There is a growing literature where authors investigate the effect of trade liberalization on productivity. Nearly all such studies assume that trade policy is determined independently of productivity, hence it is exogenous. I show, both theoretically and empirically, that this assumption is not...

Objective--This paper estimates the healthcare expenditures associated with a disability at the individual level and their recent trends. Design--Retrospective analysis of survey data. Participants--Data from multiple years (1996 through 2004) of the Medical Expenditure Panel Survey (MEPS) for a...

A central issue for managers or investors in portfolio management of assets is to select the assets to be included and to predict the value of the portfolio, given a variety of historical and concurrent information regarding each asset in the portfolio. There exist several criteria or models to...

In dollarized financial systems, there exists a currency mismatch risk that could lead to financial crises. Central Banks in such economies have to adjust their foreign currency policies accordingly. This paper estimates the probability of Central Bankers' intervention in the foreign currency...

In this paper, we characterize all interior and boundary equilibria of the Groves- Ledyard mechanism for a large class of economies and demonstrate their stability or lack thereof. We prove that the mechanism implements large numbers of inefficient and stable boundary equilibria, one for each of...

This paper shows that there has been a significant decline in the employment and labor force participation of persons with disabilities in South Africa over the 1998 through 2006 period. Disability is defined based on activity limitations. Data are from the October and the General Household...

A new two-way map between time domain and numerical magnitudes or values domain (v-dom) provides a new solution to heteroscedasticity. Since sorted logs of squared fitted residuals are monotonic in the v-dom, we obtain a parsimonious fit there. Two theorems prove consistency, asymptotic...

This paper examines differences in employment rates between persons with and without disabilities in 15 developing countries using the World Health Survey. We find that people with disabilities have lower employment rates than persons without disabilities in nine countries. Across countries,...