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This paper develops a theory of debt management in which government financing decisions have distributional consequences. We consider a constant aggregate endowment economy in which the government finances exogenous stochastic public spending needs with uniform lump sum taxes and...
Persistent link: https://www.econbiz.de/10010856572
This paper studies the role of education in women's changing role in the labor and marriage markets since the 1960's.
Persistent link: https://www.econbiz.de/10010856573
The global economic and financial instability context of the 1990s and 2000s also affected the Turkish economy. Actually, the 1980s in Turkey are characterized by a radical transformation of its economy through significant efforts of liberalization. With an out-looking economy and a liberalized...
Persistent link: https://www.econbiz.de/10010856574
The goal of this paper is to develop formal techniques for analyzing the relative in-sample performance of two competing, misspecified models in the presence of possible data instability. The central idea of our methodology is to propose a measure of the models' local relative performance: the...
Persistent link: https://www.econbiz.de/10010856575
quantifying gravity- and border-effects in price setting behavior.
Persistent link: https://www.econbiz.de/10010856576
In traditional auction theory, the auctioneer is usually treated as a non-entity or someone whose incentives are completely aligned with the seller's. In reality, quite frequently that is not the case. Many auctions are administered by third party auctioneers who do not own the product and get a...
Persistent link: https://www.econbiz.de/10010856577
Third, there is no general way to Pareto rank the equlibria.
Persistent link: https://www.econbiz.de/10010856578
We develop a model in which innovations in an economy's growth potential are an important driving force of the business cycle. The framework shares the emphasis of the recent "new shock" literature on revisions of beliefs about the future as a source of fluctuations, but differs by tieing these...
Persistent link: https://www.econbiz.de/10010856579
model developed by Klette and Kortum (2004) and an equilibrium search model of the labor market with job to job flows introduced by Mortensen (2003). In the construction, a continuum of intermediate product and service varieties are produced with labor that serve as inputs in the production of a...
Persistent link: https://www.econbiz.de/10010856580
the problem of general vs. firm-specific human capital investments.
Persistent link: https://www.econbiz.de/10010856581