Discussion Paper / Institute for Empirical Macroeconomics

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145: Learning your earning: are labor income shocks really very persistent?

Fatih Guvenen

144: Ben-Porath meets skill-biased technical change: a theoretical analysis of rising inequality

Fatih Guvenen and Burhanettin Kuruscu

143: Optimal welfare-to-work programs

Nicola Pavoni and Giovanni Luca Violante

142: Search, money, and inflation under private information

Huberto M. Ennis

141: Urban structure and growth

Esteban Rossi-Hansberg and Mark Wright

140: Dynamic optimal taxation with private information

Stefania Albanesi and Christopher Sleet

139: Capital accumulation in a model of growth and creative destruction

Klaus Wälde

138: Does the progressivity of taxes matter for economic growth?

Elizabeth Caucutt, Selahattin Imrohoroglu and Krishna Kumar

137: The social discount rate

Andrew Caplin and John Leahy

136: Time inconsistent preferences and Social Security

Ayse Imrohoroglu, Selahattin Imrohoroglu and Douglas H. Joines

135: Knowledge exchange, matching, and agglomeration

Marcus Berliant, Robert R. Reed and Ping Wang

134: Bad politicians

Francesco Caselli and Massimo Morelli

133: Political economy of taxation in an overlapping-generations economy

Marco Bassetto

132: Efficient investment in children

S. Rao Aiyagari, Jeremy Greenwood and Ananth Seshadri

131: Keynesian conundrum: multiplicity and time consistent stabilization

Bill Dupor

130: Chain of production as a monetary propagation mechanism

Kevin X.D. Huang and Zheng Liu

129: Entrepreneurial moral hazard and bank monitoring: a model of the credit channel

Rafael Repullo and Javier Suárez

128: Private money and reserve management in a random-matching model

Ricardo de O. Cavalcanti, Andres Erosa and Ted Temzelides

127: Staggered contracts and business cycle persistence

Kevin X.D. Huang and Zheng Liu

126: Microfoundations and macro implications of indivisible labor

Casey Mulligan

125: The demand for money by firms: some additional empirical results

Casey Mulligan

124: A Markov switching model of GNP growth with duration dependence

Pok-san Lam

123: The optimal inflation tax

Isabel Correia and Pedro Teles

122: Electronic money: the end of inflation?

Ramon Marimon, Juan Pablo Nicolini and Pedro Teles

121: The syndrome of exchange-rate-based stabilizations and the uncertain duration of currency pegs

Enrique G. Mendoza and Martin Uribe

120: Rational herd behavior and the globalization of securities markets

Guillermo A. Calvo and Enrique G. Mendoza

119: International portfolio diversification and labor/leisure choice

Urban Joseph Jermann

118: Monetary policy regimes and beliefs

David Andolfatto and Paul Gomme

117: Relationship between labor-income risk and average return: empirical evidence from the Japanese stock market

Ravi Jagannathan, Keiichi Kubota and Hitoshi Takehara

116: Entrepreneurship, saving and social mobility

Vincenzo Quadrini

115: Plant level irreversible investment and equilibrium business cycles

Marcelo Luis Veracierto

114: The role of trade in technology diffusion

Andres Rodriguez-Clare

113: Fluctuating risk in an aggregated Ss-model

John Hassler

112: Aggregate employment fluctuations with microeconomic asymmetries

Jeffrey Campbell and Jonas Fisher

111: Limited-dependent rational expectations models with jumps

M Hashem Pesaran and Francisco J. Ruge-Murcia

110: On convergence in endogenous growth models

Salvador Ortigueira and Manuel Santos

109: A note on dynamic programming with homogeneous functions

Nancy Stokey

108: NAFTA and Mexican development

Nancy Stokey

107: Accuracy estimates for a numerical approach to stochastic growth models

Manuel Santos and Jesus Vigo

106: Understanding why high income households save more than low income households

Mark Huggett and Gustavo Jaime Ventura

105: The one-sector growth model with idiosyncratic shocks

Mark Huggett

104: (S,s) inventory policies in general equilibrium

Jonas Fisher and Andreas Hornstein

103: Measuring the cyclical behavior of home production: a macroeconomic analysis

Beth Ingram, Narayana Kocherlakota and N.E. Savin

102: The equity premium: it's still a puzzle

Narayana Kocherlakota

101: A toolkit for analyzing nonlinear dynamic stochastic models easily

Harald Uhlig

100: On the dynamic selection of mechanisms for provisions of public projects

Roger Lagunoff

99: Time-varying risk and international portfolio diversification with contagious bear markets

Roberto A. De Santis and Bruno Gerard

98: Fiscal policy, productivity shocks, and the U.S. trade balance deficit

Robert Kollmann

97: On the economics of fiscal populism in an open economy

Jess Benhabib and Andres Velasco

96: Stochastic volatility and the distribution of exchange rate news

Ronald Mahieu and Peter Schotman