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Finance and development: A tale of two sectors

[PDF] from wustl.edu
FJ Buera, J Kaboski… - 2009 - nber.org
Income differences across countries primarily reflect differences in total factor productivity
(TFP). More disaggregated data show that the TFP gap between rich and poor countries
varies systematically across industrial sectors of the economy: Poor countries are ...
Cited by 105 - Related articles - Library Search - All 50 versions

Financial frictions and the persistence of history: A quantitative exploration

[PDF] from wustl.edu
FJ Buera… - 2010 - nber.org
We quantify the role of financial frictions and the initial misallocation of resources in
explaining development dynamics. Following a reform that triggers efficient reallocation of
resources, our model economy with financial frictions converges slowly to the new steady ...
Cited by 92 - Related articles - Library Search - All 36 versions

[BOOK] Is transparency good for you, and can the IMF help?

R Glennerster… - 2003 - books.google.com
This paper finds that reforms introduced by the IMF to promote transparency have created
more informed markets and reduced borrowing costs for those emerging market countries
that volunteered for them. Using a quarterly panel estimation with fixed country effects, we ...
Cited by 55 - Related articles - Get it from MIT Libraries - Library Search - All 4 versions

Productivity growth and capital flows: The dynamics of reforms

[PDF] from psu.edu
FJ Buera… - 2009 - nber.org
Why doesn't capital flow into fast-growing countries? In this paper, we provide a quantitative
framework incorporating heterogeneous producers and underdeveloped domestic financial
markets to study the joint dynamics of total factor productivity (TFP) and capital flows. ...
Cited by 31 - Related articles - Library Search - All 47 versions

[PDF] Ramsey meets Bewley: Optimal government financing with incomplete markets

[PDF] from wustl.edu
Y Shin - Unpublished manuscript, Washington University in St. …, 2006 - artsci.wustl.edu
Abstract This paper studies optimal fiscal policy in an economy with heterogeneous
households and incomplete markets. Relative to a representative-agent version of the
model, the Ramsey planner takes into account the idiosyncratic income risk faced by ...
Cited by 29 - Related articles - View as HTML - All 2 versions

Does Transparency Pay?

[PDF] from povertyactionlab.org
Full text - MIT Libraries
R Glennerster… - IMF Staff Papers, 2008 - palgrave-journals.com
Abstract This paper studies whether transparency (measured by accuracy and frequency of
macroeconomic information released to the public) leads to lower borrowing costs in
sovereign bond markets. We analyze the data generated during 1999–2002 when the ...
Cited by 19 - Related articles - BL Direct - All 18 versions

Estimation of dynamic models with nonparametric simulated maximum likelihood

[PDF] from wustl.edu
D Kristensen… - Journal of Econometrics, 2011 - Elsevier
We propose an easy-to-implement simulated maximum likelihood estimator for dynamic
models where no closed-form representation of the likelihood function is available. Our
method can handle any simulable model without latent dynamics. Using simulated ...
Cited by 19 - Related articles - Get it from MIT Libraries - All 23 versions

Managing the maturity structure of government debt

[PDF] from wustl.edu
Full text - MIT Libraries
Y Shin - Journal of Monetary Economics, 2007 - Elsevier
It is known that a government can implement the optimal complete-market Ramsey
allocations by issuing non-contingent bonds of different maturities. The implied optimal
maturity structure is time-and state-invariant—ie it is not actively managed. I construct a ...
Cited by 9 - Related articles - All 7 versions

[PDF] Optimal fiscal policy with incomplete markets

[PDF] from cenet.org.cn
Y Shin - 2003 - bbs.cenet.org.cn
Abstract The optimal fiscal policy literature based on representative agent models
counterfactually predicts that governments will accumulate assets to disperse tax distortions
across time and states. It is an unpleasant ramification of the isomorphism between ...
Cited by 4 - Related articles - View as HTML - All 7 versions

Lifetime Labor Supply and Human Capital Investment

[PDF] from stlouisfed.org
RE Manuelli, A Seshadri… - Working Paper Series, 2012 - research.stlouisfed.org
We develop a model of retirement and human capital investment to study the effects of tax
and retirement policies. Workers choose the supply of raw labor (career length) and also the
human capital embodied in their labor. Our model explains a significant fraction of the US- ...
Cited by 4 - Related articles - Get it from MIT Libraries - All 20 versions

[CITATION] nd “Do Sovereign Bond Markets Reward Transparency?”

