The authors analyze the role of government intertemporal budget policies in a growing open economy including nominal assets in the presence of an upward sloping supply of debt. This introduces transitional dynamics that influence the effects of government policy instruments on the long term fiscal liability. In particular, shifts in ...Download Now
This paper investigates the consequences of pension reform for life-cycle unemployment and retirement. The authors find that improving actuarial fairness in pension assessment not only boosts old age participation but also reduces unemployment among prime age workers and raises welfare; strengthening the tax benefit link boosts life-cycle labor supply on ...Download Now
This paper proposes a new model of market structure determination. It demonstrates that market structure need not be the result of ideology, political power, collusion among producers or the nature of the technology. In authors' setting, it is determined by bureaucrats who maximize their share of the industry profits. The ...Download Now
This paper analyzes the role of uncertainty in a multi-sector housing model with financial frictions. The authors include time varying uncertainty (i.e. risk shocks) in the technology shocks that affect housing production. The analysis demonstrates that risk shocks to the housing production sector are a quantitatively important impulse mechanism for ...Download Now
Submit Your Content
Get your content listed in our directory for free!
Our directory is the largest library of vendor-supplied technical content on the web. It's also the first place IT decision makers turn to when researching technology solutions. Our members are already finding your competitors' papers here - shouldn't they find yours too?