Local Policy Choice: Theory and Empirics

Biosimilars: Theory, Empirics, and Policy Implications

Modern Theory of Unemployment Fluctuations: Empirics and Policy Applications

Strong and widely accepted evidence shows that the natural rate of unemployment varies over time with substantial amplitude. The frictions in the labor market that account for positive normal levels of unemployment are not simple and mechanical. Instead, as a rich modern body of theory demonstrates, the natural rate of unemployment is an equilibrium in which the volumes of job-seeking by worker...

Recitation 7: Empirics and Theory on Monetary Policy Design

Over the last couple of weeks in lectures, we have considered optimal monetary policy in the baseline model and in models with extensions. Professor Gali provided an empirical overview of monetary policy rules in di¤erent periods, for example the US experience preand post-Volcker. In the context of cost-push shocks, we discussed monetary policy with and without commitment. This recitation hando...

Public Policy for Economic Growth: Theory and Empirics

This paper responds to the development policy debate involving the World Bank and the IMF on the use of fiscal policy not only for economic stabilization but also to promote growth and the increase of per capita income. A key issue in this debate relates to the effect of the composition of public expenditure, and its financing, on economic growth. The current paper lays out a research strategy ...

Market Microstructure: Theory and Empirics

This paper reviews the literature on market microstructure. Particular emphasis is given to the research dealing with the impact that a speci c trading mechanism might have on price behaviour and with the comparison of the performance of alternative market structures. Theoretical models and empirical studies investigating their implications are explored. The major statistical properties and reg...