We propose a model that represents the dynamic behaviour of a monetary union comprising two countries whose natural interest rates are initially unequal. This initial disparity and the subsequent application of a common monetary policy generate different national inflation rates and lead to...

This article uses a simple variation of the Solow model to study the interrelations between economic growth and the labor market. We show, both analytically and empirically, that income and capital per worker in the steady state depend positively on flexibility of the labor market; that the...

An important puzzle in financial economics is why fund managers invest in short-maturity assets when they could obtain larger profits in assets with longer maturity. This work provides an explanation to this fact based on labor contracts signed between institutional investors and fund managers....

In this paper we investigate the characteristics of the citation distributions of the 500 universities inthe 2013 edition of the CWTS Leiden Ranking. We use a WoS dataset consisting of 3.6 million articles published in 2003-2008 with a five-year citation window, and classified into 5,119...

The usual solution to the aggregation problem of heterogeneous fields in the all-sciences case relies onthe prior normalization of the raw citations received by any publication. In this paper, we propose analternative solution that does not require any prior field-normalization. The citation...

We study the optimal provision of unemployment insurance (UI) in a framework that distinguishes between consumption and expenditure. We derive a "sufficient statistics" formula for optimal UI that is expressed terms of observable variables and can therefore be used in applied work. Recent...