There is a presumption that fixed and flexible (floating or market-determined) exchange-rate systems are equivalent if prices are flexible. We show that the presumption does not hold in two matching models of money. In both models, (i) currencies are the only assets and all trade is spot trade;...

For a class of standard and widely-used preferences, a one-shot money injection in a standard matching model can induce a significant and persistent output response by dispersing the distribution of wealth. Decentralized trade matters for both persistence and significance. In the presence of...

For a class of standard and widely-used preferences, a one-shot money injection in a standard matching model can induce a significant and persistent output response by dispersing the distribution of wealth. Decentralized trade matters for both persistence and significance. In the presence of...

This paper draws quantitative implications for some historical coinage issues from an existing formulation of a theory that explains the society's demand for multiple denominations. The model is parameterized to match some key monetary characteristics in late medieval England. Inconvenience for...

This paper formulates equilibrium concepts in the large (non atomic) household model under the team interpretation, characterizes a class of equilibrium allocations, explores whether an equilibrium allocation in the large-household model has a foundation in the finite-household model, and...

Abstract Real effects of long-run inflation are studied in a standard matching model. The sign and degree of the output-inflation correlation depend on the cause of inflation and, more specifically, on how the underlying policy assigns money among agents. The correlation may be negative and weak...

The thesis explores the factors affecting the availability and utilization of work-life balance programs in Canadian workplaces and how employee involvement and participation programs can help employees balance their work and life. The introductory chapter provides background information on the...

The structure of China’s current governance bears prominent features of fiscal decentralization. The supply of healthcare resources in China has clearly witnessed slower growth in the last two decades during which the fiscal decentralization process has taken place. Using China’s provincial...

Is emission intensity of carbon dioxide (CO2) spatially correlated? What determines the CO2 intensity at a provincial level? More importantly, what climate and economic policy decisions should the China’s central and local governments make to reduce the CO2 intensity and prevent the...

In the context of China without a median voter system, this study examines whether the “flypaper effect”, an unconditional lump-sum grant from the upper governments to the county governments increases spending in a greater proportion than an equivalent rise in local income, holds true in...