This paper studies optimal monetary and fiscal policies in an economy à la Lucas and Stokey (1983) and Lagos and Wright (2005) with multiple cash and credit goods. We show that optimal policies are in general time inconsistent due to insufficient number of instruments to influence future...

This paper revisits the question of framing and the provision of public goods. It also addresses the question, is giving in Dictator Games an expression of altruism or an artefact of experimentation? What is unique about this paper is that we employ a “real donation” lab experiment in a...

Much of the recent welfare analysis in the development literature has focussed attention on poverty. This is especially true for India which has seen a large proliferation in the poverty literature. This study departs from this tradition and focuses on inequality. It is based on the premise that...

This paper revisits the question of “warm glow” vs. „cold prickle” and the provision of public goods. It also addresses the question, is giving in Dictator Games an expression of altruism or an artifact of experimentation? What is unique about this paper is that we employ a “real...

Third-party institutions (judges, real-estate agents, referees, mediators, and arbiters) are designed to avoid mis-coordination among potential cooperators. They differ from first-party institutions (lobbyists) who act as rent-seekers in bargaining. They also differ from second-party...

Routines and instincts are similar in terms of function and structure: 1) With respect to function, they economize on scarce decision-making resources, such as cognitive faculties, by making actions, within limits, inflexible vis-à-vis fluctuating environmental stimuli. As inflexible patterns,...

This paper studies nonlinear cointegration models in which the structural coefficients may evolve smoothly over time. These time-varying coefficient functions are well-suited to many practical applications and can be estimated conveniently by nonparametric kernel methods. It is shown that the...

Time series analysis is a tremendous research area in statistics and econometrics. As remarked in a review by Howell Tong in 2001, for about 100 years up to 2001 Biometrika (alone) published over 400 papers on the subject. [Tong (2001)] Furthermore, in the review, Howell Tong is able break down...

This article provides a selective review on the recent developments of some nonlinear nonparametric and semiparametric panel data models. In particular, we focus on two types of modelling frameworks: nonparametric and semiparametric panel data models with deterministic trends, and semiparametric...

This paper is concerned with identifying an effective method for forecasting the lead time demand of slow-moving inventories. Particular emphasis is placed on prediction distributions instead of point predictions alone. It is also placed on methods which work with small samples as well as large...