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Traditional economic models of vaccination behavior simply assume that agents free-ride on the vaccination decisions of … conjectural variation model, to explain how a positive peer effect regarding vaccination behavior arises. We conduct two empirical … studies using Japanese data in these models. The first empirical analysis, using a data set on the vaccination behavior of …
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We evaluate the 1968 H3N2 Flu pandemic’s economic cost in a cross-section of 52 countries. Using excess mortality rates as a proxy for the country-specific severity of the pandemic, we find that the average mortality rate (0.0062% per pandemic wave) was associated with declines in consumption...
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Empirical studies show that years of schooling are positively correlated with good health. The implication may go from education to health, from health to education, or from factors that influence both variables. We formalize a model that determines an individual's demand for knowledge and...
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Previous macro-finance term structure models (MTSMs) imply that macroeconomic state variables are spanned by (i.e., perfectly correlated with) model-implied bond yields. However, this theoretical implication appears inconsistent with regressions showing that much macroeconomic variation is...
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Theory predicts that the equilibrium real interest rate, r*t, and the perceived trend in inflation, ð*t, are key …
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