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The paper complements a new line of research that includes the firm heterogeneity in trade models. The central idea of this research is that only the largest and most efficient firms are capable of ex...
Few economists now question the validity of the Friedman-Phelps accelerationist hypothesis that the Phillips curve is vertical in the long run -at least as a first-order approximation. Indeed. the...
Recent Changes in Macro Policy and Its Effects: Some Time Series Evidence.
Few economists now question the validity of the Friedman-Phelps accelerationist hypothesis that the Phillips curve is vertical in the long run -at least as a first-order approximation. Indeed. the...
We show that the e§ects of taxes on labor supply are shaped by interactions between adjustment costs for workers and hours constraints set by Örms. We develop a model in which Örms post jo...
In addressing the precipitous drop in trade volumes in the recent crisis, the real and financial explanations have sometimes been juxtaposed as competing explanations. However, they can be recon...
In addressing the precipitous drop in trade volumes in the recent crisis, the real and financial explanations have sometimes been juxtaposed as competing explanations. However, they can be reco...
This paper argues that the large body of research that follows Mirrlees approach to optimal taxation has been developing in two directions, referred to as the micro and macro literatures. We review th...
We show that an economic system populated by multiple agents generates an equilibrium distribution in the form of multiple scaling laws of conditional PDFs, which are sufficient for characterizing the...
At least part of the effort toward attainment of health and education Millennium Development Goals (MDGs) could come from improvements in efficiency of delivery mechanisms. Hence, it is important to...
This paper questions the validity of the New Consensus Macroeconomics (NCM) or Neo-Wicksellian model in explaining the recent credit crisis and dealing with it from a policy perspective. It attempts t...
Even before the August 2007 credit crunch the interaction between real and financial variables had become a central issue in macroeconomics, particularly to Central Bankers. Different theoretical mode...
Even before the August 2007 credit crunch the interaction between real and financial variables had become a central issue in macroeconomics, particularly to Central Bankers. Different theoretical mode...
The law of large numbers shows that the relative deviation for a macro system with N independent elements is of the order of . refore, the Lucas' approach to a microfoundations for macroeconomic fluct...
The law of large numbers introduces an order of where N is the number of elements in a linear stochastic system with or without growth. Comparing observed magnitudes of macro fluctuations and numbers ...

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