Using an RD-design and public educational administrative data for Chile, we study the impact of age of entry on children outcomes. Different from previous studies, we are able to track this impact on school achievements over eleven years of the school life of a cohort of students. Our results...

In the second part of the paper I extend the model to a finite number of periods and, using fertility data, show that two mechanisms described above may have acted as persistence mechanisms after a fertility shock like the baby boom in the U.S. Specifically, I show that demographic dynamics may...

It is commonly observed that over time and across societies, women tend to marry older men. The traditional explanation for this phenomenon is that wages increase with age and hence older men are more attractive in the marriage market. This explanation, however, involves an implicit assumption...

We study the effects of nominal debt on the optimal sequential choice of monetary policy. When the stock of debt is nominal, the incentive to generate unanticipated inflation increases the cost of the outstanding debt even if no unanticipated inflation episodes occur in equilibrium. Without full...

We characterize the optimal sequential choice of monetary policy in economies with either nominal or indexed debt. In a model where nominal debt is the only source of time inconsistency, the Markov-perfect equilibrium policy implies the progressive depletion of the outstanding stock of debt,...

We characterize the optimal sequential choice of monetary policy in economies with either nominal or indexed debt. In a model where nominal debt is the only source of time inconsistency, the Markov-perfect equilibrium policy implies the progressive depletion of the outstanding stock of debt,...

In this article we quantify the aggregate, distributional and welfare consequences of two revenue neutral flat-tax reforms using a model economy that replicates the U.S. distributions of earnings, income and wealth in very much detail. We find that the less progressive reform brings about a 2.4%...

This article uses data from the 1998 European Union Household Panel to study economic inequality in Spain. It reports data on the Spanish distributions of income, labor income, and capital income, and on related features of inequality, such as age, employment status, educational attainment, and...