Costly Screening, Self-Selection, Fraud, and the Organization of Credit Markets
This paper analyzes a credit market that includes a costly, universal and imperfect screening technology with both type I and type II errors and borrower
Working Papers
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This chapter examines two types of fragility, environmental and governmental, and their interactions. Increasing environmental fragility, resulting from both
Climate Preferences, Obesity, and Unobserved Heretogeneity in Cities
Some sources of heterogeneity among cities, i.e. age, gender, race, income, and education, have been the object of substantial inquiry. The reasons are obvious...
Learning, Prices, and Firm Dynamics
Using data from the Portuguese manufacturing sector, we document new facts about the joint evolution of rm performance and prices in international markets,
Market Ethics With Trade in an Edgeworth Box
A pure exchange model in an Edgeworth box diagram is used to highlight the basic system of market ethics that is implicitly presumed in all neoclassical
Surge Pricing and Price Gouging: Public Misunderstanding as a Market Imperfection
This paper evaluates the economic and ethical effects of sudden excess demand for goods or services. The normal market response of “surge prices”.....
Long-Term Impacts of High Temperatures on Economic Productivity
High temperature anomalies have recently been shown to have adverse short-term impacts on multiple health and socio-economic outcomes. A well established
Travel Time Use Over Five Decades
In this paper, we use five decades of time use surveys, including the annual American Time Use Survey between 2003 and 2013, to document travel time uses in
A State-Level Analysis of Okun’s Law
Okun’s law is an empirical relationship that measures the correlation between the deviation of the unemployment rate from its natural rate and the deviation of
Person Equivalent Headcount Measures of Poverty
Headcount measures of poverty are by far the most common tools for evaluating poverty and gauging progress in global development goals. The headcount ratio,
The Energy Implications of City Size and Density
This paper develops a new open-city urban simulation model capable of showing the urban form and energy consumption effects of variation in city size. The model
Amenity, Diversity and Obesity: Unobserved Heretogeneity in Cities
ABSTRACT. Some sources of heterogeneity among cities, i.e. age, gender, race, income, and education, have been the object of substantial inquiry. The reasons.....
Fighting the Last Economic War: Crisis and Austerity in Latin America
Political economy theory expects that changes in macroeconomic governance are often catalyzed by institutional factors, such as partisanship, elections, or IMF.....
Urbanization without Growth in Historical Perspective
The world is becoming more and more urbanized at every income level, and there has been a dramatic increase in the number of mega-cities in the developing.....
The Repeat Time-On-The-Market Index
We propose two new indices that measure the evolution of the time it takes a home to sell or “time-on-the-market” (TOM). The key features of both indices...........
Rounding the Corners of the Policy Trilemma: Sources of monetary policy autonomy
A central result in international macroeconomics is that a government cannot simultaneously opt for open financial markets, fixed exchange rates, and monetary....
The Mortality Transition, Malthusian Dynamics, and the Rise of Poor Mega-Cities
The largest cities in the world today lie mainly in relatively poor countries, which is a departure from historical experience, when the largest cities were........
The China Boom in Latin America: An End to Austerity
How does a shifting economic power balance between the United States and China affect the strategic choices of Latin American governments? During the last................
When Should Governments Subsidize Health? The Case of Mass Deworming
Moving from empirical evidence to policy judgments requires the implicit or explicit use of theory, both in order to assess the relevance of evidence on existing...
Why Does Skill Intensity Vary Across Cities? Housing Cost and True Human Capital
T. The skill intensity ratio (SIR) varies across cities. This variation education has implications for economic research. Black, Kolesnikova, and Taylor (2009)....
The Political Economy of Macroeconomic Policymaking: Economic Crises and Technocratic Governance
How do economic crisis a¤ect national-level policy choices? Are technocratic advisors more likely to enter government during periods of severe economic volatility...
Evaluating Forecasts of a Vector of Variables: A German Forecasting Competition
In this paper we present an evaluation of forecasts of a vector of variables of the German economy made by different institutions. Our method permits one to....
Does the WTO Help Member States Clean Up?
The WTO says nothing about corruption. This paper uses qualitative and quantitative analysis to examine whether the GATT/WTO, without deliberate intent, helps...
Trade Imbalance: Juggling the Needs of Investors and the Public Interest in TTIP
Albert Einstein taught us that insanity means “doing the same thing over again and expecting different results.” Although investor-state provisions have become