This article closely examines the maintenance of the covered interest parity during the course of the currency crisis in Korea, and analyzes the movement of the covered interest differential(CID) in an effort to draw out some policy implications. This article also takes a thorough study of...

This paper explores the labor market status of older males in the early twentieth century, focusing on the question of whether their departure from employment was forced or voluntary. A comparison of the hazard of retirement across occupations shows that men who had better occupations in terms...

A formal test on the Lyapunov exponent is developed to distinguish a random walk model from a chaotic system. The test is based on the Nadaraya-Watson kernel estimate of the Lyapunov exponent. We show that the estimator is consistent: The estimated Lyapunov exponent converges to zero under the...

The bankruptcy problem is concerned with how to divide the net worth of the bankrupt firm among its creditors. In this paper, we investigate the logical relations between various axioms in the context of bankruptcy. Those axioms are: population-and-resource monotonicity, consistency, converse...

This paper estimates the proportion of savings that represents accumulation for retirement in the United States over the last century. For this purpose, I compute a counterfactual life cycle savings-income ratio for 1900-1990 that would have resulted if the savings for retirement were the only...

This paper develops an incomplete contract model of the licensing relationship to analyze the dynamic effects of licensing on R& D competition in the innovation market and to examine the rationale for often observed grant-back clauses. Of particular concern are how the consideration of future...