This discussion paper led to a forthcoming publication in </I>Journal of Regional Science</I> entitled 'Are EU Countries less Integrated than US States? Theory and Evidence'.<P>European economic integration is commonly believed to be incomplete, and that further reforms are needed. In this context, the...</p>

We analyze the economic forces underlying cross-border Mergers and Acquistions (M&As) using a large bilateral panel data set. The frequent occurrence of "zero" observations provides essential information on the structure of M&A flows, which we model empirically using a two-stage procedure. At...

The paper studies risk mitigation associated with capital regulation, in a context when banks may choose tail risk assets. We show that this undermines the traditional result that higher capital reduces excess risk-taking driven by limited liability. When capital raising is costly, poorly...

This discussion paper led to a forthcoming publication in </I>Journal of Regional Science</I> entitled 'Are EU Countries less Integrated than US States? Theory and Evidence'.<P> European economic integration is commonly believed to be incomplete, and that further reforms are needed. In this context, the...</p>

We analyze the economic forces underlying cross-border Mergers and Acquistions (M&As) using a large bilateral panel data set. The frequent occurrence of "zero" observations provides essential information on the structure of M&A flows, which we model empirically using a two-stage procedure. At...

We explore the impact of multilateral liberalization, with emphasis on distributional effects across countries. We first develop a realistic "base1ine" that takes into account events such as the entry of China into the WTO and the enlargement of the EU, allowing us to focus on those effects that...

The paper studies risk mitigation associated with capital regulation, in a context when banks may choose tail risk assets. We show that this undermines the traditional result that higher capital reduces excess risk-taking driven by limited liability. When capital raising is costly, poorly...

We explore the impact of multilateral liberalization, with emphasison distributional effects across countries. We first develop a realistic "base1ine" that takes into account events such as the entry of China into the WTO and the enlargement of the EU, allowing us to focus on those effects that...

This discussion paper led to a publication in <A href="http://www.sciencedirect.com/science/article/pii/S0095069611000556">'Journal of Environmental Economics and Management'</A>, 62(2), 229-40.<p>We analyze how the threat of a potential future regime shift affects optimal management. We use a simple general growth model to analyze four cases that involve combinations of stock...</p></a>

This model of policy evaluation has been developed to identify factors that cause policy outcomes to diverge from the intended results. In this model the explanatory factors may be inherent to the conceptual and institutional framework to which policy makers adhere, or they may be ‘real...