In rural economies with missing or incomplete markets, idiosyncratic risk is frequently pooled through informal networks. Idiosyncratic shocks, however, are not limited to private goods but can also restrict an individual from partaking in or benefitting from a collective activity. In these...

This paper provides a theoretical and empirical appraisal of the shocks-institutions controversy as an explanation of unemployment heterogeneity in OECD countries. Since the influential work of Blanchard and Wolfers (2000), many studies have tried to explain the differences in the OECD...

This paper aims to measure the time pattern of multiple and resurgent food scares and their direct and cross-product impacts on consumer response. The Almost Ideal Demand System (AIDS) is augmented by a flexible stochastic framework which has no need for additional explanatory variables such as...