Bankruptcy brings the asset pricing implications of Lucas's (1978) endowment economy in line with the data. I introduce bankruptcy into a complete markets model with a continuum of ex ante identical agents who have CRRA utility. Shares in a Lucas tree serve as collatera...

We introduce large-scale asset purchases (LSAPs) as a monetary policy tool within a macroeconomic model.We allow for purchases of both long-term government bonds and securities with some private risks. We argue that LSAPs should be thought of as central bank intermediat...

In this paper we examine the link between wage inequality and consumption inequality using a life cycle model that incorporates household consumption and family labour supply decisions. We derive analytical expressions based on approximations for the dynamics of consump...

This study is a theoretical and empirical analysis of the effects of time and money costs of labor market participation on married women's supply behavior. The existence of fixed costs implies that individuals are not willing to work less than some minimum number of hou...

(Disponible en idioma inglés únicamente) En este trabajo se presenta un nuevo conjunto de datos sobre sistemas electorales y se bosqueja sus usos potenciales en nuevas investigaciones sobre las conexiones entre los sistemas electorales y los resultados económicos. El co...

We prove existence of equilibria in bipartite social games, where players choose both a strategy in a game and a partner with whom to play the game. Such social games generalize the well-known marriage problem where players choose partners but do not take actions subseq...

Farmer field schools (FFSs) are a popular education and extension approach worldwide. Such schools use experiential learning and a group approach to facilitate farmers in making decisions, solving problems, and learning new techniques. However, there is limited or confl...

The first part of this paper provides a historical perspective on bank risks. Five-year moving average measures of total risk, market risk, and nonmarket risk are computed for an index of New York banks from 1929-1975 and for an index of outside New York banks from 1950...

Entropy, or the gradual decline through age in the survivorship function, reflects the considerable amount of variance in length of life found in any human population. Part is due to the well-known variation in life expectancy between groups: large differences according...