This paper analyzes the feedback between firms' hiring decisions and the demand for their products in an environment in which agents are poorly insulated from the financial consequences of unemployment. In such an environment, an increase in the risk of remaining unemployed for a long time...

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...

This paper concentrates on the three major fields listed in its title: the notion of well-being, the understanding of social development and efforts for gender equality. Due to the complexity and diversity of approaches, all of them are shown in the light of different theories, which to some...

A banking union limits international bank default contagion, eliminating inefficient liquidations. For particularly low short-term returns, it also stimulates interbank flows. Both effects improve welfare. An undesirable effect arises for moderate moral hazard, since the banking union encourages...

I study the implications of top income inequality for the gains from trade in a dynamic model. I argue that higher top income inequality among entrepreneurs can increase the gains from trade for workers. In the model, entrepreneurs face uninsurable idiosyncratic productivity risk, and thus save....

We construct a stochastic dynamic dual model to investigate the structural adjustment of two aggregate output and three aggregate input categories in U.S. agriculture under climatic change uncertainty. A century of national annual data (1910-2011) is used in the empirical analysis. No...

Beginning in the 2007-08 school year, California's Quality Education Investment Act required schools selected via lottery to institute reforms including class size reduction, increased average teacher experience, and extra professional training. The act provided additional per-pupil funding for...

I investigate whether the presence of intrinsically motivated agents benefits firms in a competitive environment. I find that firms may obtain higher profits by hiring self-interested agents than by hiring motivated agents. This is because the agents' intrinsic motivation has counteracting...

A unified framework for understanding asset prices and aggregate fluctuations is critical for understanding both issues. I show that a real business cycle model with external habit preferences and capital adjustment costs provides one such framework. The estimated model matches the first two...