This paper examines three types of contracts in a cooperative game solved by a random-order value (such as Shapley value). An exclusive contract delays the contribution of the excluded player j until the arrival of the excluding player i. It is profitable when j is complementary to other players...

This paper investigates the matching patterns among agents who are heterogeneous in productivity, in a labor market characterized by frictions. Utility from matching is fully transferable. Agents have to choose which type of partners to match with. There is a possibility of multiple equilibria....

This paper presents a model of staggered price setting that allows for a flexible distribution of the durations of the prices underlying aggregate price behavior, and estimates it with US data. When tested against an unrestricted version of this model, standard models of sticky prices are...

The benefits of panel data are well-documented but missing data problems are often more severe. In particular, units that respond in the first wave may drop out of the panel after one or more periods of participation. This paper focuses on identification and Maximum Likelihood estimation of...

In the framework of symmetric Cournot oligopoly, this paper provides two minimal sets of assumptions on the demand and cost functions that imply respectively that, as the number of firms increases, the minimal and maximal equilibria lead to (i) decreasing industry price and increasing or...

In this paper I explore the effect of income inequality on the real exchange rate. I consider a version of the Salter-Swan model, where income inequality affects the real exchange rate through two general equilibrium channels: (i) the aggregation of individual demands derived from non-homothetic...

By developing a Ricardian trade model that features technology transfer via foreign direct investment (FDI), we show that technology transfer via multinational enterprises (MNEs) increases world output and trade in goods and services. When there are many goods a continuous reduction in the cost...

Following on from the work of Birchenhall, Jessen, Osborn & Simpson (JBES, 1999) on predicting US business cycle regimes we apply the same methodology to construct a one period ahead model of classical business cycle regimes in the UK. Birchenhall et al (1999) used regime data implied by the...

This paper investigates whether the income from child wage work is necessary to the survival of rural households in Pakistan. It is by no means obvious that it is. For instance, children may work because the returns to work exceed the returns to school, or because parents are selfish or...

No abstract.