Working Papers: Recent submissions
Now showing items 81-100 of 319
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(Vanderbilt University, 2008)The standard power utility function is widely used to explain asset prices. It assumes that the coefficient of relative risk aversion is the inverse of the elasticity of substitution. Here I use the Kihlstrom and Mirman ...
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(Vanderbilt University, 2008)Optimal nonlinear taxation of income and savings is considered in a two-period model with two individuals who have additively separable preferences and who only differ in their skill levels. When the government can commit ...
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(Vanderbilt University, 2008)This paper presents a North-South model of international trade in which (i) there is a relatively small number of countries in the North and (ii) the North is relatively abundant in capital while the South is relatively ...
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(Vanderbilt University, 2008)The effects of distortional fiscal policies are studied within a model in which there is endogenous investment-specific technological change. Labor is used in the production of output and also for research purposes. Labor ...
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(Vanderbilt University, 2008)We introduce a perfect price discriminating (PPD) mechanism for allocation problems with private information. A PPD mechanism treats a seller, for example, as a perfect price discriminating monopolist who faces a price ...
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(Vanderbilt University, 2008)The evaluation of social risk equity for alternative probability distributions over the potential sets of fatalities is analyzed axiomatically. Fishburn and Straffin [Equity considerations in public risks valuation, ...
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(Vanderbilt University, 2008)We show that, in competition between a developed country and a developing country over standards and taxes, the developing country may have a 'second mover advantage.' A key feature of standards is that, unlike public goods ...
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(Vanderbilt University, 2008)This paper develops an open economy DSGE model with an emphasis on trade costs to evaluate the performance of the Bank of Canada in the Canadian inflation targeting experience. For model parametrization, the New-Keynesian ...
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(Vanderbilt University, 2008)We investigate which of the students who entered economics Ph.D. programs in fall 2002 were more likely to earn a Ph.D. within five years, and which were more likely to have dropped out. Students enrolled in Top-15 ranked ...
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(Vanderbilt University, 2008)Uncertainties associated with the informational content of real-time data and the impact of policy initiatives on expectations have been offered as rationales for gradualism in monetary policy. Our objective is to assess ...
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(Vanderbilt University, 2008)We examine the driving forces of G-7 business cycles. We decompose national business cycles into common and nation-specific components using a dynamic factor model. We also do this for driving variables found in business ...
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(Vanderbilt University, 2008)Random effects estimates using panel data for 42 colleges and universities over 16 years reveal that the economics faculty size of universities offering a Ph.D. in economics is determined primarily by the long-run average ...
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(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 ...
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(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 ...
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(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 ...
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(Vanderbilt University, 2008)The Nash equilibria of a tax-setting game between two governments who can set nonlinear income tax schedules for a perfectly mobile workforce whose members differ in unobserved skill levels are examined. Each government ...
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(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 ...
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(Vanderbilt University, 2008)Both subgame-perfect equilibrium and weak-perfect Bayesian equilibrium impose rationality at information sets that are irrelevant for a sequentially rational outcome. In this paper, for each of these equilibrium concepts, ...
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(Vanderbilt University, 2008)This survey of the modeling of pretrial settlement bargaining organizes current main themes and recent developments. The basic concepts used are outlined as core models and then several variations on these core models are ...
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(Vanderbilt University, 2006)Using a sample of 26 U.S. economics Ph.D. programs in Fall 2003, we estimate that only about 12 percent of the U.S. and Canadian students accepted for doctoral study did not enroll in any U.S. economics Ph.D. program in ...