In this paper, the authors investigate the determinants of weight for leisure in preferences. First, using a dynamic general equilibrium model, they back out the weight for leisure for an unbalanced panel of 52 countries over the period from 1950 to 2009. Then, the authors perform several panel...

In this paper, the authors investigate the determinants of weight for leisure in preferences. First, using a dynamic general equilibrium model, they back out the weight for leisure for an unbalanced panel of 52 countries over the period from 1950 to 2009. Then, the authors perform several panel...

Peer-group mechanisms have been widely used by micro-credit institutions to minimize default risk. However, there are costs associated with establishing and maintaining liability groups. In the case when output is fully observable, we propose a dynamic individual lending mechanism. Assuming that...

In this paper, using network tools, I analyse systemic impacts of liquidity shocks in interbank market in case of endogenous haircuts. Gai, Haldane and Kapadia (2011) introduce a benchmark for liquidity crisis following haircut shocks, and Gorton and Metrick (2010) reveal the evidence from...