This paper studies a general-equilibrium economy in which agents have the ability to invest in a risky technology. The investment risk cannot be fully insured with optimal contracts, because shocks are private information. The paper shows that the presence of these risks may lead to an under-accumulation of capital relative...
This paper examines the effects of employment-contingent health insurance on married women's labor supply following a health shock. First, it develops a theoretical model that examines the effects of employment-contingent health insurance on the labor supply response to a health shock, to clarify under what conditions employment-contingent health insurance is...
This paper develops a framework for modeling conditional loss distributions through the introduction of risk factor dynamics. Asset value changes of a credit portfolio are linked to a dynamic global macro econometric model, allowing macro effects to be isolated from idiosyncratic shocks from the perspective of default and hence loss....
This paper assess whether capital controls effectively insulate countries from U.S. monetary shocks, looking simultaneously at a large range of country experiences in a unified estimation framework. The paper estimates the effect of identified U.S. monetary shocks on the exchange rate and foreign country interest rates, and test whether countries...
This study seeks to answer a number of questions concerning the impact of the shocks on the insurance industry. How has the industry reacted to the reduction in capacity caused by the shocks? How does the capacity shortage translate into premium rate increases? Will the new capital entering the market...
This paper presents analytical and quantitative results in a simple general equilibrium framework with endogenous growth and potential private information about the productivity of individuals. It introduces both idiosyncratic and aggregate shocks in an endogenous growth model with endogenous partial insurance to the idiosyncratic shock. Aggregate uncertainty introduces an additional...
This paper compares the performance of a currency board, inflation targeting, and dollarization in a small, open developing economy with a liberalized capital account. It focuses on the transmission of shocks to currency and country risk premia and on the role of fluctuations in premia in the propagation of other...
This paper examines which markets are most synchronized internationally and exhibit the greater extent of co movement. It focuses on daily data for four asset markets: bonds, equities, foreign exchange, and domestic money market. The extent of co movement and responsiveness to external shocks is examined in different ways. To...
This paper shows that sudden stops and declines in the foreign capital can be the outcome of the equilibrium dynamics of a flexible price economy with imperfect credit markets. Foreign debt is denominated in units of tradable and a liquidity constraint links credit market access to occur when real shocks...
While there is still much disagreement on the causes underlying recent emerging markets' crises, one factor that most observers have agreed upon is that contracting dollar' foreign currency denominated external debt as opposed to domestic currency debt created balance sheet mismatches that led to bankruptcies and dislocations that amplified downturns....
This paper considers social status, the spirit of capitalism, fiscal policies, and asset pricing in a stochastic model of growth. With specific assumptions on the production technology, preferences, and stochastic shocks, the paper derives the explicit solutions to the growth rates of consumption and savings and equilibrium returns on all...
A phone call, an e-mail or just a curt sign on the locked front door when they showed up for work was how hundreds of Bennigan's Grill & Tavern and Steak and Ale employees learned they were out of a job when the long-time brand owner went bankrupt late last...
Alliance & Leicester's chief executive, David Bennett, said yesterday that the bank's sale to Santander of Spain was driven by fear of future shocks, as the credit crunch wiped out almost all of A&L's first-half profit. The bank's operating profit rose by 2 per cent to 301m...
Lifetime of Safety tips for July ask Texans to not prune trees within 10 feet of power lines DALLAS -- With cold weather behind us and the rainy season dwindling, trees are flourishing in Texas -- some right into power lines. Many Texans...
SAN FRANCISCO -- The pillar-box red lipstick is the first clue the white-coated butcher sawing up a grass-fed California lamb isn't your typical meat-cutter. But then, Avedano's Holly Park Market is no ordinary chop shop. Tucked into San Francisco's funky...
Britain's beauty business is booming, yet its portrayal on televisionis brash, trashy and predictable, argues Bethan Cole. And as the BBC screens a major new season exploring female self- image,the time is ripe for a more intelligent, sophisticated makeover From Grand Designs and...
Reportlinker.com announces that a new market research report related to the Medical devices industry is available in its catalogue. World Digital Radiography Market http://www.reportlinker.com/p090589/World-Digital-Radiography-Market.html This report analyzes the worldwide markets for Digital Radiography in US$ Million and Units. The report provides separate comprehensive analytics...
Special report: Youth killings So far, 18 teenagers have been murdered in the capital this year. Now, though, the city's youngsters are uniting against the violence Ben Kinsella and Shakilus Townsend are the latest to die, but the...
MEET the miracle babies saved by an incredible emergency life- saving operation performed on them as they grew INSIDE the womb. Little Lauren and Sophie Greene are happy, thriving twin girls today, the pride and joy of mum Fidelma, dad Paul and...
THE magnificent Alan Carr and I are taking to the skies for yet another one of our adventures - this time to South Africa. I adore our travels together. We hurtle in a whirl of glee, attracting unusual people in bizarre situations....
Articles 2008-07-06
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