Department of Economics: Recent submissions
Now showing items 61-80 of 328
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(Vanderbilt University, 2009)Although the finance-growth relationship is now firmly entrenched in the empirical literature, we show that it is not as strong in more recent data as it was in the original studies with data for the period from 1960 to ...
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(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 ...
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(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 ...
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(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 ...
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(Vanderbilt University, 2009)In this paper we examine a dynamic model of the process by which multiple related lawsuits may be filed and combined; we also examine actions a defendant may employ that may disrupt the formation of a joint suit. Our initial ...
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(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 ...
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(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 ...
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(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 ...
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(Vanderbilt University, 2007)While financial development and corruption control have been studied extensively, their interaction has not. We develop a simple model in which low corruption and financial development both facilitate the undertaking of ...
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(Vanderbilt University, 2007)Social welfare dominance criteria based on critical-level generalized utilitarian social welfare functions are investigated. An analogue of a generalized Lorenz curve called a generalized concentration curve is introduced. ...
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(Vanderbilt University, 2007)The players behave quite differently in the negotiation model under different time preferences than under common time preferences. Conventional analysis in this literature relies on the key presumption that all continuation ...
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(Vanderbilt University, 2007)The impact of changing an individual's skill level on the solution to a finite population version of the Mirrlees optimal nonlinear income tax problem with quasilinear-in-leisure preferences is investigated. It is shown ...
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(Vanderbilt University, 2007)In sticky price models with endogenous investment, virtually all monetary policy rules that set a nominal interest rate in response solely to future inflation induce real indeterminacy of equilibrium. Applying the ...
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(Vanderbilt University, 2007)We introduce a subsidized Vickrey auction for cost sharing problems. Although the average, marginal, and serial cost sharing mechanisms are budget-balanced, they are not allocatively efficient and they do not induce players ...
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(Vanderbilt University, 2007)Firms communicate product quality attributes to consumers through a variety of channels, such as pricing, advertising, releases of research reports and test results, or warranties and returns policies. The conceptualization ...
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(Vanderbilt University, 2007)This paper studies a flexible price version of the Prescott (1975) hotels model. Unlike rigid price versions of the model, here the equilibrium outcome is efficient if potential buyers have the same downward sloping demand ...
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(Vanderbilt University, 2007)The welfare gains from adopting a zero nominal interest policy depend on the implementation details. Here I focus on a government loan program that crowds out lending and borrowing and other money substitutes. Since money ...
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(Vanderbilt University, 2007)Empirical evidence suggests that it may cost time, effort, and resources to properly implement a saving plan, though such cost may differ across individual consumers. We document seven facts on macroeconomic consumption ...
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(Vanderbilt University, 2007)I model the World Trade Organization as an impartial arbitrator with no enforcement power which issues public signals correlated with the state of the world in the disputing countries. Such public signals, by mitigating ...
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(Vanderbilt University, 2007)I use price dispersion to model liquidity. Buyers may be rationed at the low price. An asset is more liquid if it is used relatively more in low price transactions and the probability that it will buy at the low price is ...