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Educational Production
Lazear, Edward P. - 1999
their classmates do worse. The theory presented below reconciles all of these facts by recognizing that classroom teaching … ranges away from equilibrium levels will adversely affect educational output. The theory argues for a particular non … by lowering class size. The theory provides a measurable and operational way to define school quality that can be tested …
Persistent link: https://www.econbiz.de/10012471435
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Ownership and Use Taxes as Congestion Correcting Instruments
Chia, Ngee-Choon - 2001
In countries, such as Singapore, that have implemented vehicle congestion policies, recent years have seen a shift towards motor vehicle taxes based on car use. Ownership taxes reduce the number of cars on the road, leaving the price per trip largely unaffected. Use taxes such as fuel taxes and...
Persistent link: https://www.econbiz.de/10012470446
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Multiple Equilibria in Open Economy Models with Collateral Constraints : Overborrowing Revisited
Schmitt-Grohé, Stephanie - 2016
This paper establishes the existence of multiple equilibria in infinite-horizon open- economy models in which the value of tradable and nontradable endowments serves as collateral. In this environment, the economy displays self-fulfilling financial crises in which pessimistic views about the...
Persistent link: https://www.econbiz.de/10012456411
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Safe Asset Scarcity and Aggregate Demand
Caballero, Ricardo J. - 2016
We explore the consequences of safe asset scarcity on aggregate demand in a stylized IS-LM/Mundell Fleming environment. Acute safe asset scarcity forces the economy into a "safety trap" recession. In the open economy, safe asset scarcity spreads from one country to the other via capital flows,...
Persistent link: https://www.econbiz.de/10012456630
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Migration, Congestion Externalities, and the Evaluation of Spatial Investments
Dinkelman, Taryn - 2015
The direct benefits of infrastructure in developing countries can be large, but if new infrastructure induces in-migration, congestion of other local publicly provided goods may offset the direct benefits. Using the example of rural household electrification in South Africa, we demonstrate the...
Persistent link: https://www.econbiz.de/10012457824
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Schedule Selection by Agents : from Price Plans to Tax Tables
Luttmer, Erzo F.P. - 2008
structure is relevant in many applications. We develop the theory underlying optimal menus of non-linear schedules and prove …
Persistent link: https://www.econbiz.de/10012464839
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Project Appraisal and Foreign Exchange Constraints : A Simple Exposition
Blitzer, Charles R. - 1987
In an earlier paper, we showed that the value of shadow prices depends on how the government contemplates re- equilibrating the economy to the perturbation associated with any project, except in the extreme case where the government has chosen all policy instruments optimally. Only under...
Persistent link: https://www.econbiz.de/10012476904
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Optimal Policy Projections
Svensson, Lars O. - 2005
We outline a method to provide advice on optimal monetary policy while taking policymakers' judgment into account. The method constructs Optimal Policy Projections (OPPs) by extracting the judgment terms that allow a model, such as the Federal Reserve Board's FRB/US model, to reproduce a...
Persistent link: https://www.econbiz.de/10012467290
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A Note on Variance Decomposition with Local Projections
Gorodnichenko, Yuriy - 2017
We propose and study properties of several estimators of variance decomposition in the local-projections framework. We find for empirically relevant sample sizes that, after being bias corrected with bootstrap, our estimators perform well in simulations. We also illustrate the workings of our...
Persistent link: https://www.econbiz.de/10012453716
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Optimal Dynamic R&D Programs
Grossman, Gene M. - 1985
We study the optimal pattern of outlays for a single firm pursuing an R&D program over time. In the deterministic case, (a) the amount of progress required to complete the project is known, and (b) the relationship between outlays and progress is known. In this case, it is optimal to increase...
Persistent link: https://www.econbiz.de/10012477422