The Purpose of This Article Is to Show How Costs and Benefits of Geographical Decentralization of R&D Can Be Identified and Compared. the Benefits for the Region That Receives R&D Activities Are Studied in Section 1. They Stem From the Short-Run ...

This paper studies the persistent effects of monetary shocks on output. Previous empirical literature documents this persistence, but standard general equilibrium models with sticky prices fail to generate output responses beyond the duration of ...

This paper provides new versions of Harsanyi’s social aggregation theorem that are formulated in terms of prospects rather than lotteries. Strengthening an earlier result, fixed-population ex-ante utilitarianism is characterized in a multi-profile ...

This article presents a review of the stabilization attempts in Argentina, Brazil, and Israel during the 1980’s. Earlier research is summarized and complemented with additional sources of contemporaneous information and a detailed analysis of institutional ...

We study the simple model of assigning indivisible and heterogenous objects (e.g., houses, jobs, offi ces, etc.) to agents. Each agent receives at most one object and monetary compensations are not possible. For this model, known as the house allocation ...

We provide evidence that the boom in housing prices occurred in the early 2000 distorted the selection of individuals that opened a business. A simple model of collateral financing predicts an increase in entry into entrepreneurship for house-owners ...

Previous studies on the determinants of the choice of college major have assumed a constant probability of success across majors or a constant earnings stream across majors. Our model disregards these two restrictive assumptions in computing an expected ...

This paper studies Tobin's proposition that inflation "greases" the wheels of the labor market. The analysis is carried out using a simple dynamic stochastic general equilibrium model with asymmetric wage adjustment costs. Optimal inflation is determined ...