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Measuring the Economic Impact of Monetary Union:The Case of Okinawa
(Vanderbilt University, 2003)
Data from Okinawa's monetary union with the United States in 1958 and with Japan in 1972 are used to obtain a quantitative indication of how monetary union might affect the behavior of nominal and real shocks across two ...
Shared Consumption: A Technological Analysis
(Vanderbilt University, 2003)
James Buchanan (Economica, 1966) has argued that Alfred Marshall's theory of jointly-supplied goods can be extended to analyze the allocation of impure public goods. This article introduces a way of modelling sharing ...
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 ...
The Cost of Heterogeneity in a Monetary Union
(Vanderbilt University, 2001)
In this paper, we explore whether heterogeneity among union members could threaten the stability of the EMU. The types of heterogeneity we consider are (1) asymmetries in the transmission of monetary and fiscal policies, ...
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 ...
Inflation Targeting, Announcements, and Imperfect Credibility
(Vanderbilt University, 2001)
In virtually all theoretical studies of inflation targeting, the announced inflation target is treated as being fully credible. However, inflation targeting policies have typically been implemented after protracted periods ...
Corruption: Political Determinants and Macroeconomic Effects
(Vanderbilt University, 2001)
Two aspects of corruption are examined theoretically: its effect on macroeconomic variables, and its determination from the political environment. Corruption is defined in an occupational choice model as the extra fees or ...
The Pro-Trade Effects of Immigration on American Exports During Period 1870 to 1910
(Vanderbilt University, 2001)
This paper examines the impact of a stock of immigrants in the United States on American exports to their home country during the period 1870 to 1910. Our data set spans the exports of 44 commodities to 17 countries observed ...
Optimal Pricing Under Stochastic Inflation:State-Dependent (s,S) Policies
(Vanderbilt University, 2001)
A model of firm-level optimal pricing under stochastic inflation and fixed costs of adjusting prices is solved and characterized. In this model, inflation alternates stochastically between some positive rate g and zero ...
An Alternative View of Taxation and Endogenous Growth
(Vanderbilt University, 2001)
In this paper, a modification is made to the endogenous growth model studied by Lucas [1988]. It is shown that if individuals derive utility from their level of human capital, then a tax on the return to physical capital ...