In this paper we examine the returns to education in Argentina from 1995 to 2003. We use several econometric techniques in an attempt to account for sample selection bias arising from endogenous labour force participation and to control for the endogeneity of education. The empirical results...

In the new Keynesian model of endogenous stabilization governments have objectives with respect to macroeconomic performance, but are constrained by an augmented Phillips curve. Because they react more quickly to inflation shocks than private agents, governments can lean against the...

Using the U.S. National Aeronautics and Space Administration (NASA) as a case study, this paper examines how conflicting objectives in procurement policies by public space agencies result in anti-competitive procurement. Globally, public sectors have actively encouraged mergers and acquisitions...

There is consensus in the economic literature that reserve requirements are a tax levied upon financial intermediation, yet the incidence of the tax remains controversial. In this paper, we test whether changes in reserve requirements in Brazil impact the stock returns of the Brazilian financial...

We develop a new indicator of profit inefficiency, which is based on decision-makers choosing the amount to spend on each input and the amount to earn on each output, rather than choosing physical quantities of inputs and outputs. The method is suitable for situations when prices and quantities...

The Argentinean current account has exhibited large fluctuations over time. Sizable deficits over the last part of the 19th century and beginning of the 20th were followed by an almost equilibrated balance for most of the 20th century. Moderate deficits were again recorded between 1990 and 2002....

This paper studies the nature of monetary policy in a cash-in-advance model with indivisible labor and with financial intermediaries that provide loans for working capital. Monetary policy occurs through money injections either directly to families or to financial intermediaries. Injections to...