the certainty assumption that is used in economic analysis, althouth is easier in analysis, may be but not logical because in most projects time is playing a key role. in this time horizon the amount of income and future costs affecting by factors that are not managable by investors and can not to be forecasted. therefore in practice usually there is a gap between forecased and real variables. ...

this article examines the basic assumption of rational expectations hypothesis on iran's economy from 1966 to 2003. this assumption suggests the neutrality or ineffectiveness of money policy on the development of real variables of production and employment. the results from estimation of production equation do not support the significant influence of unanticipated component of money growth...

We establish the existence of steady states in two classic matching and bargaining models with general trader asymmetries, search processes, and production functions. © 2016 Elsevier Inc. All rights reserved. JEL classification: C78

Despite that the influence of the education and innate capabilities of workers on production has always been a principal concern of educational researchers and economists, not all relevant aspects of the topic have been sufficiently covered. For example, the influence exerted by government as the supplier of education and the responses of the public to the government’s decisions have not been s...

Using data from a randomized control trial in Sri Lanka, this paper explores whether cash and in-kind grants helped microenterprises approach the productivity level of SMEs. The paper first estimates production functions and subsequently treatment effects on TFP levels. Most significantly, more able and more risk-averse owners benefit from the larger in-kind grant. Also, the larger in-kind gran...

“Hybrid” climate policy simulations have sought to bridge the gap between “bottom-up” engineering and “top-down” macroeconomic models by integrating the former's energy technology detail into the latter's macroeconomic framework. Construction of hybrid models is complicated by the need to numerically calibrate them to multiple, incommensurate sources of economic and engineering data. I develop ...

This paper introduces a framework to study the links between the supply of liquid assets for the financial market and the international allocation of economic activity. Private assets’ liquidity properties—their usefulness as collateral or media of exchange in financial transactions— affect assets’ values and interest rates, with consequences on firm entry, production, aggregate productivity, a...

This paper characterizes public and private monitoring technologies with respect to which the efficient outcome is approximately implementable in team production by way of ex post budget-balanced linear transfers. JEL Classification: D21, D23, D82.

Faceless trading in a secondary stock market not only redistributes wealth among investors but also generates information that guides subsequent real decisions. We provide a disclosure model that reflects both functions of the secondary market. By partially preempting traders’information advantage established from information acquisition, disclosure reduces incentives for privately acquiring in...

This paper analyzes the determinants of homeownership in immigrant households over the 1980–2000 period. The study finds that immigrants have lower homeownership rates than natives and that the homeownership gap widened significantly during that period. The differential location decisions of immigrant and native households, as well as the changing national origin mix of the immigrant population...