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Informality and Development
(American Economic Association, 2014)
We establish five facts about the informal economy in developing countries. First, it is huge, reaching about half of the total in the poorest countries. Second, it has extremely low productivity compared to the formal ...
The governance and performance of universities: evidence from Europe and the US
(Wiley-Blackwell, 2010)
We test the hypothesis that universities are more productive when they are both more autonomous and face more competition. Using survey data, we construct indices of university autonomy and competition for both Europe and ...
Inequality and Economic Growth: The Perspective of the New Growth Theories
(American Economic Association, 1999)
We analyze the relationship between inequality and economic growth from two directions. The first part of the survey examines the effect of inequality on growth, showing that when capital markets are imperfect, there is ...
Credit Constraints and the Cyclicality of R&D Investment: Evidence from France
(Wiley-Blackwell, 2012)
We use a French firm-level data set containing 13,000 firms over the period 1994–2004 to analyze the relationship between credit constraints and firms’ R&D behavior over the business cycle. Our main results can be summarized ...
Contagious bank failures in a free banking system
(Elsevier BV, 2000)
This paper develops a model of an unregulated banking system based around a private clearing house arrangement. Whilst such a system may dominate one with a public safety net in reducing moral hazard in lending and therefore ...
Essays in Development Economics
(2014-06-06)
Economic development is often associated with the adoption of new technologies. The three chapters in this dissertation ask how societies can achieve efficient adoption of these technologies. The first two chapters analyze ...
Essays in Monetary Policy
(2014-06-06)
This dissertation presents three chapters addressing issues pertaining to monetary policy, information, and central bank communication. The first chapter studies optimal monetary policy in an environment where policy actions ...
Essays in Dynamic Games
(2014-06-06)
This dissertation presents three independent essays. Chapter 1, which is joint work with Mira Frick, studies a model of innovation adoption by a large population of long-lived consumers who face stochastic opportunities ...
What Can Labor Organizations Do for US Workers When They Can't Do What Unions Used to Do?
(Russell Sage Press, 2014)
The traditional union model of organizing workers through representation elections and bargaining with management for higher wages and benefits is in trend decline in the US. Private sector union density has plummeted while ...
Renegotiation Design with Unverifiable Information
(The Econometric Society, 1994)
This paper considers a buyer-seller relationship with observable but unverifiable investments and/or random utility parameters. In such situations, it is known that contract renegotiation may prevent the implementation of ...