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We develop a two-sector monetary model with a centralized and decentralized market. Activities in the centralizedmarket resemble those in a standard New Keynesian economy with price rigidities. In the...
Improvements in Macroeconomic Stability: The Role of Wages and Prices.
Many researchers have used federal funds futures rates as measures of financial markets’ expectations of future monetary policy. However, to the extent that federal funds futures reflect...
This paper studies monetary-policy shocks, deŽ ned from federal funds target movements relative to daily interest-rate data. These shocks are nearly ideal measures of unexpected movements in mo...
Some Evidence on the Importance of Sticky Prices.
In the U.S. and Europe, prices change at least once a year. Yet nominal macro shocks seem to have real effects lasting well beyond a year. ‘‘Sticky information’’ models, as posited by Mankiw and Reis ...
We provide a graphical illustration of how standard consumer and producer theory can be used to quantify the welfare loss associated with inefficient pricing in insurance markets with selectio...
Prescription drug expenditures represent the most rapidly growing component of health care spending, increasing from 5 percent of health care spending in 1980 to more than 10 percent by 2005 (Centers ...
Part D represents the largest expansion of Medicare since the program’s inception in 1965.Though initially projected to cost the federal government $780 billion over its first ten years (2006–2015), i...
Generic drugs comprise an increasing share of total prescriptions dispensed in the U.S., rising from nearly 50% in 1999 to 75% in 2009. The generic drug market has typically been viewed at the wholesa...
During recent years, the electricity energy market deregulation has led to a new free competition situation in Europe and other countries worldwide. Generators, distributors and qualified clients have...
This thesis would not have been possibl e without the support of many people. I would like to sincerely thank Professor Julie A. Caswell who not only served as my advisor but also challenged and ...
Organics have progressively become a more popular topic of discussion among growers, handlers, retailers, consumers and researchers since the early 1970s as consumers become more conscientious about t...
A frican economies export primary commodities, and most export little else. Policymakers as well as economists and historians of African economic development have seen these exports as both a hope and...

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