We characterize how public insurance schemes are constrained by hidden financial transactions. When non … transactions, and can influence consumption allocation. We show that efficient transfer schemes should take into account the impact …

The Coase theorem emphasizes the role transactions costs play in efficient market outcomes. We document inefficient … outcomes, in the presence of a transactions cost, in southern California land markets and the corresponding transition to … efficient outcomes after the transactions cost is eliminated. In the late 1800s, Palm Springs, CA was evenly divided, in a …

individuals' sleep time exhibits both variability and volatility characterized by stationary autoregressive conditional … young children at home. Volatility is greater among parents with young children, slightly greater among men than women, but … independent of other demographics. A theory of economic incentives to minimize the dispersion of sleep predicts that higher …

volatility of both inflation and unemployment differentials. Finally, we show that it is important to take into account the …

This paper shows that the German labor market is more volatile than the US labor market. Specifically, the volatility … vacancies) divided by the volatility of labor productivity is roughly twice as large as in the United States. We derive and …

Financial frictions are known to raise the volatility of economies to shocks (e.g. Bernanke andGertler 1989). We follow … this line of research to the labor literature concerned by the volatility of labor market outcomes to productivity shocks … are a good candidate to solve the volatility puzzle and rejoin Pissarides (2009) in arguing that hiring costs must be …