I propose a model to study whether trade frictions in an over-the-counter market for financial assets exacerbate or attenuate financial fragility. I model the financial sector as a large number of financial institutions, which I label banks. Each bank is a coalition of depositors and depositors...

This paper develops a life-cycle model with multi-dimensional matching in a frictionless marriage market where a single man's rank is determined by his age and wealth relative to others'. Using stable matching patterns, we analyze how people's marital age and saving behavior jointly respond to...

I characterize the constrained efficient (or planner's) allocation in a directed (competitive) search model with private information. There are sellers with private information on one side of the market and homogeneous buyers on the other side. They match bilaterally in different submarkets and...

I demonstrate how scientific models of pollution processes can be leveraged in quasi-experimental econometric designs to credibly estimate the impacts of environmental quality on health or other outcomes while also improving precision and external validity over previous approaches. I simulate...

The long list of product in sensitive list maintained by the member countries is one of the major weaknesses of South Asia Free Trade agreement for its effectiveness. Present study analyzes the impact of sensitive list (Phase II) under the SAFTA at disaggregate level (HS6 digit) by using partial...

Emission standards are one of the major policy tools to reduce greenhouse gas emissions from transportation. The welfare e¤ects from this type of regulation depend on how …firms choose to abate emissions: by changing relative prices, by downsizing their flÂeet or by adopting technology....

This paper explores the relation between levels of taxation among different types of households in the European Union and the levels of software piracy from 1996 to 2010. It extends previous works introducing a large panel data set for the European Union and its different regions. We estimate...

Time might be the scarcest resource for every individual. Time saving should be one of a few specific starting points of Economics. Utility theory is not a perfect theory, which heavily depends on a serial of unrealistic assumptions, and sets Economics on the shifting sands. Time saving could be...

This paper examines TFP effects of size-dependent subsidies that generate misallocation but also incentivize technology adoption at the establishment-level in the context of a model with heterogeneous establishments and endogenous technology adoption. I focus on the subsidy program initiated in...

This paper develops a new theory of international specialization that tractably combines all aspects of North-North and North-South trade into one model. The new theory also provides an alternative explana- tion for many other well-established facts, most notably the âWashington applesâ...