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Inflation, Finance, and Growth: A Trilateral Analysis
(Vanderbilt University, 2009)
A large body of evidence links financial development to economic growth, yet the channels through which inflation affects this relationship and its stability have been less thoroughly explored. We take an econometric and ...
Monetary Policy and the Dollar
(Vanderbilt University, 2009)
In this essay I propose that the adoption of the U.S. dollar as a common currency shortly after the ratification of the Federal Constitution and the accompanying transition from a fiat to specie standard was a pivotal ...
Developing Country Second-Mover Advantage in Competition Over Standards and Taxes
(Vanderbilt University, 2009)
We show that, in competition between a developed country and a developing country over environmental standards and taxes, the developing country may have a 'second-mover advantage.' In our model, firms do not unanimously ...
Extensive and Intensive Investment Over the Business Cycle
(Vanderbilt University, 2009)
Investment of U.S. firms responds asymmetrically to Tobin's Q: Investment of established firms -- `intensive' investment -- reacts negatively to Q whereas investment of new firms -- `extensive' investment -- responds ...
Comparative Statics of Optimal Nonlinear Income Taxation in the Presence of a Publicly Provided Input
(Vanderbilt University, 2009)
Comparative static properties of the solution to an optimal nonlinear income tax problem are provided for a model in which the government both designs a redistributive income tax schedule and provides a public input into ...
Technology Shocks, Q, and the Propensity to Merge
(Vanderbilt University, 2009)
Data on U.S. mergers and aquisitions from 1987 to 2006 indicate that firms with high market-to-book values (i.e., Tobin's Q) tend to merge with firms that have lower Q's, but that target Q's are on average higher than those ...
Elderly Migration, State Taxes, and What They Reveal
(Vanderbilt University, 2009)
Empirical results obtained from the 2000 Census elderly migration data using a general gravity model of migration flows confirm earlier findings of the `same sign problem' in the literature, which means that the elderly ...
Market Games and Clubs
(Vanderbilt University, 2009)
The equivalence of markets and games concerns the relationship between two sorts of structures that appear fundamentally different -- markets and games. Shapley and Shubik (1969) demonstrates that: (1) games derived from ...
Cores of Many-Player Games: Nonemptiness and Equal Treatment
(Vanderbilt University, 2009)
This paper provides sufficient conditions to ensure nonemptiness of approximate cores of many-player games and symmetry of approximate core payoffs (the equal treatment property). The conditions are: (a) essential ...
Exchange Rate Pass-Through and Inflation:A Nonlinear Time Series Analysis
(Vanderbilt University, 2009)
This paper investigates the relationship between the exchange rate pass-through (ERPT) and inflation by estimating a nonlinear time series model. Using a simple theoretical model of ERPT determination, we show that the ...