hiring and separation reflect churn and are balanced in equilibrium, where one is the mirror image of the other. Hiring …

We study tradeoffs among active mutual funds' characteristics. In both our equilibrium model and the data, funds with …

We use a new micro data set that covers all oil fields in the world to estimate a stochastic industry-equilibrium model … market in a general-equilibrium model of the world economy. We analyze the impact of the advent of fracking on the volatility …

-budget manner. We characterize political-economic equilibrium policy rules consisting of the tax rate, the skill composition of …

in a negative correlation in equilibrium between insurance coverage and ex post realization of risk. We show that if the … correlation property in equilibrium, unless there is a sufficiently high loading factor. If the insurance market is monopolistic … or imperfectly competitive, however, we show that it is possible to generate negative correlation property in equilibrium …

incentives to steal and the equilibrium crime rate. When studying the production of durable goods, we find that the presence of … crime affects consumer and producer surplus and thus their behaviour, market equilibrium, and, in turn, the social optimum …

redistribution in democratic societies. An infinite-horizon theoretical model is developed, and the properties of the equilibrium tax … related to the equilibrium tax rate. However, neither is sufficient by itself. Social mobility has no effect on equilibrium …

firms and consumers. We show that an equilibrium always exists, (even without the single crossing property), and … characterize the unique equilibrium allocation. With two types of consumers the outcome is particularly simple, consisting of a …

unemployment) in which equilibrium selection is not conditioned on a sunspot variable. Instead, large temporary shocks initiate … the highunemployment regime was the unique equilibrium outcome …