We study the optimal design of a fiscal union within a currency union using an open economy model with nominal rigidities. We show that the optimal design of a fiscal union depends crucially on the degree of financial integration across countries as well as the elasticity of substitution between...

We study the conduct of monetary policy in a continuum of small open economies. We solve the model globally in closed form without restricting the elasticity of substitution between home and foreign goods to one. Using this global closed-form solution, we give an exact characterization of...

We study the conduct of monetary policy in a continuum of small open economies. We solve the model globally in closed form without restricting the elasticity of substitution between home and foreign goods to one. Using this global closed-form solution, we give an exact characterization of...

We study the optimal design of a fiscal union within a currency union using an open economy model with nominal rigidities. We show that the optimal design of a fiscal union depends crucially on the degree of financial integration across countries as well as the elasticity of substitution between...

In this paper financial frictions are represented by agents heterogeneity. Presence of savers and borrowers permits to analyse financial frictions in a simple and tractable framework. Different types of borrowers create an effect of costly state verification models. Comparatively to these...

This is one of the first effort to make structural estimation of fertility in Russia.Normal distribution of random individual effect and extreme value distribution of the error are assumed.

In this paper author reveals some evidence on pattern of contraception and fertility in Russia. Contrary to common sense it turns out that women that follow very cautios contraceptive strategy make abortion very rarely. Author offers analytical devices to deal with thats issues.