Grey Gordon

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Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Abstract A divide-and-conquer algorithm for exploiting policy function monotonicity is proposed and analyzed. To compute a discrete problem with n states and n choices, the algorithm requires(More)
In this paper, we study the interplay between the decision to default and capital accumulation. We …nd that conditional on a level of foreign indebtedness more capital reduces the likelihood of default and increases the price of debt. Large capital stocks have the additional bene…t of taming the severity of the contraction following default. Our(More)
We develop a quantitative model of higher education to test explanations for the steep rise in college tuition between 1987 and 2010. The framework extends the quality-maximizing college paradigm of Epple, Romano, Sarpca, and Sieg (2013) and embeds it in an incomplete markets, life-cycle environment. We measure how much changes in underlying costs, reforms(More)
  • Pablo A. Guerrón-Quintana, Grey Gordon, Pablo A. Guerron-Quintana
  • 2013
How does physical capital accumulation a¤ect the decision to default in developing small open economies? We …nd that, conditional on a level of foreign indebtedness, more capital improves the sovereign's ability to meet its obligations, reducing the likelihood of default and the risk premium. This e¤ect, however, is diminishing in the stock of capital(More)
Motivated by the recent experience of the U.S. and the Eurozone, we describe the quantitative properties of a New Keynesian model with a zero lower bound (ZLB) on nominal interest rates, explicitly accounting for the nonlinearities that the bound brings. Besides showing how such a model can be e¢ ciently computed, we …nd that the behavior of the economy is(More)
Neurones have been identified and precisely located in the Sm 1 and S II cortex of the cat, which responded antidromically to stimulating the contralateral gracile or cuneate nucleus. They were much more numerous in Sm 1, with corticogracile cells medial and corticocuneate cells lateral, many lying buried in the roof of the cruciate or the coronal sulcus.(More)
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