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Inflationary Finance in a Simple Voting Model
(Department of Economics, 2001)
This paper is an attempt at answering the somewhat counterfactual question: if monetary policy was to be decided in the arena of public voting (that is not by independent central banks), then what kind of monetary policies ...
Access Price and Vertical Control Policies for a Vertically Integrated Upstream Monopolist when Sabotage is Costly
(Department of Economics, 2009)
Input price and novel vertical control regulations are derived for a vertically integrated upstream monopolist when the monopolist can engage in non-price discrimination against a downstream rival. The paper extends the ...
Monetary Policy, Fiscal Policy, and the Inflation Tax: Equivalence Results
(Department of Economics, 2001)
This paper clarifies and extends previous work on the equivalence between monetary regimes and fiscal regimes involving social security systems. We consider equivalence across regimes, showing that monetary regimes are ...
Uncommitted Couples: Some Efficiency and Policy Implications of Marital Bargaining
(Department of Economics, 2002)
This paper studies married couple's dynamic investment and consumption choices under the assumption that the couple cannot commit across time to not to renegotiate their decisions. The inefficiencies that can arise are ...
Race, Bureaucratic Discretion, and the Implementation of Welfare Reform
(Department of Economics, 2003)
This paper explores the impact of the race of individual clients and of the local racial context on the implementation of sanctions for recipients of Temporary Assistance for Needy Families (TANF) in a Midwestern state. ...
When Do Input Prices Matter For Make-Or-Buy Decisions?
(Department of Economics, 2007)
We investigate input pricing regimes that induce efficient make-or-buy decisions by entrants when there is constant returns in the production of the input(s) and simultaneous noncooperative price competition in downstream ...
William S. Vickrey
(Department of Economics, 2005)
Entry for William Vickrey, prepared for the Dictionary of Scientific Biography.
Understanding the Use of Curriculum Materials: A Cross-Site Research Study Report
(Center for the Study of Mathematics Curriculum, 2006-06)
A cross-site study conducted under the auspices of CSMC was designed to explore curriculum enactment of a particular mathematical topic in the three districts. District representatives selected “composing and decomposing” ...
Mass Customization with Vertically Differentiated Products
(Department of Economics, 2008)
We analyze a duopoly game in which products are initially differentiated in variety and quality. Each consumer has a most preferred variety and a quality valuation. Customization provides ideal varieties but has no effect ...
Excess Sensitivity in Consumption without Liquidity Constraint: Evidence from Monthly Household Panel Data
(Department of Economics, 2007)
The monthly salaries and allowances of Korean government employees are known in advance but vary greatly throughout the year. Using a large Korean monthly panel data set from 1994 to 2003, we examine how nondurable consumption ...
Heterogeneous Information and Investment under Uncertainty
(Department of Economics, 2007)
A sudden change in investment environment shifts objective uncertainty (characterized by parameters that determine the distribution of returns) and at the same time heightens subjective uncertainty (about the data generating ...
Herding and Bank Runs
(Department of Economics, 2007)
Traditional models of bank runs do not allow for herding effects, because in these models withdrawal decisions are assumed to be made simultaneously. I extend the banking model to allow a depositor to choose his withdrawal ...
Real and Virtual Competition
(Department of Economics, 2007)
Although the Internet reduces market frictions by making it easier for consumers to obtain information about prices and product offerings, goods sold by electronic firms are not perfect substitutes for otherwise identical ...
Joint Estimation of Sequential Labor Force Participation and Fertility Decisions Using Markov Chain Monte Carlo Techniques
(Department of Economics, 2004)
In this paper we estimate the causal effect of children on the labor supply of women using panel data on women from the 1979 National Longitudinal Survey of Youth (NLSY79). We examine the effect of children both prior to ...
An Evaluation of Missouri's A+ Schools' Program
(Department of Economics, 2004)
The A+ Schools Program was initiated to offer financial incentives to students to attend Missouri's public 2-year post-secondary schools. Under the program, the state government provides eligible students with college ...
Understanding the Roles of Money, or When is the Friedman Rule Optimal, and Why?
(Department of Economics, 2002)
In this paper, we study the optimal steady state monetary policy in overlapping generations (OG) models. In contrast to economies populated by infinitely-lived representative agents (ILRA), the Friedman Rule is frequently ...
Optimality of the Friedman rule in overlapping generations model with spatial separation
(Department of Economics, 2003)
Recent papers suggest that when intermediation is analyzed seriously, the Friedman rule does not maximize social welfare in overlapping generations model in which money is valued because of spatial separation and limited ...
Noninformative Priors and Frequentist Risks of Bayesian Estimators of Vector-Autoregressive Models
(Department of Economics, 2002)
In this study, we examine posterior properties and frequentist risks of Bayesian estimators based on several non-informative priors in Vector Autoregressive (VAR) models. We prove existence of the posterior distributions ...
The Impact of Welfare Reform on Leaver Characteristics, Employment and Recidivism
(Department of Economics, 2002)
Welfare reform has transformed the U.S. cash assistance program for single parents and their children. Although there remains substantial uncertainty about the importance of reform in producing the subsequent decline in ...
Coyote Crossings: The Role of Smugglers in Illegal Immigration and Border Enforcement
(Department of Economics, 2002)
Illegal immigration and border enforcement in the United States have increased concomitantly for over thirty years. One interpretation is that U.S. border policies have been ineffective. We offer an alternative view, ...