Despite a substantial and prolonged exchange rate depreciation, South Africa's export performance has disappointed since the global financial crisis. In this paper we focus on the role of structural factors in reducing the responsiveness of South African exports to the real exchange rate...

Supersede WP 13-25. Congestion costs in urban areas are significant and clearly represent a negative externality. Nonetheless, economists also recognize the production advantages of urban density in the form of positive agglomeration externalities. The long-run equilibrium outcomes in economies...

This paper establishes the existence of multiple equilibria in infinite-horizon open- economy models in which the value of tradable and nontradable endowments serves as collateral. In this environment, the economy displays self-fulfilling financial crises in which pessimistic views about the...

We study bank supervision by combining a theoretical model distinguishing supervision from regulation and a novel dataset on work hours of Federal Reserve supervisors. We highlight the trade-offs between the benefits and costs of supervision and use the model to interpret the relation between...

Uncertainty has become an inevitable aspect of project scheduling. We study the resource-constrained project scheduling problem (RCPSP) with stochastic durations. One of the most studied approaches to deal with stochastic durations is that of proactive and reactive scheduling. In this paper, we...

This paper develops a theoretical model to analyze the congestion internalization of the shipping lines, taking into account the “knock on” effect (i.e. the congestion delay passed on from one port-of-call to the next port-of-call). We find that with the presence of the knock-on effect,...

This study examines impacts on net social benefits or economic welfare of alternative policy instruments for reducing traffic congestion and atmospheric emissions in São Paulo, Brazil. The study shows that expanding road networks, subsidizing public transit, and improving automobile fuel...

This paper studies the coordination burden for firms that pursue variety as their main product strategy. We propose that product variety magnifies the tension between scale economies in production and scope economies in distribution, giving rise to complex sourcing relationships. Sourcing...

We consider an electricity market organized with two settlements: one for a pre-delivery (day-ahead) market and one for real time, where uncertainty regarding production from non-dispatchable energy sources as well as variable load is resolved in the latter stage. We formulate two models to...

This paper establishes the existence of multiple equilibria in infinite-horizon open- economy models in which the value of tradable and nontradable endowments serves as collateral. In this environment, the economy displays self-fulfilling financial crises in which pessimistic views about the...