cases of bypass in the distribution of natural gas, and compare the welfare properties of regulation vs.\ the `laissez …

measure of the (lack of) credibility of the monetary policy authority, we investigate the welfare effect of a marginal … for only 6 quarters is enough to bridge 75% of the welfare gap between discretion and commitment. This seems to justify …

In this paper, I study the welfare properties of growth models with endogenous innovation, knowledge externalities, and … monopoly pricing of new goods. Since useful policy prescriptions cannot be inferred from a balanced growth analysis, welfare is … initial conditions. To elicidate the welfare properties of the model, I present a constrained optimality result for the market …

model with incomplete asset markets. We investigate the possibility of welfare-improving active tax policies, in particular … welfare gains (by about a th …

to estimate the effect of child-bearing on marital status, poverty status, and welfare receipt for the population of … mothers with two or more children. The application is motivated by American welfare reform, which penalizes further … childbearing by welfare mothers on the grounds that additional childbearing makes continued poverty and welfare receipt more likely …