Business cycle fluctuations and the cost of insurrance in computable heterogeneous agent economies

In this paper I study the business cycle implications of alternative insurance technologies using a computable general equilibrium heterogeneous agent environment. I find that the limited monetary arrangement entails larger fluctuations in hours relative to productivity than those that obtain in an identical economy where every risk is costlessly insurable. I also find that in the monetary economy the price level displays a markedly countercyclical behavior. Finally I evaluate the welafare costs of the monetary self-insurance arrangement

Egyptian blue and/or atacamite in an ancient egyptian coffin

This work deals with the composition of the blue and green pigments used in the wooden sarcophagus studied by Abdelaal et al. and published in 2014 in this journal. From the published data, a degradation of the originally used Egyptian blue pigment is proposed. The presence of chlorine in the pigment deduced from SEM-EDS analyses and the greenish hue observed point to the formation of a certain amount of atacamite (or one of its polymorphs, paratacamite or clionoatacamite) because of the Egyptian blue degradation process named copper chloride cancer.Postprint (author's final draft

"Asiatic" copper in New Kingdom Egypt

This work presents a combination of Lead Isotope Analysis ( LIA ) and ancient Egyptian texts and depictions in order to describe the history of the ox -hide copper ingots presence in Egypt , which w ere called by the Egyptians “Asiatic copper”. Ox-hide ingots in Egypt represent a particular case where the information given by ancient sources and modern chemical analyses might be combined in order to establish the provenance of archaeological objects and the hist ory of a particular m aterial during the Bronze Age. Ox -hide ingots arrived to Egypt where the first kings of the Egyptian New Kingdom developed an impressive building program through the entire country and needed a supply of copper and other materials. The “Asiatic copper” was depicted in different tombs and temples from the 18 th to the 20 th dynasties in Thebes and Amarna. According to depictions and texts, three different regions supplied copper according to ancient Egyptians: Syria, Cyprus and Crete. Howe ver, the LIA of the lead present in mined copper permits to establish that the ingots were made of copper from Apliki mines, in Central Cyprus. The depictions in Egyptian tombs and temples probably represented not only the actual region of provenance but a lso the peoples involved in the trade, because t he ingots were traded by Syrian merchants following a route that passed Syria, Cyprus, Crete and GreecePostprint (published version

Economic Inequality in Spain: The European Union Household Panel Dataset

This article uses data from the 1998 European Union Household Panel to study economic inequality in Spain. It reports data on the Spanish distributions of income, labor income, and capital income, and on related features of inequality, such as age, employment status, educational attainment, and marital status. It also reports data on the income mobility of Spanish households. We find that income, earnings, and, very especially, capital income are very unequally distributed in Spain

Gender differences and the timing of first marriages

In this article we provide a simple model of the marriage market where singles search for spouses. In our model economy men and women live for many years and they differ in their survival probabilities, in their fecundity, and in their earnings. We show that modelling the marriage decision in a very simple model economy is sufficient to account for much of the observed marriage behavior in the United States in the year 2000. We conclude that gender differences in fecundity are all important in accounting for marriage behavior, and that differences in earnings matter little. We also conclude that, even though they are in short supply, the market power of fecund women is not enough for them to demand compensation in all cases. And that studying the marriage decision without modelling explicitly the roles played by age and by fecundity, as has been typically done by the previous literature, makes little sense

Flat tax reforms in the U.S.: A boon for the income poor

In this article we quantify the aggregate, distributional and welfare consequences of two revenue neutral flat-tax reforms using a model economy that replicates the U.S. distributions of earnings, income and wealth in very much detail. We find that the less progressive reform brings about a 2.4 percent increase in steady-state output and a more unequal distribution of after-tax income. In contrast, the more progressive reform brings about a -2.6 percent reduction in steady-state output and a distribution of aftertax income that is more egalitarian. We also find that in the less progressive flat-tax economy aggregate welfare falls by -0.17 percent of consumption, and in the more progressive flat-tax economy it increases by 0.45 percent of consumption. In both flattax reforms the income poor pay less income taxes and obtain sizeable welfare gains

Real returns on government debt: a general equilibrium quantitative exploration

We extend and apply computable general equilibrium methods to the study of economies with both aggregate uncertainty and uninsured household-specific uncertainty. In our economies the government issues two types of assets: a small denomination, non-interest bearing asset, which we call currency, and a large denomination, interest bearing asset, which we call T-bills. We find that a real interest rate behavior similar to that observed in the U.S. can be sustained as equilibrium behavior in our class of economies. We also find that policy induced real interest rate changes that are perceived as being permanent have significant real effects and that these effects take a few years to be fully realized

Gender Differences and the Timing of First Marriages

We study the steady state of an overlapping generations economy where singles search for spouses. In our model economy men and women live for many years and they differ in their fecundity, in their earnings, and in their survival probabilities. These three features are age-dependent and deterministic. Singles meet at random. They propose when the expected value of their current match exceeds that of remaining single. If both partners propose, the meeting ends up in a marriage. Marriages last until death does them apart, widows and widowers never remarry, and people make no other economic decisions whatsoever. In our model economy people marry because they value companionship, bearing children, and sharing their income with their spouses. The matching function depends on the single sex-ratios which are endogenous. Our model economy has only two free parameters: the search friction and the utility share of bearing children. We choose their values to match the median ages of first-time brides and grooms. We show that modeling the marriage decision in this simple way is sufficient to account for the age distributions of ever and never married men and women, for the probabilities of marrying a younger bride and a younger groom, and for the age distributions of first births observed in the United States in the year 2000. The previous literature on this topic claims that marriage is a waiting game in which women are choosier than men, and old and rich pretenders outbid the young and poor ones in their competition for fecund women. In this article we tell a different story. We show that their shorter biological clocks make women uniformly less choosy than men of the same age. This turns marriage into a rushing game in which women are willing to marry older men because delaying marriage is too costly for women. Our theory predicts that most of the gender age difference at first marriage will persist even if the gender wage-gap disappears. It also predicts that the advances in the reproductive technologies will play a large role in reducing the age difference at first marriage.marriage, search, sex ratio

Accounting for the U.S. Earnings and Wealth Inequality

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Uninsured Idiosyncratic Risk, Liquidity Constraints and Aggregate Fluctuations

The original publication is available at www.springerlink.comI study the role played by uninsured idiosyncratic risk and liquidity constraints in the propagation of aggregate fluctuations. To this purpose, I compare the aggregate fluctuations of two model economies that differ in their insurance technologies only. In one of these model economies liquidity constrained households vary their holdings of a nominally denominated asset in order to buffer an uninsured idiosyncratic shock to their individual production opportunities. In the other economy every idiosyncratic component of risk can be costlessly insured. I find that the limited insurance technology implies fluctuations in output that are 20% larger, fluctuations in hours relative to output that are 9% larger, fluctuations in consumption relative to output that are 18% smaller, and a correlation of hours and productivity that is 15% smaller than those that obtain under the full insurance technology.Publicad