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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...
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 ...
TELRIC Pricing with Vintage Capital
(Department of Economics, 2001)
This paper studies the effect of technical progress on competitive equilibrium prices in a formal dynamic setting that includes the dynamic effects of business income taxes. The model is designed to facilitate comparison between competitive...
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...
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...
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 ...
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, ...
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 ...
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 ...
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...
Cointegrating Regressions with Messy Regressors: Missingness, Mixed Frequency, and Measurement Error
(Department of Economics, 2009)
We consider a cointegrating regression in which the integrated regressors are messy in the sense that they contain data that may be mismeasured, missing, observed at mixed frequencies, or have other irregularities that ...
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 ...
Information Aggregation in Auctions with an Unknown Number of Bidders
(Department of Economics, 2005)
Information aggregation, a key concern for uniform-price, common-value auctions with many bidders, has been characterized in models where bidders know exactly how many rivals they face. A model allowing for uncertainty ...
Nonlinearity, Nonstationarity, and Thick Tails: How They Interact to Generate Persistency in Memory
(Department of Economics, 2008)
characteristics of the transformed time series, such as jumps in the sample path, excessive volatility, and leptokurtosis, suggest the possibility that these three ingredients are involved in the data generating processes of many actual economic and financial time...
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 and after birth as well...
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...
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...
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 ...
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...
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...