îàîø æä áåçï îäå ëìì äîéåï äàåôèéîìé ùì îåòîãéí ììéîåãé ëìëìä áàåðéáøñéèàåú òì ñîê äùâéäí ä÷åãîéí áìéîåãéí. îàâø ðúåðéí éçåãé äëåìì àú ðúåðéäí ùì úìîéãéí ùìîãå...

Should countries follow counter-cyclical or pro-cyclical monetary policies? This paper documents that in contrast to developed economies, developing countries tend to follow pro-cyclical monetary policies. The paper then constructs a New-Keynesian small open economy model with wage rigidity and...

This paper investigates the causal relationships between the military expenditures and military burden of the four major sides of the Israeli-Arab conflict, namely, Egypt, Israel, Jordan and Syria over the period 1960-2004. We utilize both the causality test suggested by Toda and Yamamoto (1995)...

We re-examine a key result in the optimal UI literature that benefits should decline over time. We show that when the population is heterogeneous, Pareto-efficiency may call for multiple payment schedules, some with benefits that fall over time and some with benefits that rise over time.

We consider the notion of welfare stigma ? la Besley and Coate (1992b). This stigma is attributed to welfare claimants by society when they are perceived as undeserving in the sense that they falsely claim to be eligible for welfare benefits. However, due to imperfect information, this stigma...

This paper analyzes the implication of employment protection legislation on a firm's screening process. We present a model in which human-capital-intensive firms (hightech) with imperfect information about their workers' type attempt during a trial period to identify those incompetent workers...

In this paper, we examine the effect of religiosity as measured by attendance at religious services on religious school choice. Particular attention is given to the possibly endogenous relationship between school choice and religiosity. IV probit estimates indicate that religiosity is...

Stochastic dominance rules provide necessary and sufficient conditions for characterizing efficient portfolios that suit all expected utility maximizers. For the finance practitioner, though, these conditions are not easy to apply or interpret. Portfolio selection models like the mean-variance...

We characterize measures of school segregation for any number of ethnic groups using a set of purely ordinal axioms that includes Scale Invariance: a school district?s segregation ranking should be invariant to changes that do not a¤ect the distribution of ethnic groups across schools. The...