amount of research on the pace,...
Persistent link: https://www.econbiz.de/10012465601
What form of intellectual property rights (IPR) policy contributes to economic growth? Should technological followers be able to license the products of technological leaders? Should a company with a large technological lead receive the same IPR protection as a company with a more limited lead?...
Persistent link: https://www.econbiz.de/10012465887
For centuries, most international trade involved an exchange of complete goods. But, with recent improvements in transportation and communications technology, it increasingly entails different countries adding value to global supply chains, or what might be called "trade in tasks." We propose a...
Persistent link: https://www.econbiz.de/10012465939