Assuming the role of debt management is to provide hedging against fiscal shocks we consider three questions: i) what indicators can be used to assess the performance of debt management? ii) how well have historical debt management policies performed? and iii) how is that performance affected by...

We study the effect of the cycle on the health of newborn babies using 30 years of birth-certificate data for Spain. We find that babies are born healthier when the local unemployment rate is high. Although fertility is lower during recessions, the effect on health is not the result of...

This paper contributes to the literature on both embodied technical progress and firm dynamics, by formulating an endogenous growth model where selection and imitation play a fundamental role in helping capital good producers to learn about the productivity of technologies embodied in new...

This paper studies the determinants of school choice, focusing on the role of information. We consider how parents’ search efforts and their capacity to process information (i.e., to correctly assess schools) affect the quality of the schools they choose for their children. Using a novel...

This paper analyzes the effect of immigration on wages taking into account human capital and labor supply adjustments. Using U.S. micro-data for 1967-2007, I estimate a labor market equilibrium model that includes endogenous decisions on education, participation, and occupation, and allows for...

A generalized rise in unemployment rates for both college and high-school graduates, a widening education wage premium, and a sharp increase in college education participation are characteristic features of the transformations observed in the U.S. labor market between 1970 and 1990. This paper...

This paper analyzes the different compositions of the Catalan governing coalitions during the current democratic period, and offers some predictions about the coalitions that can be expected in the future. During this period, in catalan politics, there have been two main political issues over...

In a model where biased judges can distort contract enforcement, we uncover positive feedback effects between the use of innovative contracts and legal evolution that improve verifiability and contracting over time. We find, however, that the cost of judicial bias also grows over time because...

The network choice revenue management problem models customers as choosing from an offer-set, and the firm decides the best subset to offer at any given moment to maximize expected revenue. The resulting dynamic program for the firm is intractable and approximated by a deterministic linear...

An important problem in descriptive and prescriptive research in decision making is to identify "regions of rationality," i.e., the areas for which simple, heuristic models are and are not effective. To map the contours of such regions, we derive probabilities that models identify the best of m...