There is substantial research effort devoted to identifying a sufficient statistic for monetary policy. The purpose of this paper is to broaden the scope of the on-going investigation along three dimensions. First, we follow up the Rudebusch...

Standard target zone exchange rate models are based on nonlinear functions of an unobserved economic fundamental, which is assumed to be bounded, similarly to the target zone exchange rates themselves. A violation of this key assumption is a basic...

We exploit the existence of substantial variation in state policies toward public health insurance for children between 1990 and 2002 to estimate the economic and political determinants of state eligibility levels. Controlling for state and year...

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 ...

We show that the optimal property tax rate rises with the ratio of land rents to structure and land development costs. California's high ratio of income to property tax revenue and the distribution of Federal housing ...

We study customization in a duopoly game in which the firms' products have different qualities. Whether customization choices are made simultaneously or sequentially is endogenously determined. Specifically, the customization ...

We study an asymmetric duopoly market in which the firms' products are initially differentiated in both variety and quality. Each consumer has a most preferred variety and a quality valuation. Customization provides ideal ...

This paper uses quarterly data on AFDC (later TANF) recipients in five major urban areas to examine the relative importance of policy reform and economic conditions in explaining the dynamics of the welfare caseload and the employment experiences...

Objectives. This article examines environmental policy attitudes, focusing on the differences in preferences across issue type (i.e., pollution, resource preservation) and geographical scale (i.e., local, national, global). ...

Parametric stochastic frontier models have a long history in applied production economics, but the class of tractible parametric models is relatively small. Consequently, researchers have recently considered non-parametric alternatives...

In this paper we use mechanism design approach to find the optimal file-sharing mechanism in a peer-to-peer network. This mechanism improves upon existing incentive schemes. In particular, we show that peer-approved scheme is never optimal...

This paper applies the theory of memory for advertising, developed in the consumer behavior literature, to an industrial organization setting to provide insight into advertising strategies in imperfectly competitive markets. There are two firms...

Scholars have long argued that state legislative professionalism, or the provision of staff, legislator salary, and session length, has behavioral incentives for legislators and implications for legislative capacity. Scant ...

Conditional Markov chain models of observed aggregate share-type data have been used by economic researchers for several years, but the classes of models commonly used in practice are often criticized as being purely ad ...

If a inflation tax base has been created via a fixed reserve requirement, will a benevolent government use the inflation tax as a (partial) source of revenue even though a non-distortionary revenue source is available? ...

With the Asian financial crises, people identified crony relationships as the ultimate cause of bank instability. We examine the issue of crony capitalism in the context of model economy in which cronies are a class of ...

it difficult to compute the Bayesian estimates via standard Markov Chain Monte Carlo (MCMC) procedures. The second contribution of the paper concerns MCMC simulation of the Bayesian estimator without using the closed-form expression of the frequentist...

clustered standard errors as a more straightforward, feasible approach, especially when working with large datasets or many cross-level interactions, our purpose in this Practical Researcher piece is to draw attention to the issue of clustering in state...

We show that the incentives a vertically integrated supplier may have to disadvantage or "sabotage" the activities of downstream rivals vary with both the type of sabotage and the nature of downstream competition. ...

We develop an economic model that explains historical data on government corruption in Ming and Qing China. In our model, officials' extensive powers result in corrupt income matching land's share in output. We estimate corrupt income to be between...