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Now showing items 151-160 of 328
Policy Games and the Optimal Design of Central Banks
(Vanderbilt University, 2002)
This article studies the impact of alternative institutional configurations on economic performance when there is strategic interaction between the government and the central bank. The interaction between the fiscal and ...
Persistence in Law-of-One-Price Deviations: Evidence from Micro-data
(Vanderbilt University, 2002)
We study the dynamics of good-by-good real exchange rates using a micro-panel of 270 goods prices drawn from major cities in 71 countries and 245 goods prices drawn from 13 major U.S. cities. We find half-lives of deviations ...
Does Ease of Communication Increase Trade?Commonality of Language and Bilateral Trade
(Vanderbilt University, 2002)
Gravity model explanations of trade volumes frequently include dummy variables to account for the commonality of language among trading partners. In this paper we use a data set for the number of people in a country who ...
Endogenous Growth Through Investment-Specific Technological Change
(Vanderbilt University, 2002)
This paper examines a model in which growth takes place through investment-specific technological change, which in turn is determined endogenously through research spending. In particular, the role of the degree of ...
The Pitfalls of a Partially Honest Bureaucracy: Bribery, Inefficiency, and Bureaucratic Delay
(Vanderbilt University, 2002)
Bribery, it has been argued, allocates resources efficiently. We show that this conclusion need not hold in a dynamic extension of a simple static model in which it does. When permits are awarded over time and applicants ...
A Nonparametric Measure of Convergence Toward Purchasing Power Parity
(Vanderbilt University, 2002)
It has been claimed that the deviations from purchasing power parity are highly persistent and have quite long half-lives under the assumption of a linear adjustment of real exchange rates. However, inspired by trade cost ...
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 ...
Business-to-Business Electronic Commerce
(Vanderbilt University, 2000)
This paper, prepared for the Journal of Economic Perspectives, provides an overview of the economic issues arising in business-to-business (B2B) online commerce. Just as the industrial revolution mechanized firms' manufacturing ...
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 ...
Nicholas Georgescu-Roegen and the Filiation of Economic Ideas
(Vanderbilt University, 2000)
This article examines the intellectual influences that economists exerted on Nicholas Georgescu Roegen in his formative and mature years. While these include Malthus, Marshall, Pareto and Schumpeter, attention is focused ...