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  • 1
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    Debt Portfolios and Homestead Exemptions (2016)
    American Economic Association (AEA)
    Details
    Publication Date: 2016-10-04
    Print ISSN: 1945-7707
    Electronic ISSN: 1945-7715
    Topics: Economics
    Published by American Economic Association (AEA)
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  • 2
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    On the Use of Substitutability as a Measure of Competition (2006)
    De Gruyter
    Details
    Publication Date: 2006-03-03
    Description: In the recent macro literature the effect of competition has been analyzed by comparing economies with the same market structure but different degrees of substitutability. In this note, we argue that this approach may mingle the price effect of competition with a pure allocation effect. To illustrate the limitations of using the elasticity of substitution as a measure of competition, we present an example in which changes in the elasticity alter equilibrium allocations, but changes in the degree of market power do not. We use a simple static general equilibrium model in which sectors have different productivity. Then, higher substitutability always shifts resources towards the more productive sectors. Instead, changes in the market structure (monopolistic competition versus Bertrand duopoly) do not affect the relative price of consumption goods if the markups are symmetric, implying that the induced changes in competition do not have any price effect on equilibrium allocations.
    Electronic ISSN: 1534-5998
    Topics: Economics
    Published by De Gruyter
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  • 3
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    Uncertainty and Debt-Maturity in Emerging Markets (2006)
    De Gruyter
    Details
    Publication Date: 2006-03-20
    Description: Although a lot has been written on the link between debt maturity and financial crises, it remains puzzling why the private sector in emerging market economies holds such a large share of short-term debt in the presence of substantial macroeconomic risk. To understand this phenomenon, we propose a simple model in which debt maturity depends on economic uncertainty about investment returns. We show in particular that if lenders are risk averse, higher uncertainty can (i) lower the total debt level a country is able to borrow and (ii) tilt the debt profile towards short-term debt. We take these model implications to the data using a panel of 28 emerging market economies and various indicators for macroeconomic uncertainty. We find substantial empirical support for the model's predictions.
    Electronic ISSN: 1534-5998
    Topics: Economics
    Published by De Gruyter
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  • 4
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    Openness, Wage Floors and Technology Change (2007)
    De Gruyter
    Details
    Publication Date: 2007-01-23
    Print ISSN: 2194-6116
    Electronic ISSN: 1935-1690
    Topics: Economics
    Published by De Gruyter
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  • 5
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    Debt Portfolios and Homestead Exemptions (2016)
    American Economic Association
    Details
    Publication Date: 2016-10-01
    Description: This paper investigates the economic relevance of the large differences in homestead exemptions across US states. We build a structural model for an equilibrium analysis of debt-portfolio choices over the life cycle. Our analysis captures key patterns from the observed cross-sectional distributions of secured debt, unsecured debt, and of home equity. The model predicts that harmonizing the amount of home equity exempt in bankruptcy procedures has quantitatively negligible effects on the interest rate of unsecured debt and on welfare, unless the exemption is eliminated. The small welfare effect may rationalize why the differences in homestead exemptions are so persistent. (JEL D14, D91, E21, G11, H71, R31)
    Print ISSN: 1945-7707
    Electronic ISSN: 1945-7715
    Topics: Economics
    Published by American Economic Association
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  • 6
    Electronic Resource
    Electronic Resource
    On the Use of Substitutability as a Measure of Competition (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Topics in macroeconomics 6.2006, 1, art2 
    Details
    ISSN: 1534-5998
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: In the recent macro literature the effect of competition has been analyzed by comparing economies with the same market structure but different degrees of substitutability. In this note, we argue that this approach may mingle the price effect of competition with a pure allocation effect. To illustrate the limitations of using the elasticity of substitution as a measure of competition, we present an example in which changes in the elasticity alter equilibrium allocations, but changes in the degree of market power do not. We use a simple static general equilibrium model in which sectors have different productivity. Then, higher substitutability always shifts resources towards the more productive sectors. Instead, changes in the market structure (monopolistic competition versus Bertrand duopoly) do not affect the relative price of consumption goods if the markups are symmetric, implying that the induced changes in competition do not have any price effect on equilibrium allocations.
    Type of Medium: Electronic Resource
    URL: http://www.bepress.com/bejm/topics/vol6/iss1/art2
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    Paper (German National Licenses)
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  • 7
    Electronic Resource
    Electronic Resource
    Uncertainty and Debt-Maturity in Emerging Markets (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Topics in macroeconomics 6.2006, 1, art5 
    Details
    ISSN: 1534-5998
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Although a lot has been written on the link between debt maturity and financial crises, it remains puzzling why the private sector in emerging market economies holds such a large share of short-term debt in the presence of substantial macroeconomic risk. To understand this phenomenon, we propose a simple model in which debt maturity depends on economic uncertainty about investment returns. We show in particular that if lenders are risk averse, higher uncertainty can (i) lower the total debt level a country is able to borrow and (ii) tilt the debt profile towards short-term debt. We take these model implications to the data using a panel of 28 emerging market economies and various indicators for macroeconomic uncertainty. We find substantial empirical support for the model's predictions.
    Type of Medium: Electronic Resource
    URL: http://www.bepress.com/bejm/topics/vol6/iss1/art5
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  • 8
    Electronic Resource
    Electronic Resource
    Openness, Wage Floors and Technology Change (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    The @B.E. journal of macroeconomics 7.2007, 1, art5 
    Details
    ISSN: 1555-0486
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: This paper argues that the effect of openness to trade on process innovations and skill premia importantly depends on the structure of labor markets in developed countries. Openness to trade with less developed countries is often modelled as a fall in the relative price of unskilled-labor intensive goods. We show within the model of Acemoglu (2003b) that such a fall in the relative price can make wage floors more binding and trigger costly process innovations that increase the productivity of unskilled workers. Empirical evidence using an industry panel for the US and Germany in the 1970s to 1990s supports this hypothesis: (i) embodied technology change seems distorted towards unskilled-labor intensive industries in Germany where wage floors are more important and (ii) embodied technology change in the 1980s is associated with an increase of the share of skilled labor in the wage bill of 15 percentage points in the US whereas the corresponding increase in Germany is much smaller at 3 percentage points.
    Type of Medium: Electronic Resource
    URL: http://www.bepress.com/bejm/vol7/iss1/art5
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    Paper (German National Licenses)
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