Empirical studies suggest systematic relationships between plant’s productivity and plant’s emissions and emission-abatement costs. This paper demonstrates that productivity dispersion across plants is an important factor that influences the transmission of environmental policy. Within a...

The monetary search model by Lagos and Wright (2005) is extended with imperfect information about nominal shocks as in Lucas (1972). An analytical solution exists with logarithmic preferences. In general, individuals hold precautionary balances. Calibrated to United States postwar data, the...

When a society wants to control aggregate emission under a certain target level, is it more desirable to impose a tax or a regulatory standard on emission? To answer this question, we explore a model where plants are heterogeneous in productivity and monopolistically competitive in the...

Recently battery leasing has been introduced into the market by automobile manufacturers and power suppliers due to its potential to reduce the purchase cost of electric vehicles (EVs). However, the profit prospect of battery leasing is still uncertain. This paper takes the views of both the...

We investigate how the shift in private pension coverage from defined benefit (DB) to defined contribution (DC) retirement plans since the 1980s has contributed to the substantial rise in labor force participation of older Americans. We develop a life cycle model of retirement that captures...

The methodologies and assumptions in financial integration studies are problematic and may lead to spurious empirical results. Using surrogate data analysis and the mutual prediction method of testing for nonlinear interdependence, it is feasible for an analyst, with a scant knowledge of the...

We present an RBC model with a collateral constraint whose tightness is randomly disturbed by a financial shock and evidence that such shock has become more persistent since 1980s. We show that this can be an important contributor to the recent slow recoveries, and a key mechanism may have to do...

For air quality dispersion models, mobile source emissions, including both link- and traffic zone-level emissions, must be disaggregated into grid cells. Current gridding methods assign all traffic analysis zone level emissions to the single grid cell containing the TAX centroid. In this study,...

This qualitative study aimed to identify the motivating factors and the challenges related to the adoption of mobile payment (mPayment) by small business retailers. Data collected from semi-structured personal interviews with a small group of participants were analyzed applying a content...