We develop a framework to study the effects of policies of uncertain duration onconsumption dynamics under both complete and incomplete markets. We focus on the dynamicimplications of market incompleteness, specifically on the lack of state-contingent bonds. Twopolicies are considered: pure...

This work suggests a connection between the lack of restructuring of the privatized firms in transition and the high level of regulatory barriers faced by the private sector. In this work I suggest that the potential entry of the newly created private firms significantly affects the incentives...

The dissertation offers an analysis of the role of budgetary institutions on the determination of fiscal outcomes. In the second chapter I provide a theoretical model that rationalizes differences in fiscal outcomes of two countries that are supposed to obey the same set of numerical constraints...

Economics

Economics

Economics

Economics

Book delves with the puzzle that assets play important role in the theory of international finance but hardly any any role in the theory of international trade. Where this dichotomy comes from? Main feature is that trade in assets may interact in an important ways with trade in goods and...