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Now showing items 581-590 of 645
Post-Independence India: A Case of Finance-Led Industrialization?
(Vanderbilt University, 2000)
This paper examines whether financial intermediaries have played a leading role in influencing India's economic performance. After describing the evolution and functions of the financial sector, we construct a set of vector ...
Credit Market Imperfections Financial Activity and Economic Growth
(Vanderbilt University, 2000)
This paper develops a dynamic general-equilibrium model with production to examine the inter-relationships between the real and the financial sectors with and without credit market imperfections. Due to the moral hazard ...
Race and the Value of Owner-Occupied Housing 1940-1990
(Vanderbilt University, 2000)
This paper begins by documenting racial convergence in the value of owner-occupied housing from 1940 to 1990. Most of this convergence occurred before 1970, as black and white home owners became more similar in terms of ...
Educational Policy and Skill Heterogeneity with Credit Market Imperfections
(Vanderbilt University, 2000)
An overlapping-generations model where agents choose whether to become educated when young is presented. Education enhances productivity, but needs to be financed by borrowing. Because of the possibility of default, lenders ...
A Simple Model of Inequality Occupational Choice and Development
(Vanderbilt University, 2000)
This paper analyzes a simple and tractable model of occupational choice in the presence of credit market imperfections. We examine the relative roles of parameters governing technology and transaction costs, and history ...
Social Choice with Analytic Preferences
(Vanderbilt University, 2000)
Arrow's axioms for social welfare functions are shown to be inconsistent when the set of alternatives is the nonnegative orthant in a multidimensional Euclidean space and preferences are assumed to be either the set of ...
Liquidity Effects and the New Economy
(Vanderbilt University, 2001)
U.S. Treasury securities are nominal assets that are subject to two sources of risk: inflation risk, and bond-supply risk. Inflation risk is well-known, but supply risk has received little attention. For reasons we shall ...
Unique Inefficient Perfect Equilibrium in a Stochastic Model of Bargaining with Complete Information
(Vanderbilt University, 2001)
We consider a two-player strategic bargaining model with discounting in which (i) the interim disagreement point in each period is stochastically determined at the beginning of the period, and (ii) the proposing player can ...
Stock Markets in the New Economy
(Vanderbilt University, 2001)
The term "new economy" has, more than anything, come to mean a technological transformation, and in particular its embodiment in the computer and the internet. These technologies are more human capital intensive than earlier ...
Understanding European Real Exchange Rates
(Vanderbilt University, 2001)
We study good-by-good deviations from the Law-of-One-Price for over 5,000 goods and services between European Union countries for the years 1975, 1980, 1985 and 1990. We find that between most countries there are roughly ...