This paper develops a parsimonious model of individual exposure and of public health policy that can be used to study the evolution of an epidemic and the optimal use of lockdown policies and other non-pharmaceutical interventions. At the heart of individual exposure choices are the trade-offs...

The Interference of liberal principles and the reintroduction of a market economy have changed the structure and the organization of the productive system of centrally planned and administered countries (NOVE, 1981; ANDREFF, 2007). The new forms of industrial organization, which are the source of...

After the collapse of the Soviet regime and the end of centralized policies on urban planning, Russian cities underwent deep transformations. The complex socio-economic, spatial and political trends are leading towards an increasing unevenness among Russian cities. This topic has been poorly...

This paper shows that the rising male surplus has strengthened marriage distortions in China by causing an increase in brideprice payments. The identification relies on comparison between siblings from the same natal family who are born in different birth years and thus exposed to various...

We revisit the question whether U.S. fiscal policy in the pre-Volcker period was active or passive. To determine the policy stance, we estimate a DSGE model with monetary and fiscal policy interactions employing a sequential Monte Carlo algorithm (SMC) for posterior evaluation. In contrast to...

Central bank announcements have strong effects on interest rates, but small or even counterintuitive effects on economic expectations. Based on tick-by-tick futures prices on bonds and stock prices, I confirm these seemingly puzzling results for the euro area and provide evidence that they are...

I study the pricing of American Depositary Receipts around FOMC meetings to identify the impact of US monetary policy on managed exchange rates. ADR investors assess the domestic central bank’s reluctance to maintain a currency peg regime if the costs of mimicking policy rate increases in the...

We analyze differences in consumption and wealth that arise because of different degrees of rationality of households. In particular, we use a standard New Keynesian model and let a certain fraction of households be fully rational while the other fraction possesses less cognitive ability. We...

This paper documents that ECB announcements increase the stock market volatility in the euro area (EA) on the same day. I consider two volatility measures from January 1998 to May 2019. First, a realized volatility measure uses intraday data for 8 different stock market indices. Second, a range...

This paper theoretically analyzes the macroeconomic effects of gender discrimination against women in the labor market in a New Keynesian model. We extend standard frameworks by including unpaid household production in addition to paid labor market work, by assuming that the representative...