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Bootstrapping GMM Estimators for Time Series
(Vanderbilt University, 2001)
This paper establishes that the bootstrap provides asymptotic refinements for the generalized method of moments estimator of overidentified linear models when autocorrelation structures of moment functions are unknown. ...
Anticipated Inflation, Real Disturbances and Money Demand: The Case if Chinese Hyperinflation, 1946-49
(Vanderbilt University, 2001)
This paper re-examines the dynamics of hyperinflation extending the standard Cagan framework. In our theoretical model, we allow the relative price of capital goods in units of consumption goods to vary in order to examine ...
Activation of a Modern Industry
(Vanderbilt University, 2001)
This paper constructs an integrated framework to disentangle the underlying economic mechanism of industrial transformation. We consider three essential elements for the analysis: skill requirements, industry wide spillovers ...
"Linguistic Distance" as a Determinant of Bilateral Trade
(Vanderbilt University, 2001)
We introduce a measure of language difficulty called "linguistic distance" into a modified gravity model to determine whether the fact that a language is further away from English affects the level of trade. Our sample of ...
The Political Economy of Race and the Adoption of Fair Employment Laws, 1940-1964
(Vanderbilt University, 2001)
This paper explores the political economy of anti-discrimination legislation during the ascendancy of the Civil Rights Movement. It traces the diffusion of state-level fair employment legislation and evaluates the relative ...
Anonymous Price Taking Equilibrium in Tiebout Economies with a Continuum of Agents: Existence and Characterization
(Vanderbilt University, 2008)
We introduce a model of a local public goods economy with a continuum of agents and jurisdictions with finite, but unbounded populations, where the set of possible projects for each jurisdiction/club is unrestricted in ...
Accounting for Persistence and Volatility of Good-Level Real Exchange Rates: The Role of Sticky Information'
(Vanderbilt University, 2008)
Volatile and persistent real exchange rates are observed not only in aggregate series but also in the individual good level data. Kehoe and Midrigan (2007) recently showed that, under a standard assumption on nominal price ...
Privacy, Publicity, and Choice
(Vanderbilt University, 2008)
We develop and explore a new model of the economics of privacy. Previous work has focused on "privacy of type," wherein an agent privately knows an immutable characteristic. We consider "privacy of action," wherein privacy ...
Behavioral Properties of Correlated Equilibrium;Social Group Structures with Conformity and Stereotyping
(Vanderbilt University, 2008)
We explore the potential for correlated equilibrium to capture conformity to norms and the coordination of behavior within social groups. Given a partition of players into social groups we propose properties that one may ...
Strategic Basins of Attraction, the Farsighted Core, and Network Formation Games
(Vanderbilt University, 2005)
We make four main contributions to the theory of network formation. (1) The problem of network formation with farsighted agents can be formulated as an abstract network formation game. (2) In any farsighted network formation ...