Browsing Department of Economics by Title
Now showing items 181-200 of 328
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(Vanderbilt University, 2006)Abstract: In this article, we introduce an index of ex ante exchange market pressure (EMP) that can be used as a benchmark against which to measure the effectiveness of sterilized intervention. Ex ante EMP is the change ...
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(Vanderbilt University, 2005)We consider the classic puzzle of why people turn out for elections in substantial numbers even though formal analysis strongly suggests that rational agents would not vote. If one assumes that voters do not make systematic ...
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(Vanderbilt University, 2006)We revisit a foundational theoretical paper in the menu cost literature, Sheshinski and Weiss (1983), one of the few to treat stochastic inflation with persistent deviations from trend. In contrast to the original finding, ...
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(Vanderbilt University, 2001)We analyze mergers over the past century in a growth model that emphasizes technological change. We explain the positive relation between mergers and stock prices, the positive relation between internal growth of firms and ...
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(Vanderbilt University, 2003)In this paper, we study the incentives for market concentration of (online and traditional) auction houses. Would sellers and buyers be better off if two separate auction houses merged? We suppose that each auction house ...
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(Vanderbilt University, 2009)In this essay I propose that the adoption of the U.S. dollar as a common currency shortly after the ratification of the Federal Constitution and the accompanying transition from a fiat to specie standard was a pivotal ...
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(Vanderbilt University, 2000)We study price determination and exchange patterns in a monopolistically competitive economy, in which both goods and (fiat) money are perfectly divisible. The decentralized trading environment features 'multiple matches,' ...
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(Vanderbilt University, 2004)The release of Enovid in 1960, the first birth control pill, afforded U.S. women unprecedented freedom to plan childbearing and their careers. This paper uses plausibly exogenous variation in state consent laws to evaluate ...
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(Vanderbilt University, 2003)This paper studies a bargaining model where n players play a sequence of (n-1) bilateral bargaining sessions. In each bilateral bargaining session, two players follow the same bargaining process as in Rubinstein's (1982). ...
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(Vanderbilt University, 2003)Consider a multilateral bargaining problem where negotiation is conducted by a sequence of bilateral bargaining sessions. We are interested in an environment where bargaining protocols are determined endogenously. During ...
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(Vanderbilt University, 2003)The axioms used to characterize the generalized Gini social evaluation orderings for one-dimensional distributions are extended to the multidimensional attributes case. A social evaluation ordering is shown to have a ...
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(Vanderbilt University, 2000)This article examines the intellectual influences that economists exerted on Nicholas Georgescu Roegen in his formative and mature years. While these include Malthus, Marshall, Pareto and Schumpeter, attention is focused ...
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(Vanderbilt University, 2003)This paper extends the diffusion index (DI) forecast approach of Stock and Watson (1998, 2002) to the case of possibly nonlinear dynamic factor models. When the number of series is large, a two-step procedure based on the ...
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(Vanderbilt University, 2003)This paper derives the asymptotic distribution of the nonparametric neural network estimator of the Lyapunov exponent in a noisy system. Positivity of the Lyapunov exponent is an operational definition of chaos. We introduce ...
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(Vanderbilt University, 2005)Treating games of incomplete information with countable sets of actions and types and finite but large player sets we demonstrate that for every mixed strategy profile there is a pure strategy profile that is 'epsilon-equivalent'. ...
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(Vanderbilt University, 2006)Previous literature has shown that local indeterminacy and local instability can arise in two-sector models when factor market distortions create a divergence between capital intensity ranking of the sectors on a physical ...
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(Vanderbilt University, 2005)Serge Kolm's "epistemic counterfactual principle" says that a social choice only needs to be made from the actual feasible set of alternatives given the actual preference profile, but it must be justified by the choices ...
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(Vanderbilt University, 2005)Kalai (2002) demonstrates that in semi anonymous Bayesian games with sufficiently many players any Bayesian equilibrium is approximately ex-post Nash. In this paper we demonstrate that the existence of an approximate expost ...
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(Vanderbilt University, 2005)This paper investigates the effects of consistent and inconsistent long-run variance estimation on a unit root test based on the generalization of the von Neumann ratio. The results from the Monte Carlo experiments suggest ...
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(Vanderbilt University, 2003)In this paper, we study several general equilibrium models in which the agents in an economy must decide on the appropriate level of immigration into the country. Immigration does not enter directly into the native agents' ...