This paper provides a quantitative assessment of the use of fiscal stimulus to achieve full recovery from a severe recession when the potency of monetary policy weakens after hitting its zero interest-rate bound. By contrast, most of the numerous recent zero interest-rate bound papers have...

A persistent anomaly in option pricing is the volatility skew. Many have attempted to explain it with stochastic volatility and/or jump diffusion models with mixed results. We propose a model that incorporates positive serial correlation in the stock price process and test it on empirical data...

Most developed countries have tried to restrain digital piracy by strength- ening laws against copyright infringement. In 2009, France implemented the Hadopi law. Under this law individuals receive a warning the first two times they are detected illegally sharing content through peer to peer...

This study investigates the effects of changes in various determinants of labor supply on the dramatic changes from the older (the 1950s and earlier) cohorts to the younger (the 1960s and later) cohorts in life-cycle labor supply behavior, and ultimately provides a model-based quantitative...

In this paper, we examine wage inequality and wage differentials in Croatia from 1970 to 2008. We focus especially on changing income inequality related to educational and vocational attainment, changing income inequality within those groups, and how these two components of inequality were...

Strategic land conservation seeks to select the highest quality lands given limited financial resources. Traditionally conservation officials implement strategic conservation by creating prioritization maps that attempt to identify the lands of highest ecological value or public value from a...

We study whether the increased income uncertainty in the US over the last quarter-century had a negative impact on household welfare by looking at variability of household consumption growth. We are particularly interested in understanding the effect of greater uncertainty on the liquidity...

In dynamic optimization problems with multiple continuous state variables and multiple continuous controls, the method of endogenous gridpoints (ENDG) generates an irregular collection of gridpoints for which standard interpolation techniques do not apply, while alternative interpolation methods...

In the market for corporate control, a potential market failure of asymmetric or inadequate information arises if any of the market participants (the acquiring or target firms’ management, boards of directors or shareholders) have insufficient knowledge about the real market value of a target...

We estimated the economic value of changes in the quality of a coral reef ecosystem to SCUBA divers in the Caribbean using a stated preference mail survey. Our sampling frame was all divers with U.S. home addresses who purchased a tag required for diving in the Bonaire National Marine Park in...