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A famous dictum in open economy macroeconomics -- which obtains in the Mundell-Fleming world of sticky prices and perfect capital mobility -- holds that the choice of the optimal exchange rate regime should depend on the type of shock hitting the economy. If shocks are predominantly real, a...

Recent emerging market crises have been characterized by two key features: (i) banking crises generally precede currency crises, and (ii) asset prices decline in advance of currency crises. This paper argues that asset prices provide a key link between banking and currency crises. It is shown...

We develop a dynamic model of a fishery which simultaneously incorporates random stock growth and costly capital adjustment. Numerical techniques are used to solve for the resource-rent-maximizing harvest and capital investment policies. Capital rigidities bring diminishing marginal returns to...

This paper characterizes anticipated changes in fleet structure, individual vessel harvesting activity, and economic performance in the pacific coast groundfish fishery under an individual fishing quota management program. Results suggest that the current fleet which consists of 117 vessels will...

This paper studies both positive and normative aspects of quantity-based capital controls in a small open economy undergoing a temporary inflation stabilization plan. In the model, capital controls are implemented by choosing two policy variables: a ceiling on the private sector debt and a...

We study harvesting efficiency and the problem of discards under harvest uncertainty in a fishery that is managed with quotas. With only idiosyncratic harvest uncertainty, we show that frictionless post harvest quota trade can achieve full efficiency and eliminate quota-overage discards...

Regulations to reduce bycatch of non-marketed marine species often impose gear restrictions, reductions in harvest of the target species, and/or spatial and temporal closures of the fishing ground. These regulations can exact significant social costs in commercial fisheries. We evaluate...

We develop a model of a multiple-species, stochastic harvesting technology. We examine harvesting behavior, at-sea discards and economic performance under various quota balancing mechanisms — provisions intended to help fishermen match random catches with quota holdings — in a...

We study production capacity utilization and emission permit utilization in a model where firms jointly produce a valued good and an environmental bad, pollution. Firms are ex ante identical but experience random productivity shocks after factor employment. A regulator imposes a cap-and-trade...