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Sub-Optimality of the Friedman Rule in Townsend's Turnpike and Limited Communication Models of money: Do finite lives and initial dates matter?
(Department of Economics, 2004)
We construct an economy populated with infinitely-lived agents and show that the Friedman rule is suboptimal. We do that by showing that our economy and an overlapping generations model in which the Friedman rule is known ...
Do Liberals Play Nice? The Effects of Party and Political Ideology in Public Goods and Trust Games
(Department of Economics, 2004)
We test the conventional wisdom that political ideology is associated with generosity or compassion by comparing the behavior of experimental subjects in public goods or trust games. We find that self-described liberals ...
Estate and Capital Gains Taxation: Efficiency and Political Economy Considerations
(Department of Economics, 2004)
In this paper a simple dynastic overlapping-generations model with homogeneous agents is used to analyze the optimal use of capital income tax, labor income tax and estate tax. The results of this analysis add to the conventional wisdom about...
State Social Capital and Individual Health Status
(Department of Economics, 2004)
Recent studies have found that two state-level measures of social capital, average levels of civic participation and trust, are associated with improvements in individual health status. In this study we employ these measures, ...
What's in a Name?
(Department of Economics, 2004)
Plenty. This paper analyzes two broad questions: Does your first name matter? And how did you get your first name anyway? Using data from the National Opinion Research Center's (NORC's) General Social Survey, including access to respondent's first...
Accounting for Fluctuations in Social Network Usage and Migration Dynamics
(Department of Economics, 2004)
In this paper, we examine network capital usage and migration patterns in a theoretical model. Networks are modeled as impacting the migration decision in many ways. When young, larger networks reduce the time lost moving from one region to another...
Who is Afraid of the Friedman Rule?
(Department of Economics, 2004)
In this paper, we explore the connection between optimal monetary policy and heterogeneity among agents. We study a standard monetary economy with two types of agents in which the stationary distribution of money holdings is non-degenerate. Sans...
Welfare and Work in the 1990s: Experiences in Six Cities
(Department of Economics, 2004)
Our study examines the dynamic structure of welfare participation and the labor market involvement of recipients starting in the early 1990s and extending through 1999 in the core counties containing six major urban areas: ...