Showing 1 - 10 of 439
around the Volcker disinflation. The subsequent decline in persistence is due to both a more aggressive monetary policy regime and less volatile shocks.
Persistent link: https://www.econbiz.de/10010570160
This paper develops the collective marriage matching model, a behavioral and empirically flexible framework that incorporates both marriage matching and intrahousehold allocations. The model shows how marriage market equilibrium and bargaining power within the family are simultaneously...
Persistent link: https://www.econbiz.de/10010554307
We examine the distribution of hours of work across industrial sectors in OECD countries. We find large disparities when sectors are disaggregated into those that produce goods (a) with no home substitutes, (b) in health and social care, or (c) with close home substitutes. We attribute the...
Persistent link: https://www.econbiz.de/10010554308
We study a dynamic model of pre-trial negotiations in which a privately-informed defendant bargains over a possible settlement offer with a plaintiff. We characterize the unique equlibrium limit of a sequence of games as the plaintiff can make more and more frequent offers and discuss under what...
Persistent link: https://www.econbiz.de/10010554309
Many, but not all, of these results are consistent with the predictions of the simple sticky-price models that we present. We discuss modifications to the benchmark flexible- and sticky-price models that might bring the model predictions closer to the data.
Persistent link: https://www.econbiz.de/10010554310
This paper uses the political economy model of Battaglini and Coate (2008) to analyze the impact of a balanced budget rule that requires that legislators do not run deficits. It considers both a strict rule which cannot be circumvented and a rule that can be overridden by a super-majority of...
Persistent link: https://www.econbiz.de/10010554311
In previous work (Kee and Krishna (2008), "Firm Level Heterogeneous Productivity and Demand Shocks: Evidence from Bangladesh," American Economic Review, 98(2)) we argued that two dimensions of firm heterogeneity (firm specific productivity and firm and market specific demand shocks) were needed...
Persistent link: https://www.econbiz.de/10010554312
I develop methods for solving dynamic economic models with heterogeneous information, with applications to business cycle fluctuations (price-setting) and asset pricing. The analysis requires only a minimal set of assumptions on the information structure, and provides analytical or quantitative...
Persistent link: https://www.econbiz.de/10010554313
This paper studies a search model of the housing market to show how heterogeneity of beliefs affect house prices and trading volume.
Persistent link: https://www.econbiz.de/10010554314
We extend the notion of competitive search equilibrium to an environment with adverse selection. Uninformed principals post contracts to attract informed agents. Agents observe the contracts and apply for one, trading off the probability of matching with a principal against the terms of trade...
Persistent link: https://www.econbiz.de/10010554315