R Glennerster… - Manuscript, University of Wisconsin. Previous version …
Cited by 3 - Related articles

[CITATION] Productivity growth and capital outflow: The dynamics of reforms

FJ Buera… - 2009 - Technical report, NBER Working …
Cited by 2 - Related articles

Self-insurance vs. self-financing: A welfare analysis of the persistence of shocks

[PDF] from psu.edu
FJ Buera… - Journal of Economic Theory, 2011 - Elsevier
We study the welfare cost of market incompleteness in a generalized Bewley model where
idiosyncratic risk takes the form of entrepreneurial productivity shocks. Market
incompleteness in our framework has two dimensions. First, in the Bewley tradition, only a ...
Cited by 2 - Related articles - Get it from MIT Libraries - All 8 versions

[PDF] The macroeconomics of microfinance

[PDF] from wustl.edu
FJ Buera, JP Kaboski… - 2011 - artsci.wustl.edu
Abstract We provide a quantitative evaluation of the aggregate and distributional impacts of
economy-wide microfinance or credit programs targeted toward small businesses. We find
that the redistributive impacts of microfinance are stronger in general equilibrium (GE) ...
Cited by 2 - Related articles - View as HTML - All 32 versions

Optimal fiscal policy with incomplete markets

Y Shin - 2004 - papers.ssrn.com
Abstract: This paper studies optimal fiscal policy in an economy with heterogeneous
households and incomplete markets. Relative to a representative-agent version of the
model, the Ramsey planner takes into account the idiosyncratic income risk faced by ...
Cited by 2 - Related articles - All 3 versions

[PDF] Is Transparency Good for You

[PDF] from ieo-imf.org
Full text - MIT Libraries
R Glennerster… - Journal of Development Economics, 2004 - ieo-imf.org
Abstract In this paper we show that those countries that have increased the quality and
quantity of information released to markets since the emerging market crises of the 1990s
have experienced an economically important decline in borrowing costs. We show this ...
Cited by 2 - Related articles - View as HTML - All 3 versions

[CITATION] Collaboration and power relations among stakeholders in a community festival: The case of the Andong Mask Dance festival, South Korea

Y Shin - 2005
Cited by 1 - Related articles

[PDF] Estimation of Hidden Markov Models with Nonparametric Simulated Maximum Likelihood

[PDF] from eea-esem.com
D Kristensen… - Manuscript, Department of Economics, …, 2006 - eea-esem.com
Abstract We propose a nonparametric simulated maximum likelihood estimation (NPSMLE)
with built-in nonlinear filtering. By recursively approximating the unknown conditional
densities, our method enables a maximum likelihood estimation of general dynamic ...
Cited by 1 - Related articles - View as HTML - All 3 versions

[PDF] Well-Intended Policies

[PDF] from wustl.edu
F Buera, B Moll… - Manuscript, University of California, Los …, 2011 - artsci.wustl.edu
Abstract Market failures provide a rationale for policy intervention. But policies are often hard
to alter once in place. We argue that this inertia can result in well-intended policies having
sizable negative long-run effects on aggregate output and productivity. In our theory, ...
Cited by 1 - Related articles - View as HTML

[BOOK] Is Transparency Good for You, and Can the IMF Help?(EPub)

Y Shin… - 2003 - books.google.com
This paper finds that reforms introduced by the IMF to promote transparency have created
more informed markets and reduced borrowing costs for those emerging market countries
that volunteered for them. Using a quarterly panel estimation with fixed country effects, we ...
Related articles - Get it from MIT Libraries - All 6 versions

Do Bond Markets Reward Transparency?

R Glennerster… - 2005 - papers.ssrn.com
Abstract: This paper studies whether transparency (measured by accuracy and frequency of
macroeconomic information released to the public) leads to lower borrowing costs in
sovereign bond markets. We analyze the data generated during the 1999-2002 period, ...

[PDF] Productivity Growth and Capital Outflow: The Case of a Small Opening Economy

[PDF] from nyu.edu
FJ Buera… - web-docs.stern.nyu.edu
The standard economic theory suggests that capital should flow from rich to poor countries,
unless the poor countries have lower overall productivity (Lucas, 1990) or a higher relative
cost of investment (Caselli and Feyrer, 2007). Another prediction of the standard theory, ...
Related articles - View as HTML - All 6 versions

[PDF] Option Value of Human Capital and the Narrowing Gender Gap in Labor Markets

[PDF] from 147.46.167.195
D Lee… - 147.46.167.195
Abstract Human capital has an option-like payoff structure: When hit by a big negative wage
shock, an individual will choose not to work and enjoy leisure instead. The value of an
option increases in volatility; hence, a mean-preserving increase in volatility in individual ...
Related articles - View as HTML - All 7 versions

[CITATION] Subject Tourist-Leisure City as Company Town-Concept, Characteristics and Development Principles

Y Shin - Seoul Studies, 2005
All 2 versions

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