"Does increasing women's schooling raise the schooling of the next generation?" is the question posed by Jere Behrman and Mark Rosenzweig (2002) in their eponymous article. Their answer to the question is no. In fact, they conclude that raising women's schooling may even lower the schooling of...

This paper analyzes the determinants of protectionism in a small open economy with search frictions a la PISSARIDES (2000). In equilibrium, jobs generate rents in each sector. Like in the Ricardo-Viner model, the magnitude of those rents may depend on the level of trade protection. The distinct...

This paper shows that a linear process with breaks can mimic autocorrelations and other properties of I(d) processes, where d can be a fraction. Simulation results show that S&P 500 absolute stock returns are more likely to show the "long memory" property because of the presence of breaks in the...

Aggregate production functions are a standard feature of the trade theorist's toolbox. While this modeling device has generated some fundamental insights, it presents one obvious shortcoming: it necessarily ignores any effect that the distribution of factor endowments across agents may have on...

A new resampling procedure, the continuous-path block bootstrap, is proposed in the context of testing for integrated (unit root) time series. The continuous-path block bootstrap (CBB) is a nonparametric procedure that successfully generates unit root integrated pseudo time series retaining the...

This paper applies recently developed unit root and cointegration models to determine the appropriate Granger causality relations between stock prices and exchange rates using recent Asian flu data. Coupled with impulse response functions, it is found that data from Japan and Thailand are in...

In the early 1990's the attention of economists was captured by empirical evidence suggesting rising income levels in developing countries could be good rather than bad for the environment. This evidence drove a stake into the heart of those opposing growth on environmental grounds. Ultimately,...

I study a model of a long-term partnership with two-sided incomplete information. The partners jointly determine the stakes of their relationahip and individually decide whether to cooperate with or betray each other over time. I characterize the extremal -- interim incentive efficient --...

Most graduating medical students in the United States obtain hospital residencies through the National Resident Matching Program ("NRMP"). The NRMP, or "Match" as it is called, is a centralized procedure that begins each year with hospitals defining residency positions, including a fixed...

Contingent valuation (CV) has become one of the most widely used non-market valuation techniques. CV's prominence is due to its flexibility and ability to estimate total value, including passive use value. Its use and the inclusion of passive use value in benefit-cost analyses and environmental...