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Now showing items 61-80 of 926
Is Teacher Pay “Adequate”?
(Department of Economics, 2005)
In school finance lawsuits plaintiffs often claim that pay levels are not sufficient to recruit teachers who can deliver constitutionally-mandated levels of educational services. In this paper I consider several ways in which one might bring...
The Effects of Welfare-to-Work Program Activities on Labor Market Outcomes
(Department of Economics, 2006)
Studies examining welfare-to-work program effectiveness present mixed and sometimes discrepant findings, partly due to research design, data, and methodological limitations. Using administrative data on Missouri and North Carolina welfare recipients...
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...
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 ...
Crude Oil and Stock Markets: Stability, Instability, and Bubbles
(Department of Economics, 2008)
We analyze the long-run relationship between the world price of crude oil and international stock markets over 1971:1-2008:3 using a cointegrated vector error correction model with additional regressors. Allowing for ...
On Fed Watching and Central Bank Transparency
(Department of Economics, 2000)
In this paper, I examine central bank transparency in two different general equilibrium settings. A transparent central bank eliminates any uncertainty about future money growth. Agents can expend resources to process messages about future money...
A Role for Sunspots in Explaining Endogenous Fluctutations in Illegal Immigration
(Department of Economics, 2003)
In this paper we provide an alternative explanation for why illegal immigration can exhibit substantial fluctuations despite a constant wage gap. We develop a model economy in which migrants make decisions in the face of uncertain border enforcement...
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, ...
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 not the policy...
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 ...
Using State Administrative Data to Measure Program Performance
(Department of Economics, 2006)
We use administrative data from Missouri to examine the sensitivity of earnings impact estimates for a job training program based on alternative nonexperimental methods. We consider regression adjustment, Mahalanobis ...
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 characterized. Efficiency...
Price Experimentation with Strategic Buyers
(Department of Economics, 2006)
A two-period model in which a monopolist endeavors to learn about the permanent demand parameter of a specific repeat buyer is presented. The buyer may strategically reject the seller's first-period offer for one of two ...
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 equivalent to one or both...
Long-Term Oil Price Forecasts: A New Perspective on Oil and the Macroeconomy
(Department of Economics, 2010)
-space oil market model, in which global real economic activity and real oil prices share a common stochastic trend. Changes in unanticipated fluctuations and changes in the forecasted longterm average of discounted real oil prices sum to real oil price...
The Impact of Welfare Reform on Leaver Characteristics, Employment and Recidivism: An Analysis of Maryland and Missouri
(Department of Economics, 2007)
reform. We find that after welfare reform leavers are much more likely to be working. Although in Maryland those working have earnings that are somewhat below employed leavers prior to reform, in Missouri earnings for employed leavers are unchanged...
Inequality, Group Cohesion, and Public Good Provision: An Experimental Analysis
(Department of Economics, 2004)
Recent studies argue that inequality reduces group cohesiveness and dampens support for expenditures on public goods and social programs. In light of competing theoretical explanations and mixed empirical evidence of the ...
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...
Rational Participation Revolutionizes Auction Theory
(Department of Economics, 2005)
Potential bidders respond to a seller's choice of auction mechanism for a common-value or affiliated-values asset by endogenous decisions whether to incur a participation cost (and observe a private signal), or forego ...
Why Are Firms Sometimes Unwilling to Reduce Costs?
(Department of Economics, 2007)
This paper establishes three new results for multiproduct oligopolies: 1) it presents the first explicit expression of Nash equilibria for asymmetric multiproduct oligopolies; 2) it shows that reducing a multiproduct firm's cost in Bertrand...