Structural Change is the basis for many decisions such as government fiscal and monetary policies, government interventions, corporate-expenditure decisions, corporate strategic decisions, portfolio management decisions in finance; household allocation decisions, etc.. Structural change in...

This paper examines the asset pricing implications of sector-specific shocks in a multi-sector economy where heterogeneous firms interact in the markets for material inputs, investment goods, and final goods. The model is solved using a third-order perturbation and is estimated by the simulated...

This paper examines the asset pricing implications of sector-specific shocks in a multi-sector economy where heterogeneous firms interact in the markets for material inputs, investment goods, and final goods. The model is solved using a third-order perturbation and is estimated by the simulated...

This article: i) explains why international financial contagion could have been a major cause of structural changes in the US economy and specific major US industries (housing, retailing, etc.) during 1995-2003; ii) critiques traditional methods of modeling international financial contagion; iii)...