Over the last few decades, international trade has increased at a rapid pace, altering domestic production and labor demand in different sectors of the economy. A growing literature has studied the heterogeneous effects of trade shocks on workers’ industry and occupation employment and on...

We analyze monetary policy in a New Keynesian model with heterogeneous firms and financial frictions. Firms differ in their productivity and net worth and face collateral constraints that cause capital misallocation. TFP endogenously depends on the time-varying distribution of firms. Although a...

Two natural and potentially desirable properties for capital allocation rules are top-downconsistency and shrinking independence. Top-down consistency means that the total capital isdetermined by the aggregate portfolio risk. Shrinking independence means that the risk capitalallocated to a given...

Analysing French firms over 1991-2016, we find first that since the beginning of the century, one or two downward significant productivity breaks have occurred in all industries, both at the frontier and for laggard firms, suggesting a decline in the contribution of technological progress to...

We develop a theory that addresses the problem of the existence of stable vaccine allocations in a political economy. These are allocation policies that a political leader can enforce without losing their popularity. Our analysis distinguishes between contexts where vaccination has positive...

(Marjit & Sarkar, 2017) have proved the existence of a unique inequalitypreservingredistribution allocation in the contract curve. The allocation is provenfor those measures of inequalities which satisfy certain criterion. We investigatewhether their Strong Pareto Superior (SPS) allocation hold...

We consider the multi-object allocation problem with monetary transfers where each agent obtains at most one object (unit-demand). We focus on allocation rules satisfying individual rationality, non-wastefulness, equal treatment of equals, and strategy-proofness. Extending the result of Kazumura...

The question we address in this paper is why the Japanese miracle didn't take place until after World War II. For much of the pre-WWII period, Japan's real GNP per worker was not much more than a third of that of the U.S., with falling capital intensity. We argue that its major cause is a...