Rising costs of and returns to college have led to sizeable increases in the demand for student loans in many countries. In the U.S., student loan default rates have also risen for recent cohorts as labor market uncertainty and debt levels have increased. We discuss these trends as well as...

One of the most interesting features of the Great Recession is that—contrary to other global recessions—it was mostly a rich-country phenomenon.

Rising costs of and returns to college have led to sizeable increases in the demand for student loans in many countries. In the U.S., student loan default rates have also risen for recent cohorts as labor market uncertainty and debt levels have increased. We discuss these trends as well as...

Deferment or forbearance may be masking the true student loan default rates in recent years.

Foreign firms may enhance a developing country's formation of know-how by exposing or directly transferring local entrepreneurs the productive ideas of developed countries. However, foreign firms may also reduce the domestic entrepreneurs' incentive to accumulate know-how by increasing their...

This dissertation consists of three chapters.Chapter 2 analyzes the reallocation of labor following a trade liberalization. Theseepisodes typically display three features: slow net absorption of labor by export-orientedsectors, large reallocation costs for displaced workers, and a...

This thesis consists of three chapters. The first chapter investigates how the functional operator used in Kocherlakota (1996) is linked to the game underlying the model. Using the machinery developed by Abreu et al. (1990) (APS) I solve for the set of equilibrium value profiles directly....