• Publications
  • Influence
The Long-Run Economic Costs of Aids: Theory and an Application to South Africa
Most existing estimates of the macroeconomic costs of AIDS, as measured by the reduction in the growth rate of gross domestic product, are modest. For Africa-the continent where the epidemic has hitExpand
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Competition of Politicians for Incentive Contracts and Elections
When politicians are short-term oriented or future elections do not sufficiently reflect the success of past policies, democratic elections cannot motivate politicians to undertake long-term sociallyExpand
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Should the individual voting records of central bankers be published?
TLDR
We examine whether the publication of the individual voting records of central-bank council members is socially beneficial when the public is unsure about the efficiency of central bankers and central bankers are angling for re-appointment. Expand
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Information efficiency and majority decisions
The analysis is concerned with the characterization of equilibria of a two-stage voting game involving private information acquisition. Rational ignorance and information efficiency are identified.Expand
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A Product-Market Theory of Industry-Specific Training
We develop a product market theory that explains why firms provide their workers with skills that are sufficiently general to be potentially useful for competitors. We consider a model where firmsExpand
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Aggregate Investment Externalities and Macroprudential Regulation
Evidence suggests that banks tend to lend a lot during booms, and very little during recessions. We propose a simple explanation for this phenomenon. We show that, instead of dampening productivityExpand
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Default Probabilities and Default Correlations
Starting from the Merton framework for firm defaults, we provide the analytics and robustness of the relationship between default correlations. We show that loans with higher default probabilitiesExpand
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Emission taxes and optimal refunding schemes
Abstract We examine how refunding emission taxes to firms dependent on market shares should be designed. While refunding is harmful under perfect competition, a first-best self-financingExpand
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Information acquisition and transparency in committees
TLDR
We study an intertemporal model of committee decision-making where members differ in their levels of efficiency. Expand
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Capital Regulation and Credit Fluctuations
We provide a rationale for imposing counter-cyclical capital ratios on banks. In our simple model, bankers cannot pledge the entire future revenues to investors, which limits borrowing in good andExpand
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