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Biobanks have recently gained great significance for research and personalised medicine, being recognised as a crucial infrastructure. At the same time, the widely varied practices in biobanking may also pose a barrier to cross-border research and collaboration by limiting access to samples and data. Nevertheless, the extent of the actual activities and the(More)
This study overturns the conclusion of a 1990 study by David Humphrey and Allen Berger, which found that check float is responsible for the popularity of checks despite their high resource cost compared to electronic payment instruments. The new study examines recent data on the costs of checks and automated clearinghouse (ACH) payments. It finds that the(More)
Mirko Wiederholt. We are particularly grateful to Marco Bassetto for encouraging us to consider E-learnability. Abstract We study the properties of the zero lower bound model in Eggertson and Wood-ford (2003) (EW). EW's analysis is based on the equilibrium conditions after linearization. Working with the actual nonlinear equilibrium conditions and(More)
Why don't people buy annuities? Several explanations have been provided by the previous literature: large fraction of preannuitized wealth in retirees' portfolios; adverse selection; bequest motive; medical expense uncertainty. This paper uses a quantitative model to assess the importance of these impediments to annuitization and also studies three newer(More)
We develop a closed economy model to study the interactions among sovereign risk premia, fiscal limits, and fiscal policy. The stochastic fiscal limit, which measures the ability and willingness of the government to service its debt, arises endogenously from dynamic Laffer curve. The distribution of fiscal limits is country-specific, depending on the size(More)
This article describes a new way to use monthly data to improve the national forecasts of quarterly economic models. This new method combines the forecasts of a monthly model with those of a quarterly model using weights that maximize forecasting accuracy. While none of the method's steps is new, it is the first method to include all of them. It is also the(More)
Using a model of island economy where financial markets aggregate dispersed information of the public, we analyze how two-way communication between the central bank and the public affects inflation dynamics. When inflation target is observable and credible to the public, markets provide the bank with information about the aggregate state of the economy, and(More)
The co-movement of output across the sector producing non-durables (that is, non-durable goods and services) and the sector producing durables is well-established in the monetary business-cycle literature. However, standard sticky-price models that incorporate sectoral heterogeneity in price stickiness (that is, sticky non-durables prices and flexible(More)
Poor heath, large acute and long-term care medical expenses and spousal death are significant drivers of impoverishment among retirees. We document these facts and build a rich overlapping generations model that reproduces them. We use the model to assess the incentive and welfare effects of U.S. Social Security and means-tested social insurance programs,(More)