JEL Classification: J15, N31 Improving early prenatal and postnatal conditions account for at least 16 to 17 percent of the decline in ten year mortality rates of 60-79 year olds between 1900 and 1960-80. Historical trends in early prenatal and postnatal conditions imply that while the baby-boom cohort may be particularly long-lived compared to past cohorts, mortality rates may not fall as stee...

A vertically integrated monopoly is compared to a decentralised market arrangement where production is segmented between a Labour Managed Firm producing an input used by a pro...t maximiser manufacturer of a ...nal good. Surprisingly, in some circumstances the decentralised vertical arrangement is superior to the integrated one. JEL Classi...cation: L12, L13, L 32, P13

After the Great Recession several central banks started setting negative nominal interest rates in an expansionary attempt, but effectiveness of this measure remains unclear. Negative can stimulate economy by lowering that commercial charge on loans, they also erode bank profitability squeezing deposit spreads. This paper studies effects a new DSGE model where intermediate transmission monetary...

We propose a model of banks’ exposure to movements in interest rates and their role the transmission monetary shocks. Since bank deposits provide liquidity, higher allow banks earn larger spreads on deposits. Therefore, if risk aversion is than one, optimal dynamic hedging strategy take losses when rise. This can be achieved by traditional maturity-mismatched balance sheet amplifies effects sho...

The responsiveness of house prices to monetary policy shocks depends on the nature shock—expansionary versus contractionary—and local housing supply elasticities. These findings are established using a panel 263 US metropolitan areas. Expansionary have larger impact in supply-inelastic Contractionary orthogonal In supply-elastic areas, contractionary greater than expansionary do. opposite holds...

This paper assesses the presence and importance of neo-Fisher effect in postwar data. It formulates estimates an empirical a New Keynesian model driven by stationary nonstationary monetary real shocks. In accordance with conventional wisdom, temporary increases nominal interest rate are estimated to cause decreases inflation output. The main finding is that permanent shocks increase long run ra...

We estimate a behavioral New Keynesian (NK) model in which households and firms plan over finite horizon. The finite-horizon planning (FHP) outperforms rational expectations versions of the NK as well other models. In FHP model, are forward-looking thinking about events their horizon but backward-looking regarding beyond that point. This gives rise to substantial aggregate persistence without r...