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A Dynamic Factor Approach to Nonlinear Stability Analysis
(Vanderbilt University. Dept. of Economics, 2004-08)
A method of principal components is employed to investigate nonlinear dynamic factor structure using a large panel data. The evidence suggests the possibility of nonlinearity in the U.S. while it excludes the class of ...
The Wage Gains of African-American Women in the 1940s
(Vanderbilt University. Dept. of Economics, 2004-06)
The weekly wage gap between black and white female workers narrowed by 15 percentage points during the 1940s. We employ a semi-parametric technique to decompose changes in the distribution of wages. We find that changes ...
The Political Economy of State Fair-Housing Laws Prior to 1968
(Vanderbilt University. Dept. of Economics, 2004-06)
The confluence of the Great Migration and the Civil Rights Movement propelled the drive for "fair-housing" legislation which attempted to curb overt discrimination in housing markets. This drive culminated in the passage ...
Competition and Confidentiality: Signaling Quality in a Duopoly when there is Universal Private Information
(Vanderbilt University. Dept. of Economics, 2004-07)
How does the need to signal quality through price affect equilibrium pricing and profits, when a firm faces a similarly-situated rival? In this paper, we provide a model of non-cooperative signaling by two firms that compete ...
Public Good Provision and the Comparative Statics of Optimal Nonlinear Income Taxation
(Vanderbilt University. Dept. of Economics, 2004-06)
Comparative static properties of the solution to an optimal nonlinear income tax problem are provided for a model in which the government both designs an income tax schedule for redistributive purposes and provides a public ...
Crime, Ethics and Occupational Choice: Endogenous Sorting in a Closed Model
(Vanderbilt University. Dept. of Economics, 2004-01-20)
We consider a simple model in which agents are endowed with heterogeneous abilities and differing degrees of honesty. Agents choose either to become criminals or invest in education and become workers instead. The model ...
Existence and Efficiency of a Price-Taking Equilibrium in an Economy with Public Goods, Externalities, and Property Rights: A Coasian Approach
(Vanderbilt University. Dept. of Economics, 2004-01)
We consider a general equilibrium economy with public goods and externalities. Following Boyd and Conley (1997), we treat externality markets directly instead of indirectly through Arrovian commodities. Because such direct ...
Rational Ambiguity and Monitoring the Central Bank
(Vanderbilt University. Dept. of Economics, 2004-02)
In this paper we examine the consequences of having a Central Bank whose preferences are state contingent. This has variously been identified in the literature as a Central Bank that is "rationally inattentive", "risk ...
Labor Market for New Ph.D.s in 2002
(Vanderbilt University. Dept. of Economics, 2004-01)
This paper reports results from a survey of the labor market experience of the 2001-02 class of Ph.D. economists. We estimate that 850 economics Ph.D.s were awarded by U.S. universities in 2001-02, down about 100 from five ...
Investment Under Monetary Uncertainty: A Panel Data Investigation
(Vanderbilt University. Dept. of Economics, 2004-04)
There is a presumption in the literature that price or exchange rate uncertainty, or uncertainty in the monetary conditions underlying them, will have a negative effect on investment. Some argue that this negative effect ...