model with no selection effect. Attempting to lower inflation's variability results in a significant increase output … conclusions that arise from the model. In the new model, the level and the variability of inflation is higher than in the Calvo …'s variability, without changing inflation's variability much …

inflation and output can easily be explained in the context that agents do not have rational expectation. This important feature … correlated exogenous shocks to account for the high serial correlation in inflation and output while the behavioral model … strong force in producing the serial correlation in inflation and output …

Discriminatory programs that favor local and small firms in government procurement are common in many countries. This … paper studies the long-run impact of procurement discrimination on market structure and future competition in industries … where learning-by-doing makes incumbent firms more efficient over time. We consider a sequential procurement design problem …

investigate the impact this change in procurement contracts has on efficiency. Focusing on coal mines, we find that those selling …

We study the short-run effect of elections on monetary aggregates in a sample of 85 low and middle income democracies …

quantity of money and or excess money can be used to forecast inflation. After a preliminary data analysis, money demand …. Using recursive estimates, indicator properties of monetary aggregates for inflation are assessed for the period from 2000 … the one for M2 is strongly influenced by these three observations. While in both cases forecasts for 2010 show inflation …

This paper identifies the mechanism through which financial crises exert long-term negative effects on output. Theory … slowed down output growth between 2010 and 2015. A partial-equilibrium aggregation exercise suggests GDP would be at least 3 …

effects on macro aggregates in the stochastic neoclassical model. Taxes are shown to affect the second moment of output growth … taxes and output volatility. Accounting for non-stationarity of taxes and output volatility, we find empirical evidence of a …