10,735 research outputs found
Family Labor Supply and Aggregate Saving
I study the impact of idiosyncratic risk on savings and employment in a small open economy populated by two-member families. Families incur a fixed cost of participation when both members are employed. Because of market incompleteness and information asymmetries, this cost coupled with labor market frictions can generate multiple equilibria. In particular, there might be one equilibrium with high employment and low saving and another one with low employment and high saving. The model predicts that aggregate saving and employment rates are negatively correlated across countries. I present empirical evidence that supports the general equilibrium prediction of the modelSaving ; Employment ; Family labor supply ; Multiple equilibria
Testing Full Consumption Insurance in the Frequency Domain
Full consumption insurance implies that consumers are able to perfectly share risk by equalizing state by state their inter-temporal marginal rates of substitution in the presence of idiosyncratic endowment shocks. In this paper I test the implications of full consumption insurance using band spectrum regression methods. I argue that moving to the frequency domain provides a possible solution to many difficulties tied to tests of perfect risk sharing. In particular, it provides a unifying framework to test consumption smoothing, both over time and across states of nature. Full consumption insurance is soundly rejected at business cycle frequencies.Consumption insurance ; Idiosyncratic risk ; Frequency domain
Family labor supply, precautionary behavior, aggregate saving and employment
I study the impact of idiosyncratic earnings uncertainty on aggregate saving and employment in an economy populated by families consisting of two members. Families incur a fixed cost of participation when both members are employed. I argue that, because of market incompleteness and private information, the presence of this fixed cost can generate multiplicity of equilibrium. In particular there might be one equilibrium with high (female) employment and low savings and another one with low employment and high savings. The model suggests that aggregate saving and employment rates should be negatively correlated across countries. Finally, I present empirical evidence that supports both the partial and the general equilibrium predictions of the model.Aggregate saving; Employment; Family labor supply; Multiplicity
Trade and synchronization in a multi-country economy
Substantial evidence suggests that countries with stronger trade linkages have more synchro-
nized business cycles. The standard international business cycle framework cannot replicate this
finding, uncovering the trade-comovement puzzle. We show that under certain macro-level conditions but irrespective of the micro-level assumptions concerning trade the puzzle arises because
trade fails to substantially increase the correlation between each country's import penetration
ratio and the trade partner's technology shock. Within a large class of trade models, there
are three channels through which bilateral trade may increase business cycle synchronization.
Specifically, increased bilateral trade may (i) raise the correlation between each country's tech-
nology shocks, (ii) raise the correlation between each country's share of expenditure on domestic
goods, and (iii) raise the response of the domestic import penetration ratio to foreign technology
shocks. Empirical evidence strongly supports the first and second channels. We show that the
trade-comovement puzzle can be resolved if productivity shocks are more correlated between
country-pairs that trade more
Inflation and Welfare in Long-Run Equilibrium with Firm Dynamics
We analyze the welfare cost of inflation in a model with cash-in-advance constraints and an endogenous distribution of establishments' productivities. Inflation distorts aggregate productivity through firm entry dynamics. The model is calibrated to the United States economy and the long-run equilibrium properties are compared at low and high inflation. We find that, when the period over which the cash-in-advance constraint is binding is one quarter, an annual inflation rate of 10 percent leads to a decrease in the steady-state average productivity of roughly 0.5 percent compared to the optimum's steady-state. This decrease in productivity is not innocuous: it leads to a doubling of the welfare cost of inflation.firm dynamics, productivity, inflation, welfare
Testing for optimal monetary policy via moment inequalities
The specification of an optimizing model of the monetary transmission mechanism requires selecting a policy regime, commonly commitment or discretion. In this paper we propose a new procedure for testing optimal monetary policy, relying on moment inequalities that nest
commitment and discretion as two special cases. The approach is based on the derivation of bounds for in
ation that are consistent with optimal policy under either policy regime. We derive testable implications that allow for specification tests and discrimination between the
two alternative regimes. The proposed procedure is implemented to examine the conduct of monetary policy in the United States economy
Estado Confusional Agudo após Corticoterapia Inalada
Background: The connection between corticotherapy and neuropsychiatric symptoms is
widely known, being one of the first questions
we need to assess when presenting with first
episode psychiatric symptoms or confusional
state.
Aims: To date, data on cases related to inhaled
corticotherapy and neuropsychiatric effects is
scarce. In this paper we describe a rare case in
a young woman.
Methods: The clinical case presented led us
to try to understand the data published on the
subject in order to discuss it in greater length.
Results and Conclusions: We present and
discuss a 27-year-old patient’s case, with no
previous psychiatric disease, who was admitted to our Psychiatric ward after the onset of
severe acute behavioural disturbance characterized by aggressiveness, visual and auditory
hallucinatory activity, misidentification and
altered conscience status. It was later found
that seven days earlier she had been prescribed
inhaled corticotherapy for a minor respiratory
infection. A few days after corticotherapy withdrawal, the clinical symptoms improved significantly.info:eu-repo/semantics/publishedVersio
Negative modes and the thermodynamics of Reissner-Nordstr\"om black holes
We analyse the problem of negative modes of the Euclidean section of the
Reissner-Nordstr\"om black hole in four dimensions. We find analytically that a
negative mode disappears when the specific heat at constant charge becomes
positive. The sector of perturbations analysed here is included in the
canonical partition function of the magnetically charged black hole. The result
obeys the usual rule that the partition function is only well-defined when
there is local thermodynamical equilibrium. We point out the difficulty in
quantising Einstein-Maxwell theory, where the so-called conformal factor
problem is considerably more intricate. Our method, inspired by hep-th/0608001,
allows us to decouple the divergent gauge volume and treat the metric
perturbations sector in a gauge-invariant way.Comment: 24 pages, 1 figure; v2 minor changes to fit published versio
Testing full consumption insurance in the frequency domain
Full consumption insurance implies that consumers are able to perfectly share risk by equalizing state by state their inter-temporal marginal rates of substitution in the presence of idiosyncratic endowment shocks. In this paper I test the implications of full consumption insurance using band spectrum regression methods. I argue that moving to the frequency domain provides a possible solution to many difficulties tied to tests of perfect risk sharing. In particular, it provides a unifying framework to test consumption smoothing, both over time and across states of nature. Full consumption insurance is soundly rejected at business cycle frequencies
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