We endogenize asset liquidity in a dynamic general equilibrium model with search frictions on asset markets. In the model, asset liquidity is tantamount to the ease of issuance and resaleability of private financial claims, which is driven by investors' participation on the search market....

Estimating natural rate of unemployment (NAIRU) is important for understanding the joint dynamics of unemployment, in ation, and in Nation expectation. However, existing literature falls short in endogenizing inflation expectation together with NAIRU in a model consistent way. We develop and...

Should monetary policy react to asset prices levels and changes? In answering this question, we provide a tractable monetary Ramsey approach for a heterogeneous agents model with conventional policy (interest rate or money growth target) and unconventional policy (purchase of private illiquid...

Illiquid secondary asset markets have adverse effects on firms' funding conditions and investment decisions. Yet, the micro-foundations of asset liquidity and the impact on aggregate business cycle, and the transmission of (unconventional) monetary policy interventions are scarcely explored. We...

Recently distortion risk measure has been an interesting tool for the insurer to reflect its attitude toward risk when forming the optimal reinsurance strategy. Under the distortion risk measure, this paper discusses the reinsurance design with unbinding premium constraint and the ceded loss...

We investigate vulnerability of complex networks including model networks and real-world networks subject to path-based attacks. Specifically, we remove approximately the longest simple path from a network iteratively until there are no paths left in the network. We propose two algorithms, the...

Centrality is a fundamental measure in network analysis. Specifically, centrality of a path describes the importance of the path with respect to the remaining part of the network. In this paper, we propose a tunable path centrality (TPC) measure, which quantifies the centrality of a path by...

Comprising original essays written by top legal scholars, this innovative volume is the most comprehensive collection to date of independent academic work exploring the relationship between tax, law and development. Contributors cover a range of tax issues, drawing on economic, political,...