This paper discusses the econometric methodology of general-to-specific modeling, in which the modeler simplifies an initially general model that adequately characterizes the empirical evidence within his or her theoretical framework. Central aspects of this approach include the theory of reduction, dynamic specification, model selection procedures, model selection criteria, model comparison, e...

The welfare gains from international coordination of monetary policy are analysed in a two-country model with sticky prices. The gains from coordination are compared under two alternative structures for ...nancial markets: ...nancial autarky and risk sharing. The welfare gains from coordination are found to be largest when there is risk sharing and the elasticity of substitution between home an...

Abstract How do politicians distribute government resources in regimes with no electoral considerations? We propose that new minimize political risks by favoring politically important actors: state-owned enterprises (SOEs), but they adjust their behavior as establish personal ties private businesses. Using firm-level subsidies data after the 2008 stimulus China, we find provincial governors, im...

The analyses and conclusions set forth are those of the author and do not necessarily indicate concurrence by other members of the research staffs, by the Board of Governors, or by the Federal Reserve Banks.

University Policies University policies are established by Senate and the Board of Governors. As well, operational and/ or managerial policies and regulations are established by administrative units to carry out university policies and applicable federal or provincial legislation.

University Policies University policies are established by Senate and the Board of Governors. As well, operational and/ or managerial policies and regulations are established by administrative units to carry out university policies and applicable federal or provincial legislation.

University Policies University policies are established by Senate and the Board of Governors. As well, operational and/ or managerial policies and regulations are established by administrative units to carry out university policies and applicable federal or provincial legislation.

University Policies University policies are established by Senate and the Board of Governors. As well, operational and/ or managerial policies and regulations are established by administrative units to carry out university policies and applicable federal or provincial legislation.

University Policies University policies are established by Senate and the Board of Governors. As well, operational and/ or managerial policies and regulations are established by administrative units to carry out university policies and applicable federal or provincial legislation.

University Policies University policies are established by Senate and the Board of Governors. As well, operational and/ or managerial policies and regulations are established by administrative units to carry out university policies and applicable federal or provincial legislation.