Modern Business cycle theory involves developing models that explain stylized facts. For this strategy to be success, these facts should be we established. In this paper, we focus on the stylized facts of international business cycles.

Multi-countru models have not been very successful in replicating features of the international transmission of business cycles. Standard models predict cross-country correlations of output and consumption which are respectively too low and loo high. In this paper, we built a multi-country model...

In this article, we ask heterogeneous agents in a dynamic general equilibrium economy to vote on the generosity of their unemployment insurance program. We observe the influence on their vote of (1) moral hazard, (2) private alternatives, and (3) changes in employment status. Agents differ in...

In this paper we compare the welfare effects of unemployment insurance (UI) with an universal basic income (UBI) system in an economy with idiosyncratic shocks to employment. Both policies provide a safety net in the face of idiosyncratic shocks. While the unemployment insurance program should...

Dementia-like diseases like Alzheimer are forecasted to affect a growing proportion of the population within decades. These diseases cannot be treated but their likelihood can be forecasted with genetic analysis and through memory tests, which has implications for forward looking behavior. The...

This paper argues that the conventional inequality measures based on income or wealth give only a partial picture of poverty and the distribution of opportunities. I show how using the consumption equivalence from a value function is more useful, as it better captures the persistence of income...

In previous work, Pallage and Zimmermann (2010) document how an Unemployment Account system dominates an Unemployment Insurance system in many circumstances for a labor market like in the US if it is optimized. This paper reevaluates this in the context of a labor market with higher average...

The Human Development Index (HDI), implemented by the United Nations Development Programme, is widely accepted as a metric for the development of economies that can be compared through time and space. This index is a weighted combination of income per capita, life expectancy and education...

In this paper we compare the welfare effects of unemployment insurance (UI) with a universal basic income (UBI) system in an economy with idiosyncratic shocks to employment. Both policies provide a safety net in the face of idiosyncratic shocks. While the unemployment insurance program should do...