ì´ ë…¼ë¬¸ì€ 2006ë…„ 지방선거, 2007ë…„ 대통령선거, 2008ë…„ 국회ì˜ì›ì„ ê±°, 2010ë…„ 지방선거ì—ì„œ í•œêµ­ì˜ ìœ ê¶Œìžë“¤ì´ ìžì‹ ë“¤ì˜...

This paper offers a model to study competition and corruption with a principal-agent framework. We provide two key results on the optimal institutional design. First, in quality-only competition, corruption does no harm to the principal, but in quality-price competition, corruption negatively...

Signaling, in regard to its role of information transmission, has been well understood by existing literature, but its e¢´ect on the decision to invest in content has not been thoroughly studied. This paper analyzes a model of pre-investment and subsequent costly signaling to reconsider the...

Using a comprehensive dataset covering 34 countries from Datastream, we find that dividend-price ratio has a broad spectrum of forecasting abilities internationally. In some countries, such as the US, the dividend-price ratio is a powerful predictor of exclusively stock returns, whereas in...

The literature on 'horizontal innovation' claims to analyse the cases where unbounded endogenous growth comes from an increasing variety of intermediate goods. The present paper contends that a good sample of representative models in this literature share two essential assumptions regarding...

Accounting for observed uctuations in aggregate employment, consumption, and real wage using optimality conditions of a representative household often requires preferences that are incompatible with economic priors (e.g., Mankiw, Rotemberg, and Summers, 1985). This discrepancy between the...

Difference in differences (DD) relies on the key identifying condition that the untreated response variable would have grown equally across the control and treatment groups; i.e., the ¡®time effects¡¯ across the groups are the same. This condition can be rewritten as the ¡®group...

Nowadays, the terms economics and political economy are translated in Korea, Japan, and China as Kyeongjaehak(which originally meant statecraft for the people's welfare) and Jeongchikyeongjaehak, respectively. However, the translation of Kyeongjaehak, in fact, originated in the very concept of...

We recognize that intertemporal models of the current account (Frankel and Razin with Yuen 1996, or Baxter and Crucini 1993) imply a theory of consumption smoothing channels, and thus we build an empirical model on the theoretical foundations of Sachs (1982)¡¯s optimizing model in order to...

Based on county-level census data for the German state of Bavaria in 1939 and 1946, we use World War II as a natural experiment to study the effects of sex ratio changes on out-of-wedlock fertility. Our findings show that war-induced shortfalls of men to women significantly increased the...