We evaluate the asset pricing implications of a class of models in which risk sharing is imperfect because of the limited enforcement of intertemporal contracts. Lustig (2004) has shown that in such a model the asset pricing kernel can be written as a simple function of the aggregate consumption...

In this paper we assess the implications of sunk costs and product differentiation on the pricing decisions of the multinational firms. For this purpose we use a modified version of Salop's spatial competition. The model yields clear-cut predictions regarding the effects of exchange rate shocks...

Governments face a trade-off between insuring bondholders and taxpayers. If the government fully insures bondholders by manufacturing risk-free zero-beta debt, then it cannot also insure taxpayers against permanent macroeconomic shocks over long horizons. Instead, taxpayers will pay more in...

In an analytically tractable model of the global economy, we calculate the Pareto improvement where a country experiencing a favourable supply side shock consumes more against expected future output and spreads the risk by selling shares. With capital inflows to finance the ‘New Economy’...

[Background:] There is currently no information about the prevalence of, and factors contributing to psychological distress experienced by re-education through labour camp detainees in China. [Methods:] A cross-sectional face-to-face survey was conducted in three labour camps in Guangxi, China....

This paper proposes an integrated framework to analyze jointly two key issues: the emergence of global imbalances and the precautionary motive for accumulating reserves. Standard models of general equilibrium would predict modest current account surpluses in the emerging markets if they face...

Policy debates about the balance of vocational and general education programs focus on the school-to-work transition. But with rapid technological change, gains in youth employment from vocational education may be offset by less adaptability and thus diminished employment later in life. To test...

Traditional steam methane reforming facilities for producing hydrogen not only consume a large amount of natural gas, but also emit a lot of greenhouse gas. Considering the utilization of clean energy, the reduction of carbon dioxide emission, and the production of chemicals, this paper...

Sowohl in der Politik als auch in der bisherigen Forschung wird betont, dass berufsspezifische Ausbildungen einen Vorteil gegenüber allgemeinen Bildungsgängen haben, indem sie jungen Leuten den Übergang vom Bildungs- ins Berufssystem erleichtern. Eric A. Hanushek, Stanford University, Ludger...

Policy debates about the balance of vocational and general education programs focus on the school-to-work transition. But with rapid technological change, gains in youth employment from vocational education may be offset by less adaptability and thus diminished employment later in life. To test...