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The data reveal that emerging markets do not differ from developed countries with regards to the variance of permanent TFP shocks relative to transitory. They do differ, however, in the degree of uncertainty agents face when formulating expectations. Based on these observations, we build an equilibrium business cycle model in which the agents cannot(More)
This paper examines the asset-pricing implications of nominal rigidities. I find that firms that adjust their product prices infrequently earn a cross-sectional return premium of more than 4% per year. Merging confidential product price data at the firm level with stock returns, I document that the premium for sticky-price firms is a robust feature of the(More)
OBJECTIVE The goal of this research is to provide a framework to enable the model-based development, simulation, and deployment of clinical information system prototypes with mechanisms that enforce security and privacy policies. METHODS We developed the Model-Integrated Clinical Information System (MICIS), a software toolkit that is based on model-based(More)
We apply the stochastic simulation algorithm, described in Judd, Maliar and Maliar (2009), and the projection cluster-grid algorithm, developed in Judd, Maliar and Maliar (2010a), to solving a collection of multi-country models. Four techniques help us reduce the cost in high-dimensional problems: an endogenous grid enclosing the ergodic set, linear(More)
A rational, efficiency-based view of acquisitions implies that larger transactions generate greater gains for the acquirer and the seller. We test this prediction and find a positive relationship between acquirer abnormal returns and transaction size scaled by the acquirer size. This relationship holds for many classes of acquisitions, including asset(More)
We use a novel disaggregate sectoral euro area data set with a regional breakdown to investigate price changes and suggest a new method to extract factors from over-lapping data blocks. This allows us to separately estimate aggregate, sectoral, country-specific and regional components of price changes. We thereby provide an improved estimate of the sectoral(More)
During recessions, the U.S. government substantially increases the duration of unemployment insurance (UI) benefits through multiple extensions. This paper seeks to understand the incentives driving these increases. Because of the trade-off between insurance and job search incentives, the classic time-inconsistency problem arises. This paper endogenizes a(More)
This paper quantifies the magnitude of changes in household-level expenditures on recorded music in the United States, particularly attributed to the emergence of Napster. Exploiting the rich information contained in the Consumer Expenditure Survey, I use three approaches to measure the effect of Napster. The difference-in-difference kernel matching (DDM)(More)
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