individual may enter a prolonged depression. We investigate this using unique longitudinal panel data that track labour market … effects estimation methods. We find some strikingly large effects of certain events on the occurrence of depression. We show …

general equilibrium economic models of international trade. Economic theory suggests that (i) importer- and exporter …-specific effects need to be accounted for in estimation, and (ii) that they are correlated with bilateral trade costs through general …

heterogeneity across individuals can have a strong stabilizing effect. We illustrate this in a stylized two-sector economy with an …

propensity held high mortgage debt. The heterogeneity is concentrated in a few non-durable categories and a handful of `new …

heterogeneity in risks. I distinguish between heterogeneity in risk preferences and risk perceptions underlying the unexplained … heterogeneity, I find that the welfare conclusions regarding adversely selected markets are substantially different. The source of … heterogeneity is also essential for the evaluation of different interventions intended to correct inefficiencies due to adverse …

recently re-emerged due to the availability of an appropriate and parsimonious framework to deal with firm heterogeneity …. Within this framework we show that non-separable utility, variable demand elasticity and endogenous firm heterogeneity cause … that the extent of the errors depends on the degree of firm heterogeneity. In particular, the inefficiency of the market …