628 research outputs found
Wealth effects and cross-country co-movement of labor
This paper quantitatively shows that the wealth effect on leisure plays a determining role in generating negative co-movement of employment across countries. Hence, even without restrictions on international capital mobility, a positive cross-country correlation of labor can be obtained by simply incorporating into standard models preferences that rule out the wealth effect.International Business Cycles, Wealth Effects, GHH Preferences
Liability dollarization and fear of floating
This paper explores the idea that fear of floating can be justified as an optimal discretionary monetary policy in a dollarized emerging economy. Specifically, I consider a small open economy in which intermediate goods importers borrow in foreign currency and face a credit constraint. In this economy, exchange rate depreciation not only worsens importers' net-worth but also increases the financing amount in domestic currency, therefore exaggerating their borrowing finance premium. Besides, because of high exchange rate pass-through into import prices, fluctuations in the exchange rate also have strong impacts on domestic prices and production. These effects, together, magnify the macroeconomic consequences of the floating exchange rate policy in response to external shocks. The paper shows that the floating exchange rate regime is dominated by the fixed exchange rate regime in the role of cushioning shocks and in welfare terms.Developing countries, Foreign exchange, Exchange control, Liability Dollarization, Fear of Floating, Imported Goods
Discreteness of interior transmission eigenvalues revisited
This paper is devoted to the discreteness of the transmission eigenvalue
problems. It is known that this problem is not self-adjoint and a priori
estimates are non-standard and do not hold in general. Two approaches are used.
The first one is based on the multiplier technique and the second one is based
on the Fourier analysis. The key point of the analysis is to establish the
compactness and the uniqueness for Cauchy problems under various conditions.
Using these approaches, we are able to rediscover quite a few known
discreteness results in the literature and obtain various new results for which
only the information near the boundary are required and there might be no
contrast of the coefficients on the boundary
Wiener criteria for existence of large solutions of quasilinear elliptic equations with absorption
We obtain sufficient conditions expressed in terms of Wiener type tests
involving Hausdorff or Bessel capacities for the existence of large solutions
to equations (1) -\Gd_pu+e^{\lambda u}+\beta=0 or (2) -\Gd_pu+\lambda
|u|^{q-1}u+\beta=0 in a bounded domain \Gw when and
. We apply our results to equations (3)
-\Gd_pu+a\abs{\nabla u}^{q}+bu^{s}=0, (4) \Gd_p u+u^{-\gamma}=0 with and , .Comment: To appear in Potential Analysi
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