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Browsing Economics Working Papers by Issue Date
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Now showing items 41-60 of 159
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(University of Oregon, Dept. of Economics, 2002-11-08)We review the recent work on interest rate setting, which emphasizes the desirability of designing policy to ensure stability under private agent learning. Appropriately designed expectations based rules can yield optimal ...
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(University of Oregon, Dept. of Economics, 2003-01-01)Longstanding debate over the appropriate social discount rate for public projects stems from our lack of knowledge about how individual discount rates vary across people and across choice contexts. Using a sample of roughly ...
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(University of Oregon, Dept. of Economics, 2003-01-01)Distortions in private investment due to credit frictions, and in public investment due to corruption and bureaucratic inefficiencies, have both been suggested as important factors in accounting for the cross-country per ...
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(University of Oregon, Dept. of Economics, 2003-01-01)We introduce monitored bank loans and non-monitored tradeable securities as sources of external finance for firms in a dynamic general equilibrium model. Due to frictions arising from moral hazard, access to credit and ...
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(University of Oregon, Dept. of Economics, 2003-02-01)We study bank-based and market-based financial systems in an endogenous growth model. Lending to firms is fraught with moral hazard as owner-managers may reduce investment profitability to enjoy private benefits. Bank ...
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(University of Oregon, Dept. of Economics, 2003-02-14)Numerous researchers have incorporated labor or credit market frictions within simple neoclassical models to (i) facilitate quick departures from the Arrow-Debreu world, thereby opening up the role for institutions, (ii) ...
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(University of Oregon, Dept. of Economics, 2003-02-27)In this paper we propose a new method to associate a coalitional game with each strategic game. The method is based on the lower value of matrix games. We axiomatically characterize this new method, as well as the method ...
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(University of Oregon, Dept. of Economics, 2003-03)Anecdotal evidence suggests that new CEOs with foreign backgrounds direct their firms to become more international in their operations. We examine this hypothesis formally using data on U.S. S&P-500 manufacturing firms ...
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(University of Oregon, Dept of Economics, 2003-03)We explore worldwide foreign direct investment location decisions by Japanese manufacturing firms from 1985 through 1991. Our conditional logit estimates provide evidence that firms’ location decisions are affected by ...
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(University of Oregon, Dept of Economics, 2003-03-17)Earlier studies of the seigniorage inflation model have found that the high-inflation steady state is not stable under adaptive learning. We reconsider this issue and analyze the full set of solutions for the linearized ...
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(University of Oregon, Dept. of Economics, 2003-03-20)Available evidence suggests high intergenerational correlation of economic status, and persistent disparities in health status between the rich and the poor. This paper proposes a novel mechanism linking the two. We introduce ...
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(University of Oregon, Dept. of Economics, 2003-03-31)Summarizes the Orphanides-Williams argument, locates the paper within the rapidly growing literature on learning and monetary policy, and offers specific comments on natural extensions or alternative approaches.
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(University of Oregon, Dept of Economics, 2003-04-10)As of 1987, the Anti-Drug Abuse Act (ADAA) has imposed mandatory minimum sentences for drug traffickers based on the quantity of the drug involved regardless of its purity. Using the STRIDE dataset on drug arrests and a ...
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(University of Oregon, Dept of Economics, 2003-04-10)This paper studies non-cooperative tax competition between two countries for an international producer. The international producer chooses where to locate its headquarters and whether to serve the overseas market through ...
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(University of Oregon, Dept. of Economics, 2003-04-10)Are federal Pell grants "appropriated" by universities through increases in tuition - consistent with what is known as the Bennett hypothesis? Based on a panel of 71 universities from 1983 to 1996, we find little evidence ...
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(University of Oregon, Dept. of Economics, 2003-04-30)We consider inflation and government debt dynamics when monetary policy employs a global interest rate rule and private agents forecast using adaptive learning. Because of the zero lower bound on interest rates, active ...
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(University of Oregon, Dept. of Economics, 2003-05-16)We introduce the concept of a Misspecification Equilibrium to dynamic macroeconomics. Agents choose between a list of misspecified econometric models and base their selection on relative forecast performance. A Misspecification ...
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(University of Oregon, Dept. of Economics, 2003-06-01)This paper examines the optimal compensation package for executives, in particular the optimal mix of stock options and stock grants, for an agent deciding whether to adopt or reject a plan of uncertain value. The compensation ...
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(University of Oregon, Dept. of Economics, 2003-06-10)We develop a Ramsey type model of economic growth in which the "Engine of Growth" is public capital accumulation. Public capital is a public good, and is financed by taxes on private output. The government may either use ...
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(University of Oregon, Dept. of Economics, 2003-06-10)We examine the effect on inequality of increasing one income, and show that for two wide classes of indices a benchmark income level or position exists, dividing upper from lower incomes, such that if a lower income is ...
Now showing items 41-60 of 159