A large number of land property rights reforms, including land formalization and titling projects, are taking place around the world today. The purpose of this paper is to describe some of the expected impacts of such interventions, the challenges and problems that arise in measuring and...

We study a rank-order tournament in which employees acquire and use private information for an investment decision. In this environment, competition for promotion can turn employees into "yes men" who make investment decisions that excessively agree with their supervisor's preconceived notions....

Empirical evidence suggests that a monetary shock induces the exchange rate to over-shoot its long-run level. The estimated magnitude and timing of the overshooting, however, varies across studies. This paper generates delayed overshooting in a New Keynesian model of a small open economy by...

The objective of this study is to estimate the effect of parents alcohol and cigarette use on time use and educational attainment of their children. We use data from the Russia Longitudinal Monitoring Survey (RLMS), an annual panel survey from 1995-2004. We find that both maternal and paternal...

In the New Keynesian framework, the public's expectation about the future path of monetary policy is an important determinant of current economic conditions. This paper examines the impact of unobservable shifts in the central bank's output gap target on inflation and output dynamics. I show...

In this paper we examine how target ranges work in the context of a Barro-Gordon (1983) type model, in which the time-inconsistency problem stems from political pressures from the government. We show that target ranges turn out to be an excellent way to cope with the time-inconsistency problem,...

This paper attempts to broaden the existing empirical literature on foreign direct investment by incorporating government expenditures (both investment in infrastructure and consumption) as well as tax, classical location factors, institutional factors that may hinder business investment (such...

The modern theory of agrarian organization has studied how the economic environment determines organizational form under the assumption of stable property rights to land. The political economy literature has modelled the endogenous determination of property rights. In this paper we analyze a...

We study a rank-order tournament in which employees acquire and use private information for an investment decision. In this environment, competition for promotion can turn employees into "yes men" who make investment decisions that excessively agree with their supervisor's preconceived notions....

This paper looks at the consequences children face when they lose a parent(s). After modeling the representative household’s bargaining process between their biological and orphaned children, the empirical section of this paper looks at the types of activities that children engage in, and the...