The conventional dividend-price ratio is highly persistent, and the literature reports mixed evidence on its role in predicting stock returns. In particular, its predictive power seems to be sensitive to the choice of the sample period. We argue that the decreasing number of firms with...

Richer and more educated individuals are known to live longer than poorer and less educated ones. This paper employs the first two years distribution of Alaska Permanent Fund Dividend and examines health outcomes of their newborns. The results indicate that income has a significant positive...

In the literature in English, the prevailing view on Korean unions during the economic developmental period of the 1970s judged unions¡¯ lack of representative capacities as well as their exceptionally slow growth patterns as constrained chiefly by the state-led macro-political environment....

This paper examines the role of asymmetry in all-pay auctions. In particular, this paper decomposes a change in players' valuations into the absolute change and the relative change, and analyzes how these changes a¢çect total expenditures. An increase in the sum of players' valuations...

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Empirical estimations of the micro-founded New Keynesian Phillips Curve (NKPC) using rational inflation expectation proxies have often found that the output gap is an invalid measure of inflation pressure. This paper investigates the empirical success of the NKPC in explaining US inflation when...

In a stylized Robinson Crusoe economy, we demonstrate the usefulness of homogeneity in initial conditions when solving and analyzing macroeconomic models. In a first step, we define state-like and control-like variables. In a second step, we introduce the value-function-like function. While the...

There is a huge variation in medical utilization across geographic areas in the U.S. In addition, supply of medical care is positively correlated with demand. One commonly suspected possibility is physicians induce demand using their superior medical knowledge. This paper tests the supply...

We establish the precise connections between progressive taxation and inequality reduction, in a setting where the level of tax revenue to be raised is exogenously fixed and tax schemes are balanced. We show that, in contrast with the traditional literature on taxation, the equivalence between...