While the empirical literature on money demand is vast by any standards, it is relatively silent when it comes to the Euro, a major currency in the world. This hampers efforts, for example, to determine whether or not the European Central Bank can target monetary aggregates for inflation...

After reviewing the measurement of central bank independence since the original measurement of Bade and Parkin and of Banaian, Laney and Willett, I reconsider the use of a scoring system for central banks as practiced by most modern papers. I conclude that these measures introduce errors that...

As a small, open economy with a small export sector, Armenia has experienced a large amount of stress from the financial crisis. The government exited a peg-like exchange rate regime after a drain of foreign reserves. The loss of reserves was put to loss of revenues from mining exports, but can...

Inflationssteuer vermutlich in jeder Höhe ineffizient Die traditionelle Berechnung der optimalen Inflationssteuer führt zu optimalen Inflationsraten von zwischen 30% und 200%. Dies läßt jegliche von erwarteten höheren Inflationsraten verursachte Outputkosten außer acht. Wir behaupten, daß...

This paper modifies an ad hoc index originated by Eichengreen et al (1995,1996), which is often used to document financial crises in emerging markets. By assuming nonlinear dynamics in a system of financial data, we successfully develop an alternative approach that not only captures the essence...

To what extent do immigrants and the native-born work in separate workplaces? Do worker and employer characteristics explain the degree of workplace concentration? We explore these questions using matched employer-employee data that extensively cover employers in selected MSAs. We find that...

Since the Asian financial crisis in 1997, Korean international trade has gone up substantially in both volume and trade balances. The improvement is largely due to an expansion of international markets through various bilateral trade agreements and the structural changes in Korean exchange...

This paper investigates the effect of firm owners and coworkers on hiring patterns and wages. Firstly, I explore the potential mechanisms generating their interrelation. Using a search model where social networks reduce search frictions, I develop the theoretical implications of social ties...

The crowding-out of private donations by government grants is an integral element in designing an efficient method of financing nonprofit activity. This paper looks at elements of crowd-out, both the direct impact on donors and the indirect impact due to the response of nonprofits. We include...

Children of immigrants have received increasing attention in recent years because first and second generation children of immigrant families are the fastest growing segment of the U.S. This paper addresses the relationship between child access to and use of health services, and perceived health,